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Old 14.08.2010, 10:07
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Sending Money to Australia

I am wanting to send money to Australia. It would be around 20,000 Swiss Franks. What would be the best way? What regulations are there for such transfers? I have my account in Zürich Kanton Bank.I also have a Bank account in Australia ( Commonwealth Bank). Thanks for advice.

Yes!! And seriously my question has got nothing to do with money laundering!!!!!

Last edited by omtatsat; 14.08.2010 at 10:34. Reason: extra info
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Old 14.08.2010, 10:19
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Re: Sending Money to Australia

Hawala ?

But seriously,

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CBA is required to report significant account and non-account based cash transactions of AUD 10,000 or more to the regulatory authority, AUSTRAC.
Source

I think it is the same for your Swiss Bank.
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  #3  
Old 14.08.2010, 11:18
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Re: Sending Money to Australia

The tax people might also want to know where you got the money from.

I would simply go to your Swiss bank with the supporting paperwork and ask them for the transfer.
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Old 14.08.2010, 11:41
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Re: Sending Money to Australia

I've heard good things about this mob for the logistics of sending money: http://www.ozforex.com.au/
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Old 14.08.2010, 11:58
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Re: Sending Money to Australia

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Hawala ?

But seriously,

CBA is required to report significant account and non-account based cash transactions of AUD 10,000 or more to the regulatory authority, AUSTRAC.
This is irrelevant to the OP unless he/she filled their income tax return in oz and 'ticked' the 'didnt earn income overseas' part and then signed it.
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Old 14.08.2010, 21:19
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Re: Sending Money to Australia

I have just remembered that Pay Pal charge only 1.9 % for a transfer,

https://www.paypal.com/ch/cgi-bin/we...g-fees-outside

You just have to register both accounts with them. Paying in is free, receiving is 1.9%
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Old 14.08.2010, 21:59
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Re: Sending Money to Australia

We just take 10 000 chf cash exchange it there and no problems. I go back to Oz every 6 months so its easy as like that.

Am I naive ?

Bugger it, ignorance is bliss...
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Old 15.08.2010, 05:11
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Re: Sending Money to Australia

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We just take 10 000 chf cash exchange it there and no problems. I go back to Oz every 6 months so its easy as like that.

Am I naive ?

Bugger it, ignorance is bliss...
Cash will cost you more to exchange than bank to bank transfer, so thats the downside. In some cases it can be significant so its worthwhile comparing the two.
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Old 15.08.2010, 09:06
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Re: Sending Money to Australia

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Cash will cost you more to exchange than bank to bank transfer, so thats the downside. In some cases it can be significant so its worthwhile comparing the two.
Yes but with cash you can wonder around the city playing them off each other and fish out the best deal. In the end it is just a fraction less than what fourex quote on their exchange rate. Problem is Fourex only deal in large electronic transactions....
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Old 15.08.2010, 09:11
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Re: Sending Money to Australia

The major banks, such as Credit Suisse and UBS, transfer cash overseas to other banks for a flat fee of around 5 - 15 CHF.
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Old 15.08.2010, 10:01
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Re: Sending Money to Australia

Yes if one has online banking then it's a smaller fee compared to without.
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Old 15.08.2010, 12:26
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Re: Sending Money to Australia

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Yes but with cash you can wonder around the city playing them off each other and fish out the best deal.
Yes if your that inclined. Probably works better in bali than australia though.

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In the end it is just a fraction less than what fourex quote on their exchange rate.
No, cash is worse than trav cheques which is worse than bank transfer. In fact with cash you can get some pretty horrendous deals i.e. airports

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Problem is Fourex only deal in large electronic transactions....
You lost me here. Are you referring to 'fourex' as in 'foreign exchange' or is that some company? Most of the time nowadays you can transfer whatever you want its merely a question of transfer fees, the bank exchange rate and sometimes the receiving bank fees.
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Old 15.08.2010, 12:36
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Re: Sending Money to Australia

Check out the info on forex transactions here and in the rest of that thread.
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Old 15.08.2010, 12:40
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Re: Sending Money to Australia

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Yes if your that inclined. Probably works better in bali than australia though.


No, cash is worse than trav cheques which is worse than bank transfer. In fact with cash you can get some pretty horrendous deals i.e. airports


You lost me here. Are you referring to 'fourex' as in 'foreign exchange' or is that some company? Most of the time nowadays you can transfer whatever you want its merely a question of transfer fees, the bank exchange rate and sometimes the receiving bank fees.




Maybe he was talking about this?
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Old 15.08.2010, 12:44
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Re: Sending Money to Australia

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Maybe he was talking about this?
I'll drink to that . i put 'fourex' myself into google to see if there was some foreign exchange company i didnt know about. First hit was xxxx beer, From Wiki - 'XXXX (pronounced fourex) is a brand of Australian beer brewed in Milton, Brisbane by Queensland brewers, Castlemaine Perkins. It enjoys wide popularity in ...'
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Old 15.08.2010, 12:46
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Re: Sending Money to Australia

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I'll drink to that . i put 'fourex' myself into google to see if there was some foreign exchange company i didnt know about. First hit was xxxx beer, From Wiki - 'XXXX (pronounced fourex) is a brand of Australian beer brewed in Milton, Brisbane by Queensland brewers, Castlemaine Perkins. It enjoys wide popularity in ...'
Not a bad beer, I like it, many dont though!
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Old 15.08.2010, 12:52
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Re: Sending Money to Australia

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I'll drink to that . i put 'fourex' myself into google to see if there was some foreign exchange company i didnt know about. First hit was xxxx beer, From Wiki - 'XXXX (pronounced fourex) is a brand of Australian beer brewed in Milton, Brisbane by Queensland brewers, Castlemaine Perkins. It enjoys wide popularity in ...'
Not to be confused with Fourex brand condoms, made popular in the US in the 80s and 90s. I remember the shocked looks on my American friends' faces when they heard ads for XXXX beer on Australian radio: "I can feel a Fourex coming on!"

Now, back to forex ...
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