Us Dollar Account in Australia?

[PLANT]

Thanks for that...baack on the phone tomorrow to compare....suncorp website looks poor...nothing about Treasury?

 

[Alh01]

Thanks for that...baack on the phone tomorrow to compare....suncorp website looks poor...nothing about Treasury?

Agree their web site is not that flash. I found it here:

http://www.suncorpbank.com.au/sites...reasury_foreign_currency_deposit_accounts.pdf

by searching "treasury" in their little search box. It seems to meet all of your requirements, but it does say you have to call to open your account, not just fill in an online form. My recollection is that the questions they asked were pretty detailed - to the point that we didn't bother with the account for a couple of years to preserve some privacy. Now we are quite happy to let the bank, government, ASIO, Austrac & whoever else wants to snoop on our transactions see as much as they like. The zero costs and great exchange rate are too good!

 

[PLANT]

Looked at above PDF and looks promising if I can get good rates.
Thankyou for posting

Edit: Called and I already have an Eoptions account so told I need to open another account but will already have 100 point ID as in the system.

XE.com $25K US = $26,980.52 AU
OZForex $25K US = $26,9070.00 AU

CBA would cost $250 + $11(holding)= $261 to get the money here US $

Suncorp Treasury "margin" 93+ cents $25KUS = $26766 AU Costing $214 to convert.

 

[Ghostdunks]

Well more phone calls to OZforez and the people that have my money in US $
I cannot use "direct" Ozforex as they are a 3rd party trader and the money I'm told needs to go into my name account....OZforex is a hub(number) that does NOT show that it has gone directly to me.

I'm a bit confused by this. Who is telling you that the money needs to go into your name account? And which account isn't already in your name? From your previous posts, you mention stuff like "when I transfer from my account there", which would imply that US account is already in your name. And I'm assuming you're going to transfer into an account in your name here in Australia(in AUD) so you can access it easily? So it would seem that both accounts are already in your name so I don't see the issue.

I've used Ozforex before to send euros to a german bank account that wasn't in my name(although the bank account where the AUD that was being converted to euros was in my name), so I'm not exactly sure what you mean by your statement.

 

[PLANT]

I have an account number but I don't believe it is in my name.(website has my name and an account number but the money is with company not a bank)
The "company" that has my money in the US has informed me that they will not transfer to any account other than in my name here.
Ozforez is fine to the account but not FROM the account as OZForex goes to a HUB then to my account in Australia.
The company in the US will not send to a HUB service but only directlyto my account name(This is what I have been told on 3 phone calls to the company)

Further investigation today in branches showed how 2nd world Australian banking customer service.
I went to NAB= no idea, never heard of foreign currency account, lets look it up on the website, will get some one to call you back.
Bank Of Melbourne= "we are owned by Westpac but separate" $50K minimum transaction, I had to ask her to call the people to find out answers to questions. Verbally told No fees to transfer money or ongoing fees but will probably have to have another BOM account linked.....go investigate Westpac as they are the biggest business bank in Australia.
CBA Hottest looking welcome girl which is trained in handball service, young bloke in room that has no idea other than to find a 10 page book brochure that has no info other than Foreign currency account on the front page. "let's check out the webpage"
Westpac after explaining the appalling phone "NO service", I attempted to receive over the phone. Was initially informed that 1. Have to have a business to access it. 2. Guy that knows is out to lunch. 3. Contact card to call him. "Only ever get asked 1-2 times a year.....can not open in branch"

Now I could understand this service for $500 transaction but its upward of $25K......

 

[Mwenenzi]

..Now I could understand this service for $500 transaction but its upward of $25K......

$25,000 is not much more than loose change when dealing with FX. Too much hassle for any bank for very little margin/profit

 

[Ghostdunks]

Ah, it makes more sense now. Just that from what you posted before, it seemed like the 25k USD was already in your account and you had full control of it. Based on what you've just posted, sounds like a different entity(the "company") still has control of the money, which is why they're maintaining they will only transfer it to an account in your name, probably for legal reasons.

Is there a possibility of opening an account in your name in the US then? ie. get them to pay it into that account, then you can do with it whatever you want, including transfer it to ozforex to then convert to aud.

 

[Alh01]

If you want 3rd world banking service, try opening an account with a US bank as a foreigner, and then try to send money overseas. Not usually something that registers with your suburban branch over there.

If the OP manages to open a USD account with a bank in this country, then he has control of the money as you suggest, and can send it to himself through whatever exchange mechanism he prefers. None of the banks are going to do this without some margin or fees, so the exercise is to find the lowest costs for the transactions he wants to do. I believe the banks are capable of giving finer spreads than he has been quoted if they want the business, but they usually need to be convinced it is in their interests to do so because of the future volume they will be doing with you.

 

[Ghostdunks]

If you want 3rd world banking service, try opening an account with a US bank as a foreigner, and then try to send money overseas. Not usually something that registers with your suburban branch over there.

If the OP manages to open a USD account with a bank in this country, then he has control of the money as you suggest, and can send it to himself through whatever exchange mechanism he prefers. None of the banks are going to do this without some margin or fees, so the exercise is to find the lowest costs for the transactions he wants to do. I believe the banks are capable of giving finer spreads than he has been quoted if they want the business, but they usually need to be convinced it is in their interests to do so because of the future volume they will be doing with you.

What I've experienced with Ozforex is that they typically have local accounts in the country where the money is coming from eg. when I wanted to transfer pounds, they asked me to transfer the funds into their UK bank account, and when I wanted to transfer AUD to euro, they asked me to transfer the funds into their aussie bank account. So as far as the suburban US branch is concerned, its nothing to do with sending money overseas, its just transferring money between local bank accounts. So no margin or fees(other than the any fees they already charge for transferring money locally).

Getting the US account opened is a bit harder if not actually physically there. But if you're there, I found it no trouble at all. When I was there a few years ago, I was planning to be there for 3 months doing road trips, etc, so I decided to open a US bank account to have easy access to money. Walked into Bank of America, presented passport, gave them the address of where I was staying(was staying with a friend for a few weeks), and they opened a bank account for me easy-peasy.

 

[PLANT]

I was in Chase...but what about ongoing fees and the irs on your cash moving?