cheapest way to transfer money?
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cheapest way to transfer money?
Hi all. I am considering a job overseas, but still need to support the wife and kids for a while till they move over to where I will be based. My question is, what is the cheapest way to send money home to Oz so that she won't starve, or become homeless?
I know that I can go into a bank and get a bank cheque written in OZ dollars, but is this the quickest and easiest and cheapest way ?
thanks
I know that I can go into a bank and get a bank cheque written in OZ dollars, but is this the quickest and easiest and cheapest way ?
thanks
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In the old days the safest was a telegraphic transfer. Today's equivelent would be an electronic transfer. You need an account with a reputable bank in the foreign country, of course, as well as one in Oz. Probably better if you can use a common international bank such as HSBC at both ends, but this should not be essential. Anything in the mail is going to be slow and dodgy. Another way is traveller's cheques and carry them home but this is expensive and also there are limits on the value you can carry.
I don't want to be the best pilot in the world - Just the oldest
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G'day Apache,
Good advice from gas-chamber but it would be worth chekcing with the bank concerned as to what the transfer fee will be. Normally it is a percentage of the amount to be transferred and from memory can be as high as 1.5%. Depending on which bank you are using the times can vary widely. When I was in Angola it normally took up to 8 working days but with Standard Chartered in Kabul the transfer usually went through overnight. I think in the 2 years I did there only about 3 or 4 occasions it may have taken 2 nights.
Another option worth considering and actually faster is to use Western Union. Not sure what their fees are on larger amounts considering the squillions of dollars you will no doubt be sending home
but they are certainly fast. In fact almost instantaneous.
Good advice from gas-chamber but it would be worth chekcing with the bank concerned as to what the transfer fee will be. Normally it is a percentage of the amount to be transferred and from memory can be as high as 1.5%. Depending on which bank you are using the times can vary widely. When I was in Angola it normally took up to 8 working days but with Standard Chartered in Kabul the transfer usually went through overnight. I think in the 2 years I did there only about 3 or 4 occasions it may have taken 2 nights.
Another option worth considering and actually faster is to use Western Union. Not sure what their fees are on larger amounts considering the squillions of dollars you will no doubt be sending home
but they are certainly fast. In fact almost instantaneous.
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$$$ Transfer
Islander Jock: Not that I have used them personally, but I havn't heard many a good thing about WU.
On the other hand, and with experience, I have transferred quite a fair amount of coin using www.oxforex.com.au
It takes quite a bit of effort to setup an account (security), but, the service and rates, esp when dealing with larger sums, blow the banks clean out of the water.
Hope it helps Apache!
Ohh, and the same as WU, Ozforex are fast too....<48 hrs.
On the other hand, and with experience, I have transferred quite a fair amount of coin using www.oxforex.com.au
It takes quite a bit of effort to setup an account (security), but, the service and rates, esp when dealing with larger sums, blow the banks clean out of the water.
Hope it helps Apache!
Ohh, and the same as WU, Ozforex are fast too....<48 hrs.
Give the wife a card from the foreign bank that can be used in Australian ATMs. Make sure that each time she withdraws from it, she withdraws the limit and set the limit as high as you can. This will reduce charges to a minimum. The FX conversion rate will be as good as any you can get by any other means. If that option is not available, use a mastercard. Keep the foreign mastercard in credit. With internert banking, the wife could ensure that the card stays in credit, thus avoiding interest charges.
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I use http://www.xe.com/fx/ on a regular basis. Better exchange rate than the banks and, if you let them send you a cheque in the local currency, no fee. Transfers are still cheaper than banks if you want it wired.
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open a joint HSBC account offshore and send the Mrs her card certified mail. She should be able to access most ATMs
http://www.offshore.hsbc.com/1/2/int...vings-accounts
http://www.offshore.hsbc.com/1/2/int...vings-accounts
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thanks heaps guys, and gals.
Not too sure about how wise it is to give the wife a credit card with money on it! To me, food and bills are more important than coloured hair and well kept nails with matching shoes and handbag.
I have looked at ozforex, and western union. The bank overseas will charge me only $15 local to write a cheque for ANY amount in AUD... which I can then post, and that should only take two-three days.... the only problem is when I can get there to do it.
Anyone used PAYPAL ? I had a quick look at them, but still a bit unsure.
I also asked ANZ why i cannot open an ANZ account there, and have one HERE and just transfer between the two....
Option three is change the currency at the airport commission free and bring it back with me when I come! another option of course, is change the currency at the airport commission free then MAIL it back via secure mail, which then makes it the same price as the banks.
I shall keep looking, and will chase up all your thoughts... thanks again
Not too sure about how wise it is to give the wife a credit card with money on it! To me, food and bills are more important than coloured hair and well kept nails with matching shoes and handbag.
I have looked at ozforex, and western union. The bank overseas will charge me only $15 local to write a cheque for ANY amount in AUD... which I can then post, and that should only take two-three days.... the only problem is when I can get there to do it.
Anyone used PAYPAL ? I had a quick look at them, but still a bit unsure.
I also asked ANZ why i cannot open an ANZ account there, and have one HERE and just transfer between the two....
Option three is change the currency at the airport commission free and bring it back with me when I come! another option of course, is change the currency at the airport commission free then MAIL it back via secure mail, which then makes it the same price as the banks.
I shall keep looking, and will chase up all your thoughts... thanks again
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Electronic transfer is the go. Safe, easy and efficient. Small nominal fee from sending and receiving institutions. All's that's left to do is establish an account with a bank in the country in which you intend to work. I'm sure the lads working with you will be able to point you in the right direction. Then it's just a simple case of having an internet connection which shouldn't be too difficult. Matter of fact as long as the Mrs has a connection at home she can do it all from there.
Would avoid HSBC if I was you. Their banking charges are astronomical.
PM me if you like.
D.
Would avoid HSBC if I was you. Their banking charges are astronomical.
PM me if you like.
D.
It obviously depends on where you go, but I found in my case (Japan) that having a cash card that works on OZ ATMs was by far the cheapest. Only $3 per transaction at the banks usual rate, and could draw up to $2000 each time too.
ANZ is a sham! Cant even transfer between their Australian and NZ branches without a $25 telegraphic transfer fee, let alone their branches in other countries, and to draw from atms overseas the fees are excessive too!
ANZ is a sham! Cant even transfer between their Australian and NZ branches without a $25 telegraphic transfer fee, let alone their branches in other countries, and to draw from atms overseas the fees are excessive too!
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I used Western Union 3 times last month and have used them for years. You pay but it's instantaneous. Set up an account and anytime you need to send money anywhere it takes less than 3 minutes from your own computer (on base/camp...PDA whatever ?)...Sending to family no problem, but there is no recourse for example, if you buy an item and they don't send it..You just blew your money...
Paypal works great and your money can be refunded in case of buying poor quality goods. I bought a Car, Skis, a cellphone and a laptop via paypal...Foolproof (Well depends on how hard a fool was to try natch
...Account to account works fine and it's just like an online bank only no interest...read the fine print about confirmed addresses...
My wife has two cards in my name... Both from different accounts in different countries. In principle... one is used for topping up monthly household needs, and the second is supposed to be "after mutual discussion" on discretionary spending, but you can imagine how well that works out
Swift or wire transfer can be the cheapest, but don't wait til the last moment to send. Once it's in the system you just wait, phone calls serve no purpose but to raise your blood pressure...If you agree an amount for swift or ET and set it up similar to a mil allotment (a certain day each month) it should work fine also...Check the 'banking partner- Sister bank' they work thru. I got money sent from Indonesia one time and it went thru Chase Manhattan (NY) back to a German bank (forget which) finally into my account in Paris...23 days all up but that was the worst ever! And we had a current account with Chase Manhattan at the time...
Better to not rely on only one system is what I'm suggesting, and if you set up the various accounts from home and a known secure connection.
You can mix 'n 'match services to suit the current need....
eg: if you sent a TT... ET... Swift etc but it gets critical time wise at home and the money hasn't arrived..... You can throw a few bucks via WU etc just to get her out of an immediate jam..Hope this helps...
Fly safe...170
Paypal works great and your money can be refunded in case of buying poor quality goods. I bought a Car, Skis, a cellphone and a laptop via paypal...Foolproof (Well depends on how hard a fool was to try natch
...Account to account works fine and it's just like an online bank only no interest...read the fine print about confirmed addresses...My wife has two cards in my name... Both from different accounts in different countries. In principle... one is used for topping up monthly household needs, and the second is supposed to be "after mutual discussion" on discretionary spending, but you can imagine how well that works out
Swift or wire transfer can be the cheapest, but don't wait til the last moment to send. Once it's in the system you just wait, phone calls serve no purpose but to raise your blood pressure...If you agree an amount for swift or ET and set it up similar to a mil allotment (a certain day each month) it should work fine also...Check the 'banking partner- Sister bank' they work thru. I got money sent from Indonesia one time and it went thru Chase Manhattan (NY) back to a German bank (forget which) finally into my account in Paris...23 days all up but that was the worst ever! And we had a current account with Chase Manhattan at the time...
Better to not rely on only one system is what I'm suggesting, and if you set up the various accounts from home and a known secure connection.
You can mix 'n 'match services to suit the current need....
eg: if you sent a TT... ET... Swift etc but it gets critical time wise at home and the money hasn't arrived..... You can throw a few bucks via WU etc just to get her out of an immediate jam..Hope this helps...
Fly safe...170
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You can transfer funds between HSBC UK and HSBC Australia accounts at no charge and the rates are better than the off-the-street rates. One can also take out funds in local currency at any HSBC ATM in the world, with no charge (this will be very handy if you're in the UK, France, South-East Asia or New York regularly).
HSBC account in the UK charges no fees as long as you pass a couple of tests which most reasonably financially able people should be able to pass. There is also the 'online savings account' at HSBC Australia - they charge like wounded bulls if you want to do anything in a branch, but operate it all online, by phone or with your ATM card, cheque, BPay etc. and you're fine - I haven't had a cent of fees in years. There might be a minimum balance requirement to be 100% fee-free (but it's only AUD 1000 as far as I recall).
The Australian stand-alone HSBC Premier account does have a steep fee but then again it's competitive in the market it operates in, ie. other high-service accounts in Australia. The Premier account in the UK is free as long as certain hurdles are met; charges vary from country to country in Asia.
I would not be surprised if the other bank in Australia with a large global retail network - Citibank - did not have similar capabilities.
The Australian banks will be generally pretty useless in this regard as they don't have much in the way of retail operations outside Australia and NZ. Even NAB's wholly-owned UK retail banks don't seem to have much linkage to the Australian operations.
HSBC account in the UK charges no fees as long as you pass a couple of tests which most reasonably financially able people should be able to pass. There is also the 'online savings account' at HSBC Australia - they charge like wounded bulls if you want to do anything in a branch, but operate it all online, by phone or with your ATM card, cheque, BPay etc. and you're fine - I haven't had a cent of fees in years. There might be a minimum balance requirement to be 100% fee-free (but it's only AUD 1000 as far as I recall).
The Australian stand-alone HSBC Premier account does have a steep fee but then again it's competitive in the market it operates in, ie. other high-service accounts in Australia. The Premier account in the UK is free as long as certain hurdles are met; charges vary from country to country in Asia.
I would not be surprised if the other bank in Australia with a large global retail network - Citibank - did not have similar capabilities.
The Australian banks will be generally pretty useless in this regard as they don't have much in the way of retail operations outside Australia and NZ. Even NAB's wholly-owned UK retail banks don't seem to have much linkage to the Australian operations.
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Using a bank card at an ATM is ok for convenience, but bear in mind most banks hide a conversion fee of 2.5% in the exchange rate so it will not represent the best deal.
Also fee free may sound good at exchange booths at airports and the like, but its just hidden in the exchange rate spread which could make it more expensive.
Also fee free may sound good at exchange booths at airports and the like, but its just hidden in the exchange rate spread which could make it more expensive.
has this thread got to do with aviation?
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I am fairly sure that Paypal supports AU bank accounts... and it definitely supports US ones...
You have not specifically mentioned where you are or where you want the money to be, so I am making some assumptions here...
You just link the a bank account to your paypal account... then transfer money from your paypal to hers... she then withdraws from her paypal account to her bank account...
I have no idea what the fees or exchange rates are like... I have only used it for buying stuff from ebay!
You have not specifically mentioned where you are or where you want the money to be, so I am making some assumptions here...
You just link the a bank account to your paypal account... then transfer money from your paypal to hers... she then withdraws from her paypal account to her bank account...
I have no idea what the fees or exchange rates are like... I have only used it for buying stuff from ebay!