Sending a large sum of cash to Australia- how?

[Miljah]

I am a tax resident of the UK, but I have dual citizenship with Oz and a bank account there that just sits there.

DH (also dual) and I are considering our family's options. We are both late 50s so can't afford to 'start again' if the UK economy does collapse.

We are discussing shifting cash out of the UK to Oz. We don't have time to sell the house, but we do have £200k in investments with Old Mutual. Our financial advisor (staunch Brexiter!) has told us to move our investments towards cash given the oncoming volatility, but will this protect us?

How can we shift cash cheaply and legally? As in 'declaring it' properly?

Who should we talk to?

Thank you.

Madness. Australia is by many thought to be on the brink of recession. Exchange rate risk is massive. Sit tight, build a global portfolio, get a better IFA.

Thanks. Why do you say that about Australia? Really?

I have only a couple of points of Au reference, none could be described as 'highly financially literate'; I only read what I read in the international press, no pay-wall SMH etc stuff.

My thought were purely that, barring salvation, financially we're fucked, here, so - what to do?

I should also add that I recognise that Oz is not a great producer of anything other than raw materials.

During my time there ('90s) they were selling their raw mineral wealth to Japan; now to China- whose economy is faltering.

It's not a great investment model, is it?

But- where now?

Yes, housing prices def falling in OZ, can’t sustain the growth, high personal debt levels.

China is slowing down so their best customer has stopped shopping. 23 year of growth is likely to come to an end.

Yes, from IL family members who over the years would constantly 'boast' about how much amazing cash some cousin or other was making on the mines- it's gone a bit quiet.

So do you think a huge amount of Australia's wealth is caught up in primary industry like mining?

I do also wonder whether the strain of its increasingly wild climate will slow it down, too.

Yes, exporting natural resources from China sustained us during the recession. Levels of personal debt are also high. Interest rates are very high also. Like the uk, property ownership is out of the reach of many. Might not be a recession in sustralia, but a slow down. I left uni in OZ during the recession Paul Keating said we had to have. My parents lost their business during the recession and I struggled to stay employed. Interest rates were something like 18%. This was late 80s. Hasn’t been a downturn since then, so one wonders how long it can be sustained.

There is no point sending money to Australia if you have no intention of moving back there. You are taking on the risk of a different economy, another currency etc which you are not likely to be prepared for.

Definitely find a new financial advisor. I would think that your best bet would be to invest in some kind offshore fund/ (although not sure how that works with Brexit), and/or pay in extra to your pension. But you need proper financial advice.

Incidentally, if you do want to transfer money, good services are 1stcontact and WorldFirst.