My parent whom is a boomer made a wrong choice of doing a fixed deposit in a foreign Australia Bank. I don't know the head and tail as that time I was very young.
The bank branch is in Australia.
I'm assuming this fixed deposit has auto-renewed. When is the next maturity date?
Think first about what these funds would be used for, and where, and when. ("What's the rush?" basically.) For example, if these Australian dollars are earning decent or better interest until the maturity date then it probably makes sense to provide instructions to the bank to stop the auto-renewal and to transfer the funds
when the fixed deposit matures to another account via Australian domestic fund transfer (BSB number; see below). Otherwise a premature withdrawal penalty would apply, presumably, and that's no fun.
1) Can the money be withdrawn directly to and remitted to Singapore
2) The account is a joint account, can the money be withdraw with one person. Need to fly to Australia?
It depends on whether the account is "Either to Sign" or "All to Sign." Both types are offered in Australia (from what I've read). It's obviously easier if it's an "Either to Sign" account.
Back then there was a premier service that allow opening of account from SG but it closes down
1. When withdrawing money it requires a BSB account number (only applicable to Australia) (if there is a way let me know)
2. I cannot open a saving account because it needs an Australia address (with saving account it can do international payment)
3. So the only way now is go there physically.
4. Is there a service in Australia that can remit money back to Singapore by entering BSB number
5. I am thinking of using my relative Australian bank account to remit money back to Singapore. Because opening Australia Bank account requires an Australian address.
There are a couple ways I know of to receive the Australia dollars directly (as a domestic transfer), convert them to Singapore dollars (I assume), then remit them to a bank account in Singapore (I also assume) — all without visiting Australia unless this particular fixed deposit holding institution requires it. Please note that this'll need to be "first party" all the way through. The person who holds either of the accounts I'm about to describe, and the bank account in Singapore, must be the same person as one of the account holders of this Australian fixed deposit.
1. If this person has an Interactive Brokers LLC (U.S.) brokerage account, or can open one, then Interactive Brokers can provide the domestic Australian fund transfer details (including BSB number) to receive the Australian dollars. The cost of currency conversion is super low (US$2 flat fee, global spot rate), and one free withdrawal per calendar month is allowed. Set the account's base currency to Singapore dollars (SGD), convert the Australian dollars to Singapore dollars, wait a few business days for the residual Australian dollars to be auto-converted to SGD and for the funds to settle, then make the withdrawal.
2. If this person has a Schwab brokerage account (any country), or can open one, then Schwab provides Australian fund transfer details (including BSB number) to receive Australian dollars into this person's Schwab account. Schwab will then instantly auto-convert the Australian dollars to U.S. dollars, and then they can be invested or otherwise transferred onward. The exchange rate is fairly reasonable, and there's no additional fee at least to the point of receiving the funds at Schwab.
3. If this person has a Wise Multi Currency Account (formerly called a Borderless Account), or can open one, then Wise provides Australian fund transfer details (including BSB number) to receive Australian dollars into this person's Wise account. Wise can convert the Australian dollars to Singapore dollars, although the conversion rate likely won't be as good as Schwab's and definitely won't be as good as IB's. The Singapore dollars can then be transferred to this person's bank account in Singapore.
Another butoh.
