UK Bank Account.

[Elaine Davis]

I’ve just bought a house in Glasgow, Scotland ! Plan on renting out for 2 years and then eventually living in it for 6 monthly periods once retired. We may eventually just relocate back to Scotland, despite after 30 years in Melbourne, never seen it as final resting place. I’m heading back mid October to sort the financial stuff out.Does this now mean due to being a home owner that finally qualifies us to open up a bank account? Thanks in advance.

[Marisawright]

Legally, no. Owning property is not enough, you have to actually live in the property - and the bank will ask you to prove it. 

I'm not sure why you feel a UK bank account is so necessary. I do website work for European and American clients all the time.  Some of them pay me via Paypal and some pay into my Australian bank account. Never had a problem.   I pay for all kinds of things overseas from my Australian bank account.   All you need to do is switch your Australian bank account to ING, so you get a decent exchange rate and don't pay fees for all your international transactions.

Obviously you'll be using an agent to manage the property - I'm sure they won't object to sending the money to your Australian account.  If they do, find another agent!   

When I had an investment property, I had an agent who provided a bill-paying service.   Instead of them sending me the rent and then I had to pay any expenses, they paid all the bills, deducted the cost from the rental income, and sent me the difference.   Each month I got an itemised account and at the end of the financial year, I got a summary.   It cost me a little more but at the time, it was worth it to me. 

If you could find an agent like that, it could be worth it to you, too, because then all the transactions are local and you're not worrying about exchange rates until you receive the profit.

 

 

[Elaine Davis]

Thanks Marisa! This advice is invaluable to me. We’re all set up with ING and fortunately the Agents we’re using in East Kilbride like the ones here in Oz provide a bill paying service, with statements as will need to declare foreign investment to ATO.

I’m probably unnecessarily concerned about the setting up of UK bank account, when if I have all these systems in place, it’s not really an issue. I’m not a pay pal fan as been scammed on it so maybe just bad luck with that site.
Sounds like what’s in place will work out fine. Wee bit of set n forget and revisit just to make sure all is in order.
Thanks again Marisa [emoji16][emoji106]

[Marisawright]

42 minutes ago, Elaine Davis said:

. I’m not a pay pal fan as been scammed on it so maybe just bad luck with that site.

I'm not a big fan of Paypal either but sometimes there's no alternative for me.  The main thing with Paypal is never, ever trust any email from them - the scammers are very good at creating genuine-looking emails and as soon as you click on a link, you're toast.  If the email asks you to do something, don't click on the link provided - instead, go and log into your Paypal account on a separate window.  The same applies to any other bank or financial institution, frankly.