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Email this5:06 pm
December 23, 2011
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Does any one know how we can tap into these rates directly or indirectly?
http://www.nab.com.au/wps/wcm/.....2204963869
Regards Peter
9:09 pm
February 22, 2013
Offline
I asked their "Virtual Assistant" and got this answer:
"You said: Can I open a NAB everyday savings and banking account if I live overseas?
You do not have to be an Australian citizen or resident to open an everyday banking or savings account with NAB, but you must either be in Australia or have the intention of visiting Australia within 12 months of opening the account."
I left it at that.
Greg
9:26 am
December 29, 2011
Offline
I have received an email reply from NAB with the following info:
Dear V...,
Thank you for writing to us about opening a Term Deposit as an Canadian
citizen.
Please note that in order to open a Term Deposit account with NAB it will
be necessary to have a standard transaction account to debit the funds
from. Without a transactional account we are unable to have access to your
funds to create a Term Deposit.
I have provided a link below to NAB's Everyday Banking accounts for your
review.
Everyday Banking accounts
http://www.nab.com.au/wps/wcm/...../?ncID=ZBA
(Please copy and paste into browser address bar)
Upon applying and successfully having a new account opened for you, we'll
mail you a Welcome Pack with your account details which you'll receive in a
few days. The Welcome Pack contains all the information you'll need about
the features and benefits of your new account, including the terms and
conditions and fees guide. You'll also find a guide about identification
requirements included.
As part of NAB's Identification and Account Opening Procedure, upon
establishing a new account for you, a Debit Restriction will be placed onto
the account and can only be removed after you have attended a Branch and
provided your 100 Points of Identification.
Once you receive the Welcome Pack, you can wire funds from your Overseas
account directly into your account. If the funds are in any currency other
that Australian Dollars, we will need to convert the funds prior to
processing a credit to your account and a conversion fee may be applicable
to your account.
There are no fees to open a Term Deposit, however, fees are applicable for
closing the account earlier than scheduled.
For your convenience, I have also provided a link below to our Term Deposit
Interest Rates.
http://www.nab.com.au/wps/wcm/.....7805766640
(Please copy and paste into browser address bar)
If you need any further help, please reply to this email directly or call
us on 13 66 22 from 8am-7pm Mon-Fri, or 9am-6pm on weekends (AEST/AEDT). If
you're overseas, the number to call is +61 3 8641 9083 .
Sincerely,
Parul Mathur
Digital Interactive Advisor
Have your say! Provide the Digital Interactive team with feedback about the
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2:35 pm
August 4, 2010
Offline
I'm not sure where this would be of more than curiosity for most people - wouldn't there be overhead costs that would eat up any advantage?
- Unless you already have a big pile of $AUD, you'd have to pay to convert your Canadian dollars to $AUD. And unless you are planning to spend the money in Australia, you'll have to pay again to convert back to $CAD. Unless you have a cheap way of doing this, paying a percent or two each way eats up your advantage.
- You are playing with currency exchange movement risk. If CAD/AUD rate is higher when you want to repatriate your money than it was when you sent it, you could wind up losing money. You might make money on this instead, but you are basically making an investment decision on exchange rates.
1:37 pm
December 23, 2011
Offline
NorthernRaven said
I'm not sure where this would be of more than curiosity for most people - wouldn't there be overhead costs that would eat up any advantage?
- Unless you already have a big pile of $AUD, you'd have to pay to convert your Canadian dollars to $AUD. And unless you are planning to spend the money in Australia, you'll have to pay again to convert back to $CAD. Unless you have a cheap way of doing this, paying a percent or two each way eats up your advantage.
- You are playing with currency exchange movement risk. If CAD/AUD rate is higher when you want to repatriate your money than it was when you sent it, you could wind up losing money. You might make money on this instead, but you are basically making an investment decision on exchange rates.
Good, points. Thanks. I do not plan to pursue.
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