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ng
08-01-2006, 03:11 PM
I will be going to australia soon for few years.

Can somebody advise me on how to remit money to australia when I am in australia ?

I don't intend to bring ALL my money and buy bank draft now because the exchange rate is high. I will wait for the exchange rate to drop and then only convert to australian dollar but by then I would be in australia.

Is there any local bank which I can deposit my money and which can take instructions from australia (eg. TT) instead of me coming back to malaysia to withdraw ?

Thanks in advance.

CoryFan
08-01-2006, 03:40 PM
Hi,

HSBC internet banking...

cheers ;)

p/s: visit www.customs.gov.au for amount of cash you can bring into Australia

FYI, the rate now is around 2.7+ marks... it once been around 2.9+.... I am hoping it will go back to that rate soon :D :D

mykern
08-01-2006, 04:31 PM
There's another way, which most people are not aware of ... credit some money your credit card account. And when u are there draw on it when the rate goes down. Some Banks pays interest on credit balances .. but you need to make the enquires yourself. :)

ng
08-01-2006, 06:20 PM
Hi,

HSBC internet banking...

:D :D

Why is HSBC different from the rest ? Please summarise as I dont have time to go through pages and pages of webpage.s

isarahim
08-01-2006, 06:30 PM
Being lazy as I am, I usually just withdraw money from ATM via Visa or MC Cirrus. The exchange rate is slightly worse but no big deal for travelling (unless you wanna buy a large bungalow at the gold coast like some of our politicians like to do...).

ng
08-01-2006, 07:44 PM
Anybody know what is the current fixed deposit rate in australia ?

Coro
08-01-2006, 08:48 PM
Anybody know what is the current fixed deposit rate in australia ?

On-line savings give up to 5.5% and this is not even fixed deposit. FD up to 5.8% on line but you need to have an existing Australian account. You can open one in KL with ANZ. They have a branch in the building not far from Wisma Cosway!
Suggest you look into www.ingdirect.com.au or www.abetterdeal.com.au for details

ng
08-01-2006, 11:11 PM
On-line savings give up to 5.5% and this is not even fixed deposit. FD up to 5.8% on line but you need to have an existing Australian account. You can open one in KL with ANZ. They have a branch in the building not far from Wisma Cosway!
Suggest you look into www.ingdirect.com.au or www.abetterdeal.com.au for details

Thanks, coro. Does that mean if I open up an account with ANZ in KL, I can withdraw this money in australia without any hassle ? Will they create an account in australia automatically from KL ?

Coro
09-01-2006, 09:40 AM
Thanks, coro. Does that mean if I open up an account with ANZ in KL, I can withdraw this money in australia without any hassle ? Will they create an account in australia automatically from KL ?

Yes, the account will be in Australia. Branch can be anywhere in Australia of your choice. Suggest you open an ANZ V2 Plus account as this will give you 4.5% interest on a daily basis. You can deposit and withdraw anytime without penalty but you will need to maintain AUD 5,000 in the account. Once you are settled in Australia, you can open another account with any other bank that suits you.

CoryFan
09-01-2006, 09:46 AM
Hi Ng,

Not sure is HSBC is different from other banks. The only reason I said that is because I use HSBC here in Australia and Malaysia. and by using their internet banking, should save you some $ and time.

re the interest rate, not so sure about the 5.+% mentioned unless u have lot of $ and planning to leave there for a period of time. Unlike Kl, the bank here do offer special rate at certain time for certain amount for a certain FD. (sound a bit confusing).

If not mistaken, the ANZ KL branch mentioned do able to open an account for you (we did once about 8-10 years ago, so not sure about now)

Re withdraw from ATM or credit card, please check before you want to do that as bank here charges a lot of charges for every withdraw.. :( even just withdraw/balance enquiring from your own account, they have limitation of certain number of free transaction you can have in a month, otherwise u will need to pay fee... most bank even charge monthly account keeping fee :mad:

When will u planning to travel here... We will back to KL for CNY holiday next week... :D . If u need some cash, we can change with u... :p

CoryFan
09-01-2006, 09:49 AM
Yes, the account will be in Australia. Branch can be anywhere in Australia of your choice. Suggest you open an ANZ V2 Plus account as this will give you 4.5% interest on a daily basis. You can deposit and withdraw anytime without penalty but you will need to maintain AUD 5,000 in the account. Once you are settled in Australia, you can open another account with any other bank that suits you.

Yep, ANZ V2plus is a good account to have... you can even link it to your ATM card...and withdraw from ATM... ;)

oh! hsbc have a online saving account wnhich no accont keeping fee and u can have 5 free ATM withdrawal from any ATM machine. Best of all, it offer 4.75%pa or 5.50% for .... But the down size is, u can't do your banking over the counter otherwise charges apply...
http://www.hsbc.com.au/personal/accounts/osa.html

ng
09-01-2006, 03:47 PM
Hi Ng,

Not sure is HSBC is different from other banks. The only reason I said that is because I use HSBC here in Australia and Malaysia. and by using their internet banking, should save you some $ and time.

re the interest rate, not so sure about the 5.+% mentioned unless u have lot of $ and planning to leave there for a period of time. Unlike Kl, the bank here do offer special rate at certain time for certain amount for a certain FD. (sound a bit confusing).

If not mistaken, the ANZ KL branch mentioned do able to open an account for you (we did once about 8-10 years ago, so not sure about now)

Re withdraw from ATM or credit card, please check before you want to do that as bank here charges a lot of charges for every withdraw.. :( even just withdraw/balance enquiring from your own account, they have limitation of certain number of free transaction you can have in a month, otherwise u will need to pay fee... most bank even charge monthly account keeping fee :mad:

When will u planning to travel here... We will back to KL for CNY holiday next week... :D . If u need some cash, we can change with u... :p

I can't seem to find any Anz bank in KL only their representative. How much do you charge for your cash ?

CoryFan
09-01-2006, 03:56 PM
Hi Ng,

There are no ANZ bank in KL, only a small office with few staffs (there is years back)... u might need to check with their website. www.anz.com

Re the exchange, I am not bank nor person running business in money charging. I just thought that since I am going back for CNY and wedding, I will need to change some RM to use as well.

So may be we can work something out from the published exchange rate...

anyway, how much are u looking to change????

ng
10-01-2006, 04:11 PM
I am confused now. What are the advantages of putting my money in HSBC versus ANZ ?

If I put my money in HSBC in malaysian ringgit, does that mean I can withdraw in australian dollars when I am in australia ? Are there any charges.

I don't think I can open up a australian bank account while I am in KL, am I right ? Must go to australia to open ?

ng
11-01-2006, 09:52 AM
Hi Ng,

There are no ANZ bank in KL, only a small office with few staffs (there is years back)... u might need to check with their website. www.anz.com

Re the exchange, I am not bank nor person running business in money charging. I just thought that since I am going back for CNY and wedding, I will need to change some RM to use as well.

So may be we can work something out from the published exchange rate...

anyway, how much are u looking to change????

After I open up a anz account online. How do I transfer my money to that account from local bank ? Is it by TT or bank draft ? Which has better exchange rate ?

CoryFan
11-01-2006, 11:57 AM
Hi Ng,

I had just be told by my wife that the one is KL are more likely to be National Australia Bank rather than ANZ :o But may be there are also ANZ representative there too now (I am not sure).

I think you do able to open an australia account if u are able to find the National Australia Bank or ANZ bank representative in KL, what they need will be a bank draft issued in your name in Australia dollars inorder to open the account. But they will only give you a receipt and u will have to tell them the nearest bank to you while you are in Australia so you can get all the other documents about your bank detail when you arrived in Australia.

The other way is you open an account in HSBC and requested internet banking. So while u are here, u can open another account here with a HSBC bank here in Australia (but they don't have a lot of branches here in Australia, they only have branches in major city, u can check it out whether the place u are going have HSBC branch, www.hsbc.com.au)

Then you can use your HSBC internet banking (malaysia) to TT the money to your Australia account (infact you can TT to any Bank here, just if you are having HSBC here in Australia too, the TT will be faster and cheaper).

Hope this help...
:p