Australian Banks - where do you put your money?

issa · January 2013

Hi Guys. Saan po mas mataas rate magpalit to AUD from USD or PhP? Pilipinas or OZ?
Parang nakikita ko po kasi ang mahal sa OZ ng palitan ng PhP to AUD. Pwede din kaya dito sa Pilipinas magpapalit ng USD to AUD? Thanks po.

mahirap makahanap ng moneychanger na nagpapalit to AUD, its either wala silang reserve or sobrang mahal naman. I got mine from HSBC, maliit lang difference, mababa lang yung benta nila.

bmc_cpu · January 2013

@issa Thanks for the info. Naku, wala yatang hsbc sa amin, nasa province ksi ako. Yung mga major banks kaya like BDO, BPI, Metrobank, etc? nakapagtry ka ba dati?

LokiJr · January 2013

Diba BPI nagpapalit ng AUD dito? Ang alam ko lang kelangan mo muna sila tawagan...at sa head office yun.

issa · January 2013

Diba BPI nagpapalit ng AUD dito? Ang alam ko lang kelangan mo muna sila tawagan...at sa head office yun.

mataas masyado sa BPI, 44+ pesos nung last time na nagtanong ako sa kanila eh nasa 42 pesos lang Peso to AUD nun time na yun, hassle pa kasi may oras pa yung pagtawag sa kanila at sa head office pa dapat kaya i opted to go to HSBC.

LokiJr · January 2013

Ano po rates at terms pag HSBC? I had the perception na mas magiging 'flexible' ang mga local banks natin kesa sa mga MNC's hehe

bmc_cpu · January 2013

Nakapagpalit na po ako ng AUD dito sa local forex namin, 43.1 po palitan. Btw, saan po kaya sa Sydney merong magandang rates ng USD to AUD?

rbolante · January 2013

i got mine from czarina at 43.18. wala na akong nakitang mas bababa pa dito. sa sanrys 43.5 anlayo ng difference.

LokiJr · January 2013

uy boss @rbolante masaya ba diyan? hehe

issa · January 2013

Ano po rates at terms pag HSBC? I had the perception na mas magiging 'flexible' ang mga local banks natin kesa sa mga MNC's hehe

Nung time na nagpapalit ako 43.17, nasa 42.90 yung palitan that time so di na rin masama. wala naman ibang terms basta nagtanong lang kung magkano kelangan ko at purpose bakit nagpapapalit ako tapos ayun check nila kung may account ako sa kanila.

wenzhel · March 2013

@JClem Hi, ask ko lang nung nag-open kayo ng account sa NAB which option did you choose, i mean what type of account? Mas ok kc yung me atm...Thank you

hotshot · March 2013

@wenzhel : sa NAB din ako nag-open ng account bago pumunta ng oz. NAB Classic ang inopen kong account. pero pagdating namin ng oz at pumunta sa NAB branch for verification, it turns out na dalawa ang inopen na account ng NAB: Classic and iSaver.

may ATM yung Classic account tapos yung iSaver ay online account lang talaga.

hanzyboy · March 2013

same as hotshot nung una ko din dating sa NAB din ako nagbukas dahil sa no charges nila, since wala pa naman ako pumapasok na pera and sayang din kung mababawasan yun pera mo sa bank because of monthly fees.

hotshot · March 2013

@hanzyboy : san bank ka na lumipat?

wenzhel · March 2013

@hotshot ah ganon ba...isa lang nmn ang option dun sa NAB account opening pag mag-open ka before arriving to OZ...ala akong nakita na reference # nung matapos yung processing nung account application ko...thank you message lng then sabi e in 2 weeks time e send daw nila through email yung accnt #...ganon din ba sa inyo? before arriving ba sa OZ e nagdeposit na kayo ng pera nyo s accnt, pano through western Union b?

out of topic tong tanong ko, mahigpit ba ang OZ immigration sa pagdadala ng medicines...diabetic kc ako so i have to bring my maintenance with me..although yung stocks ko nmn e lagay ko sa check-in baggage ko...

hotshot · March 2013

@hotshot ah ganon ba...isa lang nmn ang option dun sa NAB account opening pag mag-open ka before arriving to OZ...ala akong nakita na reference # nung matapos yung processing nung account application ko...thank you message lng then sabi e in 2 weeks time e send daw nila through email yung accnt #...ganon din ba sa inyo? before arriving ba sa OZ e nagdeposit na kayo ng pera nyo s accnt, pano through western Union b?

out of topic tong tanong ko, mahigpit ba ang OZ immigration sa pagdadala ng medicines...diabetic kc ako so i have to bring my maintenance with me..although yung stocks ko nmn e lagay ko sa check-in baggage ko...

parang ganun din. pero mga after 2 days dumating na email nila with my account number information.

wenzhel · March 2013

@hotshot bilis naman..sana ako din within the week e mag-email na cla...Tuesday kc ako ng apply e...plan ko kc ideposit na yung ibang cash para diko dala lahat...safe ba yung magdeposit ka kagad kahit ala ka pa jan sa OZ?

hotshot · March 2013

@wenzhel : safe naman kasi wala naman makaka-withdraw ng pera sa account unless magpakita ka na sa branch nila for verification.

LokiJr · March 2013

Pag nagbukas kayo ng account sa Pinas kunwari ANZ pero supposedly yung account na yun para sa pagmigrate mo sa Australia, aling deposit rate susundin? Yung sa Pinas o sa Australia?

hotshot · March 2013

@LokiJr : ano po yung deposit rate? exchange rate ba?

TasBurrfoot · March 2013

@LokiJr : ano po yung deposit rate? exchange rate ba?

interest rate ata ang sinasabi ni bossing...

TasBurrfoot · March 2013

Pag nagbukas kayo ng account sa Pinas kunwari ANZ pero supposedly yung account na yun para sa pagmigrate mo sa Australia, aling deposit rate susundin? Yung sa Pinas o sa Australia?

If that was the account opened in their Philippine Branch operation, interest rate to be followed are the rates published for the PH operations...

Likewise if that account was opened in their Australian Branches, the interest rates to be followed are the rates published for their AU operations.

LokiJr · March 2013

@psychoboy, umm..yeah...I'm just making a slight distinction (bank's interest rate vs. country interest rate) hehe

Thanks! hehe So mukhang parang wala talagang advantage magbukas ng account habang nasa Pinas

wenzhel · March 2013

@hotshot ah ok...initial plan ko kc e bumili ng traveler's cheque dito sa Dubai kaso ala ako makita dito kaya deposit ko na lang cguro 60% nung baon ko then handcarry ko na yun iba...ayoko lang kc magkaproblema pag nagdeposit ako konti na nga lang baon ko e mawawala pa kung di safe yung magdeposit sa NAB bank account..deposit ko yung pera by wire transfer through a local money exchange company here in Dubai...

nagdeposit ka rin ba prior arrival to OZ? How?

hotshot · March 2013

@hotshot ah ok...initial plan ko kc e bumili ng traveler's cheque dito sa Dubai kaso ala ako makita dito kaya deposit ko na lang cguro 60% nung baon ko then handcarry ko na yun iba...ayoko lang kc magkaproblema pag nagdeposit ako konti na nga lang baon ko e mawawala pa kung di safe yung magdeposit sa NAB bank account..deposit ko yung pera by wire transfer through a local money exchange company here in Dubai...

nagdeposit ka rin ba prior arrival to OZ? How?

not me, technically. someone owed me money so pinadeposit ko na lang sa NAB account ko. hehehe
pero safe po yan. after mo mag-wire, pwede mo iemail yung assigned na NAB banker syo if magkano ang pumasok na money sa account mo.

TasBurrfoot · March 2013

@psychoboy, umm..yeah...I'm just making a slight distinction (bank's interest rate vs. country interest rate) hehe

Thanks! hehe So mukhang parang wala talagang advantage magbukas ng account habang nasa Pinas

@LokiJr - actually may advantage boss; kasi kami we used to be SG based and below 0.05% ang interest rate there. So what we did was, we opened an onshore account with Commonwealth and remitted most of our savings there where it is earning 4.6% per annum... we did this prior to our move ha.

when we arrive in australia next month, we will just activate our account there and we can be able to access our monies deposited beforehand.

li_i_ren · March 2013

@wenzhel just do bank to bank. Never use western union unless you can personally monitor saan papunta pera mu or you will be on the receiving end.

Mas better bank to bank. Exchange rate depende sa sending na bank. Kunti lng difference.

LokiJr · March 2013

@psychoboy, hmm very interesting. so it's possible to open an account in Australia kahit wala ka pa dun? Would you need to show a visa?

TasBurrfoot · March 2013

@psychoboy, hmm very interesting. so it's possible to open an account in Australia kahit wala ka pa dun? Would you need to show a visa?

a lot of people are doing this...

you show your visa upon arrival in order to activate your account - when you open initially from offshore, you cannot touch the money you have deposited. ang magagawa mo lang is magdagdag ng pera sa account na iyon.

li_i_ren · March 2013

@LokiJr another option is open the account once you are here but before u leave pinas.. Leave instructions with your bank to wire ur money to ur account. U just need to sign some authorization letters to do this.

This way at least u can choose banks while here, see which one is nearest to u or has better offers. Also like me, i opted for the bank where our company deposits our salary and waived nila ung monthly fees. I still had money left in nz and pinas... After i opened my accounts here, i called and emailed an authorization letter to my previous banks and had the money transferred to my account in au. Sa pinas case, i already left instruction to the bank manager and signed some papers to close my account beforehand so all i needed was to provide them with the swift codes and account details.

It was in the next day as long as within the banking hours and weekdays.

Ren · March 2013

@LokiJr

Here in adelaide, I prefer CBA since madaming ATM.
$2,000 a month is attainable from someone who is working and since naka connect naman from your payroll. So the chance of $5 deduction is pretty rare.

regarding Term deposit at Commonwealth Bank, $10,000 for 3 months = $3.9% p a