Any difference in fees/charges between transferring AUD from overseas to CBA vs ING ?
Does different bank charge for receiving AUD from international transaction ?
Also possible charges on inter-bank fees?
Will the money get routed from O/S to big banks like CBA (who charge interbank fees) then only to destination bank eg. ING ?
Thanks.
Haven't actually convert to AUD. But i can't find any service that does MYR to AUD.
I'm looking to convert into aud$100k
Apart from wire transfer, the only alternative that i can think of is to create Citi account in MY and transfer direct to Citi plus account but with 10k limit.
Which service did you try? What was the reason they don't support MYR?
Check out ozforez or worldfirst, both have MYR on the public website.
You'll probably get a better rate with a FX broker, than with a bank.
i've checked all - ofx, worldfirst, transferwise, currencyfair, ingforex ..
none of them offer to do MYR to AUD.
those currency converter/calculator are just for show.
https://www.ofx.com/en-au/send-money/malaysia/
I know that's about sending money … Did you phone them up? What did they say?
MYR to AUD mate.
Not sure why i should phone them up to ask why they put such a statement below on their website. Makes no sense to ask them when they've made it so clear they don't offer such service ?
"Unfortunately, OFX is unable to facilitate international money transfers from MYR to AUD."
MYR to AUD mate.
I know - I said the link was about sending money to Malaysia.
Not sure why i should phone them up to ask why they put such a statement below on their website.
They should be able to tell you if there's a general restriction on sending MYR via a broker. They might also be able to suggest another broker who can help.
If there is a restriction on it … you might be stuck with the banks, but at least you'd know.
For that much of amount, maybe a better way is to use bank cheque. hSBC malaysia does that for RM2 per cheque as far as I remember. Wire such a big amount might attract attention on both sides of bank.
Otherwise, you can do small batches using transferwise. Been using them for a while and they are quite fast in transfer.
transferwise do MYR to AUD ?
not shown on their website though.
as for bank cheque, by post or bring in person ? does it cause issue with immigration/custom on the way in as you've to declare anything over 10k ?
For that much of amount, maybe a better way is to use bank cheque.
Foreign cheques are difficult to cash in Australia and you'll get a crappy exchange rate.
Wire such a big amount might attract attention on both sides of bank.
It's no different to cashing a foreign cheque. If the funds aren't proceeds of crime/money laundering, etc you shouldn't have anything to worry about.
100k AUD isn't a large amount. Trillions of dollars are wired around the world every day.
transferwise do MYR to AUD ?
Not sure about transferwise, but other brokers might not list it on their website or have real-time quotes. You might need to phone them up to see what they can do.
as for bank cheque, by post or bring in person ?
Don't waste your time with a cheque, if you can wire it.
does it cause issue with immigration/custom on the way in as you've to declare anything over 10k ?
The 10k limit is for cash/gold bullion. Cheques are not cash. There's no issues with bringing in more than 10k cash, you just need to declare it. As long as the money isn't a proceed of crime, you'll be fine.
Cba fees, https://www.commbank.com.au/personal/international/transfer-…. For incoming IMT, go to the bottom of the pages
If you're doing a wire transfer between 2 banks in different countries (even if there's no currency conversion), it's a safe bet that there's be an intermediary charge.
I have done a reasonable number of telegraphic transfer between US, Malaysia, and Australia. All of them consist of 2 charges, outward remittance fee (charged by bank of origins), and inward remittance fee (charged of the receiver). There will be no intermediary bank charge as far as i know.
There's lots of variables here - what currency are you sending/receiving, what banks are you using for sending or receiving. There's even options to charge the intermediary fees back to the sender …
Difficult to comment on how you were able to transfer funds without an intermediary charge.
@sp00ker:
Have you performed wire transfer before? Which bank are you using that needs intermediary charges?
Yes - lots, eg Suppose you want to receive USD into a Westpac account, Westpac's intermediary has a charge. Suppose you want to wire USD from Westpac to Bank of America, Westpac's intermediary has a charge.
Which banks have you done wire transfers with, without an intermediary? The only exception I can think of is if you use a tier 1 bank on both sides (eg JP morgan, Citibank, HSBC).
@sp00ker:
For my case, JP Morgan from US to HSBC Malaysia. HSBC Malaysia to CBA. CBA to JP … and vice versa.
But now, I am just using TransferWise. TransferWise gives better rate. Using bank only if I need to do large amount as TW's 0.7% fee can be quite big when make a big amount of tranfer.
For my case, JP Morgan from US to HSBC Malaysia. HSBC Malaysia to CBA. CBA to JP … and vice versa.
Yeah - Tier 1 intuitions, as I thought. I'm just guessing, but if you did CBA to Bank of America or CBA to Citibank, JP would probably be the intermediary and they would take off a fee. Similarly if you did Maybank to CBA, HSBC would be an intermediary and take off a fee.
Using bank only if I need to do large amount as TW's 0.7% fee can be quite big when make a big amount of tranfer.
I thought the bank FX rates would be notoriously bad, compared to TW fee of 0.7% … I've never had a bank quote a 0.7% spread on a fx deal? Maybe I'm just transferring small amounts, compared to you.
Impossible to know, unless you have a friend in the international payment department at these banks. It depends on the sending bank and the relationship each bank has with the sending bank and whether they need to use intermediaries.
The receiving bank will only list the fees they charge, not the intermediary fees. They wont even tell you which intermediaries might be used for a particular transfer or what the fees might be or give you an invoice for the intermediary fees (which is probably illegal).
How are you holding AUD overseas? If you haven't converted it to AUD yet, use a service like xe, worldfirst, ozforex, transfer wise … you'll get a better rate and more certainty over the wire fees.