Treeb Posted March 7, 2020 Share Posted March 7, 2020 I am planning to return to the UK for my retirement after 40 years in Oz and I will be transferring all my funds to my UK bank. I am having difficulty determining if there are any restrictions and limits to how much I can transfer from my bank . I know they have an online daily limit but I can't find information on in bank branch transfers. Is it unlimited because I am leaving permanently? It is better to use OFX or another exchange service who offer better rates than a high street bank. I cannot determine how the funds are transferred from the bank to the exchange company. Again the online process is restricted to a daily limit but in bank branch transfers may be unlimited. No doubt the banks would charge a fee for that service. Has anyone had this situation arise? Quote Link to comment Share on other sites More sharing options...
Marisawright Posted March 8, 2020 Share Posted March 8, 2020 (edited) Assuming the money is already in your bank account, and not sitting in a superannuation fund or investment fund, then there are no restrictions and no difficulties. There are always limits on bank transfers but when you have a large amount to transfer, you simply have to go to your bank in person and arrange it specially. The transfer companies will always be cheaper than transferring directly from your bank to your UK bank. You can shop around for the best rate, but I always use Moneycorp, simply because you get to talk to a real person who does the actual job, not just some call centre operative. If you sign up for their service via these forums, they don't charge their usual fee. Have a chat to @Susan Watts from Moneycorp, who is on these forums, and she'll explain how the transfers work etc. If you do have money in a superannuation fund, then do be careful - if you can withdraw that money and have it paid into your Australian bank while you are still resident in Australia, it just becomes money in the bank and there is no barrier to transferring those funds to the UK. However if you leave the money in your super fund and want to transfer it later, once you're no longer an Australian resident, the British taxman will take over a third of your nest egg in tax. Edited March 8, 2020 by Marisawright 1 Quote Link to comment Share on other sites More sharing options...
vmssys Posted March 16, 2020 Share Posted March 16, 2020 The problem with Moneycorp (as I have discovered tonight) is that transferring funds to the UK means you need a bank account with a bank holding an international banking license. I bank with ING Direct. They do not offer this service. To get round this I am setting up another account with one of the big high street branches. After being charged an international transfer fee, I have to apply to Moneycorp, with evidence, to have this charge refunded. Just thought I would share this. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted March 16, 2020 Share Posted March 16, 2020 7 hours ago, vmssys said: The problem with Moneycorp (as I have discovered tonight) is that transferring funds to the UK means you need a bank account with a bank holding an international banking license. I bank with ING Direct. They do not offer this service. To get round this I am setting up another account with one of the big high street branches. After being charged an international transfer fee, I have to apply to Moneycorp, with evidence, to have this charge refunded. Just thought I would share this. ING Direct have a deal with a currency transfer company whose rates are very similar to Moneycorp's. My husband has used them and they were fine. Quote Link to comment Share on other sites More sharing options...
Treeb Posted March 16, 2020 Author Share Posted March 16, 2020 Thanks. I'll keep checking things out. Coronavirus has now put my plans on hold unfortunately. Quote Link to comment Share on other sites More sharing options...
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