Getting money back from Overseas

Bit off topic but I know people on PC are experienced investors J Ive ended up (due to a corporate takeover) with US shares in company through Computershare US. Any have any clever idea about getting the funds back if I want to sell so I can avoid bank exchange fees that maybe 5-10%? I dont have a Us bank account so i cant just put the money their then transfer via Ozfx or similar services.

Cheers

 

Wall through customs dressed like Mr T.

 

I use Hifx.
Currency Exchange, Foreign Exchange & Money Transfers | HiFX Pty Ltd

rates much better than banks.

 

Thanks for your replies. The tricky part seems to be getting the money from the US broker to the discount currency exchange that offer great rates (OFX, HiFX etc). Seems the broker will only send to a US account in your name (no easy to open i believe). Anyone got any other ideas?
Given how much the normal banks charge almost cheaper to fly to the US and pick it up Although then where do you deposit it to convert it? I imagine you cant just turn up to HiFX with a wad of cash
Cheers

 

Would it perhaps be easier of you first brought the money back to Australia in a foreign currency account?
You could open say a USD or EUR account with say CBA and send the money from overseas to that account - no rate involved here as you still hold foreign currency.
Then perhaps easier to then send it to OFX or whoever for the conversion from CBA?
I have not done it, so not sure how OFX etc have it happen.

 

cheers worth looking into

 

Let us know how you go, curious to find out what is the best way to go about utilising the better rate of the non bank providers.

 

Can you do an off market transfer of the shares to an Australian broker? No idea if it's possible or not.

 

CBA don't have foreign currency accounts

 

Completely incorrect!

 

Foreign Currency Account – CommBank

 

Contacted OFX out of curiosity:

Question:

Hi there, I hold foreign currency in Australia in my personal foreign currency account. Am I able to use OFX to transfer/convert this to AUD?


Reply:

Hi ,


Thank you for your email.


As long as the foreign currency account is held in your name we would be able to book a deal to convert that to AUD.


Kind regards,


Looks like it’ll work

 

@smallbuyer - have you made any progress on this?

 

Been looking for the right account, found some hidden landmines. Eg HSBC seems to charge a fee of 0.25% if you transfer money out of the account without converting it with HSBC, other slike CBA seem to have monthly account fees while others like NAB charge quite high fees for transfering and receiving money. Im not in a rush to still hunting for the ideal account, if anyone has any ideas.

 

What about this?

Citi Global Currency Account $0 Per Month Local or International Plus 10 Currencies in 1 Account