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

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.
 
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.
 
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!
 
OldFarmer said:
With Goldstacker, why does the ID requirement need paper mailing? What about email?
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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
 
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.
 
gs2026 said:
If you buy Perth Mint coins are they subject to Capital Gains in Australia after?
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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.
 
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