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Guest samt

Money Transfer Issues

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Guest samt

Just a quick one on this,

 

I'm moving to Sydney for a year in Feb and will be letting my place in London while i'm away.

 

Any ideas on the best way to transfer the money, is it better to move the money monthly or save several months up then transfer.

 

Also should i have the money paid into an Australian account or my British one and move it from there?

 

Any tax issues i should be aware of?

 

Any help with any of this would be greatly appreciated,

 

Thanks.

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Just a quick one on this,

 

I'm moving to Sydney for a year in Feb and will be letting my place in London while i'm away.

 

Any ideas on the best way to transfer the money, is it better to move the money monthly or save several months up then transfer.

 

Also should i have the money paid into an Australian account or my British one and move it from there?

 

Any tax issues i should be aware of?

 

Any help with any of this would be greatly appreciated,

 

Thanks.

 

Im no financial expert,BUT i would think you are better waiting untill the exchange rate improves (hopefully!)before you move the money to oz?

Thats what i'd do anyway


"The problem with neo conservative capitalism and it's insatiable greed for more wealth and disparity amongst the populace,is that it ended up being the catalyst for the great depression and modern recession"

 

Me,tonight:wubclub:

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Guest nm123

I'm in a similar boat to you... Will be earning $ and can't decide whether to have my savings in $ in Australia or move it back to the UK while I'll get more £ for my $....

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Guest byron
Just a quick one on this,

 

I'm moving to Sydney for a year in Feb and will be letting my place in London while i'm away.

 

Any ideas on the best way to transfer the money, is it better to move the money monthly or save several months up then transfer.

 

Also should i have the money paid into an Australian account or my British one and move it from there?

 

Any tax issues i should be aware of?

 

Any help with any of this would be greatly appreciated,

 

Thanks.

 

move it as you need it as the exchnage rate is not good. Commeon wealth bank will set up a bank account for you in oz and also give you aplace to drop the moeny in in the UK. There are other money transfer companies advertizing on the net and they compare themselves with the banks saw one the other day. They gave about 1500 dollers more on some amount of pounds - eg 1000 (cant remeber the details)

 

Every bit helps in Oz as its expensive here just like everywhere else:smile:

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Guest Jackie Smith

Your tax situation will be dependant on whether you are coming to Australia on a temporary or permanent visa. If you're on a temp visa make sure you get proper tax advice as this could save you a fortune in the long run. Also, I wouldn't use a bank to transfer funds to Oz. The exchange rate you get is usually much lower then offered by foreign exchange companies. The forex co may require you to transfer a minimum amount so it would probably make sense to save a few months of income before moving it over. They can also arrange forward contracts so you can have a bit more control over the ex rate you get.

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Just a quick one on this,

 

I'm moving to Sydney for a year in Feb and will be letting my place in London while i'm away.

 

Any ideas on the best way to transfer the money, is it better to move the money monthly or save several months up then transfer.

 

Also should i have the money paid into an Australian account or my British one and move it from there?

 

Any tax issues i should be aware of?

 

Any help with any of this would be greatly appreciated,

 

Thanks.

 

Hi samt

 

If you are making international money transfers, using a specialist foreign exchange company is something you should consider – you can pretty much guarantee you’re getting the best available exchanges rates, which will almost always be better than the banks. In addition, using a specialist company can help you in taking advantage of any improvements in the exchange rates as/when they happen.

 

In relation to sending money now to Australia, it is dependent upon your personal circumstances (do you need money over there now for example).

 

If you need to send money on a monthly basis, there are specific plans available (such as Regular Payment Plans) which can be used for regular overseas payments.

 

Feel free to send me a private message and I would happily discuss your situation further.

 

Thanks

 

John

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