Folks,
I am an Australian with a recent property acquisitions in the USA. My properties are positive geared and soon ready to transfer some funds from my USA bank account to Australia. During the acquisition phase I used my Ozforex account as a means to transfer required funds to the US and was pretty happy with the rates compared to banks. Does any one have some recommendations for getting the best rates for transferring back to Australia? The banks rates appear to be not that great. Please let me know your experiences and some good tips.
Interesting question.
I used Ozforex as well and they were excellent.
No chance you can use them again to return the rent money back into your Australian bank account???
Which bank in the USA are you with??
We ended up using Wachovia. So far so good. Although I notice they will slug me $40 everytime I transfer money out internationally.
More bloody research……………….The best that I know of for transferring funds is Oanda. They are a very reputable firm that has been trading for more than 10 years.
http://fxglobaltransfer.oanda.com/biggaz13,
Yes Ozforex are definitely an option to transfer back. How did you find their rates coming back from USA compared to the banks? It was excellent transferring to the USA.
mattnz,
Thanks for the tip, I will investigate OANDA. How were the rates compared to the banks?
Anybody else have any suggestions it would be gratefully welcomed
We are in the process of setting up a facility for investors in partnership with a company that, at the moment, specialises in handling foreign exchange transactions for sporting people that includes a multi currency bank account ie you can have $US, Pounds etc, whatever you like. The account can be set up from Australia, comes with a visa debit card attached so you can start building a credit history overseas, and all exchanges will be done at the interbank rate with a small margin and no fees.
To give people a snapshot of the cost difference between using this service and a bank I'll put below a real life exchange differential (this is a past transaction and obviously there have been movements in exchange rates, but the differential is important):
Bank Exchange to $US to $AU rate 1.0341 compared to 1.016
Please note my company won't be making any money or charging anything for this service, we will simply be facilitating transactions by passing through qualified leads to the licensed foreign exchange company, who operate under an AFSL and so are are regulated by the Australian Securities and Investment Commission (ASIC).
We can assist people already if anyone has an urgent need, but you will have to inquire through our office by ohone or email as we haven't set up an automated enquiry system, which we will have in future.
Let me make it quite clear that there is no financial benefit to me or my business in offering this service, at the moment, this may change in future but for now it is simply a value add for our own client base, but i am happy to extend it to the propertyinvesting.com community as I'm keen to give this company a volume of business so they will stay interested in the concept. They are far less expensive than any other service provider i have come accross, big or small.
Anybody who is interested need just email me preferred contact details to [email protected] and I will pass them on to a foreign exchange expert to provide you with more information directly.
Regards
Alistair
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