The problem is that when you start talking to Australians you have to understand the concept of grown adults who have never, not once written a check/cheque because they just no longer exist.
I drive in my car, walk into bank, wait in a line/queue 45 minutes, fill in a deposit slip that had to be printed, I deposit a check that had to be printed somewhere from a 3rd party bank. The teller earning $15 an hour takes that check and you need to endorse it with a pen that had to be bought (interestingly you don’t write NOT NEGOTIABLE… So in theory endorsable to anyone) on the check/cheque. She then submits this check, you wait 24-48 hours for the elves to clear it…and confirm using all those numbers at the bottom of the manual check which identify BAnk and Routing number (BSB/Branch) that the 3rd party has the funds and then you have cleared money. THOSE NUMBERS ARE A FLIPPING ELECTRONIC transfer….. That check isn’t mailed anywhre.. At the end of the line, ultimately those numbers mean the same here as in Oz…
In Oz,
I log on online, enter the account/ BSB numbers that used to be on the bottom of the checks that I have to buy in the US and for free the money is transferred.I normally err on “not right, not wrong just different” but the problem begins when you take uninitiated from Oz, with zero clue, they think that they can transfer money in and out of accounts via the Internet from the comfort of home only to realize…..OOOOOPS, I have 10k in the US and short of xe.com and a beloved bank manager, I literally can’t touch those funds…. BUT THEY ARE MINE… What the?? You earn funds in the US but without a power of attorney, unless you have pre signed a million wire transfer forms, the chances are, you can not physically do anything with any amount over 2k unless you are literally here in the States sitting in front of them,….Some exceptions etc.
It makes it very very different and while you adjust quickly, I can honestly say that it causes no end of difficulties…and $30 wire fee, and $30 wire fee and kerching…
And bill pay in the US COSTS..,, and it means your bank physically cuts a check themselves, physically shoves it in an envelope to be physically mailed each day to another bank that then reads all the little numbers off the bottom of the cheque and ultimately does an electronic transfer of the funds ??.
Yes, here in the US we all know our local branch manager….and I must say I like it.. Very 1950’s etc. In Oz, I entered a branch literally once in 5 years…Here, I know their family, they deal with my problems… You have a personal banker, get sweets… In Oz??? I would be lucky to know where a branch is other than for an ATM!
HAPPY NEW YEAR… Although we here stateside have 24 hours to go…
My next reincarnation is to open a bank….
The four Big Banks here in Australia had started closing down their Branches 8 years ago……
One Bank here ING Direct (not sure if you call it a bank because it doesn't have an office)….all transactions are done online (e.g., opening Every Day saving online, BPAY online so on and so forth).
Foreigh investors investing the US should not complain because that how it is in the US. You just got to accept the reality….Americans are used to it, foreign investors should adopt to it. IF You don't like it, sell your bloody investment properties and move out of the country and head back down under…..problem solved.
There are so much money to be made in investing and ZERO in complaining……STOP bloody whinging and get on with the investing.!!!!!!!!!!!!!!!!!!!
No offence to anyone….Happy New Year.
Just FYI,,, When and if I ever have an Aussie invest in our Note program I have made arrangements with my local commercial bank to send ACH ( thats our version of wire payments that are free) to our investors. This is what we do with our US clients, and I did just get an investor from Kuala Lampor, although she already had a US LLC set up so her ACH goes to that account on the 15th each and every month . Same payment never varies never a cash call never a call from a PM… Sweet deal..
Also my bank charges 15 dollars for wires not 30. And there is never anyone in line at my bank…. Small home town commercial banks are where its at in the states. You walk in the The branch manager walks out shakes your hand you have a cup of Joe shoot the breeze, talk about your business with them….All very civil and social.
I would never bank at a large face less institution…. Ya know when you have a customer service issue they send you to a little phone and you talk to someone in a call center.
I used to have pretty significant lines of credit with Wells Fargo Multi 7 figure, I went to buy a work van for the company and got turned down for an auto loan. Different department approves those. So there I am with a Huge credit line of which 500k was unsecured. And they will not approve me for a 30k vehicle loan. I soon left that bank and never looked back that was 15 years ago. Small bank Large service.
emma171 wrote:The problem is that when you start talking to Australians you have to understand the concept of grown adults who have never, not once written a check/cheque because they just no longer exist. I drive in my car, walk into bank, wait in a line/queue 45 minutes, fill in a deposit slip that had to be printed, I deposit a check that had to be printed somewhere from a 3rd party bank. The teller earning $15 an hour takes that check and you need to endorse it with a pen that had to be bought (interestingly you don't write NOT NEGOTIABLE… So in theory endorsable to anyone) on the check/cheque. She then submits this check, you wait 24-48 hours for the elves to clear it…and confirm using all those numbers at the bottom of the manual check which identify BAnk and Routing number (BSB/Branch) that the 3rd party has the funds and then you have cleared money. THOSE NUMBERS ARE A FLIPPING ELECTRONIC transfer….. That check isn't mailed anywhre.. At the end of the line, ultimately those numbers mean the same here as in Oz… In Oz, I log on online, enter the account/ BSB numbers that used to be on the bottom of the checks that I have to buy in the US and for free the money is transferred. I normally err on "not right, not wrong just different" but the problem begins when you take uninitiated from Oz, with zero clue, they think that they can transfer money in and out of accounts via the Internet from the comfort of home only to realize…..OOOOOPS, I have 10k in the US and short of xe.com and a beloved bank manager, I literally can't touch those funds…. BUT THEY ARE MINE… What the?? You earn funds in the US but without a power of attorney, unless you have pre signed a million wire transfer forms, the chances are, you can not physically do anything with any amount over 2k unless you are literally here in the States sitting in front of them,….Some exceptions etc. It makes it very very different and while you adjust quickly, I can honestly say that it causes no end of difficulties…and $30 wire fee, and $30 wire fee and kerching… And bill pay in the US COSTS..,, and it means your bank physically cuts a check themselves, physically shoves it in an envelope to be physically mailed each day to another bank that then reads all the little numbers off the bottom of the cheque and ultimately does an electronic transfer of the funds ??. Yes, here in the US we all know our local branch manager….and I must say I like it.. Very 1950's etc. In Oz, I entered a branch literally once in 5 years…Here, I know their family, they deal with my problems… You have a personal banker, get sweets… In Oz??? I would be lucky to know where a branch is other than for an ATM! HAPPY NEW YEAR… Although we here stateside have 24 hours to go… My next reincarnation is to open a bank….Some how it all works out in the end ..Sure likes and dislikes but heck that is life…
Just my two cents..
Oh I do take my favorite banker to a foot ball game ( USA foot ball ) LOL sorry I know bit a difference their.Every time the Washington Redskins come to town.So no I don't go tot he bank but keep Mr. Banker high on my list of people.To always email , call or touch base with….
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