blossom Posted April 4, 2017 Share Posted April 4, 2017 Hi everyone, I will be inheriting some money from my grandma in the uk shortly (just waiting for her house to sell). Can anyone tell me how this works with transferring it over? I think I read that we are not taxed on inheritance here, so what do I need to get to show that is where it's come from? What fx companies are people using now adays? Anything else I should know? Quote Link to comment Share on other sites More sharing options...
rammygirl Posted April 4, 2017 Share Posted April 4, 2017 Mm. Individual legatees are not taxed as such it is the estate that is liaible for inheritance tax after which the remaining assets are distributed as per the will. So her estate will be taxed in the U.K. As part of the probate process then the net amount distributed tax free. I assume no tax will be payable in Australia either but I don't know. Hopefully someone who actually knows for sure will come along soon. Quote Link to comment Share on other sites More sharing options...
Guest Posted April 4, 2017 Share Posted April 4, 2017 HiFX is the one we always use. We keep an eye on the rate and make the call to move it when it suits us best. If it's over a set amount there are no fees iirc. Quote Link to comment Share on other sites More sharing options...
robfromdublin Posted April 5, 2017 Share Posted April 5, 2017 I use Currency Fair. Fees are variable but between 0-0.6% and you can set a transfer to occur once the exchange rate hits a certain level. https://app.currencyfair.com/support/en/exchanging/19 Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted April 5, 2017 Share Posted April 5, 2017 Moneycorp is a kind sponsor of this forum ... Best regards. 1 Quote Link to comment Share on other sites More sharing options...
blossom Posted April 5, 2017 Author Share Posted April 5, 2017 Very true Alan. I'll have to tap into their wisdom on how it all works. It's been a long time since I transferred money over, and I vaguely remember something about it having to go from an account in my name to an account in my name. I might be wrong though lol. Quote Link to comment Share on other sites More sharing options...
Guest John from Moneycorp Posted April 6, 2017 Share Posted April 6, 2017 17 hours ago, blossom said: Very true Alan. I'll have to tap into their wisdom on how it all works. It's been a long time since I transferred money over, and I vaguely remember something about it having to go from an account in my name to an account in my name. I might be wrong though lol. Happy to arrange a chat and provide more information - please send me a private message with information on estimated timelines for the transfer. Thanks John Quote Link to comment Share on other sites More sharing options...
pommysheila Posted April 14, 2017 Share Posted April 14, 2017 On 5/04/2017 at 7:01 AM, blossom said: Hi everyone, I will be inheriting some money from my grandma in the uk shortly (just waiting for her house to sell). Can anyone tell me how this works with transferring it over? I think I read that we are not taxed on inheritance here, so what do I need to get to show that is where it's come from? What fx companies are people using now adays? Anything else I should know? When my Dad passed away the Solicitor in the UK did all that for me I just had to tell her the Bank details. If you are like me a pensioner you have to take the whole paperwork to Centrelink and I mean everything. It doesn't change your pension unless it is a huge amount over the asset test. Quote Link to comment Share on other sites More sharing options...
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