audiocoach

Hi,

I've backtracked through many of the threads on the topic of
transferring funds from the US to Oz. I've looked at HSBC, but the
phone agent informed me that there is no transparency between a US and
Australian HSBC bank account. Money here won't show up there.
CitiBank seemed like another option, but it appears there are no
'financial' centers in Australia, only investment centers. So, no go
there.

After some deliberation, it seems my simplest plan would be as follows.
I'd like to know if this will work and if I am missing something.

- Open an Australian bank account using ATM cash drawn against my US
account
- Transfer money to the Australian account by simply writing checks
against the US account and waiting for them to clear.

Another option might be to transfer funds to the Australian account by
using a Visa drawn against the US funds, but I don't know if Visa
transfers can be put into an Australian bank account, though I don't
see why not.

Thoughts?

Thanks in advance.

--Alex

Mlbonner

    > Hi,
    > I've backtracked through many of the threads on the topic of
    > transferring funds from the US to Oz. I've looked at HSBC, but the
    > phone agent informed me that there is no transparency between a US and
    > Australian HSBC bank account. Money here won't show up there.
    > CitiBank seemed like another option, but it appears there are no
    > 'financial' centers in Australia, only investment centers. So, no go
    > there.
    >After some deliberation, it seems my simplest plan would be as follows.
    > I'd like to know if this will work and if I am missing something.
    > - Open an Australian bank account using ATM cash drawn against my US
    > account
    > - Transfer money to the Australian account by simply writing checks
    > against the US account and waiting for them to clear.
    > Another option might be to transfer funds to the Australian account by
    > using a Visa drawn against the US funds, but I don't know if Visa
    > transfers can be put into an Australian bank account, though I don't
    > see why not.
    > Thoughts?
    > Thanks in advance.
    > --Alex

Um, you lost me a bit there... but for UK'ers wanting to setup an
Aussie a/c before they get to OZ commonwealth and HSBC seem to
offer the best services.
I opened mine when I got here, it took all of ten mins (so longs
you open it within the first 6 weeks of arriving so your passport
counts for the full 100 points ID check), I only needed a minimum
of $10 to open it.

Once you have an account there are lots of ways to transfer funds, I use
www.tranzfers.com but it really depends on how much money you're wanting
to move across as to the best way to go for you.

A Mate

There are a number of ways to move money across international borders. The
ways you are considering are among the more expensive if you're talking
several thousands of dollars (fine for amounts less than about 1K)..

The simplest way (though not the quickest) requires you to have an
Australian Bank account - opened with a smallish sum of money if you wish.
You get from your new bank the full account numbers of your account, their
bsb and full mailing address - and the 'Swift Code' for the branch. The
Swift Code is an unique international identifier.Your American bank will
then be able to transfer money directly into your Austr account
electronically. It still takes up to 3 days (dunno' know why - nor does the
bank!). There will be a fee, depending on the amount to be moved.

Your American bank should give you the wholesale interbank rate for the day
(the best exchange rate available for normal people!). The Austr Bank will
receive AUD - so should charge no fees for the transaction.

You can of course set up a USD account in an Austr bank if you wish. Any of
the major banks will do that for you - but they have widely different fee
structures which you'd need to research first - or risk paying highly.

Incidentally - the Commonwealth Bank of Australia has a branch in New York!

International
The Commonwealth Bank Group has a growing international presence through:

a.. Retail banks in New Zealand (ASB Bank), Indonesia (PT Bank
Commonwealth), Fiji (51% of Colonial National Bank) and China (11% of Jinan
City Commercial Bank);
b.. Commonwealth Bank branches in London, New York, Tokyo, Singapore, Hong
Kong and Auckland;
c.. Wholly owned life insurance operations in New Zealand (Sovereign
Insurance), Hong Kong (CMG Asia) and Fiji (Colonial Fiji Life); ...........


<> wrote in message
news:...
    > Hi,
    > I've backtracked through many of the threads on the topic of
    > transferring funds from the US to Oz. I've looked at HSBC, but the
    > phone agent informed me that there is no transparency between a US and
    > Australian HSBC bank account. Money here won't show up there.
    > CitiBank seemed like another option, but it appears there are no
    > 'financial' centers in Australia, only investment centers. So, no go
    > there.
    > After some deliberation, it seems my simplest plan would be as follows.
    > I'd like to know if this will work and if I am missing something.
    > - Open an Australian bank account using ATM cash drawn against my US
    > account
    > - Transfer money to the Australian account by simply writing checks
    > against the US account and waiting for them to clear.
    > Another option might be to transfer funds to the Australian account by
    > using a Visa drawn against the US funds, but I don't know if Visa
    > transfers can be put into an Australian bank account, though I don't
    > see why not.
    > Thoughts?
    > Thanks in advance.
    > --Alex
    >

audiocoach

Thanks for getting back to me, but being in the US, HSBC and the money
transfer Web site is of no help.

audiocoach

Thanks, that does clear things up a little. Problem is my US bank
won't wire money to another account without me being here in the
States. In the back posts, I've read of people having the same
problem.

Does anyone know of any US banks that will wire money in this fashion
without you needing to be physically present to authorize it?

Cheers,

Alex

A Mate

Alex,
If you are in Australia - and have an Australian Bank Account - most
Australian Bank Branch Managers will 'cut through' the b/s on your behalf -
with the totally altruistic motive of 'maintaining a relationship' i.e.
keeping your account, and any profit that may accrue as a result!!


Ask to speak to 'The Manager'!!!


Good Luck


Paul







<> wrote in message
news:...
    > Thanks, that does clear things up a little. Problem is my US bank
    > won't wire money to another account without me being here in the
    > States. In the back posts, I've read of people having the same
    > problem.
    > Does anyone know of any US banks that will wire money in this fashion
    > without you needing to be physically present to authorize it?
    > Cheers,
    > Alex
    >