Transfer money back to Australia

Ah the wonders of investing in the USA from the land Down Under…..

LLC’s                                     

Where to invest in the USA?    

USA bank account      

Transfering money to the USA 

Finding a property manager. Then trying to find a GOOD property manager.

Researching then predicting exchange rates and what it all means to my investments

ITIN.

“War Zones”

Foreclosures

Limited Liability insurance

US tax time

European debt crisis

Its all one big long learning curve.

Now. How the hell do I get my money out of a Wells Fargo bank account and into my Aussie account????

All tips appreciated.

Hi

Sorry I don't know the answer  because I'd like to ask the same question!

Not sure if this is available to you, but I found that I got a really reasonable rate of exchange last week, by going into westpac and doing a cash advance on my US account which has a Visa Check Card.  It worked out at $1.0335 AUD for 1 US (not bad given the exchange rate on my desktop was $1.04).  It came out of a checking acct. I have in the States.

Give Wire transfers usually cheese you out of at least 3% on the offical rates + usually have a +/- $20 upfront fee, I reckon that's the go for me.

xetrade.com

Yes I agree XE trade has always been the best rates that I see anywhere

Please feel free to contact me directly at susi.tn@gmail.com

Susanna Cooney

Alex

Yet another great thread for the learning curves :)

If this is any similar to Japan, you'll get the best rates by simply observing exchange rates on a daily (or twice daily, or thrice daily) basis, and allowing yourself ample time (that means, funds sitting in an account READY TO TRANSFER AT ONCE, preferrably gaining some interest - try ANZ online savers or similar) to take advantage of fluctuations.

If you can make sure your transactions are at least 10K a piece, and you make them on profitable days, you'll pay far (far far) less, and actually stand to gain a fair bit, regardless of whether it's wire, cash advance or what not.

Have a great week all! :)

Ziv Magen- Manager, Asia-Pacific
NTI - Global Real Estate
http://www.nippontradings.com

Imagine our shock when we discover that to do a wire transfer in US you need to physically go into the US bank.

No problem let's use Ozforex or similar, just use internet banking to transfer funds.

Crikey...no internet banking in US (where you can actually transfer funds to another person or entity)

Not much help if you are in Aus trying to bring funds home. Hence the OPs question.

XEtrade allows you to bring funds back from US to AU without having to fly to US to do it!

Richie, just out of curiosity- how and at what stage of the process did you find out this would be a problem? Before/after the purchase?

Ziv Magen- Manager, Asia-Pacific
NTI - Global Real Estate
http://www.nippontradings.com

Hi All

Just some more US bank knocking.

Bpay in the US means bill pay and Wells Fargo will send out a cheque (check) to the person you want to pay. Takes up to 10 days. The most you can electronically transfer in a day is $1000 and this is to an account in the same bank.

My general contractor (builder) indicated that if you want to get more than $9999 in cash out then you actually have to fill out some federal form.

Yet with all these restriction we went into a local branch (we are in the US by the way )  and withdrew just over $5k from an LLC account that we didn't have our debit card for. We did have the debit card for our linked personal account.

I forgot, took us over 1/2 hour to arrange to get cheque books for 3 LLC accounts at $25 each and will take 10 days. In Aust it takes about 2 seconds with a choice of small or large and will be out in the next run. So next time you speak to your US banker and ask for a cheque book and they avoid the issue you know why.

Anyway back to the OP question. We do have a US debit card for each LLC and one would think that you can just go to an ATM and withdraw the money,  up to the limits and their crippling FX rates and charges. We have certainly done this in reverse using our Aust debit card in the US.

Regards

Hi Ziv

 As with every other step on this adventure we solved the problem when it arose. Never had the need to transfer funds from US bank to Australia from within Australia previously.

I guess you could pull small amounts via a debit card from ATM but you'd have to go every day for 3 weeks to get $10k and you'd probably lose half on bank fees, commisions, ATM fees etc etc.

Didn't mean to bash the US banking system.......... but it is crap :) However, as with most things in the US there is a solution and a work around if you look hard enough......i.e. xetrade

You will get no arguments from anybody when it comes to comparing the banking system in the US versus Australia. In some ways they are advanced yet in other ways 20 years behind the times. I kept an article from USA Today when I was over in Dallas on of the trips last year. It stated "the venture announced on Wednesday by BoA, JP Morgan & Wells Fargo will allow customers to transfer money electronically from their checking accounts to another persons account. Initially customers won't be able to transfer unless the person your paying has an account at one of the 3 banks but by next year they plan to open it up to all institutions"  WOW...how advanced is that !! What a joke....but at least it looks like technology is catching up.

The issue with Wells Fargo and needing to be at a branch to send a wire transfer happened to one of my clients as well but he ended using the bill pay system for what he needed where they sent a cheque...said up to 10 days but took 4.

I have a personal account with Patriot Bank USA and thankfully all I need to do is email a signed letter and they send funds back to Australia within 24 hours of my letter so not all banks are bad !!

Peter O'Reilly - Texas Cash Cow Investments Australia
peter@texascashcowinvestments.com
www.texascashcowinvestments.com.au

You have to shop banks, all the big names mentioned are terrible. I use credit unions and small local banks that care about there customers.

My little commercial bank here in Oregon is going to set up transfers for our clients at no cost.

Of course its helps to be the largest single borrower at the bank :) 

speaking of Wells Fargo,,,, Wells has decided in Oregon and Washington to stop all foreclosures and re process Judicially.

Now our audiance probably does not know what that means per se or the impact..

Oregon WA and CA have always been Deed of Trust states with Trustees sales for the processing of foreclosures.. No Judge or court looks at this process.

And all Banks or lenders can at their option process their foreclosres judicially if they choose... This is whats called Single action foreclosure an dual action... Dual Action Like Texas Mississippi and other states allows for a money judgement along with the taking back of the property,, From what Cash cow tells me its the same In OZ.

So to go judical, what does that mean.... Well it means 12 to 18 months to process instead of 5 to 6... It means a 6 month right of redemtion, where in a Trustees sale no redemtion rights exist.  It means no TITLE INSURANCE for six months after the sale.

This is a major issue with Wholesalers... The SOP's for them are to buy at foreclosure and right away get a hard money loan refi so they can work on the property and then flip it... NO hard money lender will loan until the 6 months is up... So you take a huge amount of buyers out of the market that do not have cash that can hold for 6 months.

Bottom line Opportunity for those with cash... Aussies with cash could do well moving into this arena..

PM   me if anyone is interested in more info,... If California follows suit there will be one heck of a mezzanine play here.

JLH

PS all spelling errors are done with purpose.

Wow, how remarkable is that? In Australia it's easy as pie, and even in Japan, once you've visited the branch once and submitted a form (one form for every international account you want to transfer to), it becomes as easy as logging into your internet banking and just shooting it through (up to 10,000K a hit) - why would the US be so backwards in this regard?

Regulatory thing?

Ziv Magen- Manager, Asia-Pacific
NTI - Global Real Estate
http://www.nippontradings.com

B/C   Us banks make the majoirty of their money on simple transaction fees.

ATM's etc.

I am one of probably less than 100 US citizens that does not have an ATM card .. does not use one.. I still walk into my local comminuty bank have a cup of coffee with my branch manager,, bring flowers and cards to the ladies behind the counter. and then ask for cash ...

I have never used an ATM..... I only use credit card  ( Air miles Junkie) or cash period.

All of my mortgage payments though are auto pays, and I have a very large number of them over 50... I just assumed they were ACh transfers. However I am learning that they could be just bank cheques

JLh

Not to labour the point but..

My fee free Wells Fargo account, that doesnt provide internet banking, now costs me $13/month, and they have my money!

Bit surprising to pay $25 for a new cheque (check) book too!

At least I'm getting .00004% interest!

Any suggestions for an alternative bank?

Some have suggested Charles Scwabb...and comments?

Just wondering the same thing today..how to bring money back from the US outside of going there and stuffing it into a bag.  Anyone have an opion on purchasing property in Rochester NY? 

Funny, Ive just read this post. The US banking system operates in the 1960's. I keep telling them that it is possible to use the interweb for business and not just porn (like Kodak it seems inventing it and using it productively are light years apart) but I think in the money case my 15years of failure may have led to an alternative method that is far faster, a lot less frustrating and has considerable upside. And - you deal with more professional people. It involves dealing in $US through an intermediary in Colombia, where, unlike the US banking system, people try to assist, believe who you say you are and realise there is a world outside the lower 48.

I have had exactly that conversation with the bofa help line - I would have had a far better response simply speaking to the tree fern outside than speaking to a US bank about the intricacies of international finance though...