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I'm just about to sell my house in Australia and move back to the UK, what is the most cost effective way to transfer my entire life's savings from dollars into sterling?
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Jan 21, 2016 11:10
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| # ? Apr 24, 2024 18:40 |
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When I moved from EU back to the US I just basically wired everything. I had to get a US bank account that was able to accept international wires. It was like $50 per transaction and the max was like $10K per wire or something. Then you are just left to worry about the exchange rate. It's pretty nerve wracking though because the wires take a long time to go through and sometimes a bank along the way just decides to decline the whole transaction and so you have to try again.
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Jan 24, 2016 19:28
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Transferwise and other services like them. Wiring money was the only good option five years ago but things have changed.
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Jan 24, 2016 20:45
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What are the taxes involved. As in, if I take 100k on an airplane, you declare it and have to pay a tax on it?
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Jan 25, 2016 09:44
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The Biscuit posted:What are the taxes involved. It may be country dependent, but carrying the money on the plane shouldn't cause any sort of additional tax. Customs requires that you declare cash over a certain amount, $10k in the US and I believe the EU is 10k in euros, to prevent the movement of cash that is sourced illegally and allow them to seize it if you don't declare it. When you fill out the customs form there should be a line on it to declare cash over the limit and then an additional form that you have to fill out.
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Jan 25, 2016 10:14
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asur posted:It may be country dependent, but carrying the money on the plane shouldn't cause any sort of additional tax. Customs requires that you declare cash over a certain amount, $10k in the US and I believe the EU is 10k in euros, to prevent the movement of cash that is sourced illegally and allow them to seize it if you don't declare it. When you fill out the customs form there should be a line on it to declare cash over the limit and then an additional form that you have to fill out. Under no circumstances would I ever travel with $100K in cash even if I had the lawyer who closed the legal transaction traveling in my lap with all the paperwork in hand. You shouldn't have any problems with an international wire between a UK and Australian bank.
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Jan 25, 2016 22:51
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Are there not UK/ Australian banks that are in both countries? Don't you have the same Monarch? You might be able to get a Sterling denominated account in Australia. Yorkshire Bank is a trading name of Clydesdale Bank plc, a subsidiary of the National Australia Bank Group This might be a good choice as they own both sides of the transfer. Elephanthead fucked around with this message at 23:18 on Jan 25, 2016 |
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Jan 25, 2016 23:14
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I recently transferred a reasonable sum from New Zealand to Australia via a foreign exchange transfer company. They had bank accounts set up in each country, so no bank transfer fees, and the actual forex transaction was zero fee and very close to the official exchange rate. I am sure there are similar ones that do aus to uk.
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Jan 26, 2016 04:31
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The Biscuit posted:What are the taxes involved. Also don't bring that much money on an airplane, holy poo poo
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Jan 26, 2016 06:21
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My Rhythmic Crotch posted:If you're asking these kinds of questions, you prolly ought to have a tax specialist look at it. Basically if you haven't paid income tax on it already, it shouldn't matter how you repatriate the money, you should pay taxes on it when you bring it back. Fair. I may have read the sign wrong in the airport over in europe. There were yellow signs saying to declare cash. It does appear now that it is simply "prove you aren't Al Capone" rather than having to pay a duty on the inbound cash. Thought I would jump in on this as I was thinking of moving abroad and the swift fees seemed hefty. I think $50 + 3%
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Jan 27, 2016 12:37
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Australian anti-money laundering regulations are far too tight. Transferwise is probably the best bet, and even then you'd probably raise a flag with AUSTRAC if you're transferring between personal accounts and figures are 100k+. As for Clydesdale bank via NAB, I don't believe it would be like transferring between intra-bank accounts, but rather still counted as an international transfer. But Clydesdale has been divested from NAB, so that rules out that option.
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Feb 17, 2016 12:07
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Thanks for all the replies. I spoke to an accountant in the UK who recommended Moneycorp.com as the most cost efficient way WRT exchange rates and large sums.
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Feb 29, 2016 21:02
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bling bling bilal posted:Australian anti-money laundering regulations are far too tight. Transferwise is probably the best bet, and even then you'd probably raise a flag with AUSTRAC if you're transferring between personal accounts and figures are 100k+. Speaking from a US perspective, as long as the money is legally obtained an you haven't been evading taxes just do a single large transfer and be done with it. I am sure that it is possible a report gets generated and reviewed but if the source isn't shady it won't cause you problems. In the US structuring transactions to avoid reporting is its own crime irrespective of what else is going on. You will cause yourself more grief by trying to hide your legal actions than the possibility of filling out a little paperwork.
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Mar 1, 2016 00:25
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| # ? Apr 24, 2024 18:40 |
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You should definitely travel with 100k cash on you, I want to hear how it works out.
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Mar 7, 2016 18:40
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