Hi,

With the sale of a house and savings etc etc we expect to have around £170,000 (AU$400,000)
Presume we open a bank account in UK with an Australian bank - will be be taxed (or any penalties) on any of our money when we arrive in Australia and start using the account ?

We will be using the money to purchase another home plus car and usual items.

Any advice greatfully appreciated.

Hi

We moved over in August and used the commonwealth bank in London to "look after" our money untill we needed it.
We have been transfering over since then and have paid no tax or penalties at anytime on the money.

Regards
Kev

Hi, Have you had easy access to your funds and what are their charges for ATM usage.

Thanks

Sandra

Sandra

When we have wanted money I have just sent an email to the office in London and they send over the amount at the current exchange rate within 2 days. It then shows in our Oz account and thats it. There are lots of Commonwealth banks over here so it is easy to find an ATM. The only charges I have had since August has been for using someone else's ATM, the cost was $1.50 each time
You should credit cards as much as possible then pay it off at the end of the month or if you use your normal bank card get some cash back at the till. I think that you have about 15 free credits / debts per month on the bank account but I have not used more than that so far. Also I use internet banking and you have as many of those as you want.( paying tele/elec/rent etc)

Hope this helps

Kev