Help Maybe Emigarting Next Year

meatandtwoveg

http://www.nationwideinternational.com/accounts/accounts_sterling_tracker.htm

Hi,

Maybe going to live in Oz next year for a while? Not willing to exchange at less than 2.5, so might have to wait a while yet?

Anyway thinking of tucking a few bob away in the account above.

What are you thoughts, any experieces?

My thoughts are.

1) I can access the money from Australia, so i can CHAPS it to my forex account when i want to exchange it over to Oz dollars when the exchange rate inproves.

2) The rate is good, i can pay tax on the interest in Oz as i will be a Oz resident, so will recieve the interest GROSS, as i will be living on the interest for some time.

3) I have a Nationwide Flex account, so can have the interest paid into this account monthly and draw it out in Oz dollars at the hole in the wall.

I know i am at the mercy of the exchange rate.


Once the exchange rate improves i can CHAPS the lot to my forex account, who will then send it to my building society account on OZ.



Thanks for reading, and Ta for any feed back.

newsaver2008

Pardon my ignorance but what is a forex account? Is it just a bank account where you can keep several different currencies?

meatandtwoveg

newsaver2008 wrote: »

Pardon my ignorance but what is a forex account? Is it just a bank account where you can keep several different currencies?

A Forex account is an exchange tool basically, money passess through it from one currency to another currency.

So from my UK Flex account to my Oz building society account!

Cook_County

You have overlooked that you would also have to pay Australian tax on the currency gains as well as the interest.

From a practical sense you may be concerned about investor protection if the bank/society go bust...

meatandtwoveg

Cook_County wrote: »

You have overlooked that you would also have to pay Australian tax on the currency gains as well as the interest.

From a practical sense you may be concerned about investor protection if the bank/society go bust...

I feel pretty comfortable with regards to Institution. But i am interested in your other comment.

I have looked into this, currency gains, i cannot seem to find anything actually written in an Australian published document stating that tax is due on currency gains. By this i mean, a statement outlining a timeline where on entering the country as a permanent resident, what timeline do you have to exchange funds before the currency gains kicks in because this is open to interpretation with regards to how liquid your funds are on first entry as to when you can exchange funds into the local currency?

If the rule stipulates a certain timeline rule, then yes, but where, because not everyone can exchange on nthe day of entry for example inheritance, house sale, fixed rate investments or bonds, notice accounts. It is a very difficuylt rule to uphold, when you are an individual only making one transaction and not actually playing the forex markets for a living. Would be nice to see someone who has challenged this rule if it exists and gone to court?

Cook_County

You would need to seek advice in Australia - not the UK - on this issue.

fullstop

Cook_County wrote: »

You would need to seek advice in Australia - not the UK - on this issue.

Or you could give the Australian High Commission a ring, they might be able to help.

meatandtwoveg

fullstop wrote: »

Or you could give the Australian High Commission a ring, they might be able to help.

Was hoping for any experiences?

newsaver2008

Ah thanks:)) I think I have a Forex account then as it allows me to hold my money in several currencies which I can change at will.
Btw...I see why you are renting...because you want to go to Oz so..I wish you the very best with that move:))