Jump to content

Monthly transfer from SA to AUS to save so long


Bigvan07

Recommended Posts

Hi guys, It has been posted before, but I just want to make sure I understand correctly.

We are set to leave end January if all goes well, I would like to start putting some money away, it would be preferable to get Ozzie interest, but by the looks of it, it is not worth it transferring money over monthly.

Is this true or should I just save the money this side(IT BURNS A HOLE IN MY POCKET THOUGH!!!) and then take it when we leave.

The amount would be small, less than R1k at a time.

I'm thinking of going with Commonwealth, we will be going to WA as that is where our family is at the moment.

Thanx

Link to comment
Share on other sites

You aren't going to earn much interest anywhere so I rate transfer it to Oz or put it in in a call account and let it come off via debit order. That way it forces you to save and you can't really touch it. I have a unit trust account with momentum and have a debit order that runs every month so it feels like an expense but the money gets saved and I ignore it or forget about it and when I get my quarterly statements I'm excited to see my progress.

Link to comment
Share on other sites

I would transfer as much money in one go as possible, each transfer carries fees and with multiple transfers those fees can quickly add up. We are with Commonwealth and have got no complaints whatsoever but honestly any of the banks here are good. As far as I can remember the only banks you can open accounts with from overseas are the big four banks (Commonwealth, ANZ, Westpac and NAB) so you are limited with choice there but theses days they pretty much all have the same offerings like if you deposit a minimum of $2000 a month you don't pay bank charges.

Link to comment
Share on other sites

Just accumulate it and then do a yearly transfer... all that effort for $100 isn't worth it and you'll lose out big time with a worse exchange rate and transaction fees.

Link to comment
Share on other sites

  • 4 weeks later...

Hi Bigvan07

I notice this topic was posted a while ago, I just joined this forum, so here is my 50c...

I agree with all the above posts. When you transfer funds from here to a bank in Oz, you look at about Au$11 per transaction. So if you want to save the Au$4 service fee per month and you pay a min of Au$2000 into that account, it will cost you another R200 to R250 out of your local bank account. So if you want to earn interest... it's in my opinion not worth doing 'small' amounts. But, if your money is burning a hole in your pocket here, rather put it into an account there.. It's not so easy to spend it then while you are still here.. :whome:

  • Like 1
Link to comment
Share on other sites

Not to advertise, but FNB has a foreign currency account option, you may want to consider looking at that product as it could suit your requirements.

  • Like 2
Link to comment
Share on other sites

Thank you to everyone that commented on this thread, it is much appreciated.

Chzaau, I actually forgot about that and I even bank with them :blush: Will look into it.

Link to comment
Share on other sites

Thank you to everyone that commented on this thread, it is much appreciated.

Chzaau, I actually forgot about that and I even bank with them :blush: Will look into it.

Ja, same here! Thanks Chzaau. Will have a look there.

Link to comment
Share on other sites

I love it when people ask me how I got all my money out of SA. I say no problem, it was very easy....that R10.00 note folded up easily and fitted nicely into my wallet :ilikeit:

  • Like 3
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...