SG Savings to OZ

TasBurrfoot · August 2013

Hi @TasBurrfoot thank you sa prompt reply.

Nag online application na ako sa CBA (Commonwealth Bank of Australia).
So, okay lang ba na sa Citibank SG na lang, then pagdating sa AU, withdraw ko ung amount and then deposit ko sa CBA?

Sa way na ito, convenient, minimal charges and less deductions, tama ba?

Withdraw as physically withdraw the cash sa atm?

For me this is not convenient... It is hard to bring a lot of money here in Australia (I never go around with more than $50 unless necessary). Added to the fact that you will still be subject to withdrawal fee (which can be significantly higher as you are doing this overseas with respect to your account being Citibank SG. And yeah, there is a limit as to how much you can withdraw per day; Say for instance may $20,000 ka; this will probably take a wk of withdrawing and depositing.

Too much hassle as far as I know...

rylynn · September 2013

@TasBurrfoot hi po sir! how many months before you arrived to Au when you open the account?
Kasi sa Mar2014 pa namin balak lumipat pero as soon as possible we would like to remit our money to Au Bank account 1. because SGD quite good rates in the market 2. as you mentioned so the money will start incurring interest.

Ano po ba account na open nyo po? Nagreply kasi Migrant Bank Officer ng CommonWealth Bank sabi we will be arriving March 2014 so they will contact us Jan 2014 ~3 months before the arrival . The reasons given was we do not want unnecessary fees to be imposed. Bago po ako magreply ask ko lang ano po account na i-open nyo at paano nyo nanegotiate yung rates.

Thanks a lot!

TasBurrfoot · September 2013

@TasBurrfoot hi po sir! how many months before you arrived to Au when you open the account?
Kasi sa Mar2014 pa namin balak lumipat pero as soon as possible we would like to remit our money to Au Bank account 1. because SGD quite good rates in the market 2. as you mentioned so the money will start incurring interest.

Ano po ba account na open nyo po? Nagreply kasi Migrant Bank Officer ng CommonWealth Bank sabi we will be arriving March 2014 so they will contact us Jan 2014 ~3 months before the arrival . The reasons given was we do not want unnecessary fees to be imposed. Bago po ako magreply ask ko lang ano po account na i-open nyo at paano nyo nanegotiate yung rates.

Thanks a lot!

We arrived April and we opened our accounts november last yr upon receiving our PR visa...

You cannot negotiate for the rates as fixed ito. We opened the goal saver account of CommBank.

packerx · September 2013

To share what I did.

1. Created an account with www.pay2home.com in SG
2. Opened a bank account in Aus with Commonwealth
3. Changed the registered number with www.pay2home.com online to an Aus mobile number
4. Used pay2home from Aus to transfer to my bank account in Aus - 20 aud ang transaction fee and the rates were good

meehmooh · October 2013

@packerx ... ask po if pay2home.com is open to any banks here in SG..? Correct me if Im wrong, nasa Au na po kayo ng itransfer nyo ang money nyo from Sg? Thanks.

GoodLuckAU · November 2013

@packerx Try ko to. Mukhang ayus 'to - flat rate lang and ayus na ayus ang exchange rate. :-bd

Salamat sa pag-share! \:D/

rei_ya · November 2013

@emmy helo po! kumusta na!

so, pano nyo na transfer ang savings fr SG to Oz? Parang sa mga nbsa ko convenient nga ang Citibank.

Sa NAB at CBA, once transferred fr SG to Oz, you dont have control over the account until u arrive in Oz. May risk factor. Plus the transfer fee pa. (sa NAB, for SGD20k, may SGD200 agad for 3rd party 1% fee+ other fees)

Sa Citibank, wlang control issue. wlang transfer fee. Conversion from SGD to AUD lang ang issue. Tama po ba? And how do I open a Citibank Oz account, online po ba or any SG branch?

TIA!

TasBurrfoot · November 2013

@emmy helo po! kumusta na!

so, pano nyo na transfer ang savings fr SG to Oz? Parang sa mga nbsa ko convenient nga ang Citibank.

Sa NAB at CBA, once transferred fr SG to Oz, you dont have control over the account until u arrive in Oz. May risk factor. Plus the transfer fee pa. (sa NAB, for SGD20k, may SGD200 agad for 3rd party 1% fee+ other fees)

Sa Citibank, wlang control issue. wlang transfer fee. Conversion from SGD to AUD lang ang issue. Tama po ba? And how do I open a Citibank Oz account, online po ba or any SG branch?

TIA!

I don't understand why there is a risk factor involved if you open your account with NAB and CBA; true that you don't have access but I think if I am not mistaken this is applicable to all banks naman eh as they need to ensure your identity prior to giving you full control of your account. This is part of their compliance of the Anti Money-Laundering policies around the world.

We opened our account with NAB and CBA; starting December 2012, paunti unti namin nilipat savings namin to CBA (as it commands a higher interest rate); dahil goal saver kami, monthly nagdadagdag kami ng pera via remittance to maximise the maximum interest rate if you add at least A$200 per month. We never really got to touch our money until we arrived here last April. It was able to grow rin in a way that can never happened had we left it in Singapore lang.

http://www.dbs.com.sg/personal/payments/overseas-funds-transfers/outgoing-transfers/transfer-to-bank-accounts.page

Fees are explained in the above link...

If I am not mistaken A$10 dollars lang before ang handling fee plus the fee of DBS; it is not too bad... But I can assure you, based on experience hindi sya aabot ng S$200 for SGD20K!

TasBurrfoot · November 2013

@psychoboy : magkaiba po ba yung type ng transaction na ginawa nyo compared to what @Pau29 mentioned above?
this is the same...

what was not mentioned there is the charges for agent bank.
i see. so iba pa yung 1/8% sa 1% na charge for the middle bank?
iba yan Sir... yung 1/8% charge is payable to dbs IF you do the transfer via a branch. zero ito kapag via internet.

habang ang agent bank's fee naman is payable to commonwealth bank sa example na binigay ko.

so halimbawa you wire 10k sgd via a branch to NAB, fee will be as below:

30 SGD - wire/cable charge
12.5 SGD - fee for over the countrr processing
100 SGD - agent bank fee

hope this makes it a bit clearer.

Errata... Di aabot ng 1% ang agent bank fee; it just so happen before na I did a test remittance to NAB of A$500; I got a debit of $A5,00 (which is 1% of 500) however fixed amount ito and does not change as per experience irregardless of whether maliit or malaki ang ipadala mo....

rei_ya · November 2013

@TasBurrfoot ah okei.. dun kc ako nalakihan sa 1% na "commission" ni CBA if i do DBS-NAB transfer.

Bka CBA na lng din kmi mag open account. A friend mentioned na ngka hassle sila sa pag activate ng NAB upon arrival, though she didnt specify.

BTW, i checked OCBC vs DBS exchange rate, mas mganda sa DBS kahapon. Ang di ko makita tlga is Citibank rates. anybody who can give link?

rei_ya · November 2013

http://sg.ttrate.com/en_us/

found this link..comparison ng exchange rates ng SG banks..

peterpan07 · November 2013

since my account kme sa citibank we opt to open an account in citibank au. we just dont know the details yet how. maybe we 'll go to the bank one of these days. may nkapgtry npo ba? marami nmn cgurong branch ang citibank sa perth?....

TasBurrfoot · November 2013

since my account kme sa citibank we opt to open an account in citibank au. we just dont know the details yet how. maybe we 'll go to the bank one of these days. may nkapgtry npo ba? marami nmn cgurong branch ang citibank sa perth?....

citibank SG is useless; i asked before and wala sila alam...

if you want citibank, you can probably give citibank Au an email inquiry. be warned though na di marami yung branches nila - i am talking here based on melbourne so it could still be the same in perth.

solidjeff · November 2013

@TasBurrfoot sir, ano ba mas okay na bank sa NSW at Melbourne? NAB po ba?

peterpan07 · November 2013

since my account kme sa citibank we opt to open an account in citibank au. we just dont know the details yet how. maybe we 'll go to the bank one of these days. may nkapgtry npo ba? marami nmn cgurong branch ang citibank sa perth?....
citibank SG is useless; i asked before and wala sila alam...

if you want citibank, you can probably give citibank Au an email inquiry. be warned though na di marami yung branches nila - i am talking here based on melbourne so it could still be the same in perth.

@TasBurrfoot i see.. salamat po sa advice. we'll keep that in mind. pra mkhanap dn ng ibng options just in case nde user-frendly hehe

thanks!

TasBurrfoot · November 2013

@TasBurrfoot sir, ano ba mas okay na bank sa NSW at Melbourne? NAB po ba?

big 4 banks for ATM coverage...

sinli_au · December 2013

@packerx this is what I am thinking also because I have been using pay2home in SG to pay my agent's fee to his ANZ bank account.

You can fundtransfer for free via DBS ibanking to your pay2home.com account. Then pay2home.com will charge you $20 when you execute a bank transfer to ANZ bank.

satara · January 2014

Share ko lang experience ko, it might help someone ...

I opened a Westpac account as it seemed it is the only bank that allows you to check your balance even if you have not reached Australia yet (there might be some other banks, i don't know). Reason being I wanted to have a peace of mind that my money is in my AU bank account before going there coz I don't plan to bring a huge amount of money on my first entry.

A few days after opening the account, somebody from Westpac called me and gave me my customer ID and temporary PIN (which i changed btw after logging in for the 1st time) for internet banking.

So I transferred some amount thru telegraphic transfer sa DBS. After 1 or 2 days, the money was already in my Westpac account. Its one less thing to worry about ...

Gft_SG · March 2014

@satara , check ko lng po if how mAny days bago sila tumawag? I opened a westpac acct online and they emailed me the acct no but they never called. Ayaw ko rin magndeposit unless may access ako online para macheck if pumasok. Looking forward for your reply

tartakobsky · March 2014

@Gft_SG mga 1-2 weeks tatawag yan bossing, nag-open din ako sa westpac, esaver at choice, na-access ko na, la nga lang pandeposit hehe. Nag-open din ako pay2home, diko kasi iko-close OCBC ko baka may papasok pang pera. At least madali transfer OCBC-pay2home-westpac.

Gft_SG · March 2014

@tartakobsky salamat. Nakakapraning rin kasi pag magpapasok na hindi nachicheck lalo na kung buong savings mo ang itatransfer. Salamat ulit

meehmooh · March 2014

for us, DBS kmi.. safe and very competitive ang rate.

gmad06 · March 2014

mga peeps, may katanongan lng..dun ba sa westpac na 2k maintaining balance ibig ba sabhin nun dapat buong mnth may 2k o kahit isang araw lng may 2k cya sa mnth na yun like ur salary?...medyu confused lng...

im now eyeing at westpac choice and esaver...

Gft_SG · March 2014

@gmad06 sa intindi ko, dapat magpa pasok ka ng 2k every month (hindi xa maintaining balance). Pero pag online naman ang application mo waved yon for 1 yr. Actually pwedeng dayain yong 2k kasi pwede naman before end of the month withdraw ka 2k, tapos ipasok mo ulit
1st week of next month. I could be wrong

gmad06 · March 2014

@Gft_SG salamat sa feedback batchmate..may ka pala punta ng MB..ako JUly c u there..

Bigfoot · March 2014

Hi there, for those looking for other ways to transfer funds from SG to AU you can try Ozforex. There is no charge for fund transfers of amounts >AU$10,000. The spot rate is also better than DBS. Moreover Ozforex has a DBS bank account where you can transfer your SG$ to be transferred to your AU account in AU$.

Disclaimer: I am in no way related to Ozforex in any form. I just use there service and found it more attractive than DBS.