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US dollar bank accounts

Discussion in 'Finance & Banking' started by saviop, 1st Jul, 2008.

  1. saviop

    saviop New Member

    Joined:
    15th Nov, 2007
    Posts:
    4
    Location:
    Sydney
    I am currently charged approx $50 to transfer USD 1000 from my CBA savings account to my securities broker account in US.

    Fee break up :

    $28 by CBA for wire transfer
    $23 by the receiving bank JP Morgan in US.

    I was wondering if there is a cheaper way to wire money to US. The transfer must be made from a bank account owned by the broker account holder. This is a restriction set by the broker.

    Are there any Aussie bank accounts which can be linked to USD account in US facilitating transfers with less or no fees ?

    TIA
    Savio
     
  2. jrc77

    jrc77 Well-Known Member

    Joined:
    26th May, 2008
    Posts:
    147
    Tranzfers

    I've just started using Tranzfers (TRANZFERS - International Money Exchange) to send money overseas - costs AUD$15 for a transfer. However the money gets transferred from a "local" account in the destination country - which doesn't match your brokers restrictions. Seems pretty good so far.

    You could maybe look at setting up an account in the US which you could send to, and then transfer into your broker account? Setting up foreign bank accounts when you aren't in the country is always a pain however.

    Regards,

    JR
     
  3. Billv

    Billv Getting there

    Joined:
    15th Jul, 2007
    Posts:
    1,796
    Location:
    Sydney, NSW
    Can you pay by credit card?
     
  4. jrc77

    jrc77 Well-Known Member

    Joined:
    26th May, 2008
    Posts:
    147
    Don't think so. Pay by direct transfer or via BPAY.