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!