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I will not send money via iRemit Direct Online (iDOL) anymore

Starting today, I will not be relying on the advertised exchange rate/s of iRemit Direct Online (iDOL) on their website or better yet, I will not be using their remittance services anymore.

Before, when sending money from Australia to Philippines I have tried iRemit Direct Online (iDOL) System  several times and I can say that their services are reasonably okay:

  1.  It is convenient. Sending money to relatives in the Philippines can be done online via their online system.
  2. It is fast. My money transfer can take as fast as 24hours. Sometimes, it can take up to 48 hours depending on the time I first initiated or deposited money to their Australian bank account.
  3. You can expect that their exchange rate that is posted online is the prevailing rate for that day.

WORLDREMIT Promo Code - Save some Money and do not pay for the Transfer Fee

As a loyal customer, I sent money again yesterday thru iDOL and as expected, my money was received in the Philippines today BUT the amount is what I have expected. I was disappointed to see that they are not honoring anymore their advertised/published/posted exchange rate on their website.

I am expecting that the amount of Php 49,907 to be transmitted to my recipient in the Philippines but only Php 49,236  was reflected in my recipient's bank account.  A total of Php 671 in difference or around $20 (AUD).

Here are the screenshots:

1) iDOL Transaction Summary

2) Entry to my recipient's bank account
I tried to write an email to the iRemit Australia Team and here was
their reply:

Please do note that there's a clearing period for all interbank transfers and we are just relying on the deposit and the rate that was reflected to our account on that particular date. 

We apologize if this causes you for in satisfaction but this is our policy that we are informing clients, we are doing our very best to improved and provide the best service that we offer.  

Please be advised that changes in our exchange rates may be applied immediately and without notice.

Please be informed that your currency is converted into the local currency based on the current exchange rate at the time you complete your money transfer.


Allianz 600 Visa Health Insurance Premium Decrease

I got an email from Allianz Global Assistance saying that they have decreased their premium on the 600 Visa Health Insurance (Couple - OVHC Budget Visitors) .

Prior to 1 May, the premium of my parents-in-law is $96.12 per fortnight. But beginning 1 May, the premium will be reduced to $86.50 per fortnight, giving us a saving of $9.62. Not bad!

Getting an Overseas Visitors Health Cover (OVHC)

We got our visitors (parents) their Overseas Visitors Health Cover (OVHC) today. Their travel insurance policy will about to expire already. They have subclass 600 visitor visa.

We have chosen Allianz Insurance OVHC. Allianz has 2 levels of cover namely:

1. Budget Visitors Cover and
2. Visitors Plus Cover

 The former is the basic one (which we availed) while the latter offers more like:
Out of hospital cover towards cost of:
General practitioner (MBS fee) YES
Pathology (MBS fee) YES
Radiology (MBS fee) YES
Specialist (fee) YES

Before we decided to choose Allianz, we also considered Australian Unity Health and IMAN.

Both are cheaper compared to Allianz. Australian Unity Health is cheaper by almost $10/mo while IMAN is cheaper by almost $50/mo.

We could have chosen IMAN, but when I called them, they informed me that they are no longer offering for visa subclass 600 because they are currently reviewing and modifying their cover. They told me that they launching date was unfortunately moved and they cannot confirm yet the next one.

The cover we availed is around $96/fortnightly. Please note that every year (April 1), all private health insurance in Australia increase their premiums by around 6-7%.

As our visitors sponsors, we just applied thru Allianz website using my credit card as the source of fund or payment. The following were also required during the process of registration/enrollment:

1. Passport details of the applicants/would-be member/policy holder of the insurance
2. Australian address where the insurance will be mailing thru post the membership card
3. Australian contact number

Filling up the registration/enrollment form was easily done in 10 minutes.

WorldRemit is offering 50% off money transfer fees

WorldRemit is offering 50% off money transfer fees until March 12th at midnight GMT.

Don’t forget to enter promo code MT3MA15 during the payment process on their app or website to redeem this offer.

I've been using WorldRemit for quite a few time already to send money from Australia to UK and the Philippines.
I have some relatives on both countries and there are some occasions that I need to send money to them.

Some things I like about WorldRemit are:

1. ZERO transaction fee for your 1st money transfer

Novated Lease vs Car Loan vs Cash Purchase

You could have been searching for a sample Novated Lease calculator or illustration that you can use to compare versus a typical car loan or a straight-forward cash purchase.

Below is a sample comparison.
Those ones in yellow, except for the 'annual salary' which you should be providing to leasing company, will be provided by the same leasing company. You can play around and replace the values as you please. Those ones in 'orange' can be changed as well on the Car Loan and Cash Purchase options.

sample comparison

For the car loan option, you can change the values for the 'Loan Capital/Car Purchase' and 'Interest Rate'. You should be able to provide this by asking a car dealer and/or bank where you will avail of the loan.

For the car purchase option, the 'Opportunity Loss Rate' can be optionally supplied. You can supply a value that may be equivalent to the ongoing bank interest rates or any investment tool interest rate that you think is applicable.

Here is the link of the spreadsheet:

You can download and share this article and please don't forget to hit the like button as well.

Enjoy shopping for your new car!

The following excel sheet may also be useful to get a glimpse of  your payout schedule each month as well as the amount should you wish to early terminate your lease. Please note though that this is only for comparison. The formulas used in this file may be different from that of your novated leasing company.

Please help the blogger by leaving a comment, hitting like button and sharing this article. Thanks!

Novated Car Leasing Myths


BJJ Fees in Sydney

I tried to look out for some martial arts schools around our area here in Hornsby, NSW when my eldest son was involved in a bullying incident.  Just like any father and/or a parent, I do not want my son to be bullied.

screen grab from Gracie Barra website

With the popularity of Brazilian Jiujitsu, I enrolled my kid at Gracie Barra Hornsby for 4 weeks. I availed of the Groupon promotion which was valued at $19. After his 4-week classes, the normal fees for Gracie Barra Hornsby is at $70 fortnightly or $35 a week. A student can attend upto 3 classes/sessions in a week.


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