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solihullsue

Is there anyone renting their UK home and using a UK bank account?

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Hi

 

I'm in the process of sorting my house to rent. The plan is to rent the house in the UK and use that money to rent in Melbourne, before we find our dream home to buy.

I understand (maybe wrongly I don't know) that if the rent is paid into HSBC in the UK, I can access that money in Australia without incurring transfer costs, through online banking I think.

 

Obviously, I don't want to have to keep paying transfer costs each month.

 

Anybody got any ideas or advice?

 

Thanks

Sue

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Hi Sue. As far as I'm aware you can't transfer money directly from a UK account to an Australia account(unless HSBC is different due to its worldwide popularity). You can withdraw the money here via ATM and use it that way but may incure a fee depending on the deal you have regarding overseas withdrawals. Good luck with it all, sorry my reply isn't more thorough.

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Hi Sue, we use HiFx which is an online service to do our transfers. Takes a few days for the transfer. They act as the in between and the exchange rate is dependent on transfer date.

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Hi Sue, we use HiFx which is an online service to do our transfers. Takes a few days for the transfer. They act as the in between and the exchange rate is dependent on transfer date.

 

HiFX are independent, efficient, cheap, organised, quick and very very good. My sister found them when she bought a flat in Spain and recommended them to us. W e know others who've used them too. Do not use bank to bank as the big banks rip you off with transfers...

 

we wanted to move money from our NatWest a/c to CommBank over here and very sheepishly the Intl Transfer bank clerk here explained how they "bounce" currency through different countries (presumably to get nice little cuts). he told me my inheritance would take three days to go UK to Melbourne via Switzerland and Singapore. I was horrified. Also it "landed" in Oz in £ and had to then be converted at CommBank rate into $ value.

 

HiFx does one transfer (£ UK to $ AU) and it enters you a/c already converted. They hold the currency till the rate is good then advise you "now's the time". We found them brilliant to deal with. http://www.hifx.com.au/

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Hi Sue

 

I use moneycorp to transfer money from the UK to OZ. If you click the moneycorp link on pomzinoz then its free to transfer and you usyally get a better exchange rate.

 

Daz

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Hi

 

I'm in the process of sorting my house to rent. The plan is to rent the house in the UK and use that money to rent in Melbourne, before we find our dream home to buy.

I understand (maybe wrongly I don't know) that if the rent is paid into HSBC in the UK, I can access that money in Australia without incurring transfer costs, through online banking I think.

 

Obviously, I don't want to have to keep paying transfer costs each month.

 

Anybody got any ideas or advice?

 

Thanks

Sue

 

 

Hi Sue,

 

I wanted to to ask how easy it was to sort your house out to rent and how easy things will be sorted once you are in Oz.

 

my hubby wants to sell our house as doesn't want the "hassle" of dealing with anything when we are on the other side of the world. However if we sell now we won't make much on it. I want to rent it out, as it will be a great investment for the kids future. Hubby's concerns are, if the tenants want to leave or If something needed repaired how do you deal with it in Oz?? Does the estate agent deal with the majority of it? I'm going to schedule meetings this week with some to get a better idea, thought I'd ask you since you are in the process of it.

 

Thanks

natasha

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Natasha,

aside from the practicalities there's also the emotional ties to your house which can make it hard. We sold our beautiful house in Brighton when we came here. I found settling much much harder than my husb and two younger kids. Our eldest and I yearned for our old life very badly and after two years we went back for four months. Couldn't find a house to buy back in UK as they'd doubled in price. IF we'd had our house still, we'd have stayed and never come back.

 

Instead we realised it was going to all be too hard financially and so we decided on balance to return to Oz. It took me a good 5-6 yrs to build a life. But we've done better here than we would've done in UK.

We know people who have kept a bolt hole in UK and many many go back.

 

Selling up and severing ties I think makes you give it a better go here. And your husb is right that managing a property is harder from here unless you have someone very trustworthy there who can oversee things.

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Hi Sue,

 

I wanted to to ask how easy it was to sort your house out to rent and how easy things will be sorted once you are in Oz.

 

my hubby wants to sell our house as doesn't want the "hassle" of dealing with anything when we are on the other side of the world. However if we sell now we won't make much on it. I want to rent it out, as it will be a great investment for the kids future. Hubby's concerns are, if the tenants want to leave or If something needed repaired how do you deal with it in Oz?? Does the estate agent deal with the majority of it? I'm going to schedule meetings this week with some to get a better idea, thought I'd ask you since you are in the process of it.

 

Thanks

natasha

 

Hi Natasha, we use a managing agent (local reputable estate agent) to deal with our house in the UK. For a percentage of the rent received during the month, they are responsible for everything on our behalf including finding tenants, advertising, drawing up contracts, arranging repairs (once we ok it), dealing with the council over council tax, everything really. So, not a hassle for us at all. They also provide monthly and annual statements for our self assessment tax return purposes. I would agree with you that if you can afford it, it would be much better to hold on to the property rather than sell it as it can act as a long term investment :)

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Local agency back home finding tenants and dealing with everything on our behalf. We authorise by email any expensive required expediture above a pre-defined level. Our agents take 12% of rent, may seem high but in our local area back home, they have a very good reputation. Other agencies vary from around 8% upwards but didn't seem to give us much confidence.

 

So far it's all been pretty painless.

 

We transfer from Westpac directly into our RBOS account. It might be $20 to send it, and RBOS charge £7 to receive it and convert it into £. There's probably cheaper ways to do it but i haven't really been all that bothered about saving the odd $ when it's so simple to transfer anyway.

 

 

Sent from my iPhone using Tapatalk - now Free

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Hi Natasha, we use a managing agent (local reputable estate agent) to deal with our house in the UK. For a percentage of the rent received during the month, they are responsible for everything on our behalf including finding tenants, advertising, drawing up contracts, arranging repairs (once we ok it), dealing with the council over council tax, everything really. So, not a hassle for us at all. They also provide monthly and annual statements for our self assessment tax return purposes. I would agree with you that if you can afford it, it would be much better to hold on to the property rather than sell it as it can act as a long term investment :)

 

Pretty much the same as this.

 

Local agency back home finding tenants and dealing with everything on our behalf. We authorise by email any expensive required expediture above a pre-defined level. Our agents take 12% of rent, may seem high but in our local area back home, they have a very good reputation. Other agencies vary from around 8% upwards but didn't seem to give us much confidence.

 

So far it's all been pretty painless.

 

We transfer from Westpac directly into our RBOS account. It might be $20 to send it, and RBOS charge £7 to receive it and convert it into £. There's probably cheaper ways to do it but i haven't really been all that bothered about saving the odd $ when it's so simple to transfer anyway.

 

 

Sent from my iPhone using Tapatalk - now Free

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Thanks for the different perspectives ladies. Hubby is set on selling so I may not get my way this time :( (that'll be a first!!)

 

For or me there is no emotional connection with the house. If things didn't work out in Oz, there is no chance we would move back to where we stay now. I was just looking at it from a financial/investment point of view.

 

Will still meet with an agent and try persuade him indoors to change his mind :biggrin:

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For or me there is no emotional connection with the house. If things didn't work out in Oz, there is no chance we would move back to where we stay now. I was just looking at it from a financial/investment point of view.:

 

From a financial point of view, not selling keeps you in the market. Even if you do not move back into that particular house, you have an asset within the moving housing market to sell and buy another one. Of course, if you are making a huge profit now and can put the money aside, it could work as well to take the sale now. Good luck whatever you guys decide is best for your circumstances :)

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Hi Sue,

 

I've been in Melbourne for 4 weeks and opened australian HSBC accounts before I left for that very reason. I bank with HSBC in the UK, have two rental properties there and have kept those uk accounts going to manage rental and mortgage payments. HSBC have a global view on their online banking so you can hook up all your accounts and view them in one place. If you are a premier customer transfers between uk and australain accounts are free if done online. Not done it yet but they told me initially you'll be charged a transfer fee but then you'll be refunded when the system works out you are the same person. If you're non premier I think you'll get charged a transfer fee. So yes, pulling money out of a uk account from here or transferring it from uk to australian account would incur a fee each time.

 

Be warned though HSBC do not have many branches here. Those that they have are all based in the city, from what I know, so if you like to/or have to visit a branch it's a trip to the city. I live miles out but it doesn't bother me, as I do everything online.

 

just give them a ring before you leave and they'll walk you through charges etc. I sorted my accounts out a couple of weeks before leaving, so all I had to do was a trip into the city when I arrived to pick up my cards and PIN numbers etc... Job done!

 

I used moneycorp for my first transfer of lump sum when I came as had been told they offer better rates than banks etc. they did but only very slightly. They also charge an admin fee though so overall I'd have been better off just doing an online transfer from my uk HSBC account to my australain HSBC account.

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