hi,
i am emigrating to australia in february as a permanent resident. i have savings in a uk internet account and also in a mini cash isa here in the uk. is it ok to leave them in there for as long as i want before i decide to transfer them to oz?
and also has anyone got any tips on which foreign exchange company/bank to use? and with the exchange rate being so poor at the moment (2.17) would you wait, or do an automatic buy order for a certain rate???

appreciate any advice
thanks

Hi, and welcome to the forum.

I left my UK bank account where it was when I left the UK to return to the US - for something like 10 years. As it turns out, I'm lucky to have left it there, because when I returned to Europe, I wound up doing some work for a British company, that paid me in sterling - so having a bank account already set up there was very handy.

Don't be in too big a hurry to transfer your funds over to Oz. Having a stash "at distance" is a nice way to stay out of your savings until you really need it. Actually, I find it handy to have a UK bank account when buying things online from British sources. You pay in sterling, so don't have to worry about the spot rates or being charged the "overseas" commission on the transaction.

I also keep a bank account back in the US and use that to pay for trips back there, and for US $ purchases online.
Cheers,
Bev

Hi Cozwemust,

Like Bev we kept a UK bank account since we still have assets in the UK and we keep some money there (and will still be filling out UK tax returns too).

Is the mini cash isa in your pension?
We transferred our pensions to Australia since we knew we weren't going back to the UK and if you do it within 6 months the Australians don't tax it.

When it comes to transferring money I ring up several companies and let them know that I'm requesting a quote and ringing their competitors. Depending on the amount you are transferring they will negotiate exchange rates and charges. I take the best rate

Be aware that the banks do not operate the same way in Oz as they do in the UK. Although we had substantial funds in the bank we couldn't get a credit card because some of the banks like to see regular income first (as in a salary). You may have to shop around for that sort of thing...

Regards,
Karen

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Money-Magnets: The Blog - How to get your money to work for YOU

I agree completely with the idea of leaving an account in the UK.
We transfered all our monies into the new country (Portugal) and then after a few years found it was a mistake and needed to give the address of a friend before being able to open another in the US.

Diane aka Mamacats
Ragdoll Breeder
Portugal

Good point, Diane. It can be real difficult to open up a "foreigner" bank account back home once you're established overseas. Keeping a bank account open back home can come in handy when you least expect it. And once you're an established customer of a bank, you can open additional accounts, though those may be limited a bit if you aren't resident in the country. Still, it's lots easier than starting from scratch in a bank where you aren't "known."
Cheers,
Bev

thanks for the reply everyone. i only have 5 years worth of pension with the NHS and not sure what to do with it as im not sure whether i will be in oz for good. should i just leave it for now?

If you are referring to your social security pension; check with their office or web site, some countries have agreements with other countries allowing you to combine the amount of years worked and receive one monthly payment from one country.

Checking now is a good idea but only when the time comes for you to request receiving the pension would it be necessary to decide from which country. I have recently began inquires into this subject and that is my understanding but to 100% sure please investigate on your own also and save all relevant paperwork in a safe place.

Diane aka Mamacats
Ragdoll Breeder
Portugal

If you're not sure about staying in Oz, I'd leave your pension right where it is. When the time comes, as Diane mentioned, some countries have agreements whereby time put in elsewhere can be counted toward a local pension.

But even if you stay in Oz, your 5 years may count for something. A friend of mine worked for three years in Switzerland, then returned to the US. A few years later, she retired, and the Swiss actually contacted her about the pension rights she had coming from them - a small sum, maybe 50 Swiss francs a year, but they send it to her without fail.
Cheers,
Bev