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Post by zorro1 on May 28, 2014 16:50:34 GMT 7
When C/L pay direct into my Thai Bank what fees would be charged ?
eg, currently the DSP goes direct into an OZ bank and the fees are around $30 for foreign currency transaction and then $6 for foreign ATM withdrawal.
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Post by Deleted on May 28, 2014 17:45:54 GMT 7
From what i have heard Fees Are None
It only depends on the currency rate of the transfer
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Post by Denis-NFA on May 28, 2014 17:56:31 GMT 7
When C/L pay direct into my Thai Bank what fees would be charged ? eg, currently the DSP goes direct into an OZ bank and the fees are around $30 for foreign currency transaction and then $6 for foreign ATM withdrawal. Good question zorro1And a topic I had been discussing with my son just last night. As I understand it after being 12 months overseas C/L International change from fortnightly payments to 4 weekly, hence 13 payments per year. As far as I can see from the legislation and the rules once you are on 4 week payments you then have the option to have your payment paid into an overseas bank account of your choice. Because the C/L International payments are made via the Reserve Bank of Australia it used to be the case that you were paid at the prevailing exchange rate on the day of payment. Any costs, if any, were only imposed by your in country bank. Unfortunately, in this new world, I have no idea of the current reality but I will be able to tell you after the end of August 2014 when my first 12 months occurs. The only query I have is that I am listed by C/L as having a permanent Australian home address and a temporary overseas address! |
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Post by zorro1 on May 28, 2014 18:25:30 GMT 7
I dont think you need to be O/S for 12 months, Im pretty sure you can request payment to an O/S bank at any time? maybe Im wrong..
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Post by Denis-NFA on May 28, 2014 18:56:07 GMT 7
I dont think you need to be O/S for 12 months, Im pretty sure you can request payment to an O/S bank at any time? maybe Im wrong.. Yes, I agree. My point was more about the legislation determines the frequency of payment after being overseas for more than 12 months and hence, as far as I know (?), the Oz Government wear the cost of transfers to an Overseas bank account. Plus they do it at the full exchange rate on the day of payment. But that used to be the case and I have no idea if it still holds true. But as soon as one of us gets past 12 months we will know.. lol |
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Post by Banjo on May 28, 2014 19:07:14 GMT 7
Excuse me while I move this to one of the living overseas sub-forums.
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Post by Banjo on May 28, 2014 19:13:51 GMT 7
I was asked when I turned 65 whether I wanted to have my pension paid into a Thai bank account and they sent me out the form if I decided to.
You would have to work out the fees, the big saving to my way of thinking would be the foreign withdrawal ATM charge plus the Australian bank transaction fee.
I'm fairly sure I'll do it once I get motivated.
What you have to consider is paying for things online with a Thai/Filipino debit card, my neighbour has had problems and sometimes comes over and get me to pay for him in return for the cash.
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Post by Denis-NFA on May 28, 2014 19:28:05 GMT 7
What you have to consider is paying for things online with a Thai/Filipino debit card, my neighbour has had problems and sometimes comes over and get me to pay for him in return for the cash. It sure is a different world, banking wise, outside Australia. As much and all as we might wish to criticise Australian banks I believe we can rely on them. For better or worse I have selected China Bank in the Phils as a local bank (after a lot of checking). ANZ has an offshoot in the Phils but they are not connected with ANZ Australia and, presumably, have a presence because of international trade facilitation. It will be interesting to observe the upcoming ASEAN trade integration! |
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Post by zorro1 on May 28, 2014 19:34:35 GMT 7
Its a pretty big saving, around $70 a month, buys a lot of fried rice  the GF gave me a second visa card to her account for internet transactions but I think a linked O/S debit/credit card to a paypal account would work as well |
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Post by Denis-NFA on May 28, 2014 20:02:08 GMT 7
Its a pretty big saving, around $70 a month, buys a lot of fried rice the GF gave me a second visa card to her account for internet transactions but I think a linked O/S debit/credit card to a paypal account would work as well Paypal works good for payments. Just remember they have an open book to all governments and are owned by eBay so income is tracked. If I really wanted to I would probably open a bank account in HK. Possibly with The Bank of China who only have a branch in Sydney and Melbourne. $70 saving is impressive! |
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Post by Banjo on May 28, 2014 20:04:45 GMT 7
I hate PayPal
I had an account with HBSC once and tried to carry out a little business in their Saigon branch.
They said that they were nothing to do with HBSC Australia and it would be treated like any other foreign bank transaction and would take 2 weeks minimum.
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Post by zorro1 on May 28, 2014 20:16:54 GMT 7
I love paypal. having to stuff around in poor lighting trying to read the numbers off a credit card, making a mistake and then having to re enter it all again drives me nuts. Air asia accepts paypal now which is a good thing IMO
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Post by Denis-NFA on May 28, 2014 20:17:18 GMT 7
I hate PayPal I had an account with HBSC once and tried to carry out a little business in their Saigon branch. They said that they were nothing to do with HBSC Australia and it would be treated like any other foreign bank transaction and would take 2 weeks minimum. Don't blame you for hating paypal. And the HSBC is sh*t. Seems good but the reality is far different. The only context in mentioning HK was its English background and proximity to the 'yuan/one'... lol |
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Post by zorro1 on May 28, 2014 20:28:38 GMT 7
I dont think you need to be O/S for 12 months, Im pretty sure you can request payment to an O/S bank at any time? maybe Im wrong.. Yes, I agree. My point was more about the legislation determines the frequency of payment after being overseas for more than 12 months and hence, as far as I know (?), the Oz Government wear the cost of transfers to an Overseas bank account. Plus they do it at the full exchange rate on the day of payment. But that used to be the case and I have no idea if it still holds true. But as soon as one of us gets past 12 months we will know.. lol I missed your post, I see what you mean although I dont trust myself to budget for 1 month lol |
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Post by Denis-NFA on May 28, 2014 20:47:42 GMT 7
I dont trust myself to budget for 1 month lol lol... join the club... i think its called getting old! |
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the GF gave me a second visa card to her account for internet transactions but I think a linked O/S debit/credit card to a paypal account would work as well