Help Transferring Australian into Pounds Sterling

Mrmanhampshire

Hello,

This is my first post so I hope it is in the correct place!

I recently came into some money from a relative in Australia.

They left me 100,000 Australian Dollars which is sitting in my Australian bank account.

I am not domocilised in the UK so I need not pay inheritance tax.

I have been living in the UK for 10 years and would like to transfer this money into my UK bank account-

How should I go about doing this to get the best conversion rate and avoid fees?

Many thanks

colsten

Mrmanhampshire wrote: »

I am not domocilised in the UK so I need not pay inheritance tax.

I have been living in the UK for 10 years and would like to transfer this money into my UK bank account-

If you have lived in the UK for the last 10 years, you will be domiciled. If you are uncertain whether you should pay tax, best ask the HMRC before they ask you.

Transferring money between countries is best done using a specialist currency transfer service. Google to find you a suitable one.

bowlhead99

Inheritance tax isn't levied on where you are domiciled it is dependent on the residence/domicile/citizenship of the person whose estate is being split up and distributed. Presumably all the relevant inheritance taxes have been paid on it (which may be nil, if the person who died was Aussie domiciled where there is no IHT). So, seems to be a red herring.

To the OP - look into currency brokers who will quote you a rate. Likely more efficient to do that here than in Oz because you can presumably more easily open new accounts from this side of the world, what with having 10 years address history etc.