Need advice on transferring foreign currency into Sydney and converting it to AUD

L[Deactivated] on 05/07/2014 - 16:42

Hi everyone, this will be my first post so please be nice to me if I am making any mistake :)

I have been checking past ozbargain forum discussion and whirpool forum but couldn't find any discussion that can answer my question.

My wife currently has investment that has been set up by her parents under her name since she was young. So basically, her parents pay a sum of money every month for few years until it matures. The company where her parents invest was in Singapore as my wife used to study high school there (my wife and I are not Singaporean). Now the problem is that my wife has moved to Sydney and the only way to get the investment money back is to transfer to foreign currency account under her name in Sydney. Can anyone suggest which bank to go to that offers the smallest fee and the beat currency exchange from SGD to AUD?

Any help will be appreciated

Financial

Comments

  • Davo1111 on 05/07/2014 - 17:21

    Depending on how much it is. Is it possible to get a SG equivalent of 28 degrees credit card, then use it up slowly with everyday purchases here in Aus?

    • [Deactivated] on 05/07/2014 - 21:54

      Thanks for the reply Davo. I don't think that's ideal for me as I usually don't spend that much money.

      • Davo1111 on 06/07/2014 - 00:19

        Well, if you could knock it out over a period of years… Put every expense on it. food, shopping, petrol, electricity etc

        I suppose it just depends how much you actually have over there.

  • ofey on 05/07/2014 - 18:31

    ozforex.com.au

    • [Deactivated] on 05/07/2014 - 21:56

      Hi Ofey, I am not very familiar with ozforex. Can you enlighten me a bit?

  • hornethomer on 05/07/2014 - 23:07

    Ozforex is a website where you can purchase AUD or any other currency with the currency of your choice. So i used to purchase AUD and you would pay the company directly and they will send you straight to bank account. Did this about 10 times last year as need to transfer funds and you will find these guys to be cheaper than going to a bank and very reliable

    • [Deactivated] on 05/07/2014 - 23:29

      Hi hornethomer, thanks for the explanation. So does that mean I have to open foreign currency account at one of the banks in Sydney and then use ozforex to convert to AUD and send it to my saving account in Sydney? In that case do you have any recommendation on which bank should I use to open foreign currency account based on the cheapest fee?

  • orourke on 05/07/2014 - 23:58

    No, you send them your SGD and they pay you in AUD into your Australian Bank Account. The rate they give you will be better than a bank. They make their money by a small exchange rate cut. ozforex (and their subsidiary clearfx.com.au) usually have a minimum transfer amount of about $2000 AUD.

    You will need to have control of the SGD or have family who does. You make the deal on their website, send the money to their Singaporean bank account in Singapore and they do the rest. It usually takes 3 or so days for it to show up in your Australian account.

  • flickr on 06/07/2014 - 09:40

    Be careful of using bank transfer. My friend who is an accountant told me that the traffic is monitored. You will get a nice letter from ATO to ask for tax on that money.

    • backpaqer on 06/07/2014 - 11:58

      they would probably want an explanation…but if it is from a non-taxable source (ie inheritance, estate, etc) and tax has already been paid on that money…then maybe it's not taxable. If it was, I'd leave it where the ATO can't get its hands on it and just get a credit card to spend locally.

      • [Deactivated] on 06/07/2014 - 19:39

        Thanks for the advice amsut1 and backpaqer. The investment company advice my wife that they can only send the money to account (possibly bank account) under my wife's name because they want to be sure that my wife will receive the money. Any idea guys what should I and my wife do? FYI foreigner can't open any bank account in SG so that is a bit problematic for us.

        • Boshait on 06/07/2014 - 22:10

          Untrue. Nonresidents can open accounts at (at least) OCBC and Citibank in Singapore. A trip to the bank there may be required.

    • ChronoSphinx on 06/07/2014 - 21:45

      Could the money be given as a 'gift' so that it'd be tax free?

  • Shadow54 on 12/07/2014 - 11:12

    Here's a different idea to cut out the financial institutions. Via personal referrals ( or via Facebook, Gumtree, etc.) , look for folks who frequently need to travel to Singapore. Trade your Singapore $ with them for Aussie $ at the mid-rate of exchange and everyone ends up a winner. Mauritians have been doing this type of person to person exchange for years. Just take sensible precautions and don't hand over money until you know the other side is honouring the deal.

  • FinnG on 14/07/2014 - 15:32

    try going to www.rateselect.com.au

    This site compares the banks and the non banks rates. It also allows you to choose a deal.

Login or Join to leave a comment
Login Join