Financial issue

[Loulou]

Hi all after a little bit of help from you all, as some of you know I have had to delay my plans to emigrate in May due to my mothers recent prognosis. Iam currently in a contract with halo to transfer a large sum of money from the sale of my house to oz in May, July being the latest date of contract. Just wondering if I still went ahead and sorted a bank account out in oz could I pick up my cards and complete identity on my visit in May to activate visas. I have no issues of my money being in oz as this is only a delay and we would be going the year after any advice would be grateful.

[JonSmile]

I found that when we set up our accounts (and sent money over) 7 weeks before we arrived, on arrival the bank informed us that our cards had arrived but due to bank security they had been destroyed - so new ones were ordered and 4 days later we managed to pick them up.

[Loulou]

Thank you jonsmile can I ask what bank you used and what identity checks you had. My main concern is the address cause obviously we will be staying in and hotel then heading back to UK for approx 7months. Just thinking as long as we have our cards we will up everything set up and no money loss from withdrawing from the contract as we had a very good exchange rate, we do not need the money for the UK so it was be building some interest in oz in the meantime.

[Ken]

Opened a bank account with ANZ while in the UK and activated it at the same time as validating our visas (this was in 2009 while we didn't move until 2012). Unfortunately as exchange rates went South we didn't move much of our funds across in the time we were still living in the UK but that had been the plan to do so. The address on our identity documents was our address in the UK which is where we had the cards and statements sent until we moved. You do get 10% withholding tax deducted from your interest (but that all goes towards paying your UK tax bill) until such time as you've moved to Australia and have an Australian Tax File Number.

 

Note that we were able to pay in to our ANZ account as soon as it was opened but had to activate it at a branch in Australia in order to be able to take money out.

[Loulou]

Thanks ken that's our plan we activate visas in may transfer the money, show at bank for identity checks.This will allow us to access the money from UK we need to. I assume we need identity documents to prove our UK address? In regards to the 10% is this annual as we are transferring 30000 from the sale of our house and does this get done automatically, Iam so sorry for all the questions but need to sort out before my mums health deteriorates to reduce the stress! As you can see Iam clueless with finial issues! We will move within the year permently.

[Ken]

Thanks ken that's our plan we activate visas in may transfer the money, show at bank for identity checks.This will allow us to access the money from UK we need to. I assume we need identity documents to prove our UK address? In regards to the 10% is this annual as we are transferring 30000 from the sale of our house and does this get done automatically, Iam so sorry for all the questions but need to sort out before my mums health deteriorates to reduce the stress! As you can see Iam clueless with finial issues! We will move within the year permently.

 

Yes it's your UK address for the identity checks (although the main document - worth 50 or 70 of the 100 points - will be your passport which of course doesn't have an address). The 10% of the interest is deducted automatically on the same date the interest is paid (it was quarterly on our account but some accounts it may be annual others monthly). It's a similar system to the way tax is withheld on UK interest for UK tax payers (except Australian tax payers don't have tax withheld on their interest only non-residents and those who refuse to give the bank their TFN do).

[Loulou]

The penny has dropped hahah it's only 10% of the interest gained and not on the money in the account panicked then, like I said Iam a bit dim on the financial, tax etc front! Thanks ken.

[wrussell]

The only ID you need for a bank in the first 6 weeks after your first entry is your passpaort

[Loulou]

Thanks all, so just to clarify I can go ahead with opening a bank account, transfer the money as arranged in May, take my passport for identity checks in May during the activation of my visa, therefore I will be able to use some of this money for my short stay, come home for a few months and if I needed access some of my money from the UK (only in an emergency) and pay bills in Australia in preparation for my return? Getting stressed with all the changes I have to make!