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Help on Bond please

Help on Bond please

Old Mar 10th 2003, 12:29 pm
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Default Help on Bond please

Hi All

Now that we've had the request for the bond money I'm not sure of the best way forward.

Funds are ready and waiting in sterling and I have the info on the various bonds available. What is the best way to actually change the funds into Aus$ and transfer them?

I have searched forum but could not find any threads specifying exact procedure.

Do I just contact bank (Natwest) and let them handle it all or would I be better off transferring sterling amount to a different bank/B.S/other establishment and letting them do it? Is there much of a difference in charges/timescales etc?

any help much appreciated.

Steph
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Old Mar 11th 2003, 8:10 am
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Default Re: Help on Bond please

Originally posted by sully4441
Come on you clever legal people, a clear plea for help.
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Cheers Sully

Is there a shrine I can light a candle in gratitude?

Steph
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Old Mar 11th 2003, 11:18 am
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We are just in the process of sorting this out. We contacted the offices on the list supplied with the 1031 forms by email. We got various replies with the best rate being South Australia at 4.45%. SA gives the following explanation of how to do it.

1. Call SAFA on +61 (8) 8226 9428 and speak to SAFA¡¦s contact officer for Investment-linked Migration investments who will agree with you a maturity date and firm interest rate for you to invest that day.
Please Note: The interest rate quoted will be firm only during the day it is provided, and then may be subject to review.

2. Complete the attached South Australian Government Financing Authority Bonds Application Form.

3. Facsimile to SAFA on the same day:-

Æ’{ your completed Bond Application Form; and
Æ’{ your Department of Immigration and Multicultural and Indigenous Affairs Form 1031 or 1031A (with Parts 1 & 2 completed).

4. Arrange for your investment amount to be deposited in Australian Dollars to SAFA¡¦s Bank Account by telegraphic transfer no later than 4.00 pm Adelaide time on the same day (any bank charges for making the transfer should be paid by you separately ¡V ensure that any charges are not deducted from the amount you are transferring).

The SAFA bank account details are:-

Bank: Westpac, Adelaide Branch

Account Name: SAFA Operating Account

Branch Number: 035 502

Account Number: 200264

SWIFT Code: WPACAU2SADE

5. Send your original South Australian Government Financing Authority Bonds Application Form, and Form 1031 or 1031A, to SAFA¡¦s Bond Registry within 10 business days of lodging your funds.

Registry Address: South Australian Government Financing Authority Inscribed Stock Registrar
Computershare
GPO Box 2867
Melbourne Victoria 3001
AUSTRALIA


P.S. Make sure when you talk to Natwest that they quote you the spot rate. This is currently 2.6178 and can be found at http://quotes.ino.com/chart/?s=FOREX_GBPAUD&v=i
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Old Mar 11th 2003, 11:19 am
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I can mail the word doc if you like.

Mike.
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Old Mar 11th 2003, 3:49 pm
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Originally posted by Wendy&Mike
I can mail the word doc if you like.

Mike.
Thanks Mike that's really helpful. So much to think about!!

If you could email the word doc I would appreciate it.

Where are you heading by the way?

Steph
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Old Mar 11th 2003, 4:30 pm
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Mail sent. Although I have just realised this is specifically for the Investment linked visa, I think the procedure must be pretty much the same. Do you receive the 1031?

We're heading for Brisbane and intend to get there beginning of September.

I have just exchanged at 2.65 and this will get sent on Thursday, so hopefully the visa will follow shortly.

Mike.
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Old Jul 11th 2003, 8:42 pm
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Originally posted by Wendy&Mike
We are just in the process of sorting this out. We contacted the offices on the list supplied with the 1031 forms by email. We got various replies with the best rate being South Australia at 4.45%. SA gives the following explanation of how to do it.

1. Call SAFA on +61 (8) 8226 9428 and speak to SAFA¡¦s contact officer for Investment-linked Migration investments who will agree with you a maturity date and firm interest rate for you to invest that day.
Please Note: The interest rate quoted will be firm only during the day it is provided, and then may be subject to review.

2. Complete the attached South Australian Government Financing Authority Bonds Application Form.

3. Facsimile to SAFA on the same day:-

Æ’{ your completed Bond Application Form; and
Æ’{ your Department of Immigration and Multicultural and Indigenous Affairs Form 1031 or 1031A (with Parts 1 & 2 completed).

4. Arrange for your investment amount to be deposited in Australian Dollars to SAFA¡¦s Bank Account by telegraphic transfer no later than 4.00 pm Adelaide time on the same day (any bank charges for making the transfer should be paid by you separately ¡V ensure that any charges are not deducted from the amount you are transferring).

The SAFA bank account details are:-

Bank: Westpac, Adelaide Branch

Account Name: SAFA Operating Account

Branch Number: 035 502

Account Number: 200264

SWIFT Code: WPACAU2SADE

5. Send your original South Australian Government Financing Authority Bonds Application Form, and Form 1031 or 1031A, to SAFA¡¦s Bond Registry within 10 business days of lodging your funds.

Registry Address: South Australian Government Financing Authority Inscribed Stock Registrar
Computershare
GPO Box 2867
Melbourne Victoria 3001
AUSTRALIA


P.S. Make sure when you talk to Natwest that they quote you the spot rate. This is currently 2.6178 and can be found at http://quotes.ino.com/chart/?s=FOREX_GBPAUD&v=i
Well that seems to explain it clearly!!
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Old Jul 12th 2003, 10:31 am
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Originally posted by Wendy&Mike
Mail sent. Although I have just realised this is specifically for the Investment linked visa, I think the procedure must be pretty much the same. Do you receive the 1031?

We're heading for Brisbane and intend to get there beginning of September.

I have just exchanged at 2.65 and this will get sent on Thursday, so hopefully the visa will follow shortly.

Mike.
Hi, good luck in brisbane, we are heading for Perth ( when we have sold our house). Just curious to know where you exchanged your money cus 2.65 is a really good rate at the moment. any info would be apprieciated.
sue&bob
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Old Jul 12th 2003, 10:40 am
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If you look at the date on the post you will see it was at the beginning of March. We will shortly be changing the rest of our savings and anything above 2.50 looks good now.

Mike.
P.S. We are now flying on the 11th Aug. Still not sold house - but - got 2 viewers this afternoon - fingers crossed.
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Old Jul 18th 2003, 7:02 am
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Oh dear - just filling in the form for the bond it says 'State where you would like your interest and principal paid on maturity' it then asks for bank details - well we have not got and aussie bank account or address cos we have not got a visa!!!

If we put our current address we might not be here if we get our visa when the bond matures.......................
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Old Jul 18th 2003, 7:34 am
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you have to advise them of your aussie details as soon as you have them, in ythe meantime use your exisiting details.

lynn
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Old Jul 18th 2003, 8:34 am
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Default Re: Help on Bond please

Originally posted by Paul and Steph
Hi All

Now that we've had the request for the bond money I'm not sure of the best way forward.

Funds are ready and waiting in sterling and I have the info on the various bonds available. What is the best way to actually change the funds into Aus$ and transfer them?

I have searched forum but could not find any threads specifying exact procedure.

Do I just contact bank (Natwest) and let them handle it all or would I be better off transferring sterling amount to a different bank/B.S/other establishment and letting them do it? Is there much of a difference in charges/timescales etc?

any help much appreciated.

Steph
We have found that sorting this bond out has been by far the most stressfull and unclear part of our application. We registered with HIFX foreign currency exchange, because they say that they have vast experience regarding posting the Bond, also they transfer the money for free. We waited over a week watching the exchange rate fluctuate from A$2.410 up to A$2.4870 at this rate, we phoned HIFX and were told that the rate had just gone down to A$2.4737, the rate they gave us after their cut was A$2.4600, it cost us £40,650. We went with Western Australia as it had been recommended on this site, and they seemed the most helpfull.
Having received the cheque on 10th July, HIFXthey phoned us to say that the $100,000 would be transferred on 17th July we Faxed the details to Western Austalia. HIFX then phoned us on the 16th July to say that there is a A$20 charge from the Commonwealth Bank to accept the money! I asked them why, with all their experience, that they had failed to mention this before. I suspected that they wanted to hold onto the A$100,000 for a few more days as they are probably getting interest on it. I had to tell them that I would not change anymore dosh with them if they could not trust me to send in the £8.13 to cover the extra cost! They phoned me yesterday to say that the money had been transferred. Immediately we e-mailed WA to let them know, and asked them, for peace of mind to confirm they had received it. Checked e-mails this morning but no confirmation. Looks like another stressfull weekend.
I would like to know what experiences others have had using the High Street banks, rates, charges etc.

Good luck

Slater.


lots this weekend
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Old Jul 18th 2003, 9:37 am
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Default Re: Help on Bond please

Originally posted by Slater
We have found that sorting this bond out has been by far the most stressfull and unclear part of our application. We registered with HIFX foreign currency exchange, because they say that they have vast experience regarding posting the Bond, also they transfer the money for free. We waited over a week watching the exchange rate fluctuate from A$2.410 up to A$2.4870 at this rate, we phoned HIFX and were told that the rate had just gone down to A$2.4737, the rate they gave us after their cut was A$2.4600, it cost us £40,650. We went with Western Australia as it had been recommended on this site, and they seemed the most helpfull.
Having received the cheque on 10th July, HIFXthey phoned us to say that the $100,000 would be transferred on 17th July we Faxed the details to Western Austalia. HIFX then phoned us on the 16th July to say that there is a A$20 charge from the Commonwealth Bank to accept the money! I asked them why, with all their experience, that they had failed to mention this before. I suspected that they wanted to hold onto the A$100,000 for a few more days as they are probably getting interest on it. I had to tell them that I would not change anymore dosh with them if they could not trust me to send in the £8.13 to cover the extra cost! They phoned me yesterday to say that the money had been transferred. Immediately we e-mailed WA to let them know, and asked them, for peace of mind to confirm they had received it. Checked e-mails this morning but no confirmation. Looks like another stressfull weekend.
I would like to know what experiences others have had using the High Street banks, rates, charges etc.

Good luck

Slater.


lots this weekend
Oh dear! I agree Slater - this has got to be the worst part of the application!!! It is not really clear what you have to do it is a shame DIMA do not make it easier for you to do. Good luck Slater. We are doing ours with Queensland
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Old Jul 18th 2003, 3:15 pm
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slater

we didnt find it stressful really, i called around various banks and fx companies including halewood whi in the first instance gave me a great rate. then when we came to actually make the transaction it would have cost us £360 more to use halewood than it actually cost us to use barclays. the cheapest way of all was to open a commonwealth account in london but unfortunately by the time i found this out we didnt have time to open the account. so i called barclays and they told me to go to any branch and they called their fx people there and then to confirm the actual rate and that was that. we faxed the forms that evening, the next morning i called the wa treasury to say the money is on its way, the guy said yes we have it already, we'd already posted the forms. the only problem i had was that the guy in wa treasury told me that they sent everything to aspc and i didnt have to do anything and we still dont have our visas, 4 weeks later. as far as halewood goes i would not touch them with a rusty barge pole as when i told them the rate that barclays had quoted they told me there was no way that i could get such a rate and would find when i went to the branch that they had made an error, i find that to be unprofessional and out of principle would not offer them my business again, no matter how many times they call me.(and its been 3 times this week already!). i think as far as the bond goes its stressful because you feel your being screwed by the banks i decided we just had to get over that and do it.

hope this helps
lynn
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Old Jul 21st 2003, 7:26 am
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Originally posted by lynnj
slater

we didnt find it stressful really, i called around various banks and fx companies including halewood whi in the first instance gave me a great rate. then when we came to actually make the transaction it would have cost us £360 more to use halewood than it actually cost us to use barclays. the cheapest way of all was to open a commonwealth account in london but unfortunately by the time i found this out we didnt have time to open the account. so i called barclays and they told me to go to any branch and they called their fx people there and then to confirm the actual rate and that was that. we faxed the forms that evening, the next morning i called the wa treasury to say the money is on its way, the guy said yes we have it already, we'd already posted the forms. the only problem i had was that the guy in wa treasury told me that they sent everything to aspc and i didnt have to do anything and we still dont have our visas, 4 weeks later. as far as halewood goes i would not touch them with a rusty barge pole as when i told them the rate that barclays had quoted they told me there was no way that i could get such a rate and would find when i went to the branch that they had made an error, i find that to be unprofessional and out of principle would not offer them my business again, no matter how many times they call me.(and its been 3 times this week already!). i think as far as the bond goes its stressful because you feel your being screwed by the banks i decided we just had to get over that and do it.

hope this helps
lynn
Thanks for this info, we will definately look at Barclays next time we want to make an exchange. We received a letter from Halewood HIFX on saturday saying that it takes 1-4 days for the transfer to be made, more stress, as we had already e-mailed Western Australia on Friday to let them know that the money had been sent. However I just 10 minutes ago received an e-mail back from Oz which acknowledged receipt of funds.
This should now complete our application.


Slater


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