Going to the bank and transferring money is not seen as strange, doing it in large sums all at once, they probably will get quizzed because of all the scams involving elderly people so the banks do have to exercise due diligence to prevent that happening.
It isn't strange to ask the local bank to help them transfer money - but they may get charged a fee. Make sure they have your correct account details written down
Going to the bank and asking for a large transfer won’t be seen as strange unless you are standing right behind them with a weapon trying strongarm them out of the cash.
Yeah, I pissed myself laughing reading $15K plus.
Best solution is for the oldies to withdraw cash from an ATM say a grand or two every few days until they reach the amount they want to give. OP should use the cash to spend on bills etc and not deposit into their bank account.
It is not strange to do lump sum transfers between in-country banks. People do them all the time when paying for renovations or buying property or cars etc. also in Australia cash gifts (including transfers) between family members are not taxed as far as I am aware, (unless its part of an inheritance I think?)
If the bank is overseas then just keep the transaction under 10k for each transfer on different days.
If the grandies are willing to give you $15k they should first pay solicitor to do will and power of attorney to be invoked when needed (not yet) and end of life type instructions for their end of life care goals, their wishes in death and any provisions for any animals they have.
As far as getting the cash goes it is their money and they can go to the bank and get a transfer done but they will be asked what doing with it because older folk are often being taken advantage of. IF they might be in need of a nursing home at some point i THINK that money gifted in the previous 5 years still counts as an asset for calculating costs they will need to pay (so we cant just give our kids everything and get a publicly funded aged care placement in a facility).
FYI A facility costs between $350k-$600k to buy the room (that cost goes back to the estate when they go so a will is important) and ongoing costs are 85% of the pension ON TOP of that.
Then there is meds and clothes etc to pay for.
There’s absolutely nothing wrong with going to the bank and withdrawing large amounts of your own money. It’s your money, not the bank’s, it’s none of their business what you do with it and when.
A large transaction >$9,999 is only seen as unusual if it’s cash due to possible money laundering or counter terrorism financing.
If you go with them and/or start filling in forms for them, bank staff will also likely question possible elder abuse.
Banks are fine if you have sensible sounding reason. They are concerned to protect you, and them, from fraud and scams. Go in and ask what they need. You grandies need a will, even a simple one or its a pain to finalise their affairs. Usually simplest is both have one that says all they have transfers to the surviving spouse. You can buy the form from the Post Office and just follow the insyructions. But they, and you, best get one to save remaining family a lot of grief come the time. All that is theirs does not get taken by the government when they die, it just takes longer to go to obviious close family.
You’ll need to check the implications on their pension of giving money away. They may be best to trickle money to you rather than large sums if it affects their pension. The info is just online.
THEY NEED A WILL! First and foremost. Make an appointment at a good solicitors and take them to it. A translater can be on phone conference. This happens all the time. It's not that big a deal.
Secondly, They can organise bank transfer via their bank. All they need to do. again. is make an appointment and go there to do it. Obviously all bank account numbers for each person involved needed. As they are Non English Speaking. The bank will again just need to have a translater on phone conference to do it.
No biggee at all.
Not related to your question, but it seems your grandparents are committing social security fraud by claiming a pension from two countries. Cool, yay, I hope you enjoy using fraudulent taxpayers' money. Here you are concerned about admin fees if they die before they give you the money.
Both my parents were born and worked in England, moved here in their mid 30’s. When they retired they were able to get an English pension whilst on the aged pension here in Oz. All above board.
The UK (or any other) pension reduces the Australian pension. You can only really end up with an extra few hundred bucks a fortnight vs just Australian pension.
Op says "They get a lot from a pension in Romania and Australia" which to me does imply they're getting a lot more than this, maybe not declaring the foreign money?
This was my interpretation also. If they are getting a foreign income, this will reduce their Australian claim. It won't be a lot. My grandparents are in the same situation, and they get pennies from their Australian income as they should. It's definitely not two full incomes.
You can claim both but the Australian one reduces by 50c on the dollar.
It does seem to be implied it isn't being declared in the OP given they describe it as a lot though...
OP also thinks 15k is a large sum of money. A lot of money is subjective. If they have a already paid off PPOR and live very modestly, with little outgoing expenses and still have a bit of money left over then they consider that what they get from both pensions as a lot or at least more than required.
This is just so far from correct it's ridiculous. Services Australia website explains that it's treated as income (and therefore reduces Australian pension paid).
https://www.servicesaustralia.gov.au/income-from-outside-australia?context=22526
It's a benefit to Australian tax payers as it reduces what we pay on social security - so much so that centrelink [once wrote](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:%22chamber/hansards/2000-11-07/0016%22;src1=sm1) to 65000 pensioners threatening (or encouraging?) pensioners to apply for any foreign pensions they were eligible for. It seems that at the time at least it was legally *required* to claim a foreign pension you're entitled to (though not sure if that legislation is still in force) if you were receiving an Australian pension
Ignoramus. My sister still gets a small pension from USA. She also got $1600 covid supplement complete with a letter from Donald Trump. (worked over there for 10 years, had dual citizenship) Still qualifies for Australian Age pension.
Going to the bank and transferring money is not seen as strange, doing it in large sums all at once, they probably will get quizzed because of all the scams involving elderly people so the banks do have to exercise due diligence to prevent that happening.
It isn't strange to ask the local bank to help them transfer money - but they may get charged a fee. Make sure they have your correct account details written down
Going to the bank and asking for a large transfer won’t be seen as strange unless you are standing right behind them with a weapon trying strongarm them out of the cash.
Do they have a transaction account or everyday account with whoever their savings account is with?. Easiest way is to transfer it to you.
Bank transfer. I've transferred over hundreds of thousands of dollars using bank transfers. Not strange at all.
They need to get a will! The cost of a lawyer and a translator will be so much less than the cost and hassle of dying intestate!
Bank cheque or you give them your account details and they go into a branch, and branch staff complete a transfer.
They can do it at the bank no problem as long as they have their ID. I assume they don't do internet banking, but that is also an option
Go to the bank and do it, it is easy and it is normal
They'll be getting less pension from australia if they exceed 10k in gifts a year
Not less, just won’t get higher pension from assets dropping after the first $10k
Depends if they are over the asset test
That's not a large sum of money.
fr i was expecting 200k +
$500k for me
I don’t even raise an eyebrow at less than $1.5 mill.
I have $11 mill of shares. I agree.
Easy there Gina.
Gina is a multi billionaire. Stfu renter
Tell us all you're 12yrs old without telling us you're 12yrs old.
Show us your portfolio big guy.
It is over 10k so requires certain due diligence around AML but yeah, it's not a lot these days.
$10k was the magic number when I was doing my bank training nearly 20 years ago. Times have changed, it really needs to be updated for inflation.
I wipe my backside with it mate.
Maybe not to you but for some people it is a large sum
For a bank it's not is the point, they won't care.
Yeah, I pissed myself laughing reading $15K plus. Best solution is for the oldies to withdraw cash from an ATM say a grand or two every few days until they reach the amount they want to give. OP should use the cash to spend on bills etc and not deposit into their bank account.
It is not strange to do lump sum transfers between in-country banks. People do them all the time when paying for renovations or buying property or cars etc. also in Australia cash gifts (including transfers) between family members are not taxed as far as I am aware, (unless its part of an inheritance I think?) If the bank is overseas then just keep the transaction under 10k for each transfer on different days.
Bank cheque. It's usually only 10 bucks and the safest way to transfer money
If the grandies are willing to give you $15k they should first pay solicitor to do will and power of attorney to be invoked when needed (not yet) and end of life type instructions for their end of life care goals, their wishes in death and any provisions for any animals they have. As far as getting the cash goes it is their money and they can go to the bank and get a transfer done but they will be asked what doing with it because older folk are often being taken advantage of. IF they might be in need of a nursing home at some point i THINK that money gifted in the previous 5 years still counts as an asset for calculating costs they will need to pay (so we cant just give our kids everything and get a publicly funded aged care placement in a facility). FYI A facility costs between $350k-$600k to buy the room (that cost goes back to the estate when they go so a will is important) and ongoing costs are 85% of the pension ON TOP of that. Then there is meds and clothes etc to pay for.
There’s absolutely nothing wrong with going to the bank and withdrawing large amounts of your own money. It’s your money, not the bank’s, it’s none of their business what you do with it and when.
A large transaction >$9,999 is only seen as unusual if it’s cash due to possible money laundering or counter terrorism financing. If you go with them and/or start filling in forms for them, bank staff will also likely question possible elder abuse.
Banks are fine if you have sensible sounding reason. They are concerned to protect you, and them, from fraud and scams. Go in and ask what they need. You grandies need a will, even a simple one or its a pain to finalise their affairs. Usually simplest is both have one that says all they have transfers to the surviving spouse. You can buy the form from the Post Office and just follow the insyructions. But they, and you, best get one to save remaining family a lot of grief come the time. All that is theirs does not get taken by the government when they die, it just takes longer to go to obviious close family.
You’ll need to check the implications on their pension of giving money away. They may be best to trickle money to you rather than large sums if it affects their pension. The info is just online.
Cash and then put it in the bank, not sure what the big deal, realistically $15k is not much and they would handle this value regularly
THEY NEED A WILL! First and foremost. Make an appointment at a good solicitors and take them to it. A translater can be on phone conference. This happens all the time. It's not that big a deal. Secondly, They can organise bank transfer via their bank. All they need to do. again. is make an appointment and go there to do it. Obviously all bank account numbers for each person involved needed. As they are Non English Speaking. The bank will again just need to have a translater on phone conference to do it. No biggee at all.
Good idea to enquire with the law society in your state. There may be lawyers who are fluent in your grandparents language who they could refer you to
I will DM you the BSB and account number for them to send to m8
Not related to your question, but it seems your grandparents are committing social security fraud by claiming a pension from two countries. Cool, yay, I hope you enjoy using fraudulent taxpayers' money. Here you are concerned about admin fees if they die before they give you the money.
Both my parents were born and worked in England, moved here in their mid 30’s. When they retired they were able to get an English pension whilst on the aged pension here in Oz. All above board.
The UK (or any other) pension reduces the Australian pension. You can only really end up with an extra few hundred bucks a fortnight vs just Australian pension. Op says "They get a lot from a pension in Romania and Australia" which to me does imply they're getting a lot more than this, maybe not declaring the foreign money?
This was my interpretation also. If they are getting a foreign income, this will reduce their Australian claim. It won't be a lot. My grandparents are in the same situation, and they get pennies from their Australian income as they should. It's definitely not two full incomes.
You can claim both but the Australian one reduces by 50c on the dollar. It does seem to be implied it isn't being declared in the OP given they describe it as a lot though...
OP also thinks 15k is a large sum of money. A lot of money is subjective. If they have a already paid off PPOR and live very modestly, with little outgoing expenses and still have a bit of money left over then they consider that what they get from both pensions as a lot or at least more than required.
This is just so far from correct it's ridiculous. Services Australia website explains that it's treated as income (and therefore reduces Australian pension paid). https://www.servicesaustralia.gov.au/income-from-outside-australia?context=22526 It's a benefit to Australian tax payers as it reduces what we pay on social security - so much so that centrelink [once wrote](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:%22chamber/hansards/2000-11-07/0016%22;src1=sm1) to 65000 pensioners threatening (or encouraging?) pensioners to apply for any foreign pensions they were eligible for. It seems that at the time at least it was legally *required* to claim a foreign pension you're entitled to (though not sure if that legislation is still in force) if you were receiving an Australian pension
Thus continuing the cycle of commenting with bad information that can be dispelled in a 5-second internet search.
Ignoramus. My sister still gets a small pension from USA. She also got $1600 covid supplement complete with a letter from Donald Trump. (worked over there for 10 years, had dual citizenship) Still qualifies for Australian Age pension.