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Receiving large sum of money from overseas.

Posted by p_grg p_grg
Message 1 of 2 618 Views

Hi. My dad just sold his property overseas and is planning to send a large amount here (six figures).

 

Is it possible for that much to be transferable? What are the fees payable? Will it be taxed?

 

I am unsure how this works as i've never done this before. Any advice would be appreciated.

 

Cheers.

 

 

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Re: Receiving large sum of money from overseas.

Posted by DanaeC DanaeC
Message 2 of 2 612 Views

Hey @p_grg, thanks for reaching out.
 

While I wouldn't be able to confirm the sending bank's International Transfer methods, I can advise that a $10 "Inward Payment Fee" would apply on the receiving Bankwest account, and that the amount received could vary slightly to that of the amount sent. This is due to a number of factors, such as the exchange rate, and any correspondent bank fees*. It would be best to confirm these details with the sending bank to ensure you're across their process.
 

You can click here for more information on International Payments - I do hope this helps.
 

*In some cases it may be necessary for the banks involved to utilise the services of a 'correspondent' bank to assist in the transfer. As banks do not hold offices in every country, it is necessary to establish reciprocal agreements with a representative bank that may assist in getting the funds transferred successfully to their destination. If a correspondent bank is needed for assistance in the transfer, they are entitled to charge a fee for their services. Other bank fees and agent fees are unknown to us, and therefore out of our control.

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