Getting money back from Overseas

Discussion in 'Money Management' started by smallbuyer, 26th Jul, 2018.

Join Australia's most dynamic and respected property investment community
  1. smallbuyer

    smallbuyer Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    196
    Location:
    WA
    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
     
  2. Zenith Chaos

    Zenith Chaos Well-Known Member

    Joined:
    10th Jul, 2015
    Posts:
    990
    Location:
    Sydney
    Wall through customs dressed like Mr T.
     
  3. Terry_w

    Terry_w Mortgage broker licenced 4 tax/legal advice Business Member

    Joined:
    18th Jun, 2015
    Posts:
    19,987
    Location:
    Remote
  4. smallbuyer

    smallbuyer Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    196
    Location:
    WA
    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
     
  5. Ouga

    Ouga Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    721
    Location:
    "Trying is the first step towards failure" Homer
    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.
     
    JacM likes this.
  6. smallbuyer

    smallbuyer Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    196
    Location:
    WA
    cheers worth looking into
     
  7. Ouga

    Ouga Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    721
    Location:
    "Trying is the first step towards failure" Homer
    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.
     
  8. Hodor

    Hodor Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,693
    Location:
    Homeless
    Can you do an off market transfer of the shares to an Australian broker? No idea if it's possible or not.
     
  9. val

    val Well-Known Member

    Joined:
    16th Feb, 2018
    Posts:
    83
    Location:
    .
    CBA don't have foreign currency accounts
     
  10. Ouga

    Ouga Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    721
    Location:
    "Trying is the first step towards failure" Homer
    Completely incorrect!
     
  11. Ouga

    Ouga Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    721
    Location:
    "Trying is the first step towards failure" Homer
  12. Ouga

    Ouga Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    721
    Location:
    "Trying is the first step towards failure" Homer
    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
     
  13. Ouga

    Ouga Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    721
    Location:
    "Trying is the first step towards failure" Homer
  14. smallbuyer

    smallbuyer Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    196
    Location:
    WA
    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.
     
  15. Befuddled

    Befuddled Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    384
    Location:
    Sydney