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Old 05-03-2018, 01:34 AM   #1
rblampain
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Foreign currency bank accounts question


I found these fees from CBA (Australia) and assume all banks charge similar fees.

Quote:
Deposit of foreign currency notes 1% of transaction amount (minimum $10.00 per currency)
Withdrawal of foreign currency notes 1% of transaction amount (minimum $10.00 per currency)
Transfers between your own Commonwealth Bank linked accounts.
These accounts would be intended to receive international payments in Australia in the currency in which the payment is made,
transfer a share to be converted to $AU in a "linked account" to pay expenses occurred in Australia
and later return the balance to an account to be open in the country of the currency to pay expenses occurred in that country in its currency.
The "minimum $10.00 per currency" as a charge would be very expensive if it is applicable to every payment given that most payments could be well under $US100.00 and it does not make sense as a minimum transaction when a payment is in Yen or in Peso.
Does anyone knows what CBA means by "minimum $10.00 per currency"? (I fear they are too busy hiding what the "Royal Commission" they face has not unearthed yet to give me a trustworthy verbal explanation and they have never answered an email sent to them months ago in relation to a similar question).

On the sideline, I have an account with CBA but I am prepared to switch to a more honest Australian bank (if there is one) if they are happy to get a new customer on the basis that CBA has already done all the necessary "know your customer" and simply transfer my existing CBA account to them. If all Australian major banks are found to be accomplices, I would be very happy to open these accounts in the US or in EU (I hold Belgian citizenship). I am beginning to think that opening accounts in Australia for international payments could be seen very negatively by prospective customers. Any tip most welcome.

Thank you for your help.
 
Old 05-03-2018, 04:20 AM   #2
jlinkels
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I don't know about Australia, but it is common for banks to charge excessive amounts for handling cash if holding a foreign currency account.

I held a USD account. Went I when to the bank with $100 in cash, they had to change USD -> local currency -> USD

As you know there is a difference in price for buying and selling banknotes. Besides I had to pay the normal exchange charges. That is how banks work. On the bright side, bank transactions in USD (that is if the money came in from another bank, not cash) were not treated like that.

jlinkels
 
Old 05-03-2018, 05:21 AM   #3
rblampain
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Thank you for the answer. I realise now my question lacks clarity.
The payments I am talking about are not cash, they are bank transactions, for example a payment made from a US bank in USD to a "linked account" intended for US dollars only in my CBA accounts or a payment made from a Japanese bank to another "linked account" intended for yens only as CBA, and probably all other banks, want these foreign currency accounts to be linked to a local currency account (as I understand it).
I hope this makes sense to you.
 
Old 05-03-2018, 06:36 AM   #4
syg00
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Think of the banks like Facebook or google - or maybe payday lenders.
You are the product - and the Shylocks insist on their pound of flesh.

In simpler (more naive) times currency exchange was simple. Then the Americans imposed their perverse image of a world order.
Consider yourself as collateral damage.
 
Old 05-04-2018, 01:12 AM   #5
rblampain
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I do not know if it makes any difference but the intention is not to exchange the currency, it is to keep it as it is, for example USD remain in the account as USD and Yens (or any other currency) remain in another account as Yens - one account per currency. Or are the banks proposing one foreign currency account for all foreign currencies? Or are they expecting the customer to deal only in one foreign currency?
Only at the end of the month is a portion of the amount held in these accounts exchanged in another currency (not necessarily $AU) and transfered and at that time the minimum $10.00 is OK. Or do the banks make it compulsory for foreign currencies to be exchanged to local currency if a local bank account is used to hold the money?

Last edited by rblampain; 05-04-2018 at 01:20 AM.
 
  


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