Sending money home to Oz ???

[volare_737]

Hi there

Any Oz Pilots working out of the country – your advise and experience on the following would be greatly appreciated.
I will be working in Asia , but will have to send the money home every months. Wife and kids normally need more than me !!!!!!!!!!!
What is the most cost efficient and convenient way ?
Thanks Guys !!!

[ReverseFlight]

As you're working outside Oz, I presume you are earning foreign currency. You would have to buy A$ before you transfer. To get more A$, you have to buy it cheap, like NOW (about parity with the US at least).

There's a limit of A$10,000 when you bring it into Oz and if you declared more, the authorities are going to ask you lots of questions. If you are declaring anyway, why don't you let your bank do it for you ? Conduct an electronic funds transfer if you've got internet banking. Some banks do a very good deal and no fees are charged for such a transfer (all managed from your computer at home).

Don't forget if you are Oz resident, you'd still have to declare this income.

[CDRW]

Go check out Oz Forex website!!

[volare_737]

Thanks guys !!!!

[Roj approved]

HSBC or CiTIbank allow you to have foreign currency accounts, i.e. US$ and if you have more than $50k the fees are low, otherwise its about US$200 a months and the interest is 0.1%. They also have very low loan rates, it was 1.5%, so refinancing your home loan is a good option too.

Then do as the STREWTH said, use you ATM card to withdraw funds back home.

Sure you are missing out on interest, but your also not paying any tax back here and that's the killer.

OZForex good for large transfers.

[pacificgypsy]

If you are a non-resident of Australia for tax purposes then the only Aust tax you are liable to pay is withholding tax on the interest you earn on your Australian bank account funds.

You will find higher interest rates avail in Aust (eg UBank), than offshore ( AUD accounts ) so the 10% withholding tax on interest earned in Aust should be covered.

[Roj approved]

True dat pacific gypsy, that man is on the ball.

[kshiteej_wizard]

try western union money transfer.easy safe and fast.

[Salusa]

Similar situation.

I walked in off the street and opened an HSBC Offshore account in Singapore. Obviously you need to prove ID, in my case Passport and Driving Licence.

Multi curruncy accounts and you can transfer to any international bank over the internet, set up regular standing orders etc.

Account comes with a Debit Card and you can also apply for a Credit Card if required, but they will usually ask for it to be secured against a term deposit.

Must say, I have been very impressed with HSBC, great service!