"Fee Restructuring"

[Former]

Let's face it, it's just a euphemism for robbing the customer blind.

Suncorp-Metway have just DOUBLED their fee for depositing O/S cheques and added a NEW 2% charge on some other foreign currency transactions. The fee for depositing O/S cheques is now FIVE TIMES the level it was at before Suncorp merged with Metway.

Maybe they think they can slip it by when the Aussie dollar is high, but methinks it's time for a change.

Does anyone else process foreign cheques through their bank account? What fees are you paying?

 

[dus]

With Westpac, i used to transfer via the net, $$ between my account in oz, and my account in london. For that i think i was paying $10-15 (with not a bad comparitive exchange rate). Not sure about cheques mate.

 

[Frodo]

Don't use banks. I can't emphasise this enough. They are rip off merchants.

Use 'Custom House' or 'Travelex'

they will give you a A$ cheque at less cost.

 

[Mike33]

Originally posted by Frodo
Don't use banks. I can't emphasise this enough. They are rip off merchants.

Use 'Custom House' or 'Travelex'

they will give you a A$ cheque at less cost.

How can i get involved with either of these organisations? Can you give me an adress and/or contact number for one or prefferably both?

 

[Daniel28]

Yeah i regulary process foreign cheques through my bank account and i am currently paying approximately $7.50 on average

 

[Mike33]

Re: Re: "Fee Restructuring"

Originally posted by Daniel28
Yeah i regulary process foreign cheques through my bank account and i am currently paying approximately $7.50 on average

Geez, thats not a bad effort. Which bank are you with?

 

[Former]

I'd like to know too.

Unfortunately banks are a necessary evil for me.

Frodo: "they will give you a A$ cheque at less cost." Exchange my O/S cheque for an $aus cheque? Me no understandy.

 

[Frodo]

Originally posted by Groves
Frodo: "they will give you a A$ cheque at less cost." Exchange my O/S cheque for an $aus cheque? Me no understandy.

A bank will give a very poor forex rate and charge a substantial fee for the transaction.

The two I mentioned give a better forex rate and no fee. You simply give them your cheque in foreign currency and they will give you an A$ cheque or cash. Of course if they don't know you (ie regular customer) then you will have to wait until the foreign cheque clears before you get your funds.

So..the cost is less (lower) than using a bank.

 

[Former]

Sweet - I'll give that a try.