Porked & busted: Thai woman nabbed for telling ‘pork’ pies 208 times

[BigJohnnyBKK]

I've got some cash I'd like to park in AUD at a reasonable interest rate for about two years. I'm looking for recommendations as to the top (most unlikely to fail) banks there, as well as answers to a few questions:

Can foreigners make such deposits via FedEx & email and wire transfers without having to actually visit in person?

What are the rules for government deposit protection if it applies to foreigners - max insured per account or per institution?

Also information as to their approximate interest rates if available.

Thanks much. . .

[simple1]

There are four main retails banks in Australia, listed below. Australian banking/financial servvices did not have an issues as a result of the GFC, one of the most secure banking environment in the world. Go online to review the current deposit rates.

www.nab.com.au

www.westpac.com.au

www.commbank.com.au

www.anz.com

To open a bank account you need to meet the 100 point ID requirement, details at:

http://www.australianaustralia.com/page/Opening_a_Bank_Account_in_Australia/190

Info on deposit guarantee at

http://www.hsbc.com.au/1/2/misc/deposit-guarantee

[PattayaPhom]

Points to note...'in the Uk it depends on the whim of a bank official'.the idiot that wrote this has obviously never tried opening an account in the UK.

[aarn]

The fabled days of extreme interest rates are at an end. But it looks like 4+% is possible:

http://www.commbank.com.au/personal/accounts/term-deposits/rates-fees.html

Someone mentioned to me that banks in Vietnam have high (~9%) interest rates... might be worth researching. AA

[whybother]

ANZ operates in Bangkok (through Singapore) with AUD accounts.

Sent from my HTC phone.

[BlackPuddingBertha]

Points to note...'in the Uk it depends on the whim of a bank official'.the idiot that wrote this has obviously never tried opening an account in the UK.

Actually the AUS points system is significantly better than the UK "system" as it provides a uniform playing field. In the UK different banks will ask for different proofs of ID, and in differing quantities, so in the end it is more or less down to the whim of a faceless bank official as to what you may need to provide. And some UK banks may refuse you an account due to insufficient ID without even explaining exactly in what way you dont satisfy their requirements.

At least with the AUS system you know exactly what you will need before you even go to the bank, and you also know that any ID that satisfies one bank will satisfy all of them.

[BigJohnnyBKK]

ANZ operates in Bangkok (through Singapore) with AUD accounts.

Does this mean a visit to Singapore is required or can everything be done without leaving Bangkok?

Note this hasn't been answered yet:

> Can foreigners make such deposits via FedEx & email and wire transfers without having to actually visit in person?

"Foreigners" meaning non-Australians in this case.

[whybother]

ANZ operates in Bangkok (through Singapore) with AUD accounts.

Does this mean a visit to Singapore is required or can everything be done without leaving Bangkok?

Note this hasn't been answered yet:

> Can foreigners make such deposits via FedEx & email and wire transfers without having to actually visit in person?

"Foreigners" meaning non-Australians in this case.

Everything can be done without leaving Bangkok.

http://www.anz.com/thailand/en/Auxiliary/Contact-Us/

Edited December 23, 2012 by whybother

[BookMan]

A lot of the online only banks offer higher introductory rates, for 4 months for example.

Some, like ubank offer a generous bonus rate if you make a deposit each month, on top of their high interest rate. Ubank is an online only subsidiary of National Australia Bank (NAB).

The government guarantees deposits up to $250,000. If you had more you can spread it between banks and each deposit account would be guaranteed. Quite a few of the online accounts will reduce the interest rate after 200k or thereabouts (on the entire deposit amount), so again it could be wise to have several different accounts to maximise interest rates.

http://www.guaranteescheme.gov.au/qa/deposits.html#3

Here is a comparison site

http://www.infochoice.com.au/banking/savings-account/online-savings.aspx

[jombom]

ANZ operates in Bangkok (through Singapore) with AUD accounts.

Does this mean a visit to Singapore is required or can everything be done without leaving Bangkok?

Note this hasn't been answered yet:

> Can foreigners make such deposits via FedEx & email and wire transfers without having to actually visit in person?

"Foreigners" meaning non-Australians in this case.

ANZ operates in Bangkok (through Singapore) with AUD accounts.

Does this mean a visit to Singapore is required or can everything be done without leaving Bangkok?

Note this hasn't been answered yet:

> Can foreigners make such deposits via FedEx & email and wire transfers without having to actually visit in person?

"Foreigners" meaning non-Australians in this case.

You don't need to visit in person each time. Banks operate different systems, but many will send you an authorization page, usually as an attachment to an email. You print it and sign. Some banks insist on a fax reply, others will accept a scanned signed copy.

In my view, banking requires a personal relationship, so a visit to Singapore and investing some shoe leather is well worthwhile. Fixed deposit rates are a little on the low side as of now, but expected to increase next year.

When I enquired about Bangkok 2 years ago, they were only doing commercial operations and not personal.

[whybother]

You don't need to visit in person each time. Banks operate different systems, but many will send you an authorization page, usually as an attachment to an email. You print it and sign. Some banks insist on a fax reply, others will accept a scanned signed copy.

In my view, banking requires a personal relationship, so a visit to Singapore and investing some shoe leather is well worthwhile. Fixed deposit rates are a little on the low side as of now, but expected to increase next year.

When I enquired about Bangkok 2 years ago, they were only doing commercial operations and not personal.

They are doing personal operations now.

[BigJohnnyBKK]

Still waiting for an answer to the question

> Can foreigners make such deposits via FedEx & email and wire transfers without having to actually visit in person? "Foreigners" meaning non-Australians in this case.

If "yes" then I will certainly check out the ANZ office in Bangkok, thanks for that lead.

The amount doesn't justify an overseas trip.

[whybother]

Still waiting for an answer to the question

> Can foreigners make such deposits via FedEx & email and wire transfers without having to actually visit in person? "Foreigners" meaning non-Australians in this case.

If "yes" then I will certainly check out the ANZ office in Bangkok, thanks for that lead.

The amount doesn't justify an overseas trip.

I would imagine that once you had a bank account open that you would be able to do an international transfer.

[IrishIvan]

Still waiting for an answer to the question

> Can foreigners make such deposits via FedEx & email and wire transfers without having to actually visit in person? "Foreigners" meaning non-Australians in this case.

If "yes" then I will certainly check out the ANZ office in Bangkok, thanks for that lead.

The amount doesn't justify an overseas trip.

You can deposit money via Fedex? I thought they were a mailing service. Ive easily transfered money from Aus accounts to Thai accounts, Ive heard from people that amounts going the other way, out of Thailand is very difficult. One person I know has 2 million baht he is trying to get out to Aus from LOS with no luck, Too bad I dont have all the reddies at the moment or I would hammer him on the exchange rate

[CHRISTIANa9]

ANZ operates in Bangkok (through Singapore) with AUD accounts.

Does this mean a visit to Singapore is required or can everything be done without leaving Bangkok?

Note this hasn't been answered yet:

> Can foreigners make such deposits via FedEx & email and wire transfers without having to actually visit in person?

"Foreigners" meaning non-Australians in this case.

AUD$ FD in Singapore is at a lower rate than in Australia. Probably due to tax free interest income. Check it out first. It can be 2% or more in the difference b

[BigJohnnyBKK]

I would imagine that once you had a bank account open that you would be able to do an international transfer.

Well I obviously don't have an account yet and as I said the amount doesn't justify an overseas trip just for that.

You can deposit money via Fedex?

I meant doing the documentation paperwork via FedEx, obviously the funds themselves, currently with my broker in the UK, can be transferred via SWIFT.

Still looking to get an answer to the main question at the moment - can a non-Australian invest in a term deposit in one of the main retail Aussie banks?

And if "yes", then can it be done without actually going to Australia?

AUD$ FD in Singapore is at a lower rate than in Australia. Probably due to tax free interest income. Check it out first. It can be 2% or more in the difference b

I don't understand your post - FD means what? Are you saying the interest rate paid on term deposits is lower at the Australian banks operating in Singapore than in Australia itself?

I'm not concerned about tax issues, just looking to get a decent rate pre-tax.

[whybother]

I would imagine that once you had a bank account open that you would be able to do an international transfer.

Well I obviously don't have an account yet and as I said the amount doesn't justify an overseas trip just for that.

> Can foreigners make such deposits via FedEx & email and wire transfers without having to actually visit in person?

What exactly are you going to deposit the money into if you don't have an account?

Once you DO have an account, you can do an international transfer from your lounge room.

[BigJohnnyBKK]

What exactly are you going to deposit the money into if you don't have an account?

Once you DO have an account, you can do an international transfer from your lounge room.

Removed misleading misquotes.

Sorry if I wasn't more clear - do you really not understand my question? I'm asking about doing the whole thing from outside, including opening "the account".

I don't know how these term deposits work compared to just having a savings account or something, are you saying I'd have to travel to Australia every time the term deposit expired as well?

[whybother]

What exactly are you going to deposit the money into if you don't have an account?

Once you DO have an account, you can do an international transfer from your lounge room.

Removed misleading misquotes.

Sorry if I wasn't more clear - do you really not understand my question? I'm asking about doing the whole thing from outside, including opening "the account".

I don't know how these term deposits work compared to just having a savings account or something, are you saying I'd have to travel to Australia every time the term deposit expired as well?

You asked about making a deposit. I responded to that.

To open an account, I would imagine that you need to visit some type of office (or possibly have someone visit you).

In the case of ANZ, there is an office in Bangkok. Citibank also offer similar services I believe.

[Rancid]

There are four main retails banks in Australia, listed below. Australian banking/financial servvices did not have an issues as a result of the GFC, one of the most secure banking environment in the world. Go online to review the current deposit rates.

www.nab.com.au

www.westpac.com.au

www.commbank.com.au

www.anz.com

To open a bank account you need to meet the 100 point ID requirement, details at:

http://www.australia...n_Australia/190

Info on deposit guarantee at

http://www.hsbc.com....posit-guarantee

The governmnet and bank line was that Australian banks were secure and the best in the world etc. Years later it came out that the government increased the secured amount to 1M as were in fear of a bank run, and that at least two of those solid rock like instituations took emergency billion dollar loans from the US Fed.

Aussie banks fortunately don't gamble like foreign banks however they do have massive exposure to real estate, if there was a real estate crash they would all go under short of a government bailout. The government currently guarantees accounts to 250K, the belief is they would stand behind that even if it took running the presses as to not do so would be political suicide.

[newcomer01]

10% non resident tax at source (bank) after that no tax reporting required unless income from other sources not bank interest.

[IrishIvan]

What exactly are you going to deposit the money into if you don't have an account?

Once you DO have an account, you can do an international transfer from your lounge room.

Removed misleading misquotes.

Sorry if I wasn't more clear - do you really not understand my question? I'm asking about doing the whole thing from outside, including opening "the account".

I don't know how these term deposits work compared to just having a savings account or something, are you saying I'd have to travel to Australia every time the term deposit expired as well?

Once you open your account its sweet you wouldnt have to travel back and forth to Australia ever. Im not sure about opening one as a non-Australian resident outside of Australia. Good question

[scotto]

You will need a tax file number as well or the account

will get taxed at the highest possible rate i think its 48%

I am not sure that the banks in oz will open account without the tax file number

maybe something you will have to look at?

[samran]

Points to note...'in the Uk it depends on the whim of a bank official'.the idiot that wrote this has obviously never tried opening an account in the UK.

I have, and the whim of the bank official was my experience.

Some places wanted evidence that my family had live in the UK since the Battle of Hastings, others wanted me to have worked for a year before they would (um, der, how would I get paid?). Finally, another mob just wanted a 20 quid fee and I had a bank account and credit card.

So yeah, no rhyme or reason.

[BigJohnnyBKK]

Perhaps a trip to the Australian embassy would be in order, I suppose it may be possible to obtain a tax number there?

And of course the ANZ office on Wireless, but then there may be similar Singapore bureaucratic requirements as well. . .

Points to note...'in the Uk it depends on the whim of a bank official'.the idiot that wrote this has obviously never tried opening an account in the UK.

I have, and the whim of the bank official was my experience.

Some places wanted evidence that my family had live in the UK since the Battle of Hastings, others wanted me to have worked for a year before they would (um, der, how would I get paid?). Finally, another mob just wanted a 20 quid fee and I had a bank account and credit card.

So yeah, no rhyme or reason.

I have no idea why you are discussing UK-related issues, is there any relevance to the topic at hand?

[simple1]

Perhaps a trip to the Australian embassy would be in order, I suppose it may be possible to obtain a tax number there?

And of course the ANZ office on Wireless, but then there may be similar Singapore bureaucratic requirements as well. . .

Points to note...'in the Uk it depends on the whim of a bank official'.the idiot that wrote this has obviously never tried opening an account in the UK.

I have, and the whim of the bank official was my experience.

Some places wanted evidence that my family had live in the UK since the Battle of Hastings, others wanted me to have worked for a year before they would (um, der, how would I get paid?). Finally, another mob just wanted a 20 quid fee and I had a bank account and credit card.

So yeah, no rhyme or reason.

I have no idea why you are discussing UK-related issues, is there any relevance to the topic at hand?

The Embassy does not provide tax file number, it's the ATO go to the following URL to apply as a non resident:

http://www.ato.gov.au/individuals/content.aspx?doc=/content/6979.htm&pc=001/002/001/008/002&mnu=1106&mfp=001/002&st=&cy=1

[whybother]

Perhaps a trip to the Australian embassy would be in order, I suppose it may be possible to obtain a tax number there?

And of course the ANZ office on Wireless, but then there may be similar Singapore bureaucratic requirements as well. . .

Contact the ANZ office first (as they're local) and find out what you need for either Aus or Singapore. I doubt you would need to get a Tax File number if the account is going to be in Singapore, and they will tell you what is required for Singapore (which I doubt is much).

You probably wouldn't need a Tax File number in Aus either. You would be taxed at the maximum rate anyway as you're non-resident/non-citizen. Given that you're taxed at the maximum rate, it probably isn't a good investment to have the money in an Aus account anyway.

[Phronesis]

Do not be suckered by the few points head start you get by investing in Australian banks.

These few points do not (by a long shot) properly reflect the risk of collapse due to their exposure to residential mortgages.

Don't say I didn't warn you...

http://www.scribd.com/doc/117494670/117438327-document-1005619251