Transfer funds to an overseas account

[Ritz]

Hi,

I have a vendor that is an overseas company registered in Singapore that has just sold a pre CGT strata unit and wishes to arrange that the funds from settlement (there is no mortgage) be transferred to the vendor's account in Singapore.

Can this be done direct through PEXA and if so what information is needed for successful transfer of the funds?

eg Bank, Branch, Account Number,Swift Code and/or Iban number.

[DannyYang]

Hi @Ritz 

Great question! All payments directed out of the PEXA platform will need to be directed to an Australian account. When entering in a destination line item. you'll note the account number field limits you to a certain number length able to be inputted in.

As an alternative, can I suggest disbursing these funds to an Australian account/trust account? Once these funds clear into the nominated account, you'll then be able to transfer these funds to the account in Singapore.

All the best,

Danny