OZ BANKING CLEARANCE TIMES?
Nov 28th 2007, 3:42 pm
#1
South Yarra Sheila
Thread Starter
Joined: Apr 2007
Posts: 1,078
OZ BANKING CLEARANCE TIMES?
Hi
Can anyone tell me the clearance times from when money enters an Oz bank account (I am with Westpac) until when it's available.
I had an Ozforex transfer go in last Friday 23rd and it is showing in my balance column online. I thought it would als show as being available today (3 working days after entry as in UK) but it is still showing as $0 available
Annoying as I want to transfer it across to my Westpac savings account and start earning interest..
Thx for any info
Can anyone tell me the clearance times from when money enters an Oz bank account (I am with Westpac) until when it's available. I had an Ozforex transfer go in last Friday 23rd and it is showing in my balance column online. I thought it would als show as being available today (3 working days after entry as in UK) but it is still showing as $0 available
Annoying as I want to transfer it across to my Westpac savings account and start earning interest..
Thx for any info
Nov 28th 2007, 4:04 pm
#2
Banned
Joined: Aug 2007
Posts: 375
Re: OZ BANKING CLEARANCE TIMES?
http://britishexpats.com/forum/showt...=482492&page=2
That's all i found out in the past? Hope it helps?
Just a thought?
In the UK we have direct debits, standing orders.
Also BACS and CHAPS payment options.
If say you have $000.00 in an account at say Westpac, and you want to withdraw the full amount and move it all to HSBC, what optioins do you have in Austalia, and at what cost? How long do the options take?
In the UK,
BACS = Free = day 1 instruct, day 2 process, day 3 cleared paying interest.
CHAPS = Around £30.00 cost = Same day clear, no loss of interest.
Thanks.
In the UK we have direct debits, standing orders.
Also BACS and CHAPS payment options.
If say you have $000.00 in an account at say Westpac, and you want to withdraw the full amount and move it all to HSBC, what optioins do you have in Austalia, and at what cost? How long do the options take?
In the UK,
BACS = Free = day 1 instruct, day 2 process, day 3 cleared paying interest.
CHAPS = Around £30.00 cost = Same day clear, no loss of interest.
Thanks.
It's much quicker than that here. When I have transferred money between accounts in the past, the entire transfer is usually complete within 24 hours of the instruction. It can take longer over weekends and public holidays, but generally you can rely on the money having touched down in the target account within 24 hours. This is between HSBC and Commonwealth and back again.
S
S
That's all i found out in the past? Hope it helps?
Nov 28th 2007, 4:12 pm
#3
South Yarra Sheila
Thread Starter
Joined: Apr 2007
Posts: 1,078
Re: OZ BANKING CLEARANCE TIMES?
Thanks -it's just odd that Ozforex paid my money in last Friday and actually it's been showing as in my online account since last Friday but still cant be used Even if Ozforex used bacs not chaps wouldn't have thought it would take longer than 3 days..
Oh well guess I'll have to wait 'til tmrw and call the bank
-it's just odd that Ozforex paid my money in last Friday and actually it's been showing as in my online account since last Friday but still cant be used Even if Ozforex used bacs not chaps wouldn't have thought it would take longer than 3 days..Oh well guess I'll have to wait 'til tmrw and call the bank
Nov 28th 2007, 4:17 pm
#4
South Yarra Sheila
Thread Starter
Joined: Apr 2007
Posts: 1,078
Re: OZ BANKING CLEARANCE TIMES?
Basically on my Wetpac online balance sheet it says something like:
A/C No:*******
Date Paid In Balance Available to spend
23 November $20,000 $0.00
Why after 3 working days i.e. Friday 23 to Wednesday 28) is it still not available to spend??
A/C No:*******
Date Paid In Balance Available to spend
23 November $20,000 $0.00
Why after 3 working days i.e. Friday 23 to Wednesday 28) is it still not available to spend??
Nov 28th 2007, 4:28 pm
#5
Banned
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Posts: 375
Re: OZ BANKING CLEARANCE TIMES?
You cannot spend it because you have not validated who you are with regards to your Westpac account? I am guessing now?
BTW http://britishexpats.com/forum/showthread.php?t=496533
No probs
When you open a westpac account online it gives you the option of opening the maxi account, a letter arrived a few days later with both account details on it. We have to pay in some funds within 30 days, they recommend $3500 then you dont pay the monthly charge!
You cant transfer money from one account to the other until its activated in oz so I think we'll put some in the current account and then the majority in the maxi - i think this will mean paying twice though to send it over as its to two different accounts
This banking lark is complicated innit
When you open a westpac account online it gives you the option of opening the maxi account, a letter arrived a few days later with both account details on it. We have to pay in some funds within 30 days, they recommend $3500 then you dont pay the monthly charge!
You cant transfer money from one account to the other until its activated in oz so I think we'll put some in the current account and then the majority in the maxi - i think this will mean paying twice though to send it over as its to two different accounts
This banking lark is complicated innit
Westpac's London switchboard: (020) 7621 7000
There is also an email address:
[email protected]
Postal address:
Migrant Banking, Level 2
63 St Mary Axe
London EC3A 8LE
Last edited by Sooty and Sweep; Nov 28th 2007 at 4:42 pm.
Nov 28th 2007, 5:40 pm
#6
South Yarra Sheila
Thread Starter
Joined: Apr 2007
Posts: 1,078
Re: OZ BANKING CLEARANCE TIMES?
You cannot spend it because you have not validated who you are with regards to your Westpac account? I am guessing now?
BTW http://britishexpats.com/forum/showthread.php?t=496533
You could activate your Westpac in London, you can open and activate here in London.
Westpac's London switchboard: (020) 7621 7000
There is also an email address:
[email protected]
Postal address:
Migrant Banking, Level 2
63 St Mary Axe
London EC3A 8LE
BTW http://britishexpats.com/forum/showthread.php?t=496533
You could activate your Westpac in London, you can open and activate here in London.
Westpac's London switchboard: (020) 7621 7000
There is also an email address:
[email protected]
Postal address:
Migrant Banking, Level 2
63 St Mary Axe
London EC3A 8LE
Nov 28th 2007, 5:53 pm
#7
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Location: Nowhere - I'm a travelling (wo)man!
Posts: 2,362
Re: OZ BANKING CLEARANCE TIMES?
You can do the paperwork at the London city office but even then it takes a while as they simply send the paperwork on to Oz.
Nov 28th 2007, 5:59 pm
#8
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Location: Perth (ex Oxford)
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Re: OZ BANKING CLEARANCE TIMES?
My understanding from the blurb on their website is that until you have activated your account, you can only view your online accounts and cannot even transfer between your own accounts.
Due to this I only transferred a small amount to my Choice account and will be transferring the rest to the Maxi (Savings) account.
By the way it's actually pointless transferring the minimum amount required ($3,000) to your Choice account so that you aren't charged the monthly $5.00 fee - you'll receive about $150 a year worth of interest if you put it in your Maxi account instead! Just put a nominal amount in your Choice account within 30 days of opening your account.
Due to this I only transferred a small amount to my Choice account and will be transferring the rest to the Maxi (Savings) account.
By the way it's actually pointless transferring the minimum amount required ($3,000) to your Choice account so that you aren't charged the monthly $5.00 fee - you'll receive about $150 a year worth of interest if you put it in your Maxi account instead! Just put a nominal amount in your Choice account within 30 days of opening your account.
Nov 28th 2007, 6:02 pm
#9
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Joined: Aug 2007
Posts: 375
Re: OZ BANKING CLEARANCE TIMES?
It doesn't matter - you can't transfer ANY money out of your account (even to another account in your name) until you have presented yourself at a branch of Westpac. You could have just paid the money into the savings account, but that's not much help to you now I'm afraid.
You can do the paperwork at the London city office but even then it takes a while as they simply send the paperwork on to Oz.
You can do the paperwork at the London city office but even then it takes a while as they simply send the paperwork on to Oz.
Should be a Sticky really with a financial health warning on it!
Nov 28th 2007, 6:09 pm
#10
Banned
Joined: Aug 2007
Posts: 375
Re: OZ BANKING CLEARANCE TIMES?
My understanding from the blurb on their website is that until you have activated your account, you can only view your online accounts and cannot even transfer between your own accounts.
Due to this I only transferred a small amount to my Choice account and will be transferring the rest to the Maxi (Savings) account.
By the way it's actually pointless transferring the minimum amount required ($3,000) to your Choice account so that you aren't charged the monthly $5.00 fee - you'll receive about $150 a year worth of interest if you put it in your Maxi account instead! Just put a nominal amount in your Choice account within 30 days of opening your account.
Due to this I only transferred a small amount to my Choice account and will be transferring the rest to the Maxi (Savings) account.
By the way it's actually pointless transferring the minimum amount required ($3,000) to your Choice account so that you aren't charged the monthly $5.00 fee - you'll receive about $150 a year worth of interest if you put it in your Maxi account instead! Just put a nominal amount in your Choice account within 30 days of opening your account.
Good shout,
i suppose put the $3000.00 in your maxi savings account, earn the greater interest rate, which will offset the cost of the charge you incurr on you current account?$3000.00 = $157.50 per year before tax in your Maxi savings account.
$5.00 a month charge for use of your current account with Westpac will cost you $60.00 per year, so even after tax deduction from your $157.50 interest payment you are still quids in?
Nov 28th 2007, 8:11 pm
#11
South Yarra Sheila
Thread Starter
Joined: Apr 2007
Posts: 1,078
Re: OZ BANKING CLEARANCE TIMES?
It doesn't matter - you can't transfer ANY money out of your account (even to another account in your name) until you have presented yourself at a branch of Westpac. You could have just paid the money into the savings account, but that's not much help to you now I'm afraid.
You can do the paperwork at the London city office but even then it takes a while as they simply send the paperwork on to Oz.
You can do the paperwork at the London city office but even then it takes a while as they simply send the paperwork on to Oz.
Nov 28th 2007, 11:59 pm
#12
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Location: WA but NOT Perth!!!!!
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Nov 29th 2007, 12:25 am
#13
Joined: Jan 2006
Location: Sydney
Posts: 47
Re: OZ BANKING CLEARANCE TIMES?
It doesn't matter - you can't transfer ANY money out of your account (even to another account in your name) until you have presented yourself at a branch of Westpac. You could have just paid the money into the savings account, but that's not much help to you now I'm afraid.
You can do the paperwork at the London city office but even then it takes a while as they simply send the paperwork on to Oz.
You can do the paperwork at the London city office but even then it takes a while as they simply send the paperwork on to Oz.
Regards,
Matt Gilmour
Nov 29th 2007, 1:02 am
#14
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Joined: May 2006
Location: BC, Canada
Posts: 4,547
Re: OZ BANKING CLEARANCE TIMES?
I seem to remember reading about this before though. That you can put money in but then can't touch it at all until your can confirm your identify to the bank in some way.
Nov 29th 2007, 5:49 am
#15
South Yarra Sheila
Thread Starter
Joined: Apr 2007
Posts: 1,078
Re: OZ BANKING CLEARANCE TIMES?
Makes sense to me too. We were able to access our money as soon as we got it from Ozforex. But at that time we were already in Australia and had opened our bank account in person.
I seem to remember reading about this before though. That you can put money in but then can't touch it at all until your can confirm your identify to the bank in some way.
I seem to remember reading about this before though. That you can put money in but then can't touch it at all until your can confirm your identify to the bank in some way.