Receiving an inheritance from Australia

[romekk]

Hi.

Looking for the best option to get AUD from bank account in Australia into PLN to polish bank account.
It's ~70k AUD. Heirs are willing to do all possible KYC demands.

I was thinking of sending it thru Wise (giving Ozzie bank instruction to send it to Wise and then withdraw it to polish account).
Is this amount safe to go with Wise, what do you think? What would be the discount comparing to simple AU bank -> PL bank transfer?

Thanks in advance.

 

[wellington]

If you have the paperwork the only concern I would have is that wise likely still banks via street banks and they may not have liquidity - having said that it's been reported they made shed loads from holding t bills

Otherwise shouldn't be any issues

 

[romekk]

wellington said:
If you have the paperwork the only concern I would have is that wise likely still banks via street banks and they may not have liquidity - having said that it's been reported they made shed loads from holding t bills

Otherwise shouldn't be any issues
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Thx.
But will going with Wise give me better deal on this amount or can I arrange better deal with bank to bank transfer?
I have all the paperwork. I need to give the AU bank the instruction how should they process the money.

 

[wellington]

romekk said:
Thx.
But will going with Wise give me better deal on this amount or can I arrange better deal with bank to bank transfer?
I have all the paperwork. I need to give the AU bank the instruction how should they process the money.
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On the sums you are talking about the % difference probably isn't worth worrying about...

 

[fintel]

I make quite a lot of AUD transfers - bank-to-bank - the fees are not that high. I haven't used Wise, so I can't offer any comparison, but I think the bank-to-bank option is safest.
Of course, discuss with the receiving bank before sending the funds, so you can be sure there won't be any hiccups. I use several receiving banks, and have been able to negotiate lower fees with them for larger amounts - this might be an option for you to save a few $.

 

[Buttout]

Currency conversion at Wise will run you about 0.5% or AU$350. You can optimize by sending the AUD from Wise to IB, where conversion will run you just US$2. This will obviously increase your surface area for potential AML annoyances. You will need to decide whether it's worth it by yourself.

 

[romekk]

Thank you guys. AML is not a problem, it's all legal and it's not on saving on taxes as it was already all declared to 'polish IRS'. I will pass the info to heirs and it's them to decide.

Cheers.

Buttout said:
Wise to IB
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just don't know what IB stands for... ;-) i don't know much about market these days, just knew here it's a good place to ask ;-)

 

[Forester]

romekk said:
Hi.

Looking for the best option to get AUD from bank account in Australia into PLN to polish bank account.
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Please, tell us what do you mean by ”žthe best” ”“ the cheapest or the safest? Or?...

romekk said:
Is this amount safe to go with Wise,
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Unless you run such amounts through Vise regularly until now, it is not safe. Regardless of having all the documents in order, you transaction can be on hold for eons, if you have a bad luck.

romekk said:
What would be the discount comparing to simple AU bank -> PL bank transfer?
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Some hundreds of $.

Buttout said:
Currency conversion at Wise will run you about 0.5% or AU$350. You can optimize by sending the AUD from Wise to IB, where conversion will run you just US$2. This will obviously increase your surface area for potential AML annoyances. You will need to decide whether it's worth it by yourself.
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Exactly.

romekk said:
AML is not a problem, it's all legal and it's not on saving on taxes as it was already all declared to 'polish IRS'.
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Well, it is not important that it's all legal, unfortunately. See above.

romekk said:
just don't know what IB stands for... ;-)
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Interactive Brokers, apparently.

IMO, you have two basic options
1) Use a brick-and-mortar bank that you are accustomed to use (safest).
2) Use Wise if you have an account with them (unless they are accustomed to such sums it can be really slow).
and one additional:
If you are Polish, as I guess, open an account with Cinkciarz and tell them openly while onboarding that the purpose of it is (at first) to receive an inheritance of ~70k from Australia. Then they will probably not generate any AML problems.

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