gra001 Posted August 16, 2019 Share Posted August 16, 2019 Hi Guys, my daughter is now an Oz citizen (I'm a UK resident) and I wish to gift her some money. Can Oz citizens hold a sterling account in Australia so that I can transfer direct without exchanging to $AUD?..Thanks. Quote Link to comment Share on other sites More sharing options...
AliQ Posted August 16, 2019 Share Posted August 16, 2019 Hi, Just do an "international" money transfer from your UK bank account to her AU bank account online, the bank's online site does all the calculating for you, and will tell you the fee as well. It's easy to do and the money get's transferred within 48 hours (mine does anyway, I transfer sums between our UK and AU bank accounts frequently) Just make sure you have the all the correct bank codes and account numbers for your daughter. Once one transfer has been made, any others will be easier as all the account numbers etc will be saved for you. Your bank's web site will have a page telling you what to do step by step. Bit nerve wracking the first time - I have to admit - but now I do it without blinking an eye ! Quote Link to comment Share on other sites More sharing options...
Marisawright Posted August 17, 2019 Share Posted August 17, 2019 You can do an international transfer with your own bank, but do check what the fee is - they can be extortionate. If you use a company like Moneycorp, you can save a lot on fees. You need to open an account with them (and you'll get a better deal if you join by clicking on their ad in these forums). Then you transfer the amount into your Moneycorp account (and it can sit there as long as you like), and then you give them her bank account details and they'll send it to her. Quote Link to comment Share on other sites More sharing options...
gra001 Posted August 17, 2019 Author Share Posted August 17, 2019 Ta for the response, I already transfer funds between the two countries, I'm trying to establish if she will be able to hold a sterling account in Oz. Quote Link to comment Share on other sites More sharing options...
rammygirl Posted August 17, 2019 Share Posted August 17, 2019 Yes but why would she need it? Would it not be best for her to receive Aus$? Many banks do allow foreign currency accounts. Also check out TransferWise, they do fx and also currency accounts. Quote Link to comment Share on other sites More sharing options...
gra001 Posted August 17, 2019 Author Share Posted August 17, 2019 Because of Inheritance tax I want to start the 7 year clock ticking, exchange rate is bad currently so it can sit in a sterling account until the rate improves. 3 hours ago, rammygirl said: Yes but why would she need it? Would it not be best for her to receive Aus$? Many banks do allow foreign currency accounts. Also check out TransferWise, they do fx and also currency accounts. Because of Inheritance tax I want to start the 7 year clock ticking, exchange rate is bad currently so it can sit in a sterling account until the rate improves Quote Link to comment Share on other sites More sharing options...
Marisawright Posted August 17, 2019 Share Posted August 17, 2019 10 hours ago, gra001 said: Ta for the response, I already transfer funds between the two countries, I'm trying to establish if she will be able to hold a sterling account in Oz. Try HSBC Quote Link to comment Share on other sites More sharing options...
rammygirl Posted August 17, 2019 Share Posted August 17, 2019 Ah I see. Problem is foreign currency accounts don’t pay interest so will be eroded by inflation. Swings and roundabouts! if you are talking a significant sum you could investigate setting up a trust in her name maybe. Pity it is now impossible to open UK bank accounts as a non resident. Also check out offshore accounts. Some UK banks have these based in the Channel Islands, although some have minimum deposits and none pay amazing interest. Quote Link to comment Share on other sites More sharing options...
gra001 Posted August 18, 2019 Author Share Posted August 18, 2019 11 hours ago, rammygirl said: Ah I see. Problem is foreign currency accounts don’t pay interest so will be eroded by inflation. Swings and roundabouts! if you are talking a significant sum you could investigate setting up a trust in her name maybe. Pity it is now impossible to open UK bank accounts as a non resident. Also check out offshore accounts. Some UK banks have these based in the Channel Islands, although some have minimum deposits and none pay amazing interest. Yes, we investigated setting up an account in the UK, as you say that was a non starter. I understand your "swings and roundabouts" but with IHT at 40% making use of the 7 year rule seems a no brainer. Quote Link to comment Share on other sites More sharing options...
millski88 Posted August 22, 2019 Share Posted August 22, 2019 Depending how much you want to do in each transaction, i'd highly recommend CurrencyFair. I've used them a handful of times before trips back to the UK and it's very straight forward. They have a minimum transaction of $1000 australian though i think. Very low fees compared to a bank. I've also been recommended a 'Revolut' account by my brother in law which allows you to deposit and withdraw funds in lots of different countries at low fees - https://www.revolut.com/ Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted August 28, 2019 Share Posted August 28, 2019 Several of the Australian banks allow the opening of GBP foreign currency accounts. For example: https://www.westpac.com.au/personal-banking/bank-accounts/foreign-currency-account/ https://www.commbank.com.au/personal/international/foreign-currency-account.html Best regards. Quote Link to comment Share on other sites More sharing options...
gra001 Posted August 30, 2019 Author Share Posted August 30, 2019 Thanks for the response, appreciated. Quote Link to comment Share on other sites More sharing options...
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