Australians Abroad - Expat Life - Dealing with banks from afar

Dealing with banks from afar - DotComDotAu

For many of us living overseas, while we are relatively ensconced in our host country, we still keep financial ties to Australian institutions. How hard is this and what are the pitfalls? Is it worth investing in funds back home?

Well after six years of trying, I'd have to say - I don't THINK so.

Because of the popularity of Getting Credit Where Credit's Due I decided to start this page which will be a forum for people to write in with their experiences in dealing with Australian bank and investment groups from afar, using online services offered by Australian financial institutions.

The biggest problem I've found is that it is really hard to get an answer back from many if not all of the places where I have money invested.

Is it that Australian institutions haven't got a grip on email yet? Do they think they don't have to answer faxes? And why do they insist on publishing only local toll free numbers on their letterheads? Talk about Americans being parochial. Several times I've had to phone international directory only to be given yet again the 1300 number that is non-dialable outside Australia.

I wonder if the service is as bad for people resident in Australia. Is it that we are a long way away and reliant mainly on electronic communications? Surely if the banks etc. offer these facilities they should be workable. But invariably, to get anything done, my experience has been that I've had to phone. This makes it all pretty expensive, and I'm now seriously thinking of moving all my assets to America. A pity.

I use electronic stockbroking and banking facilities in America with very few problems. I rarely have to email as the services are relatively error free. And I rarely have to phone or fax as email queries here do get an answer, in my experience.

In a number of cases, most often with Commonwealth Securities, I've only had success in communicating when dealing with management. It's not nice to have to resort to going to management in order to get basic service, but it seems inevitable if one is to maintain an active account.

What do other Australian expats think? Have YOU been able to control your Australian banking accounts and investments from afar, using online facilities? The idea of this page is to get a variety of responses and comments, and hopefully we'll all learn from each others' experiences.

NAB by nantzee
Earlier this year when my husband was in Washington DC we each spent around 10 hours on international phone calls trying to sort out our internet banking. Like Rob in Belgium, the digital certificates were a problem. In addtion, although we have joint accounts, we were each allocated a profile which was, believe it or not, different. As with the experience of others, I had to do most of the phoning since I was in the Melbourne end. I dread to think what else I may have to encounter as we will be relocating to the UK very shortly.
March 2001

CBA by Bronwyn in Canada
Some observations on banking whilst living overseas.

I am currently living in Canada and I need to return money regularly to Australia. I have investigated several options and the best I have found is purchasing an draft in Australian Dollars from the Bank of Montreal. I have accounts with four banks in Australia. I emailed Westapc, St George and Suncorp Metway. My mother is going to contact the CBA as they do not have any method of being contacted by email. Wespac replied that they did not recommend drafts and expected that it would take approx. 6 weeks to be cleared funds. St George advised that would treat the draft and cleared funds and gave the helpfully PO address where the deposit could be sent. Sun Met has not anwered a week later. So it pays to ask several banks.

On a separate note I have experienced nothing by major traumas using ATM overseas. Our CBA keycard has worked one time out of eight tried. Everytime, without exception that we have gotten a cash advance on our credit cards we had authorisations totalling twice what we had taken out charged to our card - a major problem when you have new moving expenses and are withdrawing $1000 CD per time. This occured on both Citibank and CBA cards.

What occured was an authorisation was placed at the time we got the money. This is standard practice to prevent us from spending the same availabel funds multiple time before the transaction is recorded in Australia. The problem occured when the transaction was debited to our statement.

For example, we take out $1000CD on Monday. Our credit card limit is reduced by the equivilent in AUS$. On Thursday the bank gets the necessary details from the overseas merchant and puts the transaction on our statement and charges us the AUS$ equivilent. The problem was that they were not taking off the authorisations. Hence until the authorisation dropped off we were charged twice. It really turned into a farce when I requested that the CBA remove the authorisation manually (it can be done) as both amounts were both the same place at the same time for the same amount in CD$. The reason I was given for their refusal to do this was that the amounts were not the same in AUS$, which they acknowledged was due to them being processed on different days and hence with different exchange rates.

I was still in Australia working when my husband first arrived in Canada and countless phone calls were made to the CBA in the first weeks about our widely flucating balances as authorisations in large amounts dropped off, were placed twice etc. I did not recieve the same answer to my questions twice. Suggestions that we transfer our funds into our keycard which was also not working were not received cheerfully. We no longer need to use cash advances but in the future travellers cheques are looking far more appealing.

On one occasion the ATM did not give my husband the funds but charged our account. I spend 1 and a half days trying to fax the CBA my official disputed transaction letter. They then lost it. They seemed to be at a lost to understand why I was not understanding at all. They then told me that it would at least 6 weeks before it was examined as they had a backlog. This was the same week I took out a Gold credit card with the CBA because I needed a larger credit limit for all these authorisations. I had just recieved in the mail a lovely letter telling me what a valued client I was. Suggestion for the future for the CBA: it never sounds good when an employee says ' I don't know what your worried about-you'll get it back eventually'. I call to the superviser - resolved in two days.

I would be very interested to know what problems others have had with credit cards. We did not antipate so many problems in a country with a modern banking system like Canada.
March 2001

WestpacGeorge comments
I bank with Westpac without any major problems. Not only I can transfer funds within my accounts, pay others, including Bpay, but I can do that from anywhere in the world without having to carry my own pc. And when my ISP is down, as it does regularly, it only takes a fax to my local branch and the transaction is done the same day.

As for unanswered emails and faxes, well, I think it's grossly unfair to blame just the Australian companies. This is a worldwide phenomenon. I've had experiences with US and European companies and both, private and government organizations where my emails went unanswered even though large sums of money, to me anyway, was involved.

The moral of the story is this, if you're not happy with the company you're dealing with, let them know and go elsewhere. There are many companies out there who will gladly take your hard earned cash and at the same time answer your emails.

November 2000

National Bank, Melbourne Rob, an Australian living in the Belgium comments
I left Melbourne with a properly set-up NAB internet bank account a fortnight ago, since I need to pay bills in Australia while I'm working in Belgium. Unfortunately, to install on another computer here I required a copy of the digital certificates which are (you guessed it!!) on my PC at home. The NAB website had no information about this requirement.

Their customer service couldn't reset my account for re-installation without my first ringing and doing the secret handshake thing (twice), obviously having never heard of Secure Shells, PGP or secure enquiry forms. Of course, they regard a phone call as secure whereas email is not. Heh.

On the other hand, their debit card not only works in the banks with a "Plus" sign, but a few others too, and I've been delighted at the exchange rates.

October 2000

Suncorp-Metway, Brisbane Rosemary, an Australian living in the US comments
I've just discovered your website, and love it. I am an Aussie living in the USA, and feel very isolated and frustrated trying to deal with my banking institutions in OZ. I too have most of my investments in OZ, and have finally come to a satisfactory arrangement with my (former Building Society) as it was when I left in 1990, now a bank. After 10 years of letter writing (6 weeks apart) and expensive long distance calls, at 3 am. to match the time difference, I have finally found their website, 5 years behind everyone else.

Now I can link in to their website, after calling to get a secure identification number, ( if you give them your phone number, they will call you, at your convenient time, they operate 24 hours) and get info on my current account, and withdraw or deposit online. It took a while to establish, but now it is well worth it. It is with Suncorp-Metway, Brisbane, Qld.......... www.suncorpmetway.com.au

Yes, it took a while to finally come to this, but now it is great. Only problem is we never know when interest charges or rates change. They do not notify overseas investors when the G'ment makes new rules, or the G'ment changes investment policies regarding foreign accounts. But it is the best I can expect so far.

Commonwealth Bank Yvonne, an Australian living in the Netherlands comments
I am in Holland and have discovered two surprising things about banking with the Commonwealth from overseas -neither are positive.

The first is 'out of sight out of mind' - it is so easy for a Customer Service Representative to say 'it is not possible for me, can you call this number and speak to so and so and no I am afraid I cannot transfer you...and no there is no email address available' An email address for a Customer Service department...what is so difficult? With the time difference I find it difficult to be up at 5am to even begin to speak to someone who will inevitably tell me I have rung the wrong place.

The Second is that Banking in Oz is a rip off - I never used to pay much attention to the mysterious government fee's and charges that come with the privilege of owning an account with one of the 'top six'. Since moving to Holland I have discovered the joys of Giro accounts and "Post Bank' with which you are not charged ANY fees for any services except withdrawing from an Autobank in another country. Unbelievable huh? But this is Holland after all....

I have often browsed my Netbank internet bank accounts and wondered what all particular fees are...particularly for an bank account I use maybe once every three months - indeed I have even tried to ask but with the existing customer service I have not been answered.

The one positive thing I can say is that Netbank - the internet banking service has been handy and works well. But I do think there should be a customer service area available from this site with an email address.

I think I will have a look at Westpac following the comments from Kris...

The Never-Answer-a-Customer Award: This is tied between Commonwealth Securities and Colonial First State. Comsec is the Commonwealth Bank of Australia's electronic stockbroking arm. But never email their customer service (sharedirect@comsec.com.au) unless getting ignored turns you on. I know of one person who has never received an answer from Comsec, despite having sent emails regularly for over two years. I've received answers to about three out of scores of emails sent over five years. In one case an answer came several months after I'd emailed. Comsec's explanation for tardiness? They print their email once a day and answer it the following day!!!

Colonial First State http://www.colonialfirststate.com.au. This site doesn't give out an email address. When you click on email you get a form to fill out. But as this isn't answered either. Nor are faxes. In New York Speak -What can I say? Don't even go there!

Etrade Australia http://www.colonialfirststate.com.au. Very erratic in responding to customers. One saving grace is that they have a US 800 number so expats living in the US can phone them at no cost. However service@etrade.com.au very slack on answering. And I have not yet received any answer to numerous faxes.

Perpetual Funds, Australia info@perpetual.com.au wins the runner up prize. I recently sent a change of address request. From one US address to another. I did get a letter back. Unfortunately it wasn't to me, but to some poor guy who is now, unbeknown to him, paying foreign withholding tax. Perpetual made a mistake and decided this poor man lived in the US, in my apartment. His name is different to mine but there's only a one character difference in our account numbers. I now get his Perpetual mail. I just hope it isn't perpetual! I've emailed, faxed and phoned Perpetual to explain to them their error. I'm still waiting for a written, email or faxed acknowledgment to numerous letters/faxes/emails that I've sent, explaining THEIR error.

Although these three really stand out, I have had similar experiences with a number of Australian financial institutions. Stay tuned....

General Comments: A reader, Keith currently in America emailed the following comments about his banking experiences

I have accounts with Citibank in Aust and Seafirst (now Bank of America) in Seattle. I can transfer money by telephone from my Seafirst account to Citibank and seldom has it taken more than 8 hours to hit the Citibank account. Citibank also provide a toll free, (not 1-800) number to make account enquiries. They also now have banking on line but that, last I looked, was a bit thin on account detail.

I have found that the investment houses respond best to a faxed letter backed up by original. A bit archaic but it does work. Most have numbers (not 1-800) to dial if you ask. Is that the nature of investing - a long term strategy doesn't normally need a rapid response?

Westpac: A reader, Kris currently in America emailed the following positive comments about her experiences with Wespac.

Just a comment on the article about dealing with Australian Financial Institutions from overseas. I have been using Westpac Online Services for almost a year now - with absolutely no problems. In an emergency, I had to get some money to my sister in Brisbane - no problems - I could transfer the money online from my Westpac account to her Commonwealth Bank Credit card - money received within 12 hours - no charge - trying doing that in the USA !!! They even answer their emails promptly.

Sam currently in America emailed the following comments on Westpac:
Westpac: 61 2 9201 8040
Accepts collect calls.
Nice people and all, but it has taken anywhere from 7-10 weeks for them to process my checques. So even though they will have received my payment in plenty of time, they don't credit it for so long that they have now cancelled my Mastercard - even though it is fully paid off....

*sigh* *very frustrating* Their online banking system is fine, though also not as sophisticated as those in the USA.

ANZ Sam (America) comments:

Phone: 61 3 9643 7044
I regularly pay my credit cards off by sending a personal cheque from a US account. From the time I send it to the time it is credited to my account is usually around 3 weeks. ANZ will also return phone calls which is very handy. Their online banking system is fine, though not as sophisticated as those in the USA. They do answer email fairly promptly.

Accepts collect calls.

St George Bank Michael, ex-Melbourne now in New York comments
I still maintain a St. George bank a/c, and they have been entirely helpful. They've got a number I can call anytime (although business hours, Sydney seem to work best) and when I've had to shift money around I can just call and get it done. I had to send them a signed letter beforehand, though, authorising this activity.

They also have on-line banking available, so that's a help.

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