> Hi Guys,
> I am in the process of purchasing my OZ investment bond. i.e buying
> the
> last 5 points for the 136 visa.
>
> I chose to purchase the bond from Western Australia as they seemed to
> have the best rate. I chose to use World first to transfer the funds
> (100,000 AUD) from UK to OZ as their rate was slightly better than
> HIFX. We agreed a rate and they stated how much GPB I should transfer
> to their UK account. This done they confirmed 100 000 AUD had been
> transferred through to the WA treasury account.
>
> HOWEVER, treasury corporation stateed only 999,995 was transferred
> through. They stated their bank (Commonwealth) charged no fees. World
> first stated their bank (Barclays) charged no fees. On examination of
> the SWIFT stmt, money passed through an intermediary (ANZ) who
> deducted
> the 5AUD. (Apparently Barclays and Commonwealth can't transfer
> directly?). World First stated this was not their problem (referring
> to
> an obscure clause in their contract.). Consequently I had to instruct
> a
> second payment of 20GBP through to World first to transfer 5AUD
> through
> to the treasury - inclusive of World First and ANZ transaction costs.
>
>
> Has anybody else hit this problem before when purchasing the bond. Who
> did you use to transfer the funds, who did you buy the bond from. Did
> they let you know in advance that fees would be deducted from the
> amount transferred?
>
> Essentially I would like to know if World First where at fault here,
> but would also like to draw ppls attention to this issue such that
> they
> can ensure it does not happen to them as well. (As you know timelines
> for getting the bond can be quite tight!)
>
> Cheers - Mathew
Hi Matthew,
It's quite common for banks to take a nibble - if you told World First
what it was for then they ought to have known that you needed the A$100k
in the target account and no less. You wouldn't be the first to have
made such a transfer using them. They might claim ignorance of your
purpose, it would depend on the paper trail, but it 's probably worth a
consumer complaint to see if they'll give you back the second
transaction fees.
Cheers,
George Lombard
www.austimmigration.com.au
--
www.austimmigration.com.au
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