So my property in Texas settles tomorrow but you won't believe how many issues (bank related) i've had, particularly with Bank of America…
*Bank of America set my maximum transfer limit to $5000 per transaction – each time I transfer out it costs me a $25 fee. I am unable to increase this limit unless i’m physically in the US. I have so far been very unhappy dealing with Bank of America. It is very easy to put money in to your account, but good luck trying to take it out again. I paid about half of the value of the house through this account and decided to send directly the other half through ClearFX (OzForex)
*OzForex has so far been good however I have now been told that Ozforex sent to the escrow company less than what I was advised – somewhere along the transaction path fees were taken out (accounting to around $75USD) – I’m still yet to work out whether I will now need to pay this shortfall or the escrow company, I am not sure which bank took the fees out. So it may turn out settlement is delayed by a couple of business days until I make up this shortfall – with another $25 Bank of America fedwire transfer fee of course!!!*fingers crossed settlement all goes through a.o.k!* Excited…
Welcome to the age of the internet !
Anyone who spends time between dealing with banks for the exchange of funds deserves to exist in the 20th century.
A while back when i was living overseas .. i needed money badly. I asked for a transfer of $US 200 dollars. The bank at the Australian end docked $20 .. the bank at the foreign end docked $20 .. and THEN they exchanged it at the lowest possible rate.
I was not happy.
Bank of America are heavy chargers when it comes to transfers of cash. I suggest if you are going to transfer money there are better outlets to do it through.
Best of luck with your new US property.
Thank you – I think direct transfer through OzForex is the best way to go in the future…
Try Xilo, they are affiliated with Westpac, but call and speak to them first toget your info because they are a pain to set up.
Winterose wrote:Try Xilo, they are affiliated with Westpac, but call and speak to them first toget your info because they are a pain to set up.Their website scares me too much
You can send money direct into escrow via OzForex.We have used OzForex quite a few times and have never had a problem at all.
I would allow 3 days to be sure to have it there for settlement.Bear in mind, whoever you use, (if in the case of a bank) if you are transferring FX more than 20k or so, don't settle for their 'retail' rate' – but ask for a special rate or a quote first.
Cheers
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