Transfer funds from au bank into super fund

[DrJack54]

Hello. Currently have 400k in westpac savings a/c. Wish to move 300k into my super fund. Under 65 and been advised by cbus that I can transfer up to 300k. They accept several ways to deposits. From bpay, cheque etc . That's not the problem. Its the bank. For example to change daily limit they send you a code via SMS. However do not send code to o/s. Also even then the maximum limit would be much less. etc etc. How can I achieve this from Thailand. Don't wish to fly back just for a transfer. 

Amy ideas suggestions much appreciated. 

Edited September 17, 2018 by DrJack54
Error

[Nakrob]

For the security code: Change from sms pin to the secure key fob protection. Might take a couple of weeks before the key fob arrives with you but then you can replace all sms codes with the code on the secure fob. I had the same issue with using Westpac sms overseas. I think you can request this online or give them a call.

Sent from my SM-A720F using Thailand Forum - Thaivisa mobile app

[Peterw42]

You should be able to get an SMS sent to an Australian mobile thats on roaming, I do it all the time. Maybe use a friends (oz) mobile to get the code. They get the code and send it on to Thai mobile, messenger, line etc.

Also, you can probably up your transfer limit over the phone, banks usually have a dedicated number to call from overseas, the call may cost a couple of hundred baht for a 10 min call. Not sure about westpac but some banks have online chat available via online banking.

Edited September 17, 2018 by Peterw42

[DrJack54]

Thankyou for those answers but don't think it will work. I have gone into my banking app and it outlines changing daily limit with SMS code etc. However even if I did that it has a limit of $10k. 

I could send cbus a personal cheque (one of several option from cbus) however not sure how westpac would deal with a 300k personal cheque.

[AussieBob18]

BPay is the best method to use - but you must setup a VPN on your PC before you access the Bank or Super account.  The internet in Thailand can be extremely unsafe for banking transactions, especially if you are using a WiFi service provided by owner/hotel etc.  Even if you have your own internet connection direct from supplier (ToT, 3BB, etc), I still recommend using a VPN.  There are several posts on TV about what is the best one to use.

 

As Peter recommended above, I would use a family/friend mobile number, but the problem you are going to have is that right now the bank already has your own mobile number and will not use another number unless you change it - and that means verifying via your own mobile number (catch22).  Can you set your Aussie mobile to roaming as mentioned above?   Maybe best if you call (via Skype etc) your mobile provider in Aust. 

 

 

 

[Nakrob]

Does it all need to go in a lump sum? 10k per day for 30 days and you're done. You can set up all the transfers in advance so it's done automatically.

Sent from my SM-A720F using Thailand Forum - Thaivisa mobile app

[scorecard]

4 hours ago, Nakrob said:

For the security code: Change from sms pin to the secure key fob protection. Might take a couple of weeks before the key fob arrives with you but then you can replace all sms codes with the code on the secure fob. I had the same issue with using Westpac sms overseas. I think you can request this online or give them a call.

Sent from my SM-A720F using Thailand Forum - Thaivisa mobile app
 

 

I use Macquarie Bank in OZ, a couple of times i've called them because of rules complexity, they asked many question then quickly found a way to ensure total security and manually completed the customer request. All in one call.

 

 

[Cricky]

Send the code to a friend/family member in Aus. and ask them to send to you.

or call them when Westpac notifies you the code has been sent.

Edited September 17, 2018 by VYCM

[biggles45]

If you have your oz sim card with you then you could send it to the friend in oz. They could receive the code and send it on to you ! The 10k a day is a hassle but a "recurring" transfer every day for 30 days is a good option as someone suggested. 

[Alanmel]

I just called the O/S help number, answered a few questions  like when was your last transaction and the exact amount, what is the name of the account E.g. Esaver and was able to give my Thai number as the SMS authority number.  And yes with Westpac.

[Mickmick]

4 hours ago, DrJack54 said:

Thankyou for those answers but don't think it will work. I have gone into my banking app and it outlines changing daily limit with SMS code etc. However even if I did that it has a limit of $10k. 

I could send cbus a personal cheque (one of several option from cbus) however not sure how westpac would deal with a 300k personal cheque.

This is why I kept my telstra phone and number on roaming, I am assuming you did n't keep an aussie number and phone ?

Westpac will be happy to take your cheque as long as you have the money in the account to cover it, but I would be a bit wary about sending it from Thailand, even by registered mail. Best option, IMHO, is to set up the recurring payments for the max. allowed, that would also give the benefit of "dollar averaging"

 

[4MyEgo]

Its as easy as picking up your mobile and calling the bank, they will lift your daily limit for the day.

 

I have done this on a few occasions, the last was this year whereby I called them and said that I had to transfer $325k to the nursing home that my mum is in, sure, they went through some verification checks and advised me that my normal $20k limit was increased to $325k for 24 hours, after that it would revert back to the $20k limit .

 

I then transferred the amount to the BSB and Account number that the nursing home provided me with and the transaction went through nice and easy.

 

As for calling Australia on your mobile, depending on your network from here the calls can be cheap, alternatively you can find out what the banks number is for calling from overseas, some, like mine have free calls from overseas.

 

The above is assuming that you access to your account online.

 

Just one important thing, you might pay contribution tax on depositing that amount as I believe it depends on the amount you have in your super.

Make non-concessional super contributions

Simply deposit your personal money into your super. These are called after-tax super contributions because you have already paid tax on the money. This is different from salary sacrificing, which happens before your income is taxed.

 

You cannot claim a tax deduction for contributions that you want to keep as non-concessional contributions. The cap for non-concessional contributions is $100,000 per financial year. If you are under age 65 you can bring forward up to 2 years non-concessional cap, allowing you to contribute up to $300,000 at a time, depending on your super balance.

 

https://www.moneysmart.gov.au/superannuation-and-retirement/how-super-works/super-contributions

 

I would be asking the question, if you already haven't, just remember, these guys are on commission.

 

Good luck

Edited September 17, 2018 by 4MyEgo

[Oztruckie]

I assisted a mate out just recently, we both live here in Los, he had a st George Bank account and he needed to reset his internet bank username and password, he called the bank via the Skype app and they sent the sms code to my telstra number no probs, I have a dual sim phone so always have an active telstra and dtac number, telstra number on long life plan, 60 bucks a year, he had to up his internet banking limit, that consisted of filling out a form before the bank would do anything, hope this helps in your situation. 

[swoods58]

6 hours ago, DrJack54 said:

Thankyou for those answers but don't think it will work. I have gone into my banking app and it outlines changing daily limit with SMS code etc. However even if I did that it has a limit of $10k. 

I could send cbus a personal cheque (one of several option from cbus) however not sure how westpac would deal with a 300k personal cheque.

They'll have no problem with a 300k personal cheque. It would not be unusual. 

[DrJack54]

Thanks for all the help and replies. The super info also useful. Being under 65, I can make a deposit of 300k in one hit but its based over 3 financial years. Think I will go down the personal cheque path after I ring westpac tomorrow. I was looking at shares with selfwealth, but needs bpay and again bit difficult. One reply spoke about the aud. The money is in au account so no problem with exchange rates. Another suggested doing it over phone with bank. I didn't have any success with westpac. 

Thanks for the help from members above

[Capt Rob]

8 hours ago, Nakrob said:

For the security code: Change from sms pin to the secure key fob protection. Might take a couple of weeks before the key fob arrives with you but then you can replace all sms codes with the code on the secure fob. I had the same issue with using Westpac sms overseas. I think you can request this online or give them a call.

Sent from my SM-A720F using Thailand Forum - Thaivisa mobile app
 

This key fob is worth the effort have a couple for different banks - if you are planning on being o/s  for the long term, it can take the hassle out of banking when moving money 'here' for living, property purchase etc

[DrJack54]

Thankyou again. I have completed the process now. In the end I sent personal cheque from Thailand to cbus. Postage 570baht ouch. 

BTW unrelated but I also transferred funds to my Thai bank and used OFX. Company based in Sydney. Have used them previously. Excellent support staff via phone. 5 star from me. The funny thing is my westpac a/c has a daily limit 1500aud. I also have a bendigo bank a/c. I did a transfer from that account. DAILY LIMIT 20000. Go figure. Again unrelated, yesterday I paid for some future taxi transfers in Hanoi. Used credit card. Westpac has a system where for payment to go through they need you enter a "otp". You can choose SMS or email. Very messy.

[Oztruckie]

On 9/17/2018 at 3:23 PM, scorecard said:

 

I use Macquarie Bank in OZ, a couple of times i've called them because of rules complexity, they asked many question then quickly found a way to ensure total security and manually completed the customer request. All in one call.

 

 

I use Macquarie for my Int transfers, great service, immediately after I complete the transfer they call me just to confirm its not a fraudulent transaction,highly recommended. 

[orchidfan]

On 9/17/2018 at 10:59 AM, Nakrob said:

For the security code: Change from sms pin to the secure key fob protection. Might take a couple of weeks before the key fob arrives with you but then you can replace all sms codes with the code on the secure fob. I had the same issue with using Westpac sms overseas. I think you can request this online or give them a call.

Sent from my SM-A720F using Thailand Forum - Thaivisa mobile app
 

I have Westpac Acc and receive sms OTP on my Thai mobile which I had registered with them.

Daily limit is $10000Aud .

Do it all the time..not a problem. .only for you that's a lot of $20 transfers fir $300,000!

[BaanOz]

On 9/17/2018 at 8:13 PM, 4MyEgo said:

If you are under age 65 you can bring forward up to 2 years non-concessional cap, allowing you to contribute up to $300,000 at a time, depending on your super balance.

 

Interesting, I wonder if you could deposit $100K on 30th June then 300K on 1st July :)

[4MyEgo]

14 hours ago, BaanOz said:

 

Interesting, I wonder if you could deposit $100K on 30th June then 300K on 1st July ????

That's a question for the accountant ????

[BaanOz]

9 hours ago, 4MyEgo said:

That's a question for the accountant ????

 

True, with all the non-residents possibly selling up their homes shortly. That money needs to go somewhere and in a superfund is as good as any ????

Edited September 27, 2018 by BaanOz

[4MyEgo]

46 minutes ago, BaanOz said:

 

True, with all the non-residents possibly selling up their homes shortly. That money needs to go somewhere and in a superfund is as good as any ????

 

Agree, that said, the legislation hasn't passed yet, although it's been through all the phases and only one amendment is being made to satisfy Pauline Hanson, and that said as soon as its been amended will unfortunately go through.

 

The above said, I had an Oz friend recently sell his property because he got wind of this through his accountant, and was told he could put up to $300,000 into super in one hit without having to pay any tax on it.

 

Now I don't know if that will be the case come post 1 July 2019 ?