Outward bank transfers

[skeezwiz]

Hi,
Would anybody know as a non-US resident the cheapest and easiest way to initiate bank transfers to your local Aus bank accounts? I been going through the pain of transferring moneys from US brokers to my accounts and it costs $USD 40-50 + $USD 30 (intermediate banks fees) + any local fees + exchange rate fluctuations and at times it costs up to $USD 100 in fees alone!

I have rang a few banks/institutions and they do not allow non-US residents to open bank accounts and the brokers cannot proceed with 3rd party transfers it has to be under your name. What are our best options or is it just impossible?


Thx

 

[skyQuake]

Hi,
Would anybody know as a non-US resident the cheapest and easiest way to initiate bank transfers to your local Aus bank accounts? I been going through the pain of transferring moneys from US brokers to my accounts and it costs $USD 40-50 + $USD 30 (intermediate banks fees) + any local fees + exchange rate fluctuations and at times it costs up to $USD 100 in fees alone!

I have rang a few banks/institutions and they do not allow non-US residents to open bank accounts and the brokers cannot proceed with 3rd party transfers it has to be under your name. What are our best options or is it just impossible?


Thx

To be clear, you have a US based broker with your money in USD, and you want to get your money out to your aussie acct? Do you also have a US bank acct?

 

[skeezwiz]

yes I can do this already USD into AUD but the fees are just too high. If I had a US bank account the fees would be cheaper and easier. Even the big names like citi, hsbc you have to jump through hurdles to open up a foreign account + their fees on top. It seems the system is not transparent enough to make non-us residents invest in their market and to facilitate cheap transfers. If you know any names that can please list.

To be clear, you have a US based broker with your money in USD, and you want to get your money out to your aussie acct? Do you also have a US bank acct?

 

[skyQuake]

yes I can do this already USD into AUD but the fees are just too high. If I had a US bank account the fees would be cheaper and easier. Even the big names like citi, hsbc you have to jump through hurdles to open up a foreign account + their fees on top. It seems the system is not transparent enough to make non-us residents invest in their market and to facilitate cheap transfers. If you know any names that can please list.

Open an acct with Interactive Brokers, they're mainly US based anyway, with none of the fees. Read the IB thread.

Depending on the broker ure currently with, you might be able to do a cash transfer or a position transfer to IB. Then you can convert the USD to base AUD currency in IB and withdraw or whatever. You'll pay a few pips comm for the conversion and you might need to wait for the trade to settle before taking out the aud.