Transfer to AU account

[Numb3rgirl]

Hi everyone,

I have a FNB Global account and am experiencing problems with transferring money to my AU account, as FNB for some reason insists on an IBAN number, although Australia doesn't have these. I am aware that some people on this forum mentioned transferring money themselves, so I am hoping that someone could assist me with the process of creating an IBAN (the internet and AU bank websites didn't provide any helpful solutions), or provide some alternative way of making a transfer.

Thanks!

[mlothian]

Hi there

 

The IBAN number is your account number.  

 

 

 

 

 

[Numb3rgirl]

I figured it out eventually. Combining the numbers in any way to create an IBAN number does not work. Do not select the IBAN option on fnb and use a generic swift code (not necessarily the one the Australian bank/business gives you). 

[Atjan]

On 26/05/2016 at 3:48 PM, Numb3rgirl said:

I figured it out eventually. Combining the numbers in any way to create an IBAN number does not work. Do not select the IBAN option on fnb and use a generic swift code (not necessarily the one the Australian bank/business gives you). 

I've got a Global account as well, but haven't opened an Aussie account yet. Where do you get the Swift code then if its not neccessarily the one your bank there gives? 

[Numb3rgirl]

2 hours ago, Atjan said:

I've got a Global account as well, but haven't opened an Aussie account yet. Where do you get the Swift code then if its not neccessarily the one your bank there gives? 

I can't remember exactly, but you should be able to google it. Instead of the last few numbers at the end of the swift code you will just have x's, thus creating a more generic code. 

An easier way is the search for the bank branch on the fnb site where you do the transfer, it should give you this code. (This is where you are already doing the transaction.)

Hope this helps. 

[WayneAndMel]

If you're with FNB and are trying to do a forex payment select the Account option.

 

Then when needing to input the SWIFT number rather first search for the bank itself with FNB's forex payment inbuilt search function. We found NAB or National Australia Bank easily enough.

 

Then search for the branch where your account was opened by using the branch name. We inputted 'Haymarket' (for ours in Sydney) and found it easily. Selecting it also gave us the default swift code with the X's too. We compared it to the branch specific swift code NAB gave us just as a precaution.

 

It worked fine with the generic swift code and the transfer reflected in our NAB account a few days later after the phone call from the FNB Forex desk to confirm the quote rate of exchange.

[Geite]

@WayneAndMel

 

If I am on the FNB website where do you go first? Select the Pay function or Transfer? What is step 2? Sorry for the technical question just trying to get myself educated for when I am ready to make the transfer.

 

Thanks G

[WayneAndMel]

@Geite, let me take you up to the search function for the swift code and branch code

 

Select the option 'Forex' . It should immediately call up the correct forex category 'global payments' to the right of the heading 'Forex' - you will then select 'Once-off' (unless you want to set up a beneficiary) 

 

Then select the SA FNB account you want to pay from in the drop down.

 

It looks like they also recently broke up the subsequent details screen into smaller steps. The first one will be your details - location, contact numbers, postal address and such. They'll use the supplied phone number to try contact you to confirm forex rates so give correct details.

 

The second step will be where you have to provide details of the beneficiary. Select 'individual' and then fill in the relevant beneficiary details - (I'm not sure what requiring the beneficiary and their address really proves in the end beyond waffle admin documentation.)

 

Then select Australia in the drop down for 'beneficiary bank country'. That generates more fields options - now input your Australia bank account number in the relevant field and then select the search option.

 

In the search enter your bank name e.g. 'National Australia Bank', then in location input the branch name e,g 'Haymarket' (in my case) and search. I get back the swift number NATAAU33XXX and the branch code I recognised as correct against what NAB also supplied originally. I also compared this generalist swift code with the three X's at the end against the specific swift code NAB gave me to just ensure it made sense.

 

Select those and carry on.

[Geite]

@WayneAndMel,

 

Thanks, will go and have a look 

 

Cheers 

 

G

[Atjan]

Thanks fort the feedback All - I will need to do the same soon and the step-by-step really gives some confidence when dropping your savings into the ether!

[MelG]

Hi @Atjan - I hope you were successful with your transfer.  I'm sure you were

 

Forumites - if one is selling one's property, and the proceeds fall below the annual travel allowance - is it not easy enough to just transfer the money to oneself here in Aus i.e. it must not be necessary to go through an agent who opens a Bidvest or other account.  Granted if there are RA's to dissolve and SARS deregistrations to take place I can understand it.  

 

Please, pretty please, post your success stories below  

[Atjan]

@MelG

We did get sorted, thanks!

 

On FNB it was not too difficult. We ended up having to find the actual branch when setting up the foreign account as a beneficiary. That was a mission because there are scores of bank branches. Once that was done and triple checked, we transferred the money and confirmed that it was in about 2 days later via Commonwealth bank's online banking.

We activated the account today by presenting our visas. We did not have to provide proof of residence and are now using the account confirmation as proof of residence for everything else.

[MelG]

Ah well that's great it got sorted.  Thanx for your success story   How clever too, to transfer it to your bank and use your bank detail as proof of residence.  Are you here already?  Did you do the transfer from Aus or from RSA?

[Atjan]

3 hours ago, MelG said:

Ah well that's great it got sorted.  Thanx for your success story   How clever too, to transfer it to your bank and use your bank detail as proof of residence.  Are you here already?  Did you do the transfer from Aus or from RSA?

 

The bank had no issues taking a verbal address from me - it is confirmed by me receiving the cards which is posted. I then printed the proof of bank account and have been using that to get the other stuff (Medicare, Drivers' License, Tax No) as it states my address on top. Works a charm.

 

I transferred the money from SA about 2 weeks before our arrival in Sydney. Now just to get a job!

[Theshi]

We managed to open accounts with Com Bank, my husband managed to transfer some money just to check and FNB asked him to send a copy of the ticket and visa so that they could process the payment. i unfortunately could not send any funds over because i am not a holder of a 13 digit bar code.

[Atjan]

Could you not open a joint account?

[ChrisH]

14 hours ago, Theshi said:

FNB asked him to send a copy of the ticket and visa so that they could process the payment

 

Why did they ask for that?  What if I wanted to send my mate beer money?  Surely its as simple as loading an international beneficiary and doing a transfer?

[Theshi]

@ChrisH we are equally puzzled. We have decided to go through FX Capital and it seems that will be hassle free. we were charged more than what we sent.

[ChrisH]

On Absa internet banking it asked me about the residency status of the beneficiary of the account.  The only options are non-resident and SA resident temporarily out of the country.  What do you do once you've left the country?

[RedPanda]

1 hour ago, ChrisH said:

On Absa internet banking it asked me about the residency status of the beneficiary of the account.  The only options are non-resident and SA resident temporarily out of the country.  What do you do once you've left the country?

I guess then you are a non-resident (of South Africa)

[Atjan]

As we have a PR visa and would soon be non-residents, I chose the non resident option. In our case my wife had already completed our financial emigration process, which could make a difference as well. 

[dlmonnink]

Surely it costs more to send via the bank and is far too strenuous a process?