[visionjockey]

Hi guys,

Let me get this straight.

You have set two account. One to accept the foreign currency (NAB,ANZ etc) and one with eway. Both have set up, service and transaction fees.

So as total outlay what would that bring me to? Not including transaction costs?

I have some correspondence from the NAB for the merchant account only (a few months old. Not including the gateway ie. eway). see below. Is this a fair and reasonable outlay?
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Foreign Currency Bank Accounts

1. Account service fee – applicable only where the balance falls below the currency equivalent of US$20,000 Approximate currency equivalent of AUD$40.00 per month

2. Deposit/withdrawal of overseas currency notes to/from foreign currency account 2% of deposit/withdrawal amount (minimum $20.00)

3. Cheques, drafts deposited $10.00 for each item
Withdrawals/transfers completed $30.00 for each withdrawal/transfer

Set-up cost for the Foreign Currency facility is $1200.

Our Foreign Currency Accounts are simply transactional accounts that enable you to hold foreign currency (in US Dollars as well as in most marketable currencies), as well as making deposits and withdrawals as required.

We offer Foreign Currency Accounts in each of the following currencies that you require:
• United States dollar
• Euro
• English pound
• New Zealand dollar
• Japanese yen
• Hong Kong dollar
• Singapore dollar
• Canadian dollar

In addition to the convenience of eliminating unnecessary currency conversion, the account helps you to manage your foreign currency risk exposure by acting as a buffer against exchange rate movements. You may also earn interest (calculated daily, paid quarterly) on the portion of the credit balance which is over US$5,000 or other currency equivalent for several of the major currency accounts (including USD, Euro, GBP, NZD). The interest rate is variable and in line with current market rates for that currency. Please note that some currency accounts such as an account denominated in Japanese Yen do not receive credit interest.

Mario