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below is, if i remember correctly, a post from a member a while back….they suggest Wise….I dont have it yet, although a friend has a personal account with Wise which they use overseas when on holiday and it works great and gives better exchange rates than a major banks “travel money cards”…….perhaps it is an option you can explore…I wish you all the best…let us know how you go…please note also that the referral link given at bottom is not mine, it is whomever posted the original link. …cheers
Wise is a tool for sending and receiving money, and paying for
things, domestically and internationally. It is an online account with
an optional debit card. The following is written for Australia but
applies everywhere so adjust accordingly.
Wise offers mid-market exchange rates for foreign exchange. This
means, the real exchange rate without a margin: unlike everyone
else. This is unheard of. And, the lowest fees and rates on sending
and receiving money. It provides optional domestic ‘bank account’
numbers for the countries you wish to receive money from. So a
deposit is just like paying a local. I found the Terms & Conditions
remarkably straight forward with no onerous stipulations. Just be
careful not to be in a situation you need ‘buyer protection’ on a
purchase. Charge backs are not as straightforward as major brands.
* Check out the great features & optional extras for managing
accounts and paying employees locally or internationally.
If you have a Non Registered Trust you can have a Wise Business
account set up as a Trust account! In the sign up process select
Trust as your business. Use the following when prompted. They are
for Wise itself and Wise told me to use them.
ABN 38 616 463 855
ACN 616 463 855
You will receive an email asking for further information about your
Trust. There are multiple options. Choose the options aligned with a
Non Registered Trust and ignore the rest. The only sticking point is
they still expect an ABN and CAN. The only pages from the Deed
they need are the cover page and the final two pages. Include a
note explaining it is a Non Registered Trust, it complies with
international Trust Law and Commonwealth of Australia Law. It is
recognised by all major financial institutions. And that all parties
have an Australian address and passport. That will verify your
account without the need for an ACN.
It is free to sign up.
* When upgrading to a full Business account. You will be asked if 50%
or more of your income comes from goods and services. If you don’t
know the answer, select Yes. This minimises the reporting
requirements, compared to ‘passive’ income.
* For security and privacy I recommend using free Proton VPN to
connect to the site.
If you use this invite link to sign up your first transaction will be free.
What about using Wise. You will receive a ’bank account’ number to provide Mark so his paying
you Australian dollars will be just like a domestic deposit for him. Virtually no fees on either side.
And a mid-market exchange rate so no margin added by the vendor, unlike everyone else. Using
your bank to be paid means fees for foreign transactions, on both sides, plus a poor exchange rate.
And as mentioned you can set up the Wise as a Trust per my instructions in the document.
wise.com
Send money to your friends and family or pay for goods and services in foreign currency. No margins and no spreads on true market exchange rates.