Home – New Forums Money matters Receiving USD in Australia and Paying US Suppliers from Australia – Help!

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  • #987048
    ARTGMG
    Member
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    We are a a business with the parent company based in Australia, we have an office in UK in which most of our transactions go through, however we do require to pay some US Suppliers from Australia and also receive US cheques into Australia, as some customers still love sending cheques.
    Problem: CBA have provided us with a USD acc with access to Forex rates,
    when we pay a cheque into the account the whole account freezes and we cannot make any payments until the checque reaches its clearance period of 28 days, even if the balance in the account well exceeds the value of the checque paid into the account.
    The CBA has advised us to open another USD account, one for paying into and one for paying out of, once again if we pay in a cheque the account we wish to pay out from is frozen, do we open a third account???!!!
    I cannot believe this madness and am at my wits end, please does any one have another solution to this?
    Its simple- I want to pay my US suppliers every month and I want to pay in the occasional USD checque.
    Any help is gratefully received.

    #1160955
    Dave Gillen – Former FS Concierge
    Keymaster
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    Hi there,

    I’ll leave this one to the banking experts, but want to wish you a big welcome to the Forums!

    If you get a chance to pop into the “Introduce Yourself” section, we’d love to know a bit more about you. It’s always the best way to stimulate forthcoming advice because people like to help people. If you use your name in your posts you’ll also benefit in the same way. ;)

    Good luck!

    Dave

    #1160956
    Petemac
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    Freezing the account sounds bizare.

    I am not sure if they can handle the payments into an Austalian account but I know a couple of my clients use a company to make their overseas payments. Details below

    Sean Barrett from Currency Fair.
    Details are:
    T: +61 2 801 13391 M: 0427 421 312
    E: [email protected] W: http://www.currencyfair.com

    Cheers

    Pete

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