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kiwi
Joined:
08 Aug 2003
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26
Location:
By the mighty Waikato River, Hamilton, New Zealand
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Posted: Thu Sep 11, 2003 9:16 am
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Hi Allan
It is the Bank of New Zealand.
I bank the $USD cheques into an achiever savings account which I use solely for my affiliate earnings.
Since the Government owned Kiwi Bank started up most banks here have become competitive with their bank fees and mortgage rates.
The BNZ is owned by the National Australia Bank so you could check out what their fees are like?
_________________
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Extremely lucrative, fun & rewarding.
http://www.66k.biz |
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AllanGardyne
Site Admin
Joined:
02 Jul 2003
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6326
Location:
by the beach, Australia
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Posted: Thu Sep 11, 2003 9:44 pm
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| kiwi wrote: | | The BNZ is owned by the National Australia Bank so you could check out what their fees are like? |
Thanks for the tip.
In Australia we use the NAB. One branch gave us a special deal. When we moved, the branch here wouldn't repeat the deal.
That's why I suggest that fees are negotiable.
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Allan Gardyne
AssociatePrograms.com - You're here. Explore it! |
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oscar
Joined:
12 Sep 2003
Posts:
15
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Posted: Fri Sep 12, 2003 10:32 am
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2 options I've found (I'm Aussie too) - after being told by NAB they will charge me $20 per check and it will take 6-8 weeks to clear...
1. I'm with CJ and they pay in A$ - got my first check from them and it banked okay - no extra charge. However, the threshold for payment increases from US$25 to US$50 for that benefit.
2. Open a US based account with an Oz branch of the same bank (assuming you've already got a bank account with them) eg Citibank, HSBC. They will sight your documentation and do all the verification at the Oz branch and then send off the application documents to the US. Downside, you will have to apply for an EIN (IRS stuff) - at least that's what I've read. You can then get the networks/merchants to direct credit your US account and electronically transfer it back to the Oz account (I'm not sure about fees but I doubt it would be as much as getting it as a check).
You will still have the problem of merchants who will only pay by US check - unless you have a trusted friend in US who will bank them for you, you may have to buddy up with the bank manager to get any special favours.
Cheers,
Oscar  |
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affiliateguide
Joined:
09 Aug 2003
Posts:
7
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Posted: Mon Dec 08, 2003 11:42 am
Post subject: Re: Getting Paid in US$
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| Marg wrote: |
However, when the cheque arrived with an affiliate payment we found that because the cheque was in $US, drawn on a Canadian bank and to be deposited into an Australian bank (the Bendigo bank, for your reference) then this 3-way deal made it much more expensive.
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This is exactly the problem I have, only with a different affiliate program that does not offer the option of paying in Canadian dollars. Both Westpac and Bendigo bank say they will charge up to AUD$100 in fees (neither could quote an exact amount) to put it in my account.
Since setting up a US$ account here in Australia is rediculously expensive, I think the only option is to set up a US$ account in USA or Canada. So does anyone know of a bank in USA or Canada that will open an acccount for me in Australia?
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Lea
Joined:
18 Oct 2003
Posts:
50
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Posted: Thu Dec 18, 2003 11:59 pm
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Where in Australia are you?
I'm in Adelaide and I receive regular Google, ClickBank and Commission Junction cheques in US dollars.
I learned the following things about keeping bank conversion costs as low as possible:
1) Deposit the cheque into your account - don't cash it
2) Tell your bank that these will be regular - what discounts can they offer?
3) If they don't offer - shop elsewhere. Banks will gladly accept your business if you tell them why you want an account with them and not your
regular bank. (Yes, you can have your regular banking at one bank, and your "business" banking at another - they don't care)
4) I found that Adelaide Bank will barter harder than most - at $5.50 per cheque, that's $4.50 AUD less than the majority of banks I spoke to. Commonwealth Bank came in a close second.
5) Perhaps reset your cheque pay-out amounts to higher figures, so that the costs are not incurred so often?? I have Clickbank set not to send anything until I'm over $200. Google sends anyway (I think).
6) Paypal is a good option for Australians - you can transfer the cash directly into your bank account - and the transfer is done in transit by PayPal. The small processing fee they charge is tiny compared to cheque conversion fees. I'm starting to use Paypal more and more because of this
I hope this helps
Lea |
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affiliateguide
Joined:
09 Aug 2003
Posts:
7
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Posted: Fri Dec 19, 2003 1:16 am
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I am in Perth, Western Australia.
I have no problem banking my Clickbank and dozens of other US$ cheques. They are all drawn on US banks so I can bank them into my Bendigo Bank or Challenge bank account easily.
The problem is only when I get a cheque in US$ drawn from a Canadian bank.
I quite agree with your 6 points, but they just dont apply in this specific case. I have contacted many Australian banks and they all say the same thing. The merchant does not offer Paypal, so I think the only option from your list is to ask them not to pay me until the commission is several hundred dollars.
But, what I realy want is a low fee US bank account that I can put these cheques into. Any suggestions?
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Charlie
Joined:
22 Aug 2003
Posts:
3305
Location:
UK
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Posted: Fri Dec 19, 2003 7:37 pm
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| affiliateguide wrote: | | The problem is only when I get a cheque in US$ drawn from a Canadian bank. |
SiteSell even highlight this on the physical cheque, but it still hasn't stopped my bank (in the UK) getting it wrong either. Take care.
| Lea wrote: | | Deposit the cheque into your account - don't cash it |
I find it costs the same to deposit any number of cheques (in the same currency) on one paying in slip as it does to pay in just one.
You might like to try this.
Cheers,
Charlie.
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wattsy
Joined:
25 Aug 2003
Posts:
3
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Posted: Wed Dec 24, 2003 8:53 am
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I finally got my first two cheques deposited into my account, after a lot of stuffing around Westpac could not even give me a price, I deposited the cheques to find a nasty shock of 90 bucks in charges 6 weeks later, 50 AU in commision plus a 30 US buck overseas fee.
I spoke to a guy I know at the Commonwealth he looked it up in 2 sec's at 10 bucks flat rate, I havent been in there yet to dispute it , I dont think I will get anywhere but it will be nice to close the account and tell them to get stuffed.
google is a pain that it only wants to deal in cheque...Im hoping one day they will sort something better out. |
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Lea
Joined:
18 Oct 2003
Posts:
50
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Posted: Wed Dec 24, 2003 10:55 am
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| wattsy wrote: | | I finally got my first two cheques deposited into my account, after a lot of stuffing around Westpac could not even give me a price, I deposited the cheques to find a nasty shock of 90 bucks in charges 6 weeks later, 50 AU in commision plus a 30 US buck overseas fee. |
Wattsy,
I may write novels and ezines as my cute little "hobby", but in my "Day-Job" I'm a finance Consultant (and I'm in Adelaide). Just don't play with Westpac. Period.
I can't say specifically WHY, because I don't need a court case. Just don't. They're simply no fun!!
| Quote: | | I spoke to a guy I know at the Commonwealth he looked it up in 2 sec's at 10 bucks flat rate, I havent been in there yet to dispute it , I dont think I will get anywhere but it will be nice to close the account and tell them to get stuffed. |
Did you know that the staff at Commonwealth branches are paid to RETAIN clientele?? If you walked in and said loudly "I'm closing ALL my accounts", they will bend backwards to find out why - and then what they can do to keep your business. (If they don't, report them to the branch manager - it's what they're paid to do)
Then simply shop around. Credit Unions and smaller banks will happily negotiate down to a reasonable exchange rate fee. (Like I said in an earlier post, I got Adelaide Bank to $5.50)
Don't let them eat your hard-earned commissions with fees.
Lea |
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