Converting Currency

A few words about getting your money to Australia. The Australian $ is a relatively volatile currency, as you can see by watching movements over a two to three month period. A 10% appreciation or depreciation of the A$ is not uncommon over this time frame - so what should you do?

The most successful approach in our view is to set high and low limits within which you would be happy to convert your funds into Aussie dollars. Give instructions to one of the currency firms that are able to work with such parameters, and let them convert the funds for you. They will buy $'s if the rate moves to your high, and also if the $ falls to your low point. That way you have some certainty of what exchange rate you are going to get.

One of Go Matilda's associates can help you move your money to Australia in this way - for a cost of only £15. They will almost always comfortably beat the exchange rate offered by the UK High Street banks, simply because the High Street banks make their money by creating a difference between their buy and sell rates; our associates work with the money market and will hold currency in expectation of movements in currency rates.

Click on the banner advert above to find out more about moving your money to Australia.

Banking

The largest bank in Australia is the Commonwealth Bank of Australia and they have a Migrant Banking Section in London. An account can be set up for you in Australia through their team in London and they will also transfer money to Australia. Contact us and we will be pleased to provide their details and to introduce you.

The other three main banks in Australia are National Australia Bank, ANZ Bank, and Westpac. In addition there are several other regional banks, almost all of which offer a complete range of banking facilities, including internet banking which is used extensively in Australia - it is so easy to pay bills online, the UK seems in the Dark Ages by comparison.

Links to the websites of the main banks can be found by clicking here.

In Australia, a bill at a retail-type outlet is usually paid via a credit card, or an EFTPOS (Electronic Funds Transfer at Point Of Sale) card issued by your bank. EFTPOS is similar to the Switch/Delta arrangement in the UK, but differs in that funds are transferred almost instantly from your account to the vendor's once you have keyed a 6-digit number into a machine at the check-out. You do not sign any piece of paper, and simply receive a receipt to confirm the transaction.

Drawing cash is made using the same card as is used for EFTPOS transactions - but try to avoid drawing cash at a dispenser of a competitor bank as you can expect to be charged a fee for the privilege. Note also that you can draw cash when paying for goods at most retail outlets - this can be a useful way of minimising your bank charges.

Borrowing money to buy a property in Australia is similar in many respects to the UK, although the method of deriving the sum you can borrow could easily vary from one bank to another. We have links with lenders if you are interested in buying property - contact us to let us know what you are planning and where.

Tax and Financial Planning

If you are planning to move to Australia the other key aspect to address sooner rather than later is tax and financial planning. We cannot emphasise enough the need to start planning early in the migration process - we think this should be in mind even when you are considering what visa to apply for, as choices between different visas can have consequences for the taxation of your investments.

Our sister site, Collett & Co Chartered Accountants, carries more details on the tax and financial planning aspects of your move to Australia, with free factsheets available. At the end of the day though, don't leave it to chance or guesswork - contact us and we can help you plan to make the move a success.

We also have links to financial planners across Australia, so we can put you in contact with a firm that is based close to you, and which can help you find the most appropriate home for your investments, and can help with issues such as life insurance, trauma cover, etc.

Don't throw your money away - plan ahead with Go Matilda.

And don't forget - if you want regular updates on information relating to financial issues register with us and tick the finance box.

Go Matilda - Your Gateway to Australia