Banking while not in the UK

Chrismaths

Fair enough. I'll defer to your superior tax knowledge!

Toni_Tax

Actually it's 'she' hmph :mad:

And I work in tax, hence the name but thanks for that anyway :rotfl:

Toni_Tax

Chrismaths wrote:

Non-resident Australian tax is 29%, with no personal allowance, so he's unlikely to have to worry about it with double taxation relief.

But won't he be classed as non resident next tax year as he'll likely be out of the country for more than 6 months of the tax year?

Yes, I have to pay 29% Australian WHT but as long as I get an Australian tax ref I can claim it all back. As for the UK tax man, he'll have to catch me first :rotfl: (joke)

Cook_County

But what happens if the UK tax woman catches you?

Toni_Tax

oops, maybe that should be 'tax-person'

Chrismaths

Toni (as in Collette, not Swiss, I see that now ), unless rules have changed in the past 2 years, you can't reclaim it. What visa are you getting? will you be classed as a resident? Even if you are a resident, you only get a pro-rata personal allowance for the time you are classed as a resident.

I got a TFN (tax file number) when I was out there, but I didn't get a personal allowance. As I was not classified as a resident, I had to pay the non resident tax rates - here. My earnings went into the 30% band in some months, so I managed to claim back $18.60...

Your employer also pays superannuation (pension) contributions of 9% of your salary, and when you leave you can claim a "departing australia superannuation payment", but this is also taxed to boo gary.

bridiej

missile wrote:

Forget Australian bank account. Deposit all your cash in Nationwide e Saver. It may not be the highest rate but it is close. You will be able to access your account anywhere in the world via an internet cafe and transfer to your flex account and draw out cash in any local currency @ a good exchange rate without penalty, as and when you need to.

Totally agree, most Aus current accounts pay no interest and have charges (around $5 a month) for the priveledge of having your money with them!

Megamix_Mike

My wife and I are at present living in Lanzarote, but we still retain our Barclays Bank current account in the UK into which our company pensions are paid.
However, since we have been living here, we have been charged a commission fee for every withdrawal and payment made. The only payments that were free of charges were those debited by the shops here in sterling, but even the cash withdrawals debited in sterling have had charges added.
We now understand that Barclays are going to increase their charges for using their debit cards abroad. When we complained to them, their only suggestion was for us to have an international account, but then found out that we don't have a large enough balance or income to qualify for one.
It seems as though we don't really have a choice.
We decided that we would prefer to move our account to the Nationwide, but have found out that no financial institution will accept our account as we don't have a UK address. We have been told this is because of government restrictions.
Can anyone please explain to me why we, who are UK citizens born and bred, are unable to transfer an account, that is already in the UK, to the Nationwide just because we are living abroad at this time? I have had my account with Barclays since I started working for them back in 1970. Friends living in the UK are able to open accounts out here without having a Spanish address. It seems strange that we are unable to open an account in our own country.

Inactive

Megamix_Mike wrote: »

Can anyone please explain to me why we, who are UK citizens born and bred, are unable to transfer an account, that is already in the UK, to the Nationwide just because we are living abroad at this time? I have had my account with Barclays since I started working for them back in 1970. Friends living in the UK are able to open accounts out here without having a Spanish address. It seems strange that we are unable to open an account in our own country.

Simply because you are no longer UK Residents, and thus not eligible to open a new UK Bank Account, this is because of money laundering regulations, sadly nothing you can do about it, apart from move back to the UK.;)

Megamix_Mike

Inactive wrote: »

Simply because you are no longer UK Residents, and thus not eligible to open a new UK Bank Account, this is because of money laundering regulations, sadly nothing you can do about it, apart from move back to the UK.;)

As our account is already in the UK, surely the bank can confirm we are not laundering money! They can see that the money comes from pensions and the payments are normal purchases. We just need to transfer the account to another institution! Where is the common sense!!!