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Big four banks to dish out refunds into bank accounts before June end

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No one gets money for free, but the refund from Commonwealth bank, Westpac bank, ANZ and National Australia Bank might be hitting your bank account soon.

Forget EOFY tax return refunds from the tax office, this is sweeter as you don’t have to apply for it, its your money getting refunded without any paperwork needed.

If you see this in your commonwealth bank account

Additional interest
refund
Value Date_ 25/06/2020

additional interest refund

The refund posting may look different depending on which bank you bank with.

Fancy a $10,000 refund?

Refunds can be anywhere from couple of thousand dollars to even $10,000 or more depending on how many loans you have with the bank.

Why the refund ?

If you have a refund looking like above in your bank account you could have possibly got a refund related to remediation done on your home loan, refunding you amounts of interest that was wrongly charged by the bank.

This is due to the remediation the banks have been forced to do due to the government enquiry into banks and how they treat and charge their customers.

CBA Refund on home loan interest charges 2020 for COVID19

This is not a refund, but more like a payment  for the interest on interest  you get charged for your deferred home loan repayments. Australia’s largest bank will make payments to home loan customers impacted by coronavirus to offset interest charges. 

When a home loan repayment is deferred for six months, interest is calculated and added to the loan balance each month which can result in customers paying interest on interest each month. Anyone having a home loan could possibly get this refund before end of June this year.

“This means for an average loan of $350,000, CBA will be refunding approximately $45 to offset the effect of interest on interest over the six-month period. Customer payments will vary based on their loan amount and interest rate.” Commonwealth bank representative said.

2020 – Big four’s Banks current relief packages for covid19

The four major banks in March announced they would allow home loan customers to defer mortgage repayments for six months as part of a $100 billion scheme with the Reserve Bank of Australia to alleviate stress on Australian households, as thousands are tipped into unemployment. 

CBA – Following the end of the six-month pause, home loan repayments remain the same as before, with the loan term being extended. CBA will also make a one-time payment to offset the interest on interest being charged to customers over the deferral.

Westpac – Impacted customers are being offered a 3-month pause with the option for a further 3 months after review. Home loan repayments increase after the deferral, but the loan term remains the same.

national australia bank

NAB – Following the repayment holiday, home loan repayments increase, but the loan term remains the same.

Australia New Zealand Bank

ANZ – Customers can choose to keep the loan term the same or extend it by six months, with a review at three months, with both options likely resulting in mortgage repayments increasing after the pause.

Robodebt refund: June 2020

The Federal Government has announced it will refund more than $721 million dollars in wrongly issued Centrelink debts to over 373,000 Australians.

The incorrect debt collections made between the 2015/2016 financial year and November 2019 targeted individuals who had supposedly received more welfare than their income entitled them to.

The debts were automatically calculated by special algorithms without human intervention and became known as rob debts.

How do I get my robo debt refund?

If your eligible, the amount will get credited in your account, so update your details on mygov if not done already.  Government Services Minister Stuart Robert said 190,000 individuals will be repaid starting from July 1.

Royal Banking Commission Australia

Started: 14 December 2017

Ended: 4 February 2019

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, also known as the Banking Royal Commission and the Hayne Royal Commission, was a royal commission established on 14 December 2017 by the Australian government pursuant to the Royal Commissions Act 1902 to inquire into and report on misconduct in the banking, superannuation, and financial services industry.

2018 CBA Junk Insurance Refund

After the royal commission, refunds for 140,000 were said to be issued to CBA customers

Commonwealth Bank will issue $16 million in refunds to 140,000 people who were sold add-on insurance right before the bank’s ‘junk’ products become the subject of royal commission hearings.

“Consumer credit insurance” has been pitched to customers as a safety net that’ll help them meet their credit card or loan repayments if they lose their job, become sick, injured or die. The financial regulator characterises them as not of much value and consumer groups simply describe them as ‘junk’.

Consumer Credit Insurance. Consumer credit insurance (CCI) covers you if something happens to you that affects your ability to meet your credit repayment. You may be offered CCI cover by your lender when it approves your credit (such as a credit card, personal loan or mortgage).

Find more about this here- https://www.choice.com.au/money/insurance/insurance-advice/articles/commonwealth-bank-refund-16m-junk-insurance-royal-commission-080318

2016 -Recent Fee for no service scandal:

The sweeping scandals – tagged by ASIC as “fees for no service” in its landmark report in October 2016 – saw the big banks and AMP targeted for practices dating back years where millions of dollars in fees were creamed off accounts for financial advice never given.

Wealth management and financial advice industries were involved and investigated in the banking royal commission for this scandal.

Commonwealth bank Wealth package refund in 2015

This happened in 2015. If you held a wealth package, you could have got a refund. The Commonwealth Bank of Australia (CBA) was said to refund approximately $80 million to around 216,000 Wealth Package customers as compensation for failing to apply fee waivers, interest concessions and other benefits since 2008.

It equated to an average refund per customer affected of around $370, which includes interest. In this case bank staff had to manually apply many of the discounts available under the Wealth Package, which in some instances did not occur.

2017 – CommInsure refunding – CCP premiums

Commonwealth Bank and insurers QBE and Virginia Surety would repay a total of over $26 million to people who were mis-sold add-on insurance, including consumer credit insurance.

CreditCard Plus (CCP) Insurance protects customers’ credit card repayment obligations in the event of death, terminal illness, disability and involuntary unemployment.

Following a review of their records, they identified that CCP Insurance may have been sold to a number of customers who may not have been eligible for all the benefits when they bought their policy. Therefore, they were refunding the premiums paid by impacted customers.

More details here – https://www.commbank.com.au/insurance/creditcard-plus/faqs.html

2020 Westpac refund for small business – Merchant terminal fee relief

The Merchant terminal fee relief was a part of Westpac’s COVID-19 support package for Australian businesses, for 3 months, starting in April 2020.

All eligible merchant customers would have received their final refund payment and westpac are working to provide you with a GST adjustment note for tax purposes in the coming weeks.

Who is eligible? -Merchant customers with a total card spend of less than $5 million per annum.

More here- https://www.westpac.com.au/help/disaster-relief/coronavirus/business/merchant-terminal-fee-refunds/

2015 – 2019 Nab Refunds

NAB’s refund program was set up in 2015, however only about $300 million has been paid back to customers.  IN 2015  National Australia Bank WAS SAID TOl refund A$25 million ($18.38 million) to around 62,000 wealth management clients who were wrongly compensated.

https://asic.gov.au/about-asic/news-centre/find-a-media-release/2015-releases/15-194mr-nab-wealth-refunds-additional-customers-following-asic-action/

In 2019 Nab was ordered to pay back money to customers for junk insurance given to customers by shoddy financial advice. This came about by the royal banking commission.

It now expects another of its remediation Project Hunt to be finished in October.

ASIC is currently overseeing more than 100 remediation programs expected to pay out more than $2 billion to consumers on top of the almost $1 billion that has already been returned. About $10 billion has been set aside by the industry for remediation programs.

Qantas refund /Airline refund/ Flight Centre Travel agent refund

Qantas and Singapore airlines have many destination flights from Australia and there are thousands of customers still waiting for refunds directly from the airlines or then from flight centre or travel agents.

Airlines have given a mix of “travel credit” “travel vouchers” flights for future and money refunds. Flight centre has attracted court action and being looked into by authorities for delay in them giving refunds to customers.

Those customers who have accepted a travel credit voucher may not be eligible for a refund of money, however those whose flights got cancelled will be able to claim a refund.

Delayed air ticket and hotel accommodation refunds by travel agents and airlines could lead to further legal action being taken by irate customers due to interest charges escalating on credit cards.

Qantas Refunds

https://www.qantas.com/us/en/book-a-trip/flights/compensation-and-refunds-policy.html

Singapore Airline refund

https://www.singaporeair.com/en_UK/us/travel-info/charges-changes/cancellations-refunds/

Flight Centre Refunds

https://www.flightcentre.com.au/support/bookings#my-options

https://www.accc.gov.au/media-release/flight-centre-to-refund-cancellation-fees

The ACCC has received more than 6000 complaints from consumers dissatisfied with travel companies’ refund policies and cancellation fees, with thousands more contacting their local state or territory fair trading agencies seeking assistance resolving individual disputes. 

Qantas is refunding customers for flight cancellations after the ACCC COVID-19 Taskforce raised concerns with the way the airline had handled claims

CRUISE REFUNDS

Cruise Ships Australia

COVID-19 has been called one of the worst things to happen to the cruise industry in decades.

Thousands of cruise customers from big cruise companies like Caribbean Cruise, Princess Cruise, Carnival Cruises and P & O Cruises are awaiting their refunds due to cancellation of cruises all over the world.

Most cruise liners though American owned, operate from overseas tax haven countries and so has been denied by USA for financial bailouts in the COVID19 Crisis times.

Most cruise liners are offering cruise credits to their customers leaving not many options to disgruntled clients.

Princess cruises

https://www.princess.com/news/notices_and_advisories/notices/refunds-and-future-cruise-credits.html

Royal Carribean Cruises

https://www.royalcaribbean.com/faq/questions/booking-cancellation-refund-policy

P&O cruises

https://www.pocruises.com/request

Carnival Cruises

https://help.carnival.com/app/answers/list/search/suggested/1

Reference Websites

Banks:

Westpac Bank – https://www.westpac.com.au/

ANZ Bank – https://www.anz.com.au/

National Australia Bank – https://www.nab.com.au/

Commonwealth Bank – https://www.commbank.com.au/

Government:

ACCC

ASIC – https://asic.gov.au/

ATO – https://www.ato.gov.au/

APRA – https://www.apra.gov.au/

ACCC – https://www.accc.gov.au/

Search Keywords to Article:

Refund from CommBank 2020

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When do I get my cruise refund

What the digital banking revolution means for Australian banks

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banking in australia

The future of banking is digital, and the Australian financial services industry needs to brace itself for a transformative year ahead.

“A digital transformation is inevitable in the Australian marketplace,” says Myles Bertrand, Managing Director APAC for Mambu, “however many of our established institutions are in dire need of a cultural overhaul before they can really embrace this brand-new world. Banks need to start thinking and operating like fintechs in order to maintain their position at the forefront of the Australian financial services industry.”

Mambu – launched in Germany but operating globally, including in Australia – works with banks, fintechs and telcos to help create a technology-first approach to banking, opening up new opportunities to optimise operations, ensure regulatory compliance and increase customer acquisitions.

In Australia in particular, it is the impact on regulatory compliance that is a key area of interest when it comes to the new era of digital banking.

“The good news is that digital banking is actually going to make it easier for financial institutions to comply with all of the different regulations,” says Bertrand. “It’s going to make it easier to track transactions, keep data safe and will also reduce duplication. So those organisations that make the transition from less secure legacy systems to cloud-based digital platforms, where security improvements are constantly made, can boast greater peace of mind and set themselves ahead of competitors.”

To stay in the game, banks need to be able to roll out products and services at a rapid pace, adding new features to platforms, while simultaneously enhancing existing ones. This kind of agility is next to impossible to achieve with most institutions’ legacy systems. However, composable banking architecture – the quick and flexible assembly of independent systems on a cloud platform – can provide the opportunity for organisations to create a dynamic platform with intuitive, responsive features that can be quickly and continuously updated.

A truly agile platform undergoes short, regular updates with a constant pipeline of improvements that are automatically layered on top of existing cloud technology and allows business to run uninterrupted on the front end. This allows financial institutions to make minor changes regularly, rather than major, infrequent updates that can cause significant disruption and draw the ire of customers, as has been the case with some traditional transformations.

With so many new players arriving in the marketplace looking to capitalise on the impending digital transformation of the industry, the key to successfully transitioning to digital banking is to look for proven, reliable fintech partners with experience and a successful track record in helping financial institutions make the switch. By working collaboratively with a proven digital engine, banks and financial institutions can build innovative integrations into new or existing product channels, creating simple, streamlined and automated customer experiences.

“I think the whole financial services industry – globally, not just in Australia or the APAC region – is going to be turned on its head over the next 12 to 24 months,” concludes Bertrand. “We really want to help banks take the leap and make the necessary changes to embrace the opportunities that digital banking can offer and set themselves up for success.

“As the looming fintech age forces institutions to digitise, innovate and scale to adapt to customer needs, those banks and financial institutions that can move at the pace of a technology company while remaining committed to strength, security and service will be the leaders of this new era.”

Myles Bertrand is the Managing Director, Asia-Pacific, for Mambu, the market leading cloud-based banking platform.

Tighten Your Belt – 5 Secrets to Creating a Stable Financial Future

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Photo by Vitaly Taranov on Unsplash

It can sometimes seem impossible for low-income households to get ahead in today’s economy. Financial pressures can have a debilitating impact on your life. Too many families are familiar with the pattern of purchasing only the bare necessities, putting off replacing broken appliances, and spending all their time commuting to and from jobs that pay too little and ask too much. The economic hamster wheel leaves little opportunity for saving, or to enjoy your daily existence. The following are a few creative, yet simple ideas to help you get a handle on your financial stress and get back to loving life.

Wiggle Room

Unfortunately, lower-income families can find it nigh impossible to access credit with mainstream lenders. Locked out of the market, many turn to high-interest options such as payday loans for a lifeline that ends up being a deadweight around their necks. Fortunately, a growing number of government agencies and not for profits are offering interest-free loans for people on low incomes, to spend on necessities, like home appliances, or car insurance. Sometimes that wiggle room is all you need to ease yourself of some of that stress.

Master Chef

The ease of ordering takeaway in our modern society means a lot of money can quickly disappear on food. Yet it’s cheaper and healthier to cook your meals at home. All you need to do is change your perspective on meals preparation. Instead of a chore, transform it into a fun-filled activity. Numerous celebrity chefs that have a wealth of cheap, easy recipes that turn into delicious meals. So, get a quick recipe online, put on some music, and turn it into a joyful ritual. Get your family involved, and make preparing the meal just as enjoyable the meal itself.

Saving Grace

It’s hard to think that a small amount of money set aside every day can make a significant difference in the long run. However, with a bit of discipline and patience, you will be amazed at how much it can add up to over time. Even as little as 50 cents a day, or 10 dollars a week squirreled away into a dedicated savings account you don’t regularly check, your long-term savings can really start to grow. If you can’t get yourself into the habit of putting the money aside, there are apps that can do it for you, all at a rate you’re comfortable with.

Free Entertainment

Just because the budget is tight doesn’t mean you have to skimp out on cultural activities. You can spend hours wandering around free museums, markets, and historic buildings. Your local backyard is someone else’s tourist daydream. Check out the tourism travel page for your local city and see what they recommend is a must do for free. There are always plenty of ways to entertain the family without having to fork out hundreds.

Au Naturale

Whatever the weather, whether you feel like lazing around or getting active nature has you covered. Plan a trip to the beach, and spend the day lazing on the sand. Alternatively, plan a trip to the hills and go for a hike. Getting out of your four walls and enjoying nature has many mental health benefits, and it doesn’t cost a cent. Even if you end up doing precisely what you were planning on doing inside, such as relaxing with a book, or tapping away on your computer, if you do it outside, you’ll feel much better for it.

Having money problems doesn’t have to take the joy out of life. Cheap activities are still fun activities, and clearing your head of stress can help set you up for a financially stable future.

How Merchant Cash Advances Are Helping Small Businesses

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merchant business loans

Small businesses play an important role in the Australian economy by continually meeting the increasing demand for jobs. However, small businesses that want to expand are often held back by lack of working capital and the difficulty of obtaining business loans.

Some turn to local banks, but banks do not make it easy for small businesses to acquire loans if they’ve not been in business for many years. Fortunately, these days there are other financing options for small businesses, and one of them is the merchant cash advance.

So, what is a merchant cash advance, and how does it work?

finance for business

Merchant cash advances are innovative financial products offered by companies like Brisbane-based Beyond Merchant Capital that are ideal sources of additional working capital for businesses for which credit card sales make up a substantial proportion of their turnover.

To clarify, a merchant cash advance is not a business loan, but rather an advance based on the credit and debit card revenues of the business.

A lot of small businesses turn to merchant cash advance lenders because the application is fast and easy – whereas bank loans can take a long time to approve. Also, paying the advance is faster because the lender takes an agreed percentage from the business’ debit and credit card sales, so the higher the sales, the quicker the debt is paid off.

 

Pros of a Merchant Cash Advance

borrow money for business australia

You get money quickly.

This is one of the biggest advantages of a merchant cash advance. Unlike bank loans where it takes weeks, or even months, to get approved, merchant cash advance lenders have quick application processes.

As a result, borrowers get a response in hours and if approved they receive the funding in days.

 

Providing collateral is not a requirement.

The approval of a merchant cash advance is based on the past credit card transactions of the business. If the business has a steady flow of credit card sales, the advance is likely to be approved – whereas with bank loans only about a quarter of small business loan applications are approved.

 

The amount required to pay monthly is not fixed.

With a merchant cash advance, the monthly payment is a percentage of the monthly credit card sales. So, more cash flow means that the advance can be paid off sooner. On the other hand, if business is slow, it will take more time to pay off the debt.

 

A good credit rating is not required.

Merchant cash advance lenders are more lenient when it comes to business credit ratings because they base the approval on how strong the credit card sales are.

 

Cons of a Merchant Cash Advance

A merchant cash advance may have higher interest charges and fees.

Banks are regulated by the government and have access to sources of funding at cheaper interest rates, so can offer business loans at lower interest rates than other financiers.

On the other hand, merchant cash advance lenders’ may charge higher fees and interest rates because their industry is not subject to the same regulations as banks.

Conclusion

Merchant cash advances are one of a number of new products offered by financial services providers that play a vital role in keeping small businesses alive.

This type of financing helps small businesses grow by providing fast access to funding for expansion when businesses see suitable opportunities to do so.

Choosing which type of financing to apply for should be thought about carefully. A merchant cash advance is best suited to businesses with a heavy reliance on credit card sales.

A merchant cash advance can be more expensive than a bank loan, but if the business is thriving, it is easier to pay.

Treasurer Scott Morrison slams banks for not passing on full interest rate cuts

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ScreenHunter201560 Aug. 03

Australia’s Reserve bank has reduced interest rates to a record low, cutting its cash rate from 1.75% to 1.5%. while the reserve bank board and government hopes the further cut will boost the labour market and economic growth, the banks are not entirely supporting this.

Banks in recent times have either not been passing on the interest rates reduction fully or delaying passing on reduction in mortgage rates , in the process making millions of dollars while they delay.

The big four banks caught most people off guard by actually lifting some key deposit rates and increasing their revenue.

Commonwealth Bank will cut its standard variable interest rates for mortgages by 0.13 percentage points. The biggest major bank reduction was Westpac’s 14-basis-point cut for some of its home loan customers

· Commonwealth Bank  by 0.12 percentage points

· ANZ by 0.12 percentage points

· National Australia Bank 0.10 percentage point

· Westpac Bank  by 0.14 percentage points

Treasurer Scott Morrison Yesterday told Sky News "we would like to see them pass all of these things on".

"What we’ve seen from at least the two that have made a decision is not the traditional response," Mr Morrison said.

"It’s not like they didn’t pass it all on and did nothing else. What they’ve done is they’ve cut their mortgage rates and they’ve increased their deposit rates."

Mr Turnbull said the cuts were not enough. Addressing media in Canberra, he said the banks should pass on the rate cut in full or explain the decision "fully and comprehensively" to their customers

RBA governor Glenn Stevens said in a statement recent data suggested growth was continuing at a moderate pace, despite a big decline in business investment.

Tuesday’s board meeting was Mr Stevens’ second last. He will be succeeded on September 18 by his deputy, Philip Lowe.

Getting Passive Income a Reality

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th ehome loan guys in australia

Getting additional income resource through passive income is all getting big these days. With prices going up and salaries doesn’t match the rise in cost of living, it’s no wonder why people are looking for ways to augment the family budget.

One way to passive income is getting a rental property which you can rent out or lease out to tenants. One particular rental property that is evergreen is renting out houses. This is especially true for newly weds that are starting to build their family.

There are a lot of things to consider when buying a home. Investment like this will be one of the biggest decisions you will ever make in your entire life, so you better think about it thoroughly and make sure you are prepared for it.

Generally, there are a lot of ways to acquire your future rental home, one of which is to get a home loan. Numerous companies offer home loans these days and it is up to you which you choose. Simply look for a company that is trustworthy, has a reputable track record, and offers competitive home loans.

There are a lot of types of home loans which you can get, but you only need one that fits all your needs. A great example would be NPBS’ fixed rate home loans, which provide you the assurance of knowing what your repayments would be. To jumpstart your home loan journey, here are a few things to bear in mind before deciding to apply for a home loan:

Learn the basics.

Before jumping into your final decision, you have to understand first what you are going to deal with. Home loan has different kinds, including FHA and VA mortgages, fixed-rate, and adjustable-rate. You need to know the differences of each type as well as your benefits when you have chosen one.

Choose a trusted lender.

When you finally decide on applying for a home loan, you have to ensure that you deal with a reliable and trustworthy company. Make sure to verify and have a background check of the company first before getting a home loan. It is better to be sure than sorry when it comes to this matter.

Figure out what you can afford.

Determine what you can afford, including insurance and taxes, by calculating your home loan. If you can afford to pay for a higher down payment as it will lessen your mortgage dues, then go for it.

Pay your bills on time.

As much as possible, avoid late payments if you want to get your home loan approved. Late payments trim down your credit score, which has a straight impact on your mortgage. Hence, you have to become a good payer to prevent paying higher interest rates or worse, getting denied a home loan.

Never close your existing accounts.

Keep all your accounts active, even those with no balance at all. These accounts maintain a credit history. The longer your credit history is, especially when you have a good payment record, the better.

Buying your first-ever rental investment is one of the momentous times in your life. By simply following the aforementioned tips, you can be more equipped to apply and get pre-approved of your home loan.

Home Loans – A Buyer’s Guide

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the home loan guide

Home loans and mortgages are offered to a wide variety of different people to help them when buying a house, flat or any other type of property. They are one of the most popular ways of securing the additional finances you need to make such a big investment. It is important to note that when taking out this type of loan you will need to pay back an extra fee on top of what you have borrowed. You get the added benefit of being able to make smaller repayment amounts at a later date, and this is often the greatest deal for most people, as it makes payments more manageable. There are various different types of home loans available, yet it all really comes down to the bank you borrow the money from. Let’s take a look at the various types of home loans banks offer below.

Different types of home loans

1. Fixed rate home loan– With this type of home loan there is the advantage that you don’t have to worry about interests going up, as you will pay a fixed amount for a set period of time. This can provide certainty and make it a lot easier for you to manage your finances. Not only that, you will find that you can acquire up to 95 per cent of the loan. This is a popularoption. You can acquire this service over the Internet as well. For home loans, visit Newcastle Permanent.

2. Real deal home loan – This loan has its own special features. You can acquire the loan up to a maximum of 95 per cent and it offers a reduced interest rate of 0.25 per cent p.a. for the first three years. After this, the loan regains its normal interest percentage.

3. Introductory Discounted Variable Rate Home Loan – This type of loan offers you a reduction in repayment for the first year and afterwards reverts to the normal interest rate. This makes payments easier to manage in the first year, giving you a bit of extra time and cash to start off with.

4. Premium Variable Home Loan–If you desire a variable interest rate but you are still interested in additional features, this is a great option to consider. Furthermore, you can also acquire this loan for up to 90 per cent of the actual home amount.

5. Real Options Home Loan – With this type of loan there are varying interest rates. However, you have the advantage of not needing to worry about any extras, such as accounting fees.

6. Real Equity Credit Facility – This is a variable credit facility, which is secured against your property, so that you can access your equity directly.You can then use this equity in order to help you build your wealth. There are no charges or establishment fees and this loan acquisition is up to 90 per cent of your home.

7. Premium Plus Package – This offers one of the lowest home loan interest rates with an innumerable amount of benefits along with it. You can borrow up to 90 per cent of your home and repayments can be made at any given time within the specified period.An experienced and dedicated bank should have the capability to offer these various home loan services.

To conclude, it is very important for you to know the type of home loan you are interested in, the amount you want to pay by the end of repayment and for what specified period you need it. This will help you to narrow down your choices and get the loan that is suitable for you.

When money transfer is right !!

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money transfer exchange australia

Foreign exchange and money transfer will always exist because they will always be migrants in all countries and there will always be people who will send money home.

Currency fluctuation means there will always be room for people to either make more money or lose money either by trading or then just sending money home to your loved ones or family. Choosing the correct moment when it’s favourable to send money can benefit you and actually increase the money that you are sending to the other person.

The FX trading industry related to foreign exchange industry is actually bigger than the stock markets due to trading being available in these markets 24/7.

How to send money overseas or do foreign exchange transfer

1. Transfer money through bank – Now days most bank’s allow you to transfer money either to their overseas branch and also to other branches overseas. The banks usually charge a fee for doing this foreign exchange transaction, which could either be a percentage or a transfer fee. This process involves having to get special codes or transfer codes ( IBAN, NCC, sort code or BSB number) from the receiving country bank account and it can take a couple of days to process.

2. Transfer money through a private foreign exchange agency – They are many foreign exchange agencies ( Western union , Travelex, Local Exchange agencies ) that allow you to transfer money almost instantly nowadays to a person in another country. Transferring of money via a money transfer agency nowadays can be done instantly with the person on the other end receiving the money almost instantly if they possess the predetermined code the payer will give them to receive the money.

3. Telegraph Transfer – A Telegraphic Transfer is another method of transferring money overseas. This method is now fast becoming out-dated with newer and quicker methods becoming available.

Travellers cheques is another safe way of carrying money overseas or transferring money overseas and is often used by tourists when travelling. Transferring money via mobile and PayPal is another modern money phenomenon that’s taking over money exchange industry.

Many money transfer agencies have now started offering to transfer money online without your having to actually go to a foreign exchange or money transfer agency. The actual process of doing money exchange online can be quite simple, often just including a quick 3 step process

1. Select currency & amount
Confirm rate & add recipient

2. Pay money online
BPAY or electronic bank transfer

3. Track progress online, email / SMS
Money received

People transferring money overseas should always check the veracity of the transferring agency and if they meet the local registration and licensing requirement of the country from where you are sending the money.

It is also wise to check the exchange rates that your get for the currency you are exchanging to and transferring to, as sometimes different agencies offer different exchange rates and often you can get short-changed if the rate is not in your favour.

Foreignexchangedandenong is a foreign exchange and money exchange and transfer agency in Dandenong that provide you with these services.

Corrupt PNG politicians steal Australian Aid money

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Australians people are generous in nature when it comes to charity and donating for charity  and to poor countries , including the Australian government that  helps and supports developing countries.

A recent scandal has shocked many Australians, who believe the government  is supporting our neighbours PNG when infact  large sums of aid money is being  swallowed by corrupt  PNG officials , businessmen and corrupt politicians

ausaid png scandal with corruption

Dirty money and corrupt PNG officials

Media agencies  and TV channels have put  a spin on the scandal highlighting banks who have the said  money transferred too  in Australia  as being involved , when in fact  it is the corrupt politicians who have let down the poor people of papa new guinea who actually deserve this AID

Australian foreign aid is being lost to corruption, with an estimated $1.7 billion being stolen from Papua New Guinea’s (PNG) budget annually.

The stolen aid money is said to come back in Australia  via the banks and also the corrupt people investing in property and assets in australia.

 

As per yahoo.com.au

Professor Sharman along with Sam Koim, head of PNG’s Anti-Corruption Task Force, are on a mission to lift the lid on billions of dollars of dirty money leaving PNG to be laundered in Australia.

"Corrupt politicians, and senior officials are buying houses and gambling. Obviously they need bank accounts to do so, and setting their families up here (in Australia) as well," Professor Sharman said.

Mr Koim and his task force informed Australia’s money laundering agency Astrac, the Australian Federal Police (AFP) and the Attorney General’s department in August last year that Paul Paraka – a lawyer who allegedly sent $2.5 million dollars to his family – was a person of interest in their investigation into corruption.

More on this article and dirty money scandal can be found here

Making your retirement money work harder

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Falling interest rates have hit retirees hard, and according to forecasters even more cuts may be in the pipeline. Particularly for self-funded retirees, it is now more important than ever to make retirement funds work harder.

banking high returns

Making smart choices about personal savings and savings products is vital, according to Greg McAweeney, Executive General Manager of RaboDirect Australia and New Zealand.

“Take the first step by moving excess money from your transaction account into a high interest savings account,” McAweeney says. “Aussies are losing out on billions of lost interest by leaving their money in low interest accounts. Take control of your money by doing the simple things.”

Generating higher returns

Chasing higher returns can be a dangerous game, particularly when you don’t have another 20 to 30 years of working life to cover any losses.

Instead, set an investment strategy with diversified investments while ensuring optimum tax and social security outcomes. A typical portfolio might comprise 50 per cent Australian shares, with the remainder made up of overseas managed funds, property and fixed interest.

Shares

“Blue chips” such as bank stocks have been popular with investors recently due to their high yields and fully franked dividends. According to a recent study by the Australian Securities Exchange, shares outperformed other investments including residential property, fixed interest and cash over the 20 years to December 2011.

Bonds

Gavin Madson, Director of Infrastructure and Fixed Income Research at FIIG Securities, says the latest cut to official interest rates made most short-term rates unattractive.

“Investors should be out of short-term fixed investments, be they bonds or term deposits, which will reflect the drop in rates fully, and instead invest in bonds around the five-year maturity mark, which are offering stronger returns on the higher base rate,” Madson says.

As well as inflation-linked bonds, he suggested indexed annuity bonds that offer an annuity-style payment stream from infrastructure projects at attractive rates.

Property

It is possible to extract wealth from your home using a reverse mortgage. Generally, the older you are the more you can borrow, with a 70-year-old likely able to borrow around 25 to 30 per cent of the property’s value.

The 2013 Federal Budget also introduced an incentive for retirees to downsize. Under the scheme, retirees can invest up to 80 per cent of the profit to a maximum $200,000 in a special account for 10 years and still receive the pension.

Government incentives

Even if ineligible for the pension, the government offers a range of benefits for retirees covering travel and medicine costs. There are also incentives for working past the pension age, including the mature age tax offset and transition to retirement.

Make sure you don’t run out of money in retirement by maintaining a mixture of income and growth assets. By maximising returns, it can be possible to enjoy the lifestyle you deserve.

This article is presented to you by Australian Business Times in conjunction with RaboDirect. For more information about investing in term deposits or utilising self managed super funds, visit RaboDirect.