Bank Account in Oz

[Tex]

Hello everyone,

I would like to know what the procedure is to take money out of SA as part of the R500k annual allowance, and transfer it to my bank account in Texas.

1. Can I use my bank (Standard) to do the transfer?

2. What forms do I need to fill in?

3. Do I need to furnish a return ticket for SA-USA-SA? I am working overseas right now so I'll be able to show my "return" ticket from USA-SA-USA.

4. Do I need to furnish proof of residence in SA? We have just sold our house in Jo'burg so that won't work.

5. What else do they ask for?

I would appreciate answers to these as well as any other useful "things to remember".

Thanks,

Tex

[polly]

You will probably need a tax clearance certificate. You can use the bank to do the transfer. Good luck with the other questions. Afraid I don't know.

[Eva]

I have opened a Commonwealth account, and have the details now...

Can I create a beneficary on my SA internet banking and then do a internet transfer to my Aus account ? ?

Going into the bank initially and doing a transfer is easy enough.... but what if I want to do more transfers from a SA account to my Aus account while I am in Aus ? ? ?

Please help ???

We had not sold our house before we left South Africa, so we went to our bank (ABSA) and signed 'transfer' documents so that they can transfer the money to our Commonwealth account even after we have left. As long as the amount you are taking out of the country is within the amount for your family total travel allowance they will do this. It was totally no hassle, but I must say we have not yet transferred anything more since we left. Hopefully we'll have the money from the sale of our house to transfer soon! So you need to set it up before you leave!

[SandraDee]

Hello everyone,

I would like to know what the procedure is to take money out of SA as part of the R500k annual allowance, and transfer it to my bank account in Texas.

1. Can I use my bank (Standard) to do the transfer? ***YES

2. What forms do I need to fill in? ***THE BANK OR FOREX DEPT HAS THEM-STANDARD HOLIDAY ALLOWANCE FORMS

3. Do I need to furnish a return ticket for SA-USA-SA? I am working overseas right now so I'll be able to show my "return" ticket from USA-SA-USA.

****YOU MAY ONLY USE A RETURN TICKET STARTING IN SOUTH AFRICA IE SA/US/SA

4. Do I need to furnish proof of residence in SA? We have just sold our house in Jo'burg so that won't work.

YES- PROOF OF RESIDENCY IN SOUTH AFRICA IS ESSENTIAL

5. What else do they ask for?

I would appreciate answers to these as well as any other useful "things to remember".

Thanks,

Tex

[bcv]

Hi All

I have been receiving heaps of questions about how to set up an Aussie bank account prior to leaving SA. I have posted some messages before so I thought I'd create a separate topic (I'm pretty new to this forum stuff )

I work for the Commonwealth Bank of Australia in a team that has been set up especially to help people like yourselves set up their banking in Oz before leaving home.

It is actually really easy to set up a bank account in Oz before you leave home. If you are interested in opening a bank account with the Commonwealth Bank prior to leaving SA all you have to do is apply online at our "Moving to Australia" website - www.commbank.com.au/movingtoaustralia or you can call our team on 0800 980 339 (free call from SA). On our website you can also find info on credit cards, home loans etc. Commonwealth Bank has the most branches & ATMs of all the Aussie banks - I guess we're similar to ABSA in SA in terms of size.

We will have your account opened within 2 working days and then we'll contact you (whilst you're still in SA) and provide you with your account details so you can transfer funds across to your account in Oz before leaving SA.

I was in SA in April this year for a migration expo and I learnt a bit about the Exchange Controls in SA. I can't provide advice on this stuff but if you need it here is the link to the Reserve Bank of SA's website and the Exchange Control forms.

http://www.reservebank.co.za/internet/publ...B/?opendocument

My understanding is that in SA you will need to organise the international money transfer through your local bank (once you are in Australia you will be able to conduct IMT's through your internet banking with the Commonwealth Bank).

Anyway, happy to answer any questions you may have - just hoping that we can take the hassle out of setting up your finances in Australia as it can be a stressful time!

Cheers and best of luck with the move!

SuzMurphy

Hi Sue,

Would it be possible to similarly apply for a Netbank Saver account from South Africa, and if so how?

I found some info on above savings account on www.moneybuddy.com:

"NetBank Saver by Commonwealth Bank

Money Buddy says

Fairly average savings account from Commonwealth bank with no fees.

* Key Product Features

* Product Details

* Pros & Cons

* More Products

What Commonwealth Bank says about this product

o No fees

o Instant access to your funds

Have it all your way

NetBank Saver really does let you have it all your way. Earn high interest, pay no fees and access your money instantly, when you want it.

* Earn a high 7.00% p.a. on every dollar

* Pay no account fees on your NetBank Saver

* A great rate. We pay a competitive rate of interest for every dollar you save

* Instant access to your funds through your linked Streamline Account

Best Regards

BCV

[woodag]

. . .

What Commonwealth Bank says about this product

. . .

* Earn a high 7.00% p.a. on every dollar

They must have said that a very long time ago. Current interest rate on those accounts is 2.75% p.a.

[mimi]

I posted this a while ago but it should still be valid I can't recall any regs being changed recently. Depending on the size of the family let's assume two adults and two children you can get the money out in the following way:

Travel allowance ZAR 2 320 000

Foreign Investment Allowance ZAR 4 000 000

Emigration Allowance ZAR 4 000 000

Emigration Allowance (10% SARB Levy) ZAR 4 680 000

Hope it helps.

Rgds

Depending on how much you want to take out you have a few options. (In most other countries you can just phone up your bank and ask them to transfer your money anywhere but here it is a bit more difficult).

1) Once you booked your tickets you can use your travel allowance. R500k per adult and 160k per child and ask your bank to transfer the money to your aussie bank account.

Plus

2) If this is not enough you can use your Foreign Investment allowance (Section O of the regs). This is 2 Mil per adult. You need to get SARS (Tax clearance). Pretty simple if your tax affairs are up to date. DO NOT write emigration on on the application just foreign cash investment or something else. This will make your life much easier

Plus

3) There is the usual emigration allowance 4 mil per family (Section T of the regs). For this one you will have to fill out all kinds of forms with SARB and they will block your accounts meaning money can only be used for purposes set out in the regs.

Plus

4) You can take out money in excess of the 4 million but there is a 10% attached to this transfer.

Bear in mind if you go over on a temporary visa you have not yet emigrated and will probably only be able to use option 1 & 2.

There is lots of reading on the SARB website

http://www.reservebank.co.za/

Click on exchange control -> exchange control manual.

Hi there!

I would appreciate patience...! Does the 500k travel allowance work per annum? If we only plan to move in 2011, and visit oz end 2009 and in 2010 - could we take 500k out each year? And another 500k at our final travel in Dec 2011?

Can you only open a bank account in oz once your visa has been finally granted? I presume this to be the case?

Are there any other ways to perhaps leave the travel allowance in oz if we go on a LS each year?

I actually cant believe that the SA restrictions make it soooo difficult to take what is "yours"!!!!!!!

Looking forward to your advice...

Regards

Edited July 16, 2009 by mimi

[StuartWallis]

Hi All,

I posted two separate but replated posts elsewhere so thought I'd combine them here for ease of reference:

I work for National Australia Bank (NAB) and helped set up their migrant banking process a few years ago and regularly travel to SA to host free seminars on life in Australia and how we help migrants to settle in Australia.

NAB have a simple account opening process where you can set up a savings and current account up to a year before you arrive in Australia. There are no setup, monthly or account keeping fees, no minimum deposits to validate the account on opening and we give every migrant a named, dedicated banker to help you settle in when you arrive in Oz.

Simply visit: http://www.nab.com.a...vingtoaustralia to complete the on-line application form.

The accounts are typically opened within 48 hours and you will receive an email confirmation with your bank account number, SWIFT code (for international transfers to the account from SA), the name, direct phone number and email address of your dedicated banker (wherever in Australia you've moving to) and instructions on how to activate the account for withdrawals when you arrive (- as the account is opened for deposits only until you arrive in Oz).

Contact your bank manager two weeks before you are due to travel to Australia to arrange a meeting to activate the account for withdrawals. Your banker will also have your debit card(s) and PIN(s) waiting for you to give you instant access to your accounts. They will also help you to set up internet banking, how to use the ATM (if necessary) and discuss your other financial needs.

NAB removed the minimum monthly deposit requirement to avoid monthly account keeping fees in January 2010 and we have also abolished unauthorized overdraft fees on the NAB Classic Banking Account (the current account that we give you before you arrive) or iSaver.

NAB has more ATM locations than any other bank in Australia and we have been assisting migrants to settle here for over 150 years.

We own Bank of New Zealand (BNZ) and Clydesdale and Yorkshire Banks in the UK.

Transferring Money to Australia (additional relevant post):

It's a good idea to transfer when you are ready and don't forget the impact of the exchange rate on your Aussie Dollar return.

Many people are more worried about interest rates on savings accounts than the exchange rate.

The reality is that interest rates are generally quoted as annual, i.e. if you see a 6% interest rate then you have to invest your money for a full year to realise the 6% return on the money invested.

The difference between R7 and R6.5 to the AUD is AUD$10,989 per R1million exchanged.

That is the same as investing your R1million for a whole year at almost 7.7% interest to get the same $10,989 (or R76,923 assuming an exchange rate or R7 to the Australian Dollar).

Another message I must stress is that it is impossible to second guess the exchange rate as there are too many factors that influence both the Rand and Aussie Dollar. Move your funds when you are happy with the exchange rate and try not to think about it again as who knows where it will be in six months or a year. It is a personal decision and a stressful one (I have been there many times myself and know how hard it is).

Have a look at the FX graphs and decide what you think is reasonable and what you consider to be a good return for your Rands, don't create unnecessary stress for yourself as the move is the most stressful event you will willingly take part in so don't create extra stress for yourself!

Please get in touch with me if you have any questions or would like me to call you to discuss your move:

Kind regards,

Stuart

Stuart Wallis

Group Business Development Manager

Australia and South African Markets

stuart.wallis@nab.com.au

[Arno Nel]

Keep in mind that if you are opening a account with the aim of buying a property in Australia while working for a South African company that Commonwealth Bank will not accept your income for a home loan. The South African rand is not a acceptable currency for lending at the Commonwealth Bank. It would then serve you better if you look at other banks like St George, Westpac, ANZ