Leaving savings in Australia...for now.

[gilesm89]

Does anyone know of any potential headaches with leaving most my savings accrued in Australian savings accounts and returning to the UK permanently?

 

Part of me just wants to send it all back now via CurrencyFair and set up new savings accounts in the UK but the conversion rate is pretty bad at the moment so I was I was thinking of keeping it in AUD for the time being.

 

Thanks

[mylesu]

I would keep a very close eye on the rates over the next couple of weeks as you may get a break converting your dollars. With regard to the EU Referendum, I don't think the Remain camp will continue to have it all their own way and the Leave camp may start to raise their voices which could put pressure on the pound. I say this as I doubt that Aust interest rates will be lowered again next month (but I could be wrong). After June 23rd, if we are still in the EU, I see the dollar weakening and you could well see AU 2.2 to the pound. I used HSBC to convert my funds and I opened a UK bank account with them. I am told that KVB Kunlun is a good alternative to Currency Fair. There is a website http://www.australiandollarforecast.com/category/aud-to-gbp which has good information.

[newjez]

I would keep a very close eye on the rates over the next couple of weeks as you may get a break converting your dollars. With regard to the EU Referendum, I don't think the Remain camp will continue to have it all their own way and the Leave camp may start to raise their voices which could put pressure on the pound. I say this as I doubt that Aust interest rates will be lowered again next month (but I could be wrong). After June 23rd, if we are still in the EU, I see the dollar weakening and you could well see AU 2.2 to the pound. I used HSBC to convert my funds and I opened a UK bank account with them. I am told that KVB Kunlun is a good alternative to Currency Fair. There is a website www.australiandollarforecast.com/category/aud-to-gbp which has good information.

 

 

I would tend to agree.

[CJT]

Does anyone know of any potential headaches with leaving most my savings accrued in Australian savings accounts and returning to the UK permanently?

 

Part of me just wants to send it all back now via CurrencyFair and set up new savings accounts in the UK but the conversion rate is pretty bad at the moment so I was I was thinking of keeping it in AUD for the time being.

 

Thanks

 

Just bear in mind that if you are out of the country you will be taxed as a non-resident. Also if the amount is large be careful of the Government guarantee limit on accounts. Good luck.

[rammygirl]

Your Aus bank will take a 10% withholding tax from any interest once you tell them you are no longer resident. This can be offset against UK tax. If bank interest is your only Aus and withholding tax is taken then you do not need to file a ATO return.

 

As to when to transfer...................

 

I would however leave the account open, even if you withdraw most of the cash. At least until all things are settled. It may even be useful for any super funds in the future, although you would need to ensure the bank did not dormant the account if you do not use it.