# Going from Kuwait to Sydney - Query on Money Transfer - KWD to AUD.



## pravzinoz (Sep 14, 2012)

Hello everyone:
I am an Indian National currently living and working in Kuwait. I will be migrating to Sydney in May 2013 lane: and have just opened an iSaver Account with NAB. Now my query is as follows:-
A. Which method of transferring money to my NAB Account is cost effective - Doing a KWD Conversion to AUD and transferring it to my NAB Account? It costs 8KWD as Commission to transfer the money from UAE Exchange or is it better to buy Traveller' Cheques and carry them to Sydney and deposit them into my AUD Account with NAB?

B. Also, since I am an Indian national, I could transfer it to my INR Account in India and then again transfer it to my AUD Account with NAB but thats double conversion and more expensive .

C. I could convert my Savings Account in India into a NRE Account and then effect a transfer from India to Australia. I am not very sure whether this is possible or not.

Request the forum to give me their views and if possible someone who has effected such a transaction recently could advise me best.

Regards:
Pravz


----------



## Janneeyrre (Jan 8, 2013)

pravzinoz said:


> Hello everyone:
> I am an Indian National currently living and working in Kuwait. I will be migrating to Sydney in May 2013 lane: and have just opened an iSaver Account with NAB. Now my query is as follows:-
> A. Which method of transferring money to my NAB Account is cost effective - Doing a KWD Conversion to AUD and transferring it to my NAB Account? It costs 8KWD as Commission to transfer the money from UAE Exchange or is it better to buy Traveller' Cheques and carry them to Sydney and deposit them into my AUD Account with NAB?
> 
> ...


Are we talking a million dollars transfer here or what?


----------



## pravzinoz (Sep 14, 2012)

Yes a little lower than that but yes ..... close to a million.


----------



## Janneeyrre (Jan 8, 2013)

pravzinoz said:


> Yes a little lower than that but yes ..... close to a million.


Large transfers triggers alarms. 
Call your bank, ATO (Australian Taxation Office) and your account to be on the safe side. Easy peasy if you have proof of the sum.


----------



## pravzinoz (Sep 14, 2012)

Yes I have proof ... its my life savings!

Which is why I want to know the cost effective mode of transferring them for my trip to Sydney!


----------



## Janneeyrre (Jan 8, 2013)

pravzinoz said:


> Yes I have proof ... its my life savings!
> 
> Which is why I want to know the cost effective mode of transferring them for my trip to Sydney!


In that case you should call the bank and ask the ATO on how to do the transfer. I personally don't have that much money and have never tried transferring that much from other country. 

And I wouldn't worry about a few drops of water spilling on the ground if I had to move my swimming pool to another place.


----------



## abcd_guy (Nov 8, 2012)

I'd like information on this too. I don't think there would be issue in doing that provided sources of income can be shown - the big issue for me (also for you) would be tax. I'm sure there are others on the same boat.

@pravzinoz - can you share what anything you find on this? No specific details are necessary. It would be extremely helpful.


----------



## pravzinoz (Sep 14, 2012)

abcd_guy said:


> I'd like information on this too. I don't think there would be issue in doing that provided sources of income can be shown - the big issue for me (also for you) would be tax. I'm sure there are others on the same boat.
> 
> @pravzinoz - can you share what anything you find on this? No specific details are necessary. It would be extremely helpful.


Well I would love to share but no one is writing back with any information. I think its best to transfer money via Bank Money Transfers and disclose the source of income and pay a huge bomb of commission. Seems there is no escape!


----------



## jins09 (Mar 21, 2012)

@pravzinoz - You can also take a DD in your name from any exchange and take it with you to Sydney. It costs lesser commision (about 2.500 KD). This is possible because you already have an account at Sydney or else you would have to take it in someone else's name. For eg- some friend of your who is already there


----------



## pravzinoz (Sep 14, 2012)

Hello everyone:
I have finally decided to transfer money from a local bank who have direct connection with my Bank in Sydney. So I would be doing that so when I reach Sydney, I have access to my money there.

Regards:
Pravz.


----------



## jins09 (Mar 21, 2012)

pravzinoz said:


> Hello everyone:
> I have finally decided to transfer money from a local bank who have direct connection with my Bank in Sydney. So I would be doing that so when I reach Sydney, I have access to my money there.
> 
> Regards:
> Pravz.


Hi Pravz,

Can you please share with us, which bank has the direct connection with NAB? Also I would like to know if the transfer is possible only if you have an account at that bank. Also, can you please enquire at the bank and inform us what is the procedure for non-account holders to transfer the money and to what other Aussie banks does this bank have connection with? And how much do they charge for the transfer?

Thanks & Regards,
Jins


----------



## pravzinoz (Sep 14, 2012)

Well Jins09, so far I have come to know that Bank Of Maharashtra (has several branches all over Maharashtra and other states too) does allow / facilitate money transfers to NAB Australia. I will enquire about the entire process once I reach Mumbai in May.


----------



## jins09 (Mar 21, 2012)

OK but please do remember to post your findings here also.

Thanks in advance.

Jins09


----------



## abcd_guy (Nov 8, 2012)

Did you have to notify ATO?


----------



## jins09 (Mar 21, 2012)

pravzinoz said:


> Well Jins09, so far I have come to know that Bank Of Maharashtra (has several branches all over Maharashtra and other states too) does allow / facilitate money transfers to NAB Australia. I will enquire about the entire process once I reach Mumbai in May.


Hi Pravz,

So did you reach Mumbai ? Can you post you findings about the entire money transfer process from Bank Of Maharashtra to NAB Australia here?

Thanks in advance. 

Jins


----------



## pravzinoz (Sep 14, 2012)

Not yet ... in a months time. I think I shall transfer from Kuwait itself instead of from Mumbai!



jins09 said:


> Hi Pravz,
> 
> So did you reach Mumbai ? Can you post you findings about the entire money transfer process from Bank Of Maharashtra to NAB Australia here?
> 
> ...


----------



## jins09 (Mar 21, 2012)

Ok then good luck but can you please post the entire process of that here since I am also planning to do the same but have no idea about it?


----------



## superm (Jul 1, 2012)

Whats the difference between NAB classic Vs NAB classic with iSaver?
I've heard that iSaver gives interest and classic does not - is that all the difference?
Then why would anybody take just classic account? there must be a catch?


----------



## unixguy (Mar 25, 2012)

jins09 said:


> @pravzinoz - You can also take a DD in your name from any exchange and take it with you to Sydney. It costs lesser commision (about 2.500 KD). This is possible because you already have an account at Sydney or else you would have to take it in someone else's name. For eg- some friend of your who is already there



What is "DD" ? how to do it?

Guys I'm in Kuwait, and I will be transferring money to my NAB account in Melbourne next month. However, my money is not even a fraction of million dollars 

I heard that UAE Exchange offers the best exchange rate (not very sure). My money is in NBK Kuwait, but i heard transferring it through UAE Exchange is better.

Any ideas, please?


----------



## jins09 (Mar 21, 2012)

Hi unixguy,

DD means Demand Draft. There are other exchanges like Muzaini & DollarCo which offer better rate (which keeps changing every time). so you need compare between all the exchanges and take the one that gives the best rate. Also, I heard that the DDs taken from BEC will be accepted at Australia unlike some others. So if possible, take from BEC itself. That way, you will get your money for sure, once you reach Australia.


----------



## jins09 (Mar 21, 2012)

Hi unixguy,

By the way, I am just curious as to what account you have at NAB ? And what are the benefits for opening this particular account? if possible, can you superm's question, as I am also for an answer to the same question?

Can you tell us the detailed procedure for opening an account from abroad, how much time it takes and what all documents are needed for that?


----------



## unixguy (Mar 25, 2012)

@jins09

Thanks for the explanation. I'm ignorant when it comes to money issues, so I'm reading online about "Demand Drafts". So This means that I pay the money to the exchange here in Kuwait, take the DD, and claim the money once I'm in Oz? Isn't it more convenient to simply transfer the money from an exchange here in Kuwait to your Oz account?


Traditionally, I know that Muzaini is more expensive than other exchanges, but I will ask around. I should transfer the money in few weeks as I'm planning to fly to Melbourne on Mid of June.


Regarding NAB, I went to Melbourne last December. I honestly don't remember which account I choose, I'll check it out once I go home and respond. The process was very straightforward, I walked in NAB, then someone there opened the account for me. I think it took like 20 minutes on average. I brought my passport with me that's it. The debit card took around one week or less to be issued.


----------



## zivziva (Feb 23, 2012)

Janneeyrre said:


> And I wouldn't worry about a few drops of water spilling on the ground if I had to move my swimming pool to another place.


----------



## eldoissac (Jun 26, 2012)

I transferred funds from Kwt to CommBank thru BEC. In my opinion they gave the best rate compared to UAE, muzaini etc. They charged 8kd and a few dollars were deducted by the bank also. The funds reached the bank in 3 working days.


----------



## unixguy (Mar 25, 2012)

jins09 said:


> Hi unixguy,
> 
> By the way, I am just curious as to what account you have at NAB ? And what are the benefits for opening this particular account? if possible, can you superm's question, as I am also for an answer to the same question?
> 
> Can you tell us the detailed procedure for opening an account from abroad, how much time it takes and what all documents are needed for that?


Dear Jins,

sorry for my late reply, I checked my account and it is NAB iSaver. I honestly don't remember the benefits but the bank employee who opened the account for me explained to me the various options and recommended this one. Sorry if this is not helpful, but I don't think there's a big difference between the accounts anyway


----------



## jins09 (Mar 21, 2012)

unixguy said:


> @jins09
> 
> Thanks for the explanation. I'm ignorant when it comes to money issues, so I'm reading online about "Demand Drafts". So This means that I pay the money to the exchange here in Kuwait, take the DD, and claim the money once I'm in Oz? Isn't it more convenient to simply transfer the money from an exchange here in Kuwait to your Oz account?


@unixguy, yes you are right. Its more convenient to transfer but most exchanges charge a commission of 8 kd at least. IF you take a DD, then they charge only 2.500 kd. So if you are not concerned about money saving, then go for the transfer.


----------

