Transferring personal money from UK using Wise Foreign Exchange Service

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(Newbie)Newbie

11 Feb 2023

Hi,

I just moved to Australia as a Permanent Resident and would like to know if there are any tax implications transferring my own money from the UK to Australia using Wise (Foreign Exchange Service). I will be sending Pounds Sterling from my UK bank account to my account with Wise (Foreign Exchange Service), which then gets converted to Australian Dollars and transferred to my bank account in Australia. I want to use this method as I get better exchange rates than those provided by my bank.

Thanks.

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EthanATO

(Community Support)Community Support

13 Feb 2023

Hi @Alex176,

Nope, there shouldn't be any tax implications here from this! This is just considered a transfer of your own personal savings and wouldn't be taxable.

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EthanATO

(Community Support)Community Support

13 Feb 2023

Hi @Alex176,

Nope, there shouldn't be any tax implications here from this! This is just considered a transfer of your own personal savings and wouldn't be taxable.

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Transferring personal money from UK using Wise Foreign Exchange Service

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