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Guest FruitBat

Monthly transfers??

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Guest FruitBat

I run a small internet-based business in the UK and get paid in a single-payment each month.

 

I am currently applying for a CPV 143 and intend to continue running the business from Oz. There are no practical difficulties to this as to all intents and purposes I could well 'be' in the UK.

 

However, I wonder what the best srtategy for getting paid would be?

 

CAN I maintain a UK bank account when residing in another country?

 

I am thinking a straightforward monthly transfer would balance out fluctuations in the exchange rate but how could that be organised. I guess I am partially answering my own question. It does all depend on if I can administer an accound from the UK.

 

Can this be done, does anybody know??

 

:)

 

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hi Fruitbat,

 

yes, as far as I know you can maintain a UK bank account when living in Australia. In fact, I just changed my address on two of my UK bank accounts to my new home in Oz - totally ok with the banks to do it.

 

With internet banking, its very easy to manage your accounts from abroad.

 

As far as your monthly payments are concerned, I would just suggest you check out the costs of regularly converting into dollars - you may get hit with a non competitive rate as well as fees, and depending on the amounts involved, it could turn out to be quite expensive for you.

 

Perhaps another way around it would be to use a UK credit card in Oz, esp one that is "fee free" or low fee for o's transactions.

 

regards sg


Living at Alex Headland on the Sunshine Coast with my partner and our cats after 21 years in London, and working in ecommerce in Brisbane - living the dream

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Guest FruitBat

Thanks for this. If I can push ahead with the theory, I can turn to the bulk monies.

 

We do live in exciting times with this exchange rate situation! :)

 

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Guest Paydayloan

Yes, you can maintain your account in UK while working in Australia...

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Guest nm123

Make sure you get some tax advice on this... Chances are you'll become tax resident in Australia and will need to pay Aussie taxes, even if the money is in the UK.

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