Son living overseas, wants to buy a kilo of gold in Australia

Discussion in 'Gold' started by OldFarmer, Jan 11, 2015.

  1. OldFarmer

    OldFarmer New Member

    Joined:
    Jan 11, 2015
    Messages:
    7
    Likes Received:
    0
    Trophy Points:
    1
    Thanks for all the advice, Guys. I have a secure storage arrangement with a vault already, so I will take delivery.

    My son now has to set up a way of transferring his money to the Oz-based dealer, using OzForex I would guess. It's going to take a little time ...

    He's reading this thread so hopefully will think about coins instead of bars. Less gold for your dollars, but more fungible.
     
  2. Viper2097

    Viper2097 Member

    Joined:
    Sep 11, 2014
    Messages:
    52
    Likes Received:
    0
    Trophy Points:
    6
    Location:
    Sydney, Australia
    Can I suggest that you also take a look at CurrencyFair?

    I was originally going to go with Ozforex to convert my money into PLN for my trip to Poland I just went on. I signed up an account and everything but then I found CurrencyFair and they had better rates so I went with them. My GF and I sent the money the day we left Sydney and it was in her Polish bank account by the time we landed.

    Anyway, I think that every cent counts when you are looking at converting that much $$$ so check out the rates.
     
  3. gs2026

    gs2026 New Member

    Joined:
    Jan 21, 2015
    Messages:
    2
    Likes Received:
    0
    Trophy Points:
    0
    Hi OldFarmer,

    I'm an Irishman in Sydney and used to buy from Perth Mint too but the premiums are way to big. I now buy through KJC coin dealers in Sydney. I found their premium to be reasonable. I can't speak of others. Not sure if KJC deliver but you could always try. Just google kjc bullion sydney.

    I also agree with Viper2097. I use CurrencyFair to send money back to Ireland from time to time. It's cheaper than the banks and I find it an easy website to use. I signed up to OzForex but they insist on a phone call to discuss what currencies you want to sent between and why. Then they limit the exchanges between those currencies. Not so with CurrencFair. Your son may have to sign up as a Australian with australian home address, passport copy etc but shouldn't be a problem after that. I think there's a coupon out there that gives first transaction free, just google CurrencyFair Coupon.

    Good Luck!
     
  4. SilverDJ

    SilverDJ Well-Known Member

    Joined:
    Nov 1, 2014
    Messages:
    3,635
    Likes Received:
    766
    Trophy Points:
    113
    Location:
    Australia
    As someone else said, buy 1oz bars instead, much easier to sell later. And if you only buy a couple per day you won't have to worry about providing any ID
     
  5. gs2026

    gs2026 New Member

    Joined:
    Jan 21, 2015
    Messages:
    2
    Likes Received:
    0
    Trophy Points:
    0
    If you buy Perth Mint coins are they subject to Capital Gains in Australia after? I ask because I thought they were consider legal tender. I'll search for this question being asked before.
     
  6. SilverDJ

    SilverDJ Well-Known Member

    Joined:
    Nov 1, 2014
    Messages:
    3,635
    Likes Received:
    766
    Trophy Points:
    113
    Location:
    Australia
    If you ask the tax department I'm sure they'll tell you that any form of metal investing is subject to capital gains tax.
    Half if you hold it for 12 months or longer.
     
  7. projack

    projack Well-Known Member Silver Stacker

    Joined:
    Aug 12, 2009
    Messages:
    3,158
    Likes Received:
    111
    Trophy Points:
    63
    Location:
    Brisbane
    10% gain in Euro already. (since the 12 Jan.)
     

Share This Page