We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
GBP exchanged to AUD... Help please
simply_red
Posts: 19 Forumite
Hello
I'm emigrating to Australia in 4 weeks, and have 10,000 GBP to transfer/save for future property in 1-2 yrs time (depending on what happens to property market in OZ). The exchanged rates as we all know are poor at the moment. The difference between exchanging now and in Oct last year is a 30K loss. I am thinking I could either transfer money now regardless and get a 5% interest rate in Oz bank (thats bearing in mind that they could drop too!), or leave the money here in UK account with dire interest rates, but hopefully get a better exchange rate in the future. I beleive I am subject to tax on any increases in exchange rates from the point I become resident. Not sure how much tax is taken off in oz bank savings. Can anyone offer any advice please.
Thank you
I'm emigrating to Australia in 4 weeks, and have 10,000 GBP to transfer/save for future property in 1-2 yrs time (depending on what happens to property market in OZ). The exchanged rates as we all know are poor at the moment. The difference between exchanging now and in Oct last year is a 30K loss. I am thinking I could either transfer money now regardless and get a 5% interest rate in Oz bank (thats bearing in mind that they could drop too!), or leave the money here in UK account with dire interest rates, but hopefully get a better exchange rate in the future. I beleive I am subject to tax on any increases in exchange rates from the point I become resident. Not sure how much tax is taken off in oz bank savings. Can anyone offer any advice please.
Thank you
0
Comments
-
simply_red wrote: »Can anyone offer any advice please.
Thank you
Nobody can tell you what is going to happen next. The Pound may go up or it may go down.
The only advice I can give is to to split your AUD purchase over a number of transactions spread out over time rather then doing it all in one go0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.4K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.5K Work, Benefits & Business
- 602.8K Mortgages, Homes & Bills
- 178K Life & Family
- 260.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards