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Plentymech

Transferring House Sale funds (GBP) to Australia

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We've started the process of selling our UK home and want to get prepared for the money transfer to Australia. I've searched through a number of older similar posts and there's the mention of the popular choices such as Moneycorp and XE which I've used both for years now but given this is a much larger than normal transfer, does anyone have any good or bad experiences with dealing with banks etc.?

I understand as long as whoever handles the transfer are legitimate then it's down to fees (if any) and of course the rate but for some reason I can't explain, I've always thought of MC and XE when moving smaller amounts and been very happy with them so if they are a good go to for house sale fees then more than happy to use them and will be calling them anyway for a chat.

Thanks all.

 

 

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The fact that it’s a big amount is even more reason to use Wise or Moneycorp. You’ll lose a fortune in fees and/or exchange rates with most banks.

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Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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I've recently moved £250,000 over with Wise (formerly TransferWise) in dribs and drabs, and it was a fraction of the cost of using a bank. My last transaction was £15,000 and the charge was £52.50 pounds, so they charge 0.35% commission.

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Do the banks or anyone for that matter, question large amounts of money being transferred into your Australian Bank? Guess what I am asking is when I transfer say £100,000 from a house sale back in the UK is there any further tax implications on it after I have declared the sale in the UK etc. Has anyone done the full process? Thanks!

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11 hours ago, Craig Colas said:

Do the banks or anyone for that matter, question large amounts of money being transferred into your Australian Bank? Guess what I am asking is when I transfer say £100,000 from a house sale back in the UK is there any further tax implications on it after I have declared the sale in the UK etc. Has anyone done the full process? Thanks!

No tax implications.  

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Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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I second MoneyCorp.

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IELTS : 13/08/16: W8 S8 L9 R9. Skills Ax sent/Rcvd/granted: 30/08/16, 12/09/16, 10/10/16. AHPRA sent/AIP : 05/09/16, 28/12/16. EoI/invited: 20/1/17, 01/02/17. 189 submitted: 06/02/17, Caseworker: 23/02/17. Medicals: 31/03/17. Grant: 12/04/17. Child 101 submitted: 09/06/17. Granted: 06/07/17. Landed: 01/09/17.

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I’ve moved money the other way having sold our house and emptied the superannuation fund in Australia.  I used Sendfx based in Queensland and found them to be excellent.  There are no fees and the exchange rate was better than XE and Torfx. I typically sent $100,000 at a time.  You can use them from the UK to Australia.

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I was worried about such a large sum arriving in our UK bank account so informed HSBC of our circumstances but just got a rather snotty reply that any deposits would be subject to their usual checks!  

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I wouldn’t worry about the bank they may well report to ATO but you will have evidence of where the funds came from.  Many migrants move large sums of money so hardly rare.

On the other hand when I sold property in Greece the Greek bank would not release the funds until I produced all the paperwork of the sale and info from accountant in person to the bank!  Fortunately they accepted this from our Greek Lawyer who had power of attorney for the sale.  Mind he charged a pretty euro for the short stroll to the bank!


So many wineries ......so little time :yes:

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On 04/05/2021 at 21:16, Craig Colas said:

Do the banks or anyone for that matter, question large amounts of money being transferred into your Australian Bank? Guess what I am asking is when I transfer say £100,000 from a house sale back in the UK is there any further tax implications on it after I have declared the sale in the UK etc. Has anyone done the full process? Thanks!

About 15 years ago i received an inheritance after my Dad died in the UK. Quite a lot of money. Transferred using the Bank to Bank (SWIFT).

I kept wondering whether i would be queried about what the money was but no one cared. 

Cash gets reported but i don't think a transfer of funds electronically gets any attention


I want it all, and I want it now.

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