New restrictions on international money transfers from Australia

[Iamemjay]

I have discovered that there are new Federal Government regulations on international transfers from Australia. This came to my attention when the third party transfer company I have used for a number of years (Pennytel) suddenly suspended their service, and despite promises that it will be reintroduced shortly, they won’t commit to a timetable. They also suggested I use another company in the meantime. But that was when the real trouble started.

I have attempted to open an account with both Tranzfers and EasyFX and found the same brickwalling due to the new rules. Firstly they will not open an account for anyone living outside Australia. When I insist that my permanent address is in Australia and that I am only “travelling” they still refuse, once they discover that I am already outside the country – The process requires a telephone verification as well as all the normal ID checks etc.etc. They also want to know WHY I want to transfer money out of the country, what it will be used for and how long I'll be away from Oz - These are Government requirements.

It appears to me that the big banks have been losing too much business to third party transfer organisations and have pressured the Feds (under the guise of anti-money laundering) to bring in these impossible new restrictions. Why do I say this? I can still make cash withdrawals on my credit card (actually mine is a debit card in disguise) which of course is VERY beneficial for the banks in fees and favourable (to them) exchange rates - and of course the new restrictions do not apply here!

It appears that if I were in Australia, the account could be set up without problem – but not from Thailand.

I’m wondering if any other expat Aussie on the forum has found a way through this new maze or can offer some INFORMED advice? (Please don’t tell me to use the banks’ own ridiculously expensive transfer services or Western Union or Travellex – I’m trying to preserve what has been an effective, low cost and high-service solution.)

Iamemjay

[maanoi]

I send from anz online banking direct to my thai bank. 10k aud max per day limit. I think anz charges $ 25-30. My thai bank (KTB) converts the aud to baht and gives excellent rates.

Sent from my GT-I9300 using Thaivisa Connect Thailand mobile app

[Old Croc]

Westpac. Up to 10,000 a day. Cost $20.

[ChrisY1]

Commonwealth Bank...$20K limit / day...$22 fee...works for me

[PlastikbinLina]

I use International Money Transfers, or also known as Ozforex. I use them to transfer my fortnightly pension, usually around 30,000 baht at a cost of $15 a time and free transfer for amounts over $10,000. I Bpay it to IMF on Thursday, they get it on Friday and transfer to City Bank Thailand on the same day. I get it about 11.30 am into my SCB account on the same day. Here's the link;

https://www.internationalmoneytransfers.com.au/

[PlastikbinLina]

I use International Money Transfers, or also known as Ozforex. I use them to transfer my fortnightly pension, usually around 30,000 baht at a cost of $15 a time and free transfer for amounts over $10,000. I Bpay it to IMF on Thursday, they get it on Friday and transfer to City Bank Thailand on the same day. I get it about 11.30 am into my SCB account on the same day. Here's the link;

https://www.internationalmoneytransfers.com.au/

Their rates are the best you can get in Australia, far far better than all the banks

Edited July 17, 2013 by PlastikbinLina