millers Posted August 10, 2015 Share Posted August 10, 2015 Hi What is the most cost effective way to move a reasonable amount of money to Oz? Thanks Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted August 10, 2015 Share Posted August 10, 2015 Hi Have a chat with @JohnFromMoneycorp he's your man: http://www.pomsinoz.com/forum/money-transfer-ask-moneycorp/ Link to comment Share on other sites More sharing options...
MARYROSE02 Posted August 11, 2015 Share Posted August 11, 2015 The actual transfer of the funds from your UK bank to your Australian bank is not a difficult process. I transfer money from the UK to Australia every month. But when you submit your tax returns in both the UK and Australia you may have some 'issues.' Get yourself a tax agent in Australia to help you with your Aussie return. I don't have any experience with UK tax agents as I submit my returns to HMRC online myself. Link to comment Share on other sites More sharing options...
Collie Posted August 11, 2015 Share Posted August 11, 2015 Are you asking about getting the best rate or the physical transfer? I have used Halo financial in the past and found them good (no association, just a satisfied customer). I actually have a forward order sitting with them currently. You may want to get a view on where people think the rate will go. Currently it is about $2.10 to the GBP, 2 years ago it got as low as $1.40 and in the past it was $3.00 (2001 Lions tour). It makes a big difference if you are transferring a large sum. It may be worth breaking it up in smaller amounts and timing the transfers when you think the rate is best. eg a 10cent movement is worth $1,000 on on $10,000. There is sufficient opinion out there that the AUD has a bit further to fall but who knows. Link to comment Share on other sites More sharing options...
scuffythetugboat Posted August 11, 2015 Share Posted August 11, 2015 Surely you would only be of interest to a taxman if you were currency speculating. I wouldn't think that an individual transferring their life savings from one country to another would be up for any tax. If it were so then maybe you would be able to claim if you made a loss at some later date. Link to comment Share on other sites More sharing options...
Zack Posted August 11, 2015 Share Posted August 11, 2015 Don't contact anyone about paying any tax,Just open a bank account in Australia.Phone up MoneyCorp and register with them.Send your money to Moneycorp through your bank,and they will send your money to your bank account in Australia.Never Transfer money Direct from Your Bank in the UK to your bank in Aus.You will loose heaps of money.Moneycorp will give you a better exchange rate,than your bank. Link to comment Share on other sites More sharing options...
j19jjr Posted August 11, 2015 Share Posted August 11, 2015 Register with a currency transfer company and then compare what they will give you against the current trading rate. Some will give you fee free transfers but then the rate they will give you is lower, if you have a lot of money to transfer then I find its better to pay a small fee to get a better rate. I use currencyfair, $4 per transfer but the rate they give you is very close to trading rate. Good luck xx Link to comment Share on other sites More sharing options...
Major Tom Posted November 25, 2015 Share Posted November 25, 2015 TorFX are good. Partner visa (subclass 309/subclass 100 lodged 02/04/2015, CO (VF) allocated 06/05/2015. Police ACRO Check completed 24/09/2015, Medical Check completed 01/10/2015, currently completing a C100 removal from jurisdiction for my Stepson, looking to locate to Melbourne Berwick area with my family of five in early 2016. Link to comment Share on other sites More sharing options...
jamzmaxwell Posted November 25, 2015 Share Posted November 25, 2015 yup torfs are better Link to comment Share on other sites More sharing options...
Ken Posted November 25, 2015 Share Posted November 25, 2015 The actual transfer of the funds from your UK bank to your Australian bank is not a difficult process. I transfer money from the UK to Australia every month. But when you submit your tax returns in both the UK and Australia you may have some 'issues.' Get yourself a tax agent in Australia to help you with your Aussie return. I don't have any experience with UK tax agents as I submit my returns to HMRC online myself. A tax agent is probably a good idea (well I would say that wouldn't I) for anyone with no knowledge of the Aussie tax system and needing to submit an Aussie tax return, but rest assured that you're not taxed on moving money from one account to another. It's not income. I use Halo Financial for my money transfers but the other specialists such as Moneycorp are probably much the same. Just don't use a high street bank they'll be much more expensive (they may well tell you it's commission free but it's the FX rate that you get that counts). Link to comment Share on other sites More sharing options...
Guest Posted November 25, 2015 Share Posted November 25, 2015 There are lots of FX companies - several have been mentioned on here already, we used HiFx without complaint for 5 years moving money in both directions. It's free to register with these companies (as far as I know) so register with a couple and then when you are ready to do the exchange ring around and see who can give you the best deal. Take into account not just the exchange rate but any fees too - there is no such thing as 'no fee' some charge it separately some offer slightly lower exchange rates - these are companies they do have to make money! If you have some time to spare you can do a 'future' contract where you say what exchange rate you'd like and the deal goes ahead once it reaches that rate - can save some heartstopping moments when the rate peaks - I had a very frantic day with our UK house money in the bank when the rate leaped to 2.6! Link to comment Share on other sites More sharing options...
itegoa Posted November 25, 2015 Share Posted November 25, 2015 there are lots of fx companies - several have been mentioned on here already, we used hifx without complaint for 5 years moving money in both directions. It's free to register with these companies (as far as i know) so register with a couple and then when you are ready to do the exchange ring around and see who can give you the best deal. Take into account not just the exchange rate but any fees too - there is no such thing as 'no fee' some charge it separately some offer slightly lower exchange rates - these are companies they do have to make money! If you have some time to spare you can do a 'future' contract where you say what exchange rate you'd like and the deal goes ahead if or when it reaches that rate - can save some heartstopping moments when the rate peaks - i had a very frantic day with our uk house money in the bank when the rate leaped to 2.6! ftfy Link to comment Share on other sites More sharing options...
Guest Posted November 25, 2015 Share Posted November 25, 2015 ftfy Fair enough - clearly it may never reach your desired rate! Link to comment Share on other sites More sharing options...
Guest John from Moneycorp Posted November 25, 2015 Share Posted November 25, 2015 Hi What is the most cost effective way to move a reasonable amount of money to Oz? Thanks Hi You can read information on the Moneycorp service here - http://moneytransfer.pomsinoz.com/ Happy to arrange a chat if you would like to talk through. Thanks John Link to comment Share on other sites More sharing options...
MARYROSE02 Posted November 25, 2015 Share Posted November 25, 2015 I started using one of those companies, can't think of the name, but instead of paying 26 pounds I'm paying 5 (not sure if that is £ or $). I transfer my UK money to their account and they transfer it to my ANZ account. Sent from my D6653 using Tapatalk Link to comment Share on other sites More sharing options...
Ike Posted December 19, 2015 Share Posted December 19, 2015 I second Moneycorp. They have always been brilliant. Link to comment Share on other sites More sharing options...
newjez Posted December 20, 2015 Share Posted December 20, 2015 Surely you would only be of interest to a taxman if you were currency speculating. I wouldn't think that an individual transferring their life savings from one country to another would be up for any tax. If it were so then maybe you would be able to claim if you made a loss at some later date. It depends on how long the op has been resident in oz, and whether or not they have been generating a capital gain on their UK money whilst in oz. Link to comment Share on other sites More sharing options...
Marisawright Posted December 20, 2015 Share Posted December 20, 2015 I started using one of those companies, can't think of the name, but instead of paying 26 pounds I'm paying 5 (not sure if that is £ or $). I transfer my UK money to their account and they transfer it to my ANZ account. If you register with Moneycorp through these forums, you wouldn't pay any fee at all! You can talk to @John from Moneycorp if you get stuck signing up. I like the fact I can do the transfers online, but I can also pick up the phone and talk to someone at Moneycorp if I need help. Very pleased with the service and the rates are good too. Link to comment Share on other sites More sharing options...
scuffythetugboat Posted December 20, 2015 Share Posted December 20, 2015 It depends on how long the op has been resident in oz, and whether or not they have been generating a capital gain on their UK money whilst in oz. So can you claim a capital loss then if the rate were lower than when you could have sent the money over? I don't think so. Link to comment Share on other sites More sharing options...
Marisawright Posted December 20, 2015 Share Posted December 20, 2015 So can you claim a capital loss then if the rate were lower than when you could have sent the money over? I don't think so. Yes of course Link to comment Share on other sites More sharing options...
newjez Posted December 20, 2015 Share Posted December 20, 2015 So can you claim a capital loss then if the rate were lower than when you could have sent the money over? I don't think so. Against UK income? Yes of course you can. But the Australian govt is not going to credit UK loses, and vice versa. It can get a little confusing with capital gains/loses, and currency gains/loses, and which govts want their cut. You probably want to talk to an accountant. Here's some bedtime reading https://www.ato.gov.au/Business/Forex/In-detail/Overview/Foreign-exchange-(forex)--overview/ Link to comment Share on other sites More sharing options...
Ken Posted December 22, 2015 Share Posted December 22, 2015 Against UK income? Yes of course you can. But the Australian govt is not going to credit UK loses, and vice versa. It can get a little confusing with capital gains/loses, and currency gains/loses, and which govts want their cut. You probably want to talk to an accountant. Here's some bedtime reading https://www.ato.gov.au/Business/Forex/In-detail/Overview/Foreign-exchange-(forex)--overview/ Interesting bedtime reading indeed for those making a gain while running a /Business/ but not really applicable to most individuals (and in case you are wondering a rental property does not count as a business in Australia). Also contrary to what's been said there are many circumstances where the Australian government will credit UK losses (although in all cases the gain would have to have been taxable in Australia). PS: And the normal answer to which govts want their cut is normally both (but the double taxation treaty allows you to offset the amount paid to one with the amount paid to the other so you end up paying just the most expensive tax rate not both). Link to comment Share on other sites More sharing options...
newjez Posted December 22, 2015 Share Posted December 22, 2015 Interesting bedtime reading indeed for those making a gain while running a /Business/ but not really applicable to most individuals (and in case you are wondering a rental property does not count as a business in Australia). Also contrary to what's been said there are many circumstances where the Australian government will credit UK losses (although in all cases the gain would have to have been taxable in Australia). PS: And the normal answer to which govts want their cut is normally both (but the double taxation treaty allows you to offset the amount paid to one with the amount paid to the other so you end up paying just the most expensive tax rate not both). As I said, you probably want to talk to an accountant. Link to comment Share on other sites More sharing options...
MARYROSE02 Posted December 23, 2015 Share Posted December 23, 2015 If you register with Moneycorp through these forums, you wouldn't pay any fee at all! You can talk to @John from Moneycorp if you get stuck signing up. I like the fact I can do the transfers online, but I can also pick up the phone and talk to someone at Moneycorp if I need help. Very pleased with the service and the rates are good too. I can't remember the name of the co that i am using now but it's five quid instead of twenty five so I'm pleased. Sent from my D6653 using Tapatalk Link to comment Share on other sites More sharing options...
hjd Posted December 23, 2015 Share Posted December 23, 2015 I use transferwise. You get the exchange rate of the day and pay a small fee. Link to comment Share on other sites More sharing options...
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