Can OAP be paid directly overseas

[skeedary]

My question is... can the OAP be paid to an overseas bank account and so avoid the Aus bank ripoff in huge fees when you internet transfer the small value Aus pension. Or how do others do it.

thanks
Gary

[baranghope]

Citibank zero fee Australian account, zero transfer cost to offshore ATM, etc.

[chrisnouy]

The biggest bank rip off in usually in the differential exchange rate between what they pay and what you can get in Thailand for example
if you can afford to wait senD your money PERIODICALLY by internet transfer toa thai bank and insist it is sent in AUS$ --NOT tHAI BAHT
When i send money for a three month period the xtra fee is $8 to send in A$ but the rip off in the exchange rate is about $240

[aussiebernie]

Mar 26, 2013 16:02:49 GMT 7 chrisnouy said:

The biggest bank rip off in usually in the differential exchange rate between what they pay and what you can get in Thailand for example
if you can afford to wait senD your money PERIODICALLY by internet transfer toa thai bank and insist it is sent in AUS$ --NOT tHAI BAHT
When i send money for a three month period the xtra fee is $8 to send in A$ but the rip off in the exchange rate is about $240

I have a mate who is on the OAP and is living in the Philippines. He spoke to C/l international and now has his pension paid into his bank account over there. Apparently they pay the pension monthly and use the rate set by the Reserve bank. I think that is a fairly good rate. Maybe someone else on the board has more information.

[aussiebernie]

I just checked the rate for Thai baht at the Australian Reserve Bank.
They have the rate at 30.73 baht to the $. The rate given by Kasikorn bank is 30.103. So the reserve bank is .62 more. On the OAP that is roughly 1150 baht more in you pocket in a month. Apparently when the pension is paid into your overseas bank account, all fee are paid by the Aust Govt.

Here is the link to the Reserve Bank;

www.rba.gov.au/statistics/frequency/exchange-rates.html

[Banker]

Your pension will be paid every 4 weeks, not on a monthly cycle.

If you have UP your payments are made every 4 weeks and they don't tell you about the change they just do it. "PRICKS"