Bigvan07 Posted July 30, 2014 Report Share Posted July 30, 2014 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 Quote Link to comment Share on other sites More sharing options...
Theunis Posted July 30, 2014 Report Share Posted July 30, 2014 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. Quote Link to comment Share on other sites More sharing options...
HadEnoughofJuju Posted July 30, 2014 Report Share Posted July 30, 2014 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. Quote Link to comment Share on other sites More sharing options...
Donovan83 Posted July 30, 2014 Report Share Posted July 30, 2014 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. Quote Link to comment Share on other sites More sharing options...
Neels Posted August 27, 2014 Report Share Posted August 27, 2014 Hi Bigvan07I 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.. 1 Quote Link to comment Share on other sites More sharing options...
chzaau Posted August 28, 2014 Report Share Posted August 28, 2014 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. 2 Quote Link to comment Share on other sites More sharing options...
Bigvan07 Posted August 28, 2014 Author Report Share Posted August 28, 2014 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 Will look into it. Quote Link to comment Share on other sites More sharing options...
Neels Posted August 28, 2014 Report Share Posted August 28, 2014 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 Will look into it.Ja, same here! Thanks Chzaau. Will have a look there. Quote Link to comment Share on other sites More sharing options...
Johnno Posted August 28, 2014 Report Share Posted August 28, 2014 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 3 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.