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Post by Denis-NFA on Jul 19, 2016 7:59:31 GMT 7
aussie25There is always a cost. C/Link tells the Reserve Bank of Australia (RBA) that they need to send whatever amounts to foreign countries. RBA then talks to whatever Central Bank those foreign countries have. That foreign country then releases the money to whatever local bank you have. The god of the internet only knows how much you get 'clipped' along the way.
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Post by jessemojo4 on Jul 25, 2016 10:38:40 GMT 7
I've just started to research the eventual overseas retirement and the supply of my dsp payments with a minimum concern. One option I found which may interest other members who are more bank savvy than me is ING. I've got a cupla bucks left with them from days gone past so I can keep that account and open an everyday account, which my dsp can be paid directly into it, I cop a higher interest rate, because I'm depositing their $1g. a mth minimum, even though I'm removing it for living costs. They supply me atm card which cops a 2.5% atm fee, OS about $2.50? but not the huge currency exchange fee Com was slugging me everytime, with a smile. All atms in Aust are free and no account fee. Members, let me know what you think
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Post by warren1969 on Jul 25, 2016 10:53:35 GMT 7
I've just started to research the eventual overseas retirement and the supply of my dsp payments with a minimum concern. One option I found which may interest other members who are more bank savvy than me is ING. I've got a cupla bucks left with them from days gone past so I can keep that account and open an everyday account, which my dsp can be paid directly into it, I cop a higher interest rate, because I'm depositing their $1g. a mth minimum, even though I'm removing it for living costs. They supply me atm card which cops a 2.5% atm fee, OS about $2.50? but not the huge currency exchange fee Com was slugging me everytime, with a smile. All atms in Aust are free and no account fee. Members, let me know what you think Jessemojo4, The problem with what you are sugesting is that most ATM's in the Philippines attract a pretty hefty withdrawel fee on top of your own banks withdrawel fee's. So that could eat into your DSP big time.
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Post by jessemojo4 on Jul 25, 2016 12:59:11 GMT 7
Yes, ATM fee in Pines is 200peso, about $6. I was using Combank and copn $14 international fee, mthly acc.fee and Pines atm fee, thats $24, but with family that four withdrawals mth=$84 Ouch ! Alternately, with ING there is a saving, Pines atm fee, $2.50 ING fee and no account fee,that's $34 mth total, a significant saving, but I'm open to suggestions. One benefit is I'm still using an Aust bank and there's no minimum balance
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Post by itsmylife08 on Jul 25, 2016 13:53:29 GMT 7
Yes, ATM fee in Pines is 200peso, about $6. I was using Combank and copn $14 international fee, mthly acc.fee and Pines atm fee, thats $24, but with family that four withdrawals mth=$84 Ouch ! Alternately, with ING there is a saving, Pines atm fee, $2.50 ING fee and no account fee,that's $34 mth total, a significant saving, but I'm open to suggestions. One benefit is I'm still using an Aust bank and there's no minimum balance I have a Citibank account in OZ , but live in the Philippines . there are zero charges but the downside is there are not many branches outside of the major cities . I live in Cebu , and there is only one that I know of near Ayala Business park , which for me is fine . You can always withdraw from other ATM's but pay the ph200 fee, not sure what the maximum withdrawal is per day....
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Post by Banjo on Jul 25, 2016 13:57:14 GMT 7
I find that the total cost of an ATM withdrawal from an Australian bank in Thailand can be as high as $40. Even "fees free" institutions like Bendigo Bank and credit unions seem to not include this claim in overseas transactions. We had someone who swore by OzFourEx but the minimum transfer was $2000, others like CitiBank and people like me allow Centrelink to pay the total pension direct into our overseas account. Never forget that we're all slaves to the rate though....
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Post by Denis-NFA on Jul 25, 2016 21:49:20 GMT 7
I've just started to research the eventual overseas retirement and the supply of my dsp payments with a minimum concern. jessemojo4As Banjo said above, My Australian Bank is ANZ. Basically no better nor worse than any other Australian Bank. Costs a motza! and exchange rates are not good. I then went to Western Union. Fixed fee that has now gone to AUD$20 for cash pick up or $10 for deposit to an overseas bank. But exchange rates are generally a hell of a lot better than Oz Banks method. Plus you can pick up the cash wherever. aussiebernie then put me onto another internet overseas money exchange company, but I forget it's name, which seemed okay. PM him for details. Good exchange rates and lower fees than Western Union. But I had already set myself up with Orbit Remit who I just checked have dropped their fee to AUD$4 per transaction. Good exchange rates. Couple of times I used a firm exchange4free.com/But now I'm like Banjo and have my pension paid direct from Centrelink to my Philippine Bank account.
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Post by bangalorebiker on Jul 26, 2016 9:45:29 GMT 7
why do not you just simply do the easy way, get a Philippines bank account such as a PNB account, get it over to a OFW account after two deposits then get your money deposited into directly your philippines bank account by a money forwarder such as forexworld in Sydney NSW, they charge 8 dollars per each shipment of your money, they give a fair rate of exchange, lot better than many others such as western union, only thing is that if you do not arrange with them before you leave oz is a bit of a pain to do online from philippines, but it can be done if you have patience, which i do not have, but my forexworld BB Box man set me up with it before i left ozzi all he did was took a picture of my passport had me sign a paper then sent picture of my passport and picture of the paper signed to forexworld office Sydney over the phone and with in 5 minutes he got a reply allowing me to use forexworld to send money to me via my ozzi bank account, easy peasy, 5 years no major problems except when the company was sold to a bunch of pakki's a few years back now, they rooted things up for awhile but all sorted out now, i get my monthly expenses done with forexworld every month, the beauty of using forexworld is that i can deposit money from my Ozzie bank account into there NAB account any time then when i see the oz dollar higher giving me a reasonable exchange for the Philippines Peso i immediately email forexworld in Sydney to immediately send me some of the money of mine already in there NAB account waiting to be sent to me at the right time, i find this system works for me, dunno about anyone else, but worth a try.
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Post by sandycreekg on Aug 23, 2016 10:04:54 GMT 7
I am looking into a company in Australia called Pinoy first, it is a pinoy owned company set up in Australia to send money to the Philippines.
Apparently they charge $6 to send to pinoy banks or cash remittance companies for amounts up to $2000 amounts of money and their rate is close to the current rate...............eg the other date the rate was 35.499 and pinoy first rate was 35.15.
I am getting myself a account with the BPI bank in Dumaguete and apparently can draw up to p20,000 each time with out atm fees..............has any one here had anything to do with pinoy first...??
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Post by Denis-NFA on Aug 23, 2016 17:20:14 GMT 7
I am looking into a company in Australia called Pinoy first, it is a pinoy owned company set up in Australia to send money to the Philippines. sandycreekgThey have been around for some time and I did check them out in about 2012. Just checked their web site and I see it is quite professional and a lot different from back then. I can't remember now, but I believe I corresponded with one of the principals at that time and the services they offered, then, were not suitable for my requirements Whomever you pick in one respect does not matter. What matters is that they can answer your questions and you feel comfortable with them. Cheers Denis
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Post by sandycreekg on Aug 24, 2016 10:33:20 GMT 7
Hi Denis, Thanks for your reply, are you still at Argao..and do you still come to Dumaguete at all....??
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Post by Denis-NFA on Aug 24, 2016 14:45:38 GMT 7
Hi Denis, Thanks for your reply, are you still at Argao..and do you still come to Dumaguete at all....?? sandycreekgStill Argao. Mind you, the grass is always greener and I love hearing from all you folk about the place where you live. I was figuring to go to Dumaguete for my next visa run and if it coincides with you it would be nice to catch up for a coffee. Maybe at Bo's on the waterfront. I will let you know closer when I will be down there. Cheers D
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Post by sandycreekg on Aug 27, 2016 9:00:49 GMT 7
Thanks Denis, we will keep in touch and hopefully catch up.
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Post by jessemojo4 on Mar 6, 2017 11:30:54 GMT 7
Been awhile, my DSP portability arrives this year, typically as my health fails me. Feels like haven't been here in awhile, had to reset password. Anyway, l been researching the Banks on the rare clear head days and this is possibly the best l cud find. ING ' Orange Everyday' account to deposit DSP money into, min $1000 mth. and l get ATM card. Transfer all living costs into Citibank Plus Everyday Account. I get ATM card, No fees, No Citibank OS ATM fees at all of their atm's, looks like local bank fee, 200p, at any other bank. Keep what savings l have in the other ING account ' Savings Maximiser' which now will receive 3% interest because of the other ING ACC getn $1000 dep. every month. Let us know what you think, cheers
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Post by snooks on Mar 6, 2017 11:44:00 GMT 7
I have ING and i love the bank,it has great features like using any atm and you get the fee back. I have however hit one or to issues that caused me heartache but may will be ok for you. I was selling things on a website and ebay and using Paypal. You CANNOT withdraw money from paypal and send it to ING ACc. They will not recognize ING because it is a Turkish Bank and they do not have physical branches in Australia. That caused heaps of issues because my whole business was set around ING. i had cards, stationary and all that stuff printed before i was told Apart from that its simply a case of net banking or a trip up to the post office but it is certainly a great back in my opinion.
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