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  • 2 Post By sxc

Australian dollar account plus time deposit

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  1. #1

    Join Date
    May 2011
    Posts
    101

    Australian dollar account plus time deposit

    Hi all,

    I am hoping the Australian expats will be able to answer this one.

    My situation is this: I have an investment property in Queensland and a NAB account in Australia in AUD of course and an NAB account in Hong Kong (also in AUD).

    Each time I transfer money from my NAB Australia (AUD) account to NAB Hong Kong (AUD) account, I have to pay TT fees (A$ 20).

    My questions are below:
    1. I want to transfer my rent that gets deposited to my NAB (Australia) AUD account to Hong Kong because (a) I get a better interest rate here for AUD (b) I don't have to pay withholding tax as the money won't be in Australia. Each time I transfer money though, I will lose A$20 on TT. Is there a better way of doing this? I don't have any Premier account because of the high minimum balance requirements. Is a HSBC Premier account the only way?

    2. If I were to only invest in Time Deposits, would it be better to have the AUD in Hong Kong as I need not pay withholding tax or is anyone aware of a net high deposit rate with another bank in Australia? I think 2.7% is the best I can find there minus the withholding tax of 10%. However, in Hong Kong, I feel I can find 4% or so for AUD if I shop around. (I need to do more research).

    I am NOT an Australian citizen.

    Thanks!


  2. #2

    Join Date
    Dec 2009
    Posts
    6,714

    Get your rent deposited directly into your NAB HK account, just skip the Australian NAB account altogether.

    Have your tenants pay you monthly instead of weekly, to save them some bank fees.

    Last edited by emx; 10-11-2013 at 11:01 AM.

  3. #3

    Join Date
    May 2007
    Posts
    599

    Check out citibank in Australia. I believe they have fee free global transfers.

    scumbag and Paxbritannia like this.

  4. #4

    Join Date
    Aug 2013
    Location
    The World
    Posts
    1,948

    Open Citibank accounts in Aus and HK. Then you can move money for free between the two.

    Also,


  5. #5

    Join Date
    May 2011
    Posts
    101

    Thanks! I tried doing that but they told me that only Australian residents could open accounts with Citi Australia. Pretty weird. Either that or I'd have to travel to Aus for some verification!


  6. #6

    Join Date
    Jul 2007
    Location
    TST and Macau
    Posts
    1,487

    Try HSBC premier if you can meet the requirements.


  7. #7

    Join Date
    Nov 2010
    Location
    HK
    Posts
    1,180

    not sure it matters where the money is paid as you'll have to pay tax on it as income regardless at non-resident rates, the Citi idea is probably best for avoiding the $20 fee - you probably need to ask Citi in HK to open an australian account for you.


  8. #8

    Join Date
    May 2011
    Posts
    101

    thanks. I did ask Citi in HK and they put me in touch with Citi Australia who in turn told me to either go to Australia for verification or that it was only possible for residents.