SG Savings to OZ

manofsteel

<blockquote rel="TasBurrfoot">Grabe naman nawawala... Don't think this is true though.

Nawawala ang transaction for a reason and one of which is an incorrect payment instruction.</blockquote>

from a reliable source who worked for the company and have tried to resolved numerous issues on similar trans, could be one or two from a thousand transactions, but i'd say better safe than sorry mate!

whichever case, i wouldn't entrust my breads on such flaws.. kaya hanap na lang ng ibang options, hehe

manofsteel

<blockquote rel="cholle">@manofsteel from what I understand ANZ won't charge, rather it's the remitting bank (in my case, OCBC and DBS) who will impose charges for TT's done via internet banking. Hindi ba ganito naman usually?</blockquote>

i thought you were opening an account in SG and another in AU, para online transfer na lang. kaya i asked that question 🙂

cholle

@manofsteel ah hehe nope, Australian ANZ account na so I can start transferring money before I move in a few months 🙂

manofsteel

<blockquote rel="cholle">@manofsteel ah hehe nope, Australian ANZ account na so I can start transferring money before I move in a few months 🙂</blockquote>

oic. ok, just be mindful of the monthly A$5 fee if you dont deposit A$2k every month. wala ako makita sa site nila na waived yan for the 1st year sa migrants, like with Westpac

cholle

@manofsteel for the everyday account, the service fee is waived for the first 12 months for online applications, which is what I did

http://www.movingtoaustralia.anz.com/english/australian-accounts-asia.html?sourcecode_1=BTM003

manofsteel

@cholle thanks for that info. halos same lang tlga ng westpac. except mas mabilis yata ang ANZ magreply. yun sa westpac kse niopen online eh nicreate lang nila acct after 3 days then wala na feedback sa further queries ko.

cholle

@manofsteel mas maganda rin ang website ng westpac. Hehe. Yung saver account bonus interest rates nila magkaiba rin. Sa ANZ 3.6% pa for the first four months if you open by this week, westpac is 4% pa for the first three months lang ata. Both revert to 2.5% variable after the promo rate period. Also visa debit yung kasama sa anz, mastercard sa westpac. Not that it matters that much but I kinda prefer visa hehe.

Tinawagan na ako ni ANZ, naaccess ko na yung internet banking ko ngayon. Not bad!

manofsteel

@cholle oks na yan ANZ, at least may ANZ Sg branch din.. baka sakali nagooffer sila ng direct transfer lang if you have accounts on both locations, hehe.

I did a simple comparison among these big4 banks on their transaction/migrant accts in terms of fees, standard int rates, internet and mobile banking access, 'was surprised to see Westpac came last. Eh sya pa nman niopen ko una, haha.

bookworm

@manofsteel Can you share that comparison chart? 🙂 thank you!

manofsteel

Hi @bookworm, please see attached. Please note na based lang yan sa nagather ko info from the net, I may have missed some info kaya better double check nyo rin, but I'm good with these na din.. to help decide lang naman which ones to open (apart from citi, haha!) before flying down under.

dhey_almighty

pwede pala magapply ng bank account online sa ANZ...hehe... :-)

atchino

If you are looking for high interest rate.. I would suggest looking for online savings account.

I've been with Ubank for several years now. Wala naman major issues.

Currently earning around 4.17% interest p.a. as of this writing yung savings account nila.

The link below was in 2012. They have 5.17% interest at that time. Now they offer around 4.17% which is the highest among other banks.

<a href="http://yzzymae.blogspot.com.au/2012/08/ubank-usaver-online-account-571.html">yzzymae.blogspot.com.au/2012/08/ubank-usaver-online-account-571.html</a>

Hassle kasi yung sa big 4 banks na may honeymoon period. After matapos honeymoon period rate nila biglang bba yung rate. Minsan makakalimutan mo na.

Personal opinion/suggestion, once you move your money to Austrlaia.... transfer nyo sa UBank or other online savings account that has better rates.

Online banking has no branches but accessible yung money using ATM machines.

Ubank is backed by NAB. Affiliate sila ng NAB and insurured din ang money mo in case na ma bankrupt. You can use NAB ATM machine without fees.

czha

@tartakobsky hi ..ung pay2home mo online lang lahat? nag register ako sa kanila ..tapos send n lang through dbs account? mukhang mas ok sya

tartakobsky

@czha hi, noong nasa SG pa po ako, after ng register, need to go the branch para sa identity check. Once lang po, after nun online napo lahat ng transactions.

bookworm

@manofsteel salamat! makakatulong din eto.

cholle

@manofsteel ayos yung table mo! Yung sa ANZ ko pala, sabi sa akin yung Visa Debit Card ko will be ready for pick up na when I arrive. Weird nga eh kasi akala ko subject to identity verification pa yun. Nung tumawag yung girl sa akin about my account pinapili na niya ako ng kulay ng card sa phone eh hehe

@dhey_almighty yup, sobrang convenient na pwedeng online na. Joke nga sa akin nung isang friend ko nagbukas raw sya ng bank account na hindi man lang bumabangon sa kama. Haha! Technology rocks 😃 Within the same week may account numbers na kami, pwede na rin mag-online transfer

@atchino uy okay yan ah. Sayang, kabubukas ko lang ng account hehe. Pero kung mukhang okay nga baka maglagay rin kami diyan

Yung question ko pala na hindi ko pa masyadong naresearch is: nung nag-open na ako ng account, may nabasa ako na since wala pa akong TFN, yung interest on monies in my online saver will be subject to the max tax rate for non-residents. Hindi ko lang sigurado kung ang rate is 10%, may nakita rin ako na 40% daw. I'm a bit confused. I'm assuming it applies to all bank accounts na earning interest. Can anyone enlighten us on this?

atchino

Individual income tax rate:

https://www.ato.gov.au/rates/individual-income-tax-rates/

If you do not specify your TFN, automatic na deduct kaagad ng bank yung tax.

Once you provided the TFN, hindi na nila deduct yung tax. You will declare your income during tax filing and it depends on which bracket you fall for the corresponding tax rate.

Income corresponding to their tax rates are in the ATO link above.

TFN takes about 4weeks yata.

Check mo kung pwede ka na apply ng TFN 1 month before your arrival in Australia, tpos pa deliver mo na lang sa address ng kakilala mo.

manofsteel

@cholle ganyan din sinabi sakin nun tumawag na banker. You will still be subject to identity verification before they release that debit card. Stamped passport lang naman ipapakita kaya most likely maibbgay din syo yun card 🙂

cholle

Thanks @atchino, but I was referring to taxes on interests earned e.g. from accounts, other investments.

TasBurrfoot

<blockquote rel="cholle">Thanks @atchino, but I was referring to taxes on interests earned e.g. from accounts, other investments. </blockquote>

They deducted roughly 10% sa amin prior to getting a TFN.

Pero it does not matter naman coz at the end of the financial year; your earnings from interest (plus the already deducted tax due to not supplying of TFN as part of tax deduction) and your salary and whatever lines you can add to your tax return, these will all be added up and this will determin how much tax you are liable to the Australian Gov't.

Hope this helps.

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