Tansferring Money Remotely
May 5th 2004, 7:39 pm
#1
Just Joined
Thread Starter
Joined: Dec 2003
Posts: 8
Tansferring Money Remotely
I'm seeking some advice so would appreciate any help.
We're leaving for Perth next Thursday and whilst the house sale here is going through, we won't have the house sale proceeds till after we've left.
So, on completion, the money will hit my account here in the UK but we will no longer be here!
Does anyone know how best I can transfer this over remotely to an account in Oz? Can I initiate an electronic transfer from my UK Bank account to an Oz Bank account if I'm not in the UK? I'm assuming proof of identity might be an issue here?
I've opened a Moneycorp account so maybe I could instruct a transfer to my account with them and then instruct them to forward transfer to Oz but again, not sure my UK Bank would transfer without me being there?
Has anyone had a similar experience and how did you get round this?
I will call the Bank to clarify but would appreciate some feedback to establish whether any precendences have been set historically.
Thanks!
We're leaving for Perth next Thursday and whilst the house sale here is going through, we won't have the house sale proceeds till after we've left.
So, on completion, the money will hit my account here in the UK but we will no longer be here!
Does anyone know how best I can transfer this over remotely to an account in Oz? Can I initiate an electronic transfer from my UK Bank account to an Oz Bank account if I'm not in the UK? I'm assuming proof of identity might be an issue here?
I've opened a Moneycorp account so maybe I could instruct a transfer to my account with them and then instruct them to forward transfer to Oz but again, not sure my UK Bank would transfer without me being there?
Has anyone had a similar experience and how did you get round this?
I will call the Bank to clarify but would appreciate some feedback to establish whether any precendences have been set historically.
Thanks!
May 5th 2004, 7:47 pm
#2
Guest
Posts: n/a
Hi we are kind of in a similar position but our money from house sale will clear approx 2 days before departure 30th may. We are in process of opening an account with the commonwealth bank and in the application form it says that you can have your solicitor transfer money from sale direct into oz bank account via london office. Have a word with the solicitor who is dealing with your house sale and see what he says.
hope this helps a little
good luck with your new life
maggy
hope this helps a little
good luck with your new life
maggy
May 5th 2004, 7:50 pm
#3
mark,abbi,tia & max
Joined: Mar 2003
Location: bse suffolk
Posts: 103
hi
all i can say is ditto the above post we did the same
good luck
mark
all i can say is ditto the above post we did the same
good luck
mark
May 5th 2004, 10:06 pm
#4
Just Joined
Thread Starter
Joined: Dec 2003
Posts: 8
Thanks for your replies.
My Australian fiance is actually here with me in the UK now and we're proposing to add my name to her Oz Bank Accounts when we arrive back in Perth, making them joint accounts.
So, following on from what you've said, maybe I can ask the Solicitors to hold on to the funds for a week or so for me and then transfer them directly over to the Oz Bank Account once I've confirmed my name has been added? Alternatively, I suppose I could just have the funds transferred over anyway and then have my name added retrospectively? Maybe I can get them to transfer the money direct to Moneycorp in readiness for an exchange deal and then instruct when the exchange rates are 'right' for us?
You've certainly given me some ideas and some things to think about!
I will make some calls tomorrow to see what they have to say?
If anyone else has any similar experiences, I'd be interested to hear.
Thanks again and for your good wishes!
My Australian fiance is actually here with me in the UK now and we're proposing to add my name to her Oz Bank Accounts when we arrive back in Perth, making them joint accounts.
So, following on from what you've said, maybe I can ask the Solicitors to hold on to the funds for a week or so for me and then transfer them directly over to the Oz Bank Account once I've confirmed my name has been added? Alternatively, I suppose I could just have the funds transferred over anyway and then have my name added retrospectively? Maybe I can get them to transfer the money direct to Moneycorp in readiness for an exchange deal and then instruct when the exchange rates are 'right' for us?
You've certainly given me some ideas and some things to think about!
I will make some calls tomorrow to see what they have to say?
If anyone else has any similar experiences, I'd be interested to hear.
Thanks again and for your good wishes!
May 5th 2004, 11:30 pm
#5
Guest
Posts: n/a
Originally posted by Tubby
Maybe I can get them to transfer the money direct to Moneycorp in readiness for an exchange deal and then instruct when the exchange rates are 'right' for us?
Maybe I can get them to transfer the money direct to Moneycorp in readiness for an exchange deal and then instruct when the exchange rates are 'right' for us?
Biting nails and waiting and hoping for the "right" rate I had a HSBC account in both UK & OZ.
My solicitor paid the proceeds into my UK account, I sent a letter in advance to my UK bank manager, and then phoned him to confirm the transfer to my OZ account when the time was right.
May 6th 2004, 12:43 am
#6
BE Enthusiast
Joined: Sep 2003
Location: Banks Peninsula, SI, NZ
Posts: 373
If you find an offshore bank you can manage from the web, the chances are you will be able to transfer your money electronically that way.
You just need to beneficiaries SWIFT details. Something like MLB23X21 and the address.
It will take 2 days to clear for FX transactions.
You just need to beneficiaries SWIFT details. Something like MLB23X21 and the address.
It will take 2 days to clear for FX transactions.
May 6th 2004, 4:58 am
#7
Homesick....
Joined: Nov 2003
Location: Melbourne (Ex Christchurch U.K)
Posts: 69
Originally posted by maggy
Hi we are kind of in a similar position but our money from house sale will clear approx 2 days before departure 30th may. We are in process of opening an account with the commonwealth bank and in the application form it says that you can have your solicitor transfer money from sale direct into oz bank account via london office. Have a word with the solicitor who is dealing with your house sale and see what he says.
hope this helps a little
good luck with your new life
maggy
Hi we are kind of in a similar position but our money from house sale will clear approx 2 days before departure 30th may. We are in process of opening an account with the commonwealth bank and in the application form it says that you can have your solicitor transfer money from sale direct into oz bank account via london office. Have a word with the solicitor who is dealing with your house sale and see what he says.
hope this helps a little
good luck with your new life
maggy
PMSL, sorry Commonwealth Bank.... ohhh dear thats your first mistake! in coming to Australia. Their bank fees are ridiculous.. believe me im one of their customers currently exploring other avenues..
Commonwealth bank typical fees...
more than 8 eftpos transactios per month = $10
account keeping fees every month $6
5 days to clear a cheque even if from reserve bank of australia $25 to get it or any bank cheque cleared earlier.
$2.50 if you withdraw money from a teller rather than an atm but if not a commonwealth atm another $2.50
you'd be better off keeing your money in a safe in your house or under the good old mattress.
May 6th 2004, 5:59 am
#8
BE Enthusiast
Joined: Nov 2001
Location: Back in Aus
Posts: 721
Aqua,
There is unfortunately absolutely nothing out of the ordinary with Commonwealth Banks charges, all banks here charge pretty much the same. Some even charge you for putting money INTO your own account as well.
Dont think about just leaving it sitting there either: that also attracts charges.
Stand too long on the pavement outside a bank here, they will probably start charging you rent!
This does not mean you will get a super service wherever you are in Australia either: most of the big banks have closed many branches, expecially in the rural areas, leaving the only option for banking services in the hands of the post office.
We are not talking about cash poor hick organisations either, the profits Aussie banks make are absolutely scandalous!
Makes you really miss the UK banks doesn't it?
There is unfortunately absolutely nothing out of the ordinary with Commonwealth Banks charges, all banks here charge pretty much the same. Some even charge you for putting money INTO your own account as well.
Dont think about just leaving it sitting there either: that also attracts charges.
Stand too long on the pavement outside a bank here, they will probably start charging you rent!
This does not mean you will get a super service wherever you are in Australia either: most of the big banks have closed many branches, expecially in the rural areas, leaving the only option for banking services in the hands of the post office.
We are not talking about cash poor hick organisations either, the profits Aussie banks make are absolutely scandalous!
Makes you really miss the UK banks doesn't it?
