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Foreign Currency Transfer

Posted by Elaghory Elaghory
Message 1 of 2 871 Views

Hi There,

 

Got a couple of questions here, first I need to explain that my mum lives overseas and she recently inhereted large amount of money and she decided to give me a gift money to help me with my mortgage about 100k in USD.

 

The quoestions now:

1- is this money taxable?

2- What paper work i need to provide (if needed) to get the money transffred to me with no dranma?

3- am i able to have a foreign currency account to receive the money in?

 

Would appreciate if you can come back to me with some answers 

 

Cheers,

Mohamed.

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Re: Foreign Currency Transfer

Posted by MegB MegB
Message 2 of 2 847 Views

Hi @Elaghory thanks for reaching out. 

 

1) You'd be best to get in touch with the Australian Tax Office (ATO) regarding this.

 

2) We won't need any paperwork from you to receive the transfer. This is something your mother will need to arrange with her bank. 

To receive an international transfer, your mother will need to provide her bank with the following information:

  • Your BSB and account number
  • The Bankwest SWIFT Code - BKWAAU6P
  • Bankwest address - 300 Murray Street Perth WA 6000
  • Your full name and residential address

 

3) We don't offer foreign currency accounts I'm sorry. The funds will be converted into AUD as part of the transfer process.

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