Jump to content
Leave GBP in the UK, or transfer to AUD?
7 replies to this topic
Posted 11 April 2012 - 01:01 PM
I was left GBP 10,000 last year by an uncle. With the exchange rate as it is, it would be worth less than AUD 15,000.
Because I'm comparing to 5-6 years ago when we brought our funds over and got 2.5 times the amount of GBP, it seemed to make sense to leave the 10k in the UK until the exchange rate is more favourable.
But will it ever be anywhere near that again?
If I brought the money over, I would use it to bolster our savings over here, as we've used the bulk of them in some recent home improvements. So essentially, it would sit in savings over here, rather than in the UK.
What would be the best course of action? Leave it in the UK in the hope that the exchange rate picks up, or bite the bullet and bring it over now?
Posted 11 April 2012 - 01:08 PM
Unless you desperatly need the money, i'd leave it there - so long as it was earning a bit of interest (just don't forget to declare that interest on your aussie tax return)
At the moment, i can't see the exchange rates going back to those levels for another few years. My friend who is an economist is even more doom & gloom, she thinks exchange rates will get worse & in the next 5 years europe will become as affordable as the USA is.
Posted 11 April 2012 - 01:16 PM
Interest rates are not very good in the UK at the moment whilst Aussie interest rates are pretty good, so that is something to consider as well.
If you can find a decent deal in the UK with a high interest rate (much easier if you are happy to lock the money away for around 3-5 years), then worth leaving it there. If not, then I would transfer it over and earn better interest here, again maybe in longer-term no-access account.
ETA: The UK is heading for another recession and it is unlikely that exchange rates will improve much any time soon.
Edited by geishagirl, 11 April 2012 - 01:17 PM.
Posted 11 April 2012 - 01:17 PM
Another one for leave it and see what becomes of it. If you absolutely need the money then do what is necessary for you to access the funds. As long as the money is in your name then I would make myself forget and see if it builds a nice little nest egg.
And of course declare that on your tax return, do not want to get in trouble with those guys.
Posted 12 April 2012 - 11:07 AM
Unless you really need the money, leave it over there. Do you see yourself traveling over there in the next few years? Having some funds there and not having to pay currency conversion fees may save you more than any potential interest earned here.
Posted 12 April 2012 - 11:21 AM
If you really need it then bite the bullet and transfer.
But if you can wait it out then that is the track I'd be taking - especially if you do travel to the UK or need to buy anything in the UK.
My Mum was English and always maintained a bank account in 'old blighty' that she used for when she was visiting or for when she needed to contribute to family things (when her parents were alive stuff would come up quite frequently or gifts/flowers etc. needed for birthdays funerals et. al)
As a child I used to play the exchange rate with my birthday money sent from there - the bank staff in our little local branch would comment "We thought we would be seeing you today!" when I would scuttle in clasping my 5 pound notes on the morning after the dollar had slipped dramatically against the pound!
Posted 12 April 2012 - 11:53 AM
Thanks for the comments.
It's reiterating what I thought.
I do keep money in the UK for when we go back, but I didn't want to fritter this money away on sundries. To me, it's a substantial amount that I wanted to put to good use by offsetting against the mortgage.
However, if I'm not going to get much for it by bringing it over, I really won't bother.
Posted 12 April 2012 - 11:53 AM
I'd leave it if you could. My MIL got some money after her mum died and left it there for her next UK holiday, got some interest in the mean time and no conversion fees when she used it
1 user(s) are reading this topic
0 members, 1 guests, 0 anonymous users
Bonds and Disney fans with babies to buy for will be celebrating this news. Bonds and Disney have just released collaboration Wondersuits.
When Naomi Holly, a mother of three, noticed her eight-month-old daughter Nora, was having difficulty crawling and standing up as normal, she knew there was something wrong.
There's nothing more frustrating, or distressing to a parent than a sick child who can't - or won't got to sleep.
Perth mother Laurie Rushton Dyble was sitting on a recliner chair in her home holding her six-month-old son when her husband suddenly told her to get up and leave the room.
While no one wants their partner to miss their baby’s birth, it can happen. Here’s what to do if you find yourself in that situation.
The #motherhoodchallenge sounds harmless, doesn't it? Some women disagree.
Last year, it was "The Dress". This year, it is a family photo that is breaking the internet.
So who's with me? You know meditating is one of the best things you can possibly do for yourself.
An Italian woman could face up to six years in jail after her husband accused her of not doing enough cooking and cleaning at home.
While most expectant mums know to stop drinking when they’re pregnant, experts now warn women should stop drinking earlier than that. Is this necessary?
If there's less than a slim chance you'll find time to get out for a jog or to hit the gym today, take heart in knowing that household chores contribute to the calorie equation.
Why don't we talk about the fact that when everything goes right, we may still feel completely lost, and certain that we have failed?
A shocked father has shared his family's experience in a bid to warn other parents about the dangers of hair becoming entangled around a baby's toe.
Since the 1980s, the Italian town of Ostana had not seen the birth of a single baby.
It's something that can be taught as early as possible and reinforced as they get older and more mobile - even from toddlerhood.
Meet the brand new understated chic model from Bugaboo.
It's been two and a half years since Heather Clark's seven-month-old son Lukas passed away.
One minute your productivity is skyrocketing and the next you're sitting there trying to focus – just like that you draw blank, your brain, mush.
Guess what? Despite not pushing him out, I cried, and my heart skipped, and I felt the rush of love and pride when I saw him for the first time.
Top 5 Articles
Labor frontbencher Penny Wong is used to to hearing arguments against same-sex marriage. But for Australia's most prominent gay politician, one hurts more than others.
Some things in life are inherently served with a big scoop of fun: balloons, bubbles, cupcakes to name but a few, but exercise?
She wanted a fresh colour for 2016, but instead she got chemical burns.
A Perth family has thanked US surfing "legend" Kelly Slater after the star saved a mother and a young toddler from "a freak wave" in Hawaii.
Tech giant instigates massive international recall of power point adapters due to risk of electric shock.
It's impossible not to share this little boy's excitement about the alphabet.
Like all tired parents, Monique and Kyle Ruppel were looking forward to the day their 15-month-old daughter Celia would start sleeping through the night.
An Australian mum who has shared the ups and downs of carrying quintuplets has welcomed her five babies into the world.
It was all too much excitement for this dad.
The way parents respond to their child's babbling can shape how their infants communicate.
The World Health Organization announced that it will convene an emergency meeting about Zika.
Baby Ebony was repeatedly failed by the agencies tasked with her protection before her horrific death at the hands of her father, South Australia's deputy coroner says.
Thirty-eight weeks or 39? Non-medical factors are pushing women to have elective caesareans earlier than official guidelines - and hospitals are playing along.
Two police officers delivered more than a traffic fine by the side of a busy Melbourne road yesterday.
One Direction's Louis Tomlinson has posted the first picture of his baby boy, Freddie, on social media.
Get your ticket to The Essential Baby & Toddler Show - register online now!