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Ed
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Receive money from overseas

Posted by Ed Ed
Message 1 of 5 1,383 Views

Hi there,

 

1) TT money from UK banks to Australia banks - May I know how long does it take to reach my bank account? 3 days as usual?

 

2) What is the limit for the amount for TT service from overseas to here?

 

3) Do I need to delare to anyone about the type of business which I am going to do?

 

Thanks for your time.

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Re: Receive money from overseas

Posted by thewinchester thewinchester
Message 2 of 5 1,370 Views
  1. Depends on the sending bank, as well as any banks that may be intermedaries for handling the transaction. There's no fixed length of time.
  2. There's nothing stated on the Bankwest website about any limits on the payments received. See http://www.bankwest.com.au/personal/payments-services/moving-your-money/international-payments
  3. That's a question that you'd really need to ask the ATO, or your accountant.
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Re: Receive money from overseas

Posted by LyndsC LyndsC
Message 3 of 5 1,368 Views

Hi @Ed, @thewinchesteris right with his reply Smiley Happy

 

In regards to declaring the type of business you intend to do, can I ask what you're referring to? (eg: opening a business account, or declaring income from a business)?

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Ed
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Re: Receive money from overseas

Posted by Ed Ed
Message 4 of 5 1,362 Views

I mean I am not sure if I should tell the bank re the type of business that I am about to do in Perth in order for me to withdraw the money. I was thinking since its my personal account, I guess it should be a "No" for this case.

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Re: Receive money from overseas

Posted by LyndsC LyndsC
Message 5 of 5 1,351 Views

Hi @Ed, the bank has regulatory obligations that we need to follow and sometimes may ask for clarification on transactions. If you would like to discuss this in more detail, or whether this would apply to you, it's best to give us a call on 13 17 19 so we can look into this. Thanks!

 

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