am looking at transferring funds from US to Aust.
Looking at ways to cut banks fees, get a better $ rate and looking at options which will make this process efficient. As we know the US banks are a joke.
Would welcome comments on this or any other options
Thanks for help.
Cheers, WIking-coParticipant@king-coJoin Date: 2005Post Count: 13
Haven't tried it myself yet as I am awaiting a critical mass of funds from rentals to minimise the % cost of transaction.
I would call ozforex, I presume they have a US based account and you can do an ACH electronic transfer to them from your US account. They then do the transfer to your Aussie account.
I'm using chase bank in ohio and the online system they have is good.FreckleBlocked@freckleJoin Date: 2012Post Count: 1,680
Concur with Freckle…. Xe.com seemingly. Only way if you are with Wells Fargo etc. I had run a survey of our guys for the answer… It was unanimous. You will need to set up an account.
OK thanks guys, I am with Wells Fargo, will keep you posted on outcome.
Cheers, WIquickchickMember@quickchickJoin Date: 2004Post Count: 168
We have transferred money from Aus to USA via OZForex, straight into our Wells Fargo account.
Took 2 days.
I'm sure OzForex can do it in reverse.
If you call OzForex, they'll tell you if they can't send money from USA back to Aus.
propertyinvestingusa.comEngeloRumoraParticipant@engelorumoraJoin Date: 2010Post Count: 618
can not use ozforex or clearfx to transfer funds from US to Australia, because I do not have a ACH (automated clearing house), this enables you to credit/debit account as mentioned above, try organising this:(
I spoke to clearfx this morning and they mentioned that the US bank process is a nightmare and even citizens from US have issues trying to organise this.
So back to the drawing board, what I have established is that with EXtrade – they can organise transactions without an ACH, so how I think it works is that you are basically authorising a certain amount of money at a particular time.
There appears to be very positive comments about this company.
At this rate I could be looking at 1-2 before I set it all up, the only bonus could be that the Aus$ falls back even further.
Again…. xe.com is about the only one that I know of OUT of the US but you do have to sign up for the account. Ultimately for those without US bank accounts and using this for rental income – alternative would be to keep the money at the brokerage trust account and your property manager can wire back at your whim.EngeloRumoraParticipant@engelorumoraJoin Date: 2010Post Count: 618
Thats a good solution, just get the money wired 2-3 times a year to your aussie account.emma171 wrote:Again…. xe.com is about the only one that I know of OUT of the US but you do have to sign up for the account. Ultimately for those without US bank accounts and using this for rental income – alternative would be to keep the money at the brokerage trust account and your property manager can wire back at your whim.emma171 wrote:Again…. xe.com is about the only one that I know of OUT of the US but you do have to sign up for the account. Ultimately for those without US bank accounts and using this for rental income – alternative would be to keep the money at the brokerage trust account and your property manager can wire back at your whim.
Thanks for your reply.
This may be a solution however not for me, coz I would expect the property management company will charge a fee for this which will probably be minor in the scheme of things, however the real issue for me is the lack of control.
I would not be comfortable transferring funds into the brokers trust account, at the moment I want to transfer $24,000.
What one would assume would be a simple process ends up an absolute nightmare.
No I agree – most people aren't huge fans of having vast funds in someone else's account but it is a fantastic problem for you to have = )
Most property managers I know DON'T charge a fee if you do it either regularly or with a minimum amount etc…
Of course no one has EVER heard of people running off with funds from trust accounts (Madoff) but that being said, for those doing it, they do have to be severely audited with strict reporting etc.
That really does leave you with XE from the knowledge I have…
I GET SO FRUSTRATED WITH US BANKING… here is how stupid it is my end – contractors… I spend HALF my life running around delivering CHEQUES !! It is SO absurd…. the time to get from project to inspect the work to the next project, to the bank to order more cheques to – ha, I try to explain on a daily basis that up until the US I had NEVER as a grown woman, written a cheque – they were some antiquated thing I had memories of my mother having done….
I HATE IT!!!! They won't take EFTPOS but they will a CHEQUE???? Even just the "Have I got a blasted pen on me that hasn't run out of ink from writing them" = Frustration
Gripe over – I am sure I have to go and write a cheque to someone
Pigeon courier may be the way to go, I know that was a bad joke……
I will set up an account with XE and let you all know how I go.
Thanks all, just remember its all worth it……… Cash flow, cash flow, cashflow
Repeat the mantra… Once in place, you will be able to afford a massage to relieve the stress by waving one of your many USD at someone = )
This is an update on XETrade
I just signed up, relatively easy (5 minutes), all they required were 2 IDs, I provided passport number and licence number.
They will advise if they require copies etc. This is far easier than setting up with Ozforex. My account will be activated in 24 hours.
I also contacted their Aus phone number to clarify whether I can transfer funds from my bank account in US and what is required, all good.
for all US transfer they require is:
Us Bank Account number
Each wire transaction will cost $22 (flat rate) regardless of the amount you are transferring to Aus.
I will keep you all posted as I will be transferring funds shortly. Certainly this is great, as it will cost less transferring funds, competitive currency rates and most importantly side line the banks woeful system and costly bank fees.
Cheers, WIbdashParticipant@bdashJoin Date: 2011Post Count: 2
I used to be based in the US (and still have my US bank account).
I only ever used XE Trade, whether transferring to or from the US. I looked into OzForex recently, however it is not an automatic service like XE. Once an offer is filled with OzForex you then need to manually "pay for it", whereas with XE Trade, you set the exchange rate you want and if someone likes the deal it all just happens automagically!!!
Good luck.TZMember@tzJoin Date: 2010Post Count: 70
Never an issue with xe.com. On the Australian side I have been asked to verify my identity a number of times as the amounts and the frequency of funds transferred increased, I think this was due to Australian money laundering regulations.Katie2012Member@katie2012Join Date: 2012Post Count: 1
I have had a terrible experience with xe.com. I have been locked out of my account for over a month now with the message that the account has been deactivated. I have exchanged numerous emails with xe (some saying, "now that your password is fixed" though my password was never an issue!!!) and still can't login. Have spent over an hour on the phone with them, with two people and a manager. They promised it would be fixed by IT in 12 hours and it's been FOUR days now.
If their IT dept can't fix an account activation, do you really trust them to convert your currency? They are totally incompetent.