Archive for » July, 2018 «

Sending money back to the UK from Australia

Money Transfers


Whether you’ve moved to Australia for good, or are working Down Under and plan to head back to Blighty one day, you may still need to transfer funds to the UK. This could be to transfer rental income from a property, or it might be to maintain a home in the UK or send money to a child or grandchild studying in the UK. Whatever your reason for sending money back to the UK, using a foreign exchange specialist rather than your high street bank could make a significant difference to the amount of sterling that arrives in your account.

This is not only because you will have the benefit of great exchange rates and low transfer fees, but also you will be provided with expert market guidance and specialist services to help you make the most of your money.

A specialist can talk you through the transfer process and their in-depth market knowledge can help you mitigate the risk of the unpredictable foreign exchange market and potentially protect against rate volatility.

Another aspect to consider, particularly if you’re making regular payments to and from the UK, is how the transfers take place. As well as dealing with foreign exchange specialists over the phone, you should be able to make transfers online and even set up automated regular payments to cover, for example, a mortgage payment or property maintenance costs. Once you understand your alternatives, it becomes much easier to make the most of your money when repatriating funds.

moneycorp is a foreign exchange specialist company, offering great rates and a range of services delivered online and over the phone.

Get started with moneycorp
It’s free to register for a moneycorp account and you can do this online by clicking here

It only takes a few minutes to register – you can then start saving money on your overseas currency transfers. Once registered, you will be assigned an Account Manager who will be your main point of contact and they can provide quotes and information on the Australian dollar as and when you need it.

You can also read more information here on the Poms in Oz currency

Moneycorp is a reference to TTT Moneycorp Pty Limited which is registered in Australia (business number 116612858). Its principal place of business is Level 15 Exchange Tower, 2 The Esplanade, Perth WA 6000, Australia. TTT Moneycorp Pty Limited is authorised to deal in foreign exchange contracts and buy/sell quotes to retail and wholesale clients as an Authorised Representative (reference number 445555) of Rochford Capital Pty Limited (AFSL License No. 361276).

Australian Govt grapples with the problem of enticing migrants to remain in regional areas

It’s a problem which many goverments have faced – how to encourage population growth in regional Australia.

Over eighty-five percent of Australians live in urban areas and nearly seventy percent live in the capital cities, making Australia one of the world’s most urbanised countries.

According to new data from the Department of Home Affairs released last week, 1 in 10 skilled migrants who move to regional Australia move to a city within 18 months

Back in May, the Australian Govt announced that it was working on changes to regional sponsorship visas in a bid to force skilled migrants to stay in those areas.

The department’s Continuous Survey of Australian Migrants revealed of the 6% of skilled migrants who settled in a regional area, 10% moved to a major city between 6 and 18 months later.

Australia brought in 4,766 skilled workers to regional areas in 2016-17 but almost half of them settled in Perth. The government removed Perth as a “regional” destination in November.

Darwin, Adelaide, Canberra and Hobart remain eligible for the regional visa.

Prime minister Malcolm Turnbull said the government was “working on” options to improve retention of talented migrants in the regions.

Australia has a number of visa programs designed to bring migrants to the bush, including the Skilled Regional (887) and the Regional Sponsored Migration Scheme (187).

The government is trying to find ways to prevent the drain to the cities without impinging on the right to freedom of movement.

In May, Nationals MP David Gillespie told SBS News many regional employers were left with a “sour taste” when migrants skipped town to pursue opportunities in the cities.

Dr Gillespie would not comment on the government’s legal options but raised the example of overseas doctors, who often came on visas that linked their Medicare billing to a regional centre for up to 10 years.

Last week, the government released its final migration statistics for the last financial year.

Permanent skilled and family migration fell by 20,000 places to its lowest level in a decade, prompting an angry response from employer groups.

James Pearson, head of the Australian Chamber of Commerce and Industry, said the regions would suffer from the reduction.
“This is a real crisis,” Mr Pearson told SBS News.

“Politicians have failed to plan properly for the population growth in Sydney and Melbourne, and regional Australia is now paying the price because of this cutback in our skilled migration by stealth.”

Australian business group slams highly politicised immigration rhetoric

In the run up to the forthcoming by-elections in Australia, the subject of immigration has become highly politicised, with Labor and the coalition trying to outdo each other with tough talk.

On the coalition side, they were heralding the fact that the number of migrants obtaining permanent residency (PR) visas last year was the lowest number in ten years – the drop apparently due to the government enforcing stricter vetting procedures to cut down on fraudulent applications.

In turn, Labor slammed the Turnbull government for allowing over one and a half million people to reside in Australia on temporary visas with some form of work rights.

What has become an absolute problem has been the explosion, the misuse and abuse, of issuing of temporary work visas,” shadow minister for employment Brendan O’Connor said.

“If you want to know why unemployment amongst young people is so high compared to other OECD countries, just look at the amount of visas being issued.”

Treasurer Scott Morrison hit back at Labor’s claims about the number of temporary workers last week.

“Bill Shorten needs to check his facts. I mean, this bloke lies like he has breakfast in the morning. The number of people here on temporary skilled visas, here right now, is 20 per cent less than it was when Labor left office.”

In light of this back and forth between the two parties, the Australian Chamber of Commerce had weighed into the debate, slamming the heavily politicised rhetoric being used.

James Pearson, head of the Australian Chamber of Commerce and Industry described the debate as “mischievous”, accusing both parties of misrepresenting the migration figures.

“There are lies, damn lies and statistics and I’m sorry to say that the numbers being bandied about in this debate are being bandied about in the most misleading way.”

Mr Pearson said the claims and counter-claims were disappointing and confusing to voters and marked an end to many years of relative bipartisanship on the skilled migration program.

“I regret the fact that what for so long was strong, bipartisan support for a strong, well-managed migration program … seems to have been put to one side,” he said.

The reason for the discrepancy is Labor is counting all temporary visa holders with any right to work, including international students, New Zealanders on special visas, and backpackers, Mr Pearson said.

Those numbers do add to around 1.6 million, but he said the figure was misleading.

“To suggest for a moment that all of those people are working, let alone working full time, is wrong, because many of them are not,” he said.

Working holidaymakers have caps on how much work they can do in Australia, while international students are also limited to 40 hours per fortnight.

Elsewhere, Carla Wilshire of the Migration Council said Labor was taking a “huge cross-section of different visa categories” and combining them to get a large figure.

She too has concerns about the political language being used in the immigration debate.

“I think we need to be very careful. The Australian economy very much relies on a certain level of migration flowing through,” Ms Wilshire said.

Labor alleges the international student issue is exacerbated by students who breach their work limits, often under pressure from employers.

“You have temporary visas being issued as student visas, where the applicant is not primarily studying,” Mr O’Connor said.

The Migration Council said while there were some compliance issues with students, the level of such issues was not “particularly high”.

Ms Wilshire said the recent linking of immigration data with Australian Tax Office records had improved compliance.