Bond Maturity
Jun 8th 2005, 8:50 am
#1
Forum Regular
Thread Starter
Joined: Apr 2004
Location: scotland
Posts: 90
Bond Maturity
Beware!
We have just received our bond maturity cheque (A$100k) from NSW Treasury Corporation, and after I presented it to my UK Banks (Royal Bank Of Scotland, Bank Of Scotland, HSBC, First Direct and Barclays) I was informed by all of them that due to the amount, the cheque would take a minimum of 8 weeks to clear.
We are in a situation where the monies from the cheque were funding the flights and the rental accomodation whilst our UK house is sold.
Having spoken to HIFX who I initially bought the A$ through for the bond purchase, they suggested I contact the issuers and ask that they cancel the cheque and electronically transfer the funds. After contacting the cheque issuers, they have told me that they have "no facility to transfer funds to any non-Australian bank account, other than by cheque" which takes a minimum of 8 weeks to clear. Seems that the bank/government are earning another 8 weeks interest on the funds even though the bond has matured.
There are no Westpac branches outside Australia/New Zealand, so even if I had an account with them i would need to present the cheque in Australia/New Zealand.
I don't know if all states/territories have a similar procedure in place, however if anyone is going through the bond route to gain the necessary points, be aware of this situation with NSW.
Remember the bond maturity cheque takes a minimum of 8 weeks to clear.
We have just received our bond maturity cheque (A$100k) from NSW Treasury Corporation, and after I presented it to my UK Banks (Royal Bank Of Scotland, Bank Of Scotland, HSBC, First Direct and Barclays) I was informed by all of them that due to the amount, the cheque would take a minimum of 8 weeks to clear.
We are in a situation where the monies from the cheque were funding the flights and the rental accomodation whilst our UK house is sold.
Having spoken to HIFX who I initially bought the A$ through for the bond purchase, they suggested I contact the issuers and ask that they cancel the cheque and electronically transfer the funds. After contacting the cheque issuers, they have told me that they have "no facility to transfer funds to any non-Australian bank account, other than by cheque" which takes a minimum of 8 weeks to clear. Seems that the bank/government are earning another 8 weeks interest on the funds even though the bond has matured.
There are no Westpac branches outside Australia/New Zealand, so even if I had an account with them i would need to present the cheque in Australia/New Zealand.
I don't know if all states/territories have a similar procedure in place, however if anyone is going through the bond route to gain the necessary points, be aware of this situation with NSW.
Remember the bond maturity cheque takes a minimum of 8 weeks to clear.
Jun 8th 2005, 9:00 am
#2
Joined: Dec 2003
Posts: 7,834
Re: Bond Maturity
Originally Posted by clandfam
Beware!
We have just received our bond maturity cheque (A$100k) from NSW Treasury Corporation, and after I presented it to my UK Banks (Royal Bank Of Scotland, Bank Of Scotland, HSBC, First Direct and Barclays) I was informed by all of them that due to the amount, the cheque would take a minimum of 8 weeks to clear.
We are in a situation where the monies from the cheque were funding the flights and the rental accomodation whilst our UK house is sold.
Having spoken to HIFX who I initially bought the A$ through for the bond purchase, they suggested I contact the issuers and ask that they cancel the cheque and electronically transfer the funds. After contacting the cheque issuers, they have told me that they have "no facility to transfer funds to any non-Australian bank account, other than by cheque" which takes a minimum of 8 weeks to clear. Seems that the bank/government are earning another 8 weeks interest on the funds even though the bond has matured.
There are no Westpac branches outside Australia/New Zealand, so even if I had an account with them i would need to present the cheque in Australia/New Zealand.
I don't know if all states/territories have a similar procedure in place, however if anyone is going through the bond route to gain the necessary points, be aware of this situation with NSW.
Remember the bond maturity cheque takes a minimum of 8 weeks to clear.
We have just received our bond maturity cheque (A$100k) from NSW Treasury Corporation, and after I presented it to my UK Banks (Royal Bank Of Scotland, Bank Of Scotland, HSBC, First Direct and Barclays) I was informed by all of them that due to the amount, the cheque would take a minimum of 8 weeks to clear.
We are in a situation where the monies from the cheque were funding the flights and the rental accomodation whilst our UK house is sold.
Having spoken to HIFX who I initially bought the A$ through for the bond purchase, they suggested I contact the issuers and ask that they cancel the cheque and electronically transfer the funds. After contacting the cheque issuers, they have told me that they have "no facility to transfer funds to any non-Australian bank account, other than by cheque" which takes a minimum of 8 weeks to clear. Seems that the bank/government are earning another 8 weeks interest on the funds even though the bond has matured.
There are no Westpac branches outside Australia/New Zealand, so even if I had an account with them i would need to present the cheque in Australia/New Zealand.
I don't know if all states/territories have a similar procedure in place, however if anyone is going through the bond route to gain the necessary points, be aware of this situation with NSW.
Remember the bond maturity cheque takes a minimum of 8 weeks to clear.
Do u still have an Aussie bank account open? if u have why cant they do an electronic transfer into it. Then u can transfer the money to ur UK account
Jun 8th 2005, 12:03 pm
#3
Sydney- North Shore
Joined: May 2004
Location: Sydney
Posts: 387
Re: Bond Maturity
[What about opening an Aussie account eg HSBC from the UK and asking them to transfer money into that??
