Australian Deposits

Oz Banks are offering 7.5% on deposit at the minute with another whole half % increase expected in rates in March. ( perhaps 8% then ! )

Obviously If one could get cash over without Fx costs it would be well worth taking one of these deposit rates.

I am based here and thought perhaps I could take a couple of K over on my credit card and then withdraw it here and lodge.

Apparnetly there are no fees in using a cc when in the black, will this work??

As I am working here and will have oter money tied up here in obligatory super ( pension, employer paid 9% of Gross !! ) I dont mind leaving any money I bring over here long term.

cheers
MB

You can't ignore the forex fees and currency fluctuations. Even if you transfer the money via CC you will most likely have to pay at least a forex margin of 1.65% or more. If you are tax resident in Ireland then foreign deposit interest may be assessable for income tax rather than DIRT (not sure). Other issues relevant to depositing money abroad in order to avail of higher interest rates in another jurisdiction/currency area are covered in several existing threads if I'm not mistaken.

Depoesits should be up at 8% in March allowing for Forex fees of 1.75 6.25% is a great secure return.

Over the long haul to allow for currecy fluctations is pretty good Id say given the value at least in local currecny is always safe.

There is a method of transfering funds for a 15€ flat fee thro the visa co.

For sums of say 10k thats, 0.15 for 10k and reducing the more deposited, not sure of an upper limit but 15k is definitlely ok. IM still very wary as to how there are no forex cgarges in this transaction ( possibly tied to the fact that they hold money in their acc until travellers arrive and open accs in Oz )
I was assured that the flat fee was all the costs but really need to get it in writing.

Can you open the account legally there? I assume you are legally working and all? Given the amount of paperwork required to open a current account here, would you be able to?

Slim

yeah no worries mate !

Already have a current and a deppsit with same bank is easy and a new bank just the usual ID and bills etc,,

How can USD in the USA be tranferred to an Australian Bank account is AUD to take advantage of the 7.25 to 8.00 % p.a. rates currently there? Please advise.

You can transfer using XETrade or Transfermate. Both give decent rates. XETrade are more difficult to deal with but give better rates. Transfermate are easy to deal with and will give good value fixed amount on the wire fees

I've used these guys before and looked at Xetrade.com as a posisble option. The rates on xe.com are not the rates you get. I also tried to sign up with xetrade whom I found difficult to reach as they’re based in the states. Once I got their rates I found that Transfermate were better and there were no fees charged. Transfermate is an Irish company as far as I'm aware.