Transfer my savings from Australia

Fine

Hey guys,

I've been in Australia for almost a year now, going home in 3 weeks. I have managed to save up $10,000 whilst working out here, which I was also able to reclaim all the tax I paid on that too.

So, what is the best way to get that money into my UK bank account without losing too much of it in fees.

And also, will I be taxed on that money in the UK?

Rafter

As long as you have paid tax in Oz, I don't think the amount will bother the HMRC that much.

As for getting the best rate, best to look for a money transfer service rather than the 2-5% your bank will take in fees, commission and poor rates.

If you go to the 'travel motoring' tab at the top of the page there is a 'sending money overseas' guide that should get you started.

Bring a jumper - it is a bit chilly here at the moment!

R.

wriggly

For that amount, try www.currencyfair.com

You need bank accounts in both Oz and UK, but you will be swapping directly with someone looking to transfer GBP to AUD. The cut that CurrencyFair take is smaller than any other online broker I have used.

Since you were actually away for only a year, you may be liable to tax in the UK for any Aussie earnings, so don't spend it all at once.

Moneysaver066

Thanks for the advice.

Still a bit unclear about whether I'l definitely have to pay tax on it or not. As I said I did pay tax on it here, but I was able to claim it back.