Posted by
carbon8
20 yrs ago
Hi - my partner and I have worked in HK for best part of 10 years. We want to return to Australia. Our savings are 'substantial' and of course very important to us! However, the exchange rate is VERY unfavourable the last 3 years or so. Any suggestions as to move it and not lose a large chunk? Not an option to leave it here as we need it there.
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tggb
20 yrs ago
There's not much you can do if you "need it there". You're lucky you're not moving to Canada where the dollar has appreciated about 40% over the last 10 years or so.
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Why don't you seek some professional advice on this one? You may find the tax is going to be horrendous if you don't channel it the right way as well as the exchange rate. I understand if you buy Australian Shares with your money, they are tax free - but you still have the problem with the exchange rate. Why not change your money into a currency that is not as strong against the HKD - like the USD - send the money in USD and only use what you need to while waiting for favourable conditions to change it back, or leave it in HKD and find an account that that will allow this until things change a bit in your favour.
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