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Funding IB Pro account
I have been depositing USD into my IB Pro account using ANZ. But they also have an option to deposit NZD and IB will charge a 1% fee (I'm guessing it's the fx conversion fee).But the details are confusing as they provided swift/bic number which is used for International wire transfers. They route the funds through Citibank.Does this mean we can just use bank transfer instead of international wire transfer which costs $9 and less than ideal forex rates. Can anyone make sense of these instructions for NZ bank to bank transfer? Deposit Instructions Anyone here used xe or similar service to fund their IB account?
How common is it to have 'hidden' transaction fees and charges when buying online with credit cards? I recently got a Citibank Visa Signature card and was reviewing the first statement that came through. I then noticed a line with 'International Transaction Fee', with a charge of $10 from a $280 purchase. I called up Citibank and they said that the vendor's (TM Lewin) bank account was based in London, so Citibank was charging me for managing that transaction. I've purchased with TM Lewin before, both with debit cards and other credit cards, and never encountered this fee. While this time around the fee was reversed, the Citibank rep said that this was a normal fee, and that it wouldn't be reversed next time. She said that if I wanted to avoid the fee, I had to find out where the vendor's bank was based (ie overseas or in Australia). I said that this simply isn't feasible (how am I supposed to ask every vendor which bank they're with), and they're now looking into it as a complaint. However, I do want to ask Reddit, are international fees like this normal? What other similar hidden charges should I be looking out for? For further context:
I am based in Australia, and bought from TM Lewin' s Australian website
I paid in Australian dollars, and the invoice is in Australian dollars (ie It shouldn't be due to a forex issue imo)
So I am moving to Brisbane next month to study in Brisbane. I will be receiving monthly deposits into my Us bank account to cover living expenses from my GI Bill. They won't let me change this to an international bank so that leaves me stuck transferring money from my US bank to my AUS bank(Westpac). What is the best and cheapest way to transfer money monthly from US banks to AUS banks. Also is Westpac a good bank?
Where do you guys exchange your currency before heading overseas?
Hi All, I have a couple international trips planned over the next 6 months - I was curious to hear where Ausfinance folks exchange their currency (cash) before traveling? Not talking about overseas - just where you do it here in Aus before you jump on the plane? :-)
Hey guys, I've got a few specific questions that fellows Aussies would be best situated to answer. Taxes: I've done the tax residency test and I might be able to declare myself a foreign resident for tax purposes. I believe I can answer No to this question " Are / were you an Australian resident for tax purposes immediately before leaving Australia? *" Because I've been living overseas "permanently" for the last 7 years, therefore not paying tax in Australia (I was under the threshold during that time, anyway. I've been in Australia for just two months on a holiday. Any idea if that qualifies me as a non-resident? If it does, is there any obligation to prove I'm paying tax in another country (obviously not something I want to do as a DM, i.e. too much hassle getting a work visa and TFN in each country). Note I only earn 30,000-40,000 AUD, so hardly a big fish for the ATO to chase up. According to ATO "As a foreign resident, you only need to lodge annual Australian income tax returns if you receive income from sources in Australia." Does money earned while physically overseas (DNing) that comes through an Aussie bank account count as "in australia?" What about earnings from Aussie clients while physically overseas? I'd obviously prefer to discuss this with a qualified accountant but I've read many charge upwards of $5000 for a letter of advice. Any recommendations for cheaper services/costings? Expenses and filing: I guess I can claim for some work expenses such as laptops, internet, maybe even some travel (I do a lot of travel writing). Do I need to do anything other than keeping electronic receipts and claiming them at the EOFY? Should I get an accountant involved or is being a freelancer simple enough to file solo? ABN: Say I go down the Australian resident for tax purposes route (which I'll probably have to), do I need an ABN for my freelance business? I work independently as a content writer, with most payments coming through PayPal and ultimately my Australian account. Insurance: It seems to me that global health/expat insurance is only really useful for Yankees (and others) who pay out the arse for coverage in their home country. If I got cancer or whatever other chronic illness I'd just fly home for treatment on Medicare. Therefore, travel insurance is more suitable for us. Any holes to the logic in this line of reasoning? Any travel insurance that's particularly good value for the DNs? Finances: I've got a Citibank Plus account which has an awesome no-fee withdrawal policy. But what about being paid? I normally receive money in PayPal (fees) and send it to my Australian bank (more fees) before withdrawing in local currency (minor forex fee). Anyone found a better way for Australians to do this? I know that's a lot. If anyone can answer any of the above from personal experience than I'd be super appreciative :-)
I usually pitch BSV to between 5 and 10 people a day, and have been doing so on average for five days a week, since around mid February when I first bought into BSV myself. I started paying attention to Wright in 2017 after I saw his talk at Arnhem*, and then again seriously in November last year after the CoinGeek conference in London, but it took me a couple of months to dig through all of the available information and make absolutely sure that my gut reaction was correct and that my intuition wasn’t lying to me before I decided to go full ‘BSVtard’. (I have been in Bitcoin since May 2012, but left in 2014, and didn't get seriously involved again until 2017. I stepped out for most of 2018). The people I pitch to are mostly financial types like Investment Bankers, Wealth Managers, M&A analysts, Risk Assessors, IT admins and system engineers at banks, Lawyers, Accountants, Stock Brokers, Liquidity specialists, Entrepreneurs and Stock, Bond and Forex Traders I estimate I’ve done around 300 pitches in the last three months to employees of JPM, Citibank, Barclays, Credit Suisse, EY, KPMG, HSBC, BNP Paribas and the FCA, amongst others. I have memorised Wright’s narrative, watched and rewatched his videos and interviews over and over again, and constantly read and re-read his blog in order to keep up to date with current events and developments. I’ve found that in my own pitches, presenting BTC as ‘the prototype’ can be quite a neat way of explaining why BTC with a 1Mb block size has a limited capacity and is not really a good business solution for their industry. It’s just a small stub of an idea, because the truth is quite different, but if you put it in its historical context, I think it makes sense. Like the Wright brothers’ first attempt at flight, the first prototype of BitCoin may well crash and burn. I’m also a fan of the ‘BitCoin as a jet engine’ analogy, wherein the block acts like a combustion chamber into which raw transactional data is fed, and from which information is then extracted, that then powers an information economy. The circular velocity of energy in the system increases as more and more data is fed into the block, and more and more information is extracted, refined, sold, disseminated and recycled. The result is a kind of ‘data ramjet’, which propels the value of BSV upwards as its circular velocity through the block chain and the mining economy increases.
I'm currently working abroad. Transferring from my foreign bank account to my Indian bank account is a cake walk. All it takes is a single mouse click. Now, when I try to do the other way, its as complicated as possible. How to transfer X amount from my NRO bank in India to my foreign bank account from abroad? Say I want to transfer Rs.50k every month for family expenses. To give additional details, I'm currently residing in Singapore with my family. I visit India once a year. The cash is in my Citibank Indian account. My wife doesn't have Singapore bank account. Some of complicated ways I'm aware are:
Convert INR to $ when I visit India and take it along with me as cash or forex card.
Do wire transfer from my account (not sure whether it requires physical presence. also not sure how complicated will be the process).
Thanks. Edit: Added additional info about the bank account type as NRO
American expat with bank accounts in three different countries, moving back to China, want to make smart financial decisions.
Hey Reddit.... Got a curve ball for ya folks. The Background: So I'm a recent grad (Designer) from the US and I've been much been working abroad since my graduation in 2014. Spent time in Shanghai doing an internship and have worked the last seven months in Singapore. I've been trying to be relatively money conscious... I was barely sustainable in Shanghai (making terrible pay, did homestay to avoid paying rent), and I've been able to save 50% of my Singapore salary for the last 6/7 months. Next month I am moving back to China (full time job, Shenzhen, 3 year contract) and I have a couple of questions. Regarding my international accounts. I have: $1,000 USD in a Citibank account in the US. $10,000 SGD in an account in Singapore. $0 RMB in an account in China. In China will be making roughly $3,500 dollars per month (in RMB of course). The Questions: I'm trying to decide if I need to convert my Singapore dollars into American dollars for easy access. Or should I leave the money in the Singapore acct? Should I keep all the money saved in China in my Chinese acct? Or should I slowly start converting the RMB to USD over time to deposit in my American acct? (btw I have little knowledge of how to play the Forex market so even some basic advice on buy and sell rates would be super helpful). How should I manage my assets, especially with all the fluctuating currencies? I also obviously don't have a 401k or anything in China, so I also need to consider my savings for the future. (Also I need a credit card. Ugh. Preferably from US for emergencies?) Obligatory Appreciation: Thanks people... It's a bit overwhelming for me since I've never had to manage my finances independently before. Plus the stress of country jumping all the time and taxes (just shoot me lol). Any help/advice/encouragement is super welcome. Naysayers need not reply. Thanks!
Getting paid in USD, can I start an account to accept US wire transfers?
So I am starting working for an online company that pays in USD. Unfortunately they offer only a couple of options for payment that can work for me. Payment Via Cheque - They will send a check in USD to be cashed in the UK. There will be a significant delay on the arrival of the cheque and there is also the risk of the cheque not arriving. This really is a last resort in my opinion. Payment Via Wire Transfer (US accounts only) - They will pay via wire transfer but this will only go to US accounts with a correct routing number and account number. Now I have done some research and it seems it is possible to open a US bank account as a non US citizen however I will need to take a trip to the US to do this (I am willing to do this if it is the best option). I have also looked into HSBC and CitiBank who offer foreign accounts but I am unsure if you receive a routing number capable of receiving domestic US transfers. I will try calling them on Monday to get more information. Could I set up a forex account and get the money wired into that account directly? Are there any other options of getting a US account to send the payment to and has anyone had experience of doing this? Thanks in advance!
Currency conversion and travel card help? AUD to USD
Hi everyone, I have a holiday to the US booked for later this year. The majority of flights and accommodation are paid for so I really only have my spending money that I need to worry about. As per my title, I don't know what to do with the money. I'll explain my situation. I would like to convert my money now, before the AUD falls even further against the USD (really wish I converted my money months ago). I've read up about where to convert currencies, and people have suggested United Currency Exchange stores, Currencyfair.com and OzForex. I haven't organised anything money wise for my holiday (e.g. travel card), so I did some research on this sub, and I'm really keen on getting a Citibank Plus account + debit card over other options such as travel cards etc. My issue is that the Citibank account seems to be in AUD and converts to USD when you make purchases (during my holiday when the exchange rate is likely to be worse). If I want to convert my AUD right now, where would this money be stored, and could I keep those USD dollars in the Citibank account? Think of this as a /explainlikeimfive question about spending money overseas haha.
Need advise on dealing with an incorrect FEMA forex online trading violation warning
This morning I got a notification from Citibank (where I have my salary account) saying that there is a FEMA forex online trading violation on my account and that my account will be closed unless I provide them an undertaking not to use my account for such illegal purposes. The notification mentions the name of the recipient in the flagged transaction. A few months back, I had done currency exchange from INR to SGD for my personal trip to Singapore through an authorized, domestic-only, RBI approved currency exchange company called iForex. Unfortunately there is an online forex trading company with the same name and according to the folks at the iForex where I did the exchange, this is the issue. So how do I deal with this incorrect warning? I do have a proper receipt with all the details of the iForex where I did the exchange. When I talked to the Citibank customer care, they didn't have any details apart from the information that they have sent me a notification for the violation. So they have escalated this issue to the backend team which flagged the transaction and will provide me the details of the transaction in 2 working days.
Where we allow your Citibank Debit Card to be tagged to a Foreign Currency Account, foreign currency transactions and Cash Withdrawals will be directly authorized from the respective Foreign Currency Account in the foreign currency directly provided that that there are sufficient funds in the relevant foreign currency. In the event if you have performed a Cash Withdrawal and/or Card ... Citibank USA multi-currency or dual currency account basics. Citibank USA doesn’t offer a foreign account themselves, but instead refers customers to their offshore banking arm — Citi International. You can open a foreign currency account with Citi International and then transfer funds into it from your Citibank USA account. However, as you’ll see below, the Citi International multi ... A multi currency account is an offshore Cash Account or a foreign currency or a forex account that offers this and more, with a wide range of day to day banking facilities from one of the world's largest financial institutions. If you need access to a foreign currency bank account because you live or work in various countries, or you want to manage your money offshore in your own currency ... Online foreign exchange trading can be done effortlessly with your mobile phone or desktop via our Citibank eFX trading services. Services such as trading in up to 10 currencies and real time alerts simplify Forex trading process. Online account inquiries via Citibank or Citigold Online. LEARN MORE; APPLY NOW; Foreign Currency Call Account. Available in up to 10 currencies. Earn 0.25% p.a. on accounts in Australian Dollars (AUD). LEARN MORE; APPLY NOW; Citibank Global Transfer. Transfer funds online instantly to any Citibank accounts worldwide, at no charge. Transfer funds to up to 19 countries. LEARN MORE; APPLY NOW ... The largest FX presence of any bank globally. Unparalleled liquidity in over 140 different currencies, Citi's global FX presence in over 80 countries. Citi International Personal Banking Hong Kong, offers forex(FX) forecast & analysis for global markets so that you keep your trades up-to-date & competing. Visit our website to know more about forex(FX) insights & capture any upside opportunities on foreign exchange market. Open an Account: Open a Time Deposit Account: Open a Savings/Checking Account : Rate Information : Foreign Exchange Rates : Interest Rates Other Services: Close: Foreign Exchange Rates . View up-to-date buying and selling rates for the Philippine Peso versus 6 of the major currencies (USD, British Pound, Swiss Franc, Japanese Yen, HKD, and Euro). ... Global Access. Complimentary instant fund transfers to Citibank ® accounts worldwide via Citibank Global Transfer. 1; View your global Citibank accounts with a single login via Online Global View. 1; Convenient. Make banking inquiries anytime, anywhere via live e-Chat, 'Call Me' function and 20 seconds 2 call pickup.; Manage your daily foreign currency transactions easily. Foreign exchange. Citibank offers competitive foreign exchange rates, providing you with a quick and easy way to convert between currencies.You can then hold your money in our foreign currency bank account, or send it overseas at no charge.
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