Tom30 Posted February 19, 2015 Share Posted February 19, 2015 Hi Everyone, I was wondering how do you move money over to Australia can you open your Australian account before you move and transfer it before you fly? Also what kind of fees are involved and do you get the standard exchange rate when doing this? Thanks Tom Quote Link to comment Share on other sites More sharing options...
newjez Posted February 19, 2015 Share Posted February 19, 2015 Hi Everyone, I was wondering how do you move money over to Australia can you open your Australian account before you move and transfer it before you fly? Also what kind of fees are involved and do you get the standard exchange rate when doing this? Thanks Tom There has been a lot of discussion on some of the financial threads. Worth having a search though. Quote Link to comment Share on other sites More sharing options...
lounrich Posted February 19, 2015 Share Posted February 19, 2015 (edited) Before you leave UK set up an account with a money transfer company, there are lots to choose from so you have to look at which can give you the best deal on fees and exchange rates. I have personally used Transferwise and have had a great service from them. You need to provide them with ID and home address before you can complete your first transfer (I used UK driving license and bank statement) so have scanned pdf's of these available ready for when you want to make your first transfer. If you're on a WHV you probably won't be able to open a bank account until you arrive so take enough cash to see you through the first couple of weeks and you can use credit cards and/or UK debit cards for big expenses (have to suck up the foreign transaction fee though!) Once you arrive in Australia open a bank account with one of the big banks (NAB, ANZ or Commonwealth, they have the most ATMs for if you're travelling about) and then you can transfer money in from home using your money transfer company. You'll most likely just need the details of your UK bank account (sort code and account number) and your Aussie bank account (BSB and account number) and you can start transferring. Transferwise also have an app so once you're set up you can do transfers using the app too which is easy for when you're travelling about. Hope this helps and happy travels! Edited February 19, 2015 by lounrich Quote Link to comment Share on other sites More sharing options...
BrandonLyle Posted February 20, 2015 Share Posted February 20, 2015 I have been granted a WHV and will not be flying out until April. I do however already have a bank account setup with the Commonwealth Bank Australia. You can open your account up to 3 months prior to your arrival date, you select which branch of bank you want to pick your card up from when you arrive and all you have to bring is a form of identification. As far as transfers are concerned, I was lazy and did it through my bank. They charged a £25 transfer fee and my OZ account charged me $16, totalling just over £30 for the transaction. (I bank with Natwest BTW) They also gave me a reasonable rate of $1.92 to my pound but that was only for £2500 so might be a better rate if you transfer more... Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted February 21, 2015 Share Posted February 21, 2015 If you set up a NAB account you can do this online, they are the only big 4 bank that don't charge a monthly fee. http://migrant.nabgroup.com I would then sign up to Moneycorp, it is free to sign up http://moneytransfer.pomsinoz.com you will receive a better exchange rate and you won't get charged any fees at all, so it's a win win and so easy to do. Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted February 21, 2015 Share Posted February 21, 2015 Before you leave UK set up an account with a money transfer company, there are lots to choose from so you have to look at which can give you the best deal on fees and exchange rates. I have personally used Transferwise and have had a great service from them. You need to provide them with ID and home address before you can complete your first transfer (I used UK driving license and bank statement) so have scanned pdf's of these available ready for when you want to make your first transfer. If you're on a WHV you probably won't be able to open a bank account until you arrive so take enough cash to see you through the first couple of weeks and you can use credit cards and/or UK debit cards for big expenses (have to suck up the foreign transaction fee though!) Once you arrive in Australia open a bank account with one of the big banks (NAB, ANZ or Commonwealth, they have the most ATMs for if you're travelling about) and then you can transfer money in from home using your money transfer company. You'll most likely just need the details of your UK bank account (sort code and account number) and your Aussie bank account (BSB and account number) and you can start transferring. Transferwise also have an app so once you're set up you can do transfers using the app too which is easy for when you're travelling about. Hope this helps and happy travels! NAB allow you to open a bank account and it doesn't matter what visa you are on. I've even known someone who only came over for a holiday and set up an account. Quote Link to comment Share on other sites More sharing options...
lounrich Posted February 23, 2015 Share Posted February 23, 2015 I stand corrected - when I was backpacking (admittedly almost 2 decades ago!) you couldn't open a bank account before arriving on a WHV. Glad to hear it's a bit easier now. Quote Link to comment Share on other sites More sharing options...
jonas valent Posted February 28, 2015 Share Posted February 28, 2015 just got done sorting a bank account with ANZ, they waive the $5 monthly fee for the first 12 months when you apply online, http://movingtoaustralia.anz.com/english/australian-accounts.html?dsc=BTH169&pid=sem-pb-text-t-hp-11-13-acq-openaustralianaccount now i'm just hopping from foot to foot for the 23rd of march so i can finally get on that plane! Quote Link to comment Share on other sites More sharing options...
wrussell Posted March 6, 2015 Share Posted March 6, 2015 To amuse yourself try searching for Scandal AND ... (the financial institution of your choice) NAB, CAB, ANZ, Macquarie Bank and so on. Quote Link to comment Share on other sites More sharing options...
hanaknight12 Posted April 14, 2015 Share Posted April 14, 2015 If you set up a NAB account you can do this online, they are the only big 4 bank that don't charge a monthly fee. http://migrant.nabgroup.comI would then sign up to Moneycorp, it is free to sign up http://moneytransfer.pomsinoz.com you will receive a better exchange rate and you won't get charged any fees at all, so it's a win win and so easy to do. Hi Pom Queen, I signed up to money corp & was wondering if the 'no charges' still stands for PIO members? I recently had a look and they state they charge £10 per transfer? If you have any update that would be great! Your info is always helpful - thanks again. Quote Link to comment Share on other sites More sharing options...
Tom30 Posted April 14, 2015 Author Share Posted April 14, 2015 My mate did it only last week and he wasn't charged maybe give them a ring and ask them to make sure your account is set to no fees sometimes the account is set wrong I have heard Quote Link to comment Share on other sites More sharing options...
jac2011 Posted April 14, 2015 Share Posted April 14, 2015 I use Moneycorp and I find that they dont charge me any fees. Also when I call the helpline they are fast and efficient though I cant say the same for the contact I am supposed to have for making transfers. I have learn't he doesn't reply so I just phone the helpline instead. Quote Link to comment Share on other sites More sharing options...
hanaknight12 Posted April 14, 2015 Share Posted April 14, 2015 Thanks for both your feedback! I think my account has not been set correctly so I've dropped them a line to see if it's easily rectified! Nice to hear that people are using it regularly! Jac2011 - why does that not surprise me?! I think that's an international thing! Quote Link to comment Share on other sites More sharing options...
Guest John from Moneycorp Posted April 15, 2015 Share Posted April 15, 2015 Hi Pom Queen, I signed up to money corp & was wondering if the 'no charges' still stands for PIO members? I recently had a look and they state they charge £10 per transfer? If you have any update that would be great! Your info is always helpful - thanks again. Hi there Just checking - did you register through the Poms in Oz currency page? http://moneytransfer.pomsinoz.com/ If so, you should not be getting charged any transfer fees. Please private message me your full name and email address and I can check. Thanks John Quote Link to comment Share on other sites More sharing options...
Guest John from Moneycorp Posted April 15, 2015 Share Posted April 15, 2015 My mate did it only last week and he wasn't charged maybe give them a ring and ask them to make sure your account is set to no fees sometimes the account is set wrong I have heard Yes, if you say you are a Poms in Oz member you won't be charged any transfer fees (feel free to mention me too!). Thanks John Quote Link to comment Share on other sites More sharing options...
Guest John from Moneycorp Posted April 15, 2015 Share Posted April 15, 2015 I use Moneycorp and I find that they dont charge me any fees. Also when I call the helpline they are fast and efficient though I cant say the same for the contact I am supposed to have for making transfers. I have learn't he doesn't reply so I just phone the helpline instead. Please could you let me know your Account Manager at Moneycorp (private message me) - thanks. Quote Link to comment Share on other sites More sharing options...
Michael LeVay Posted April 15, 2015 Share Posted April 15, 2015 Hi John, wondering if you could answer a quick question for me please. What's the current exchange rate on £6,000? Quote Link to comment Share on other sites More sharing options...
Guest John from Moneycorp Posted April 15, 2015 Share Posted April 15, 2015 Hi John, wondering if you could answer a quick question for me please. What's the current exchange rate on £6,000? No problem. Have you set up an account with us already? Best to get a quote from your Account Manager. Let me know. Thanks John Quote Link to comment Share on other sites More sharing options...
paddymacs Posted April 15, 2015 Share Posted April 15, 2015 Hi John Can we work with you from Ireland for transfers? Quote Link to comment Share on other sites More sharing options...
Guest John from Moneycorp Posted April 16, 2015 Share Posted April 16, 2015 Hi John Can we work with you from Ireland for transfers? Yes, we can help out - feel free to send me a private message and we can arrange a chat. Thanks John Quote Link to comment Share on other sites More sharing options...
peterc1983 Posted April 16, 2015 Share Posted April 16, 2015 I can fully confirm this; Moneycorp have been amazing for me sending cash over to my NAB account to get me setup for when I arrive. I touch-down in 5 days and NAB have booked me in for the day after I land to get my bank cards and stuff. All very very smooth sailing -- and using the Moneycorp offer I've saved myself a chunk on fees for the multiple transfers I've made. Quote Link to comment Share on other sites More sharing options...
elzawelza Posted April 16, 2015 Share Posted April 16, 2015 We use a company called Transfer Wise...good exchange rate and low charges too xx Quote Link to comment Share on other sites More sharing options...
hanaknight12 Posted April 17, 2015 Share Posted April 17, 2015 Hi there Just checking - did you register through the Poms in Oz currency page? http://moneytransfer.pomsinoz.com/ If so, you should not be getting charged any transfer fees. Please private message me your full name and email address and I can check. Thanks John Hi John, I was contacted yesterday by one of your colleagues who stated that it had been changed however I can't login to check as my user ID is no longer recognised? If I PM you please could you look into this for me? Thanks, Hannah Quote Link to comment Share on other sites More sharing options...
Guest John from Moneycorp Posted April 20, 2015 Share Posted April 20, 2015 Hi John, I was contacted yesterday by one of your colleagues who stated that it had been changed however I can't login to check as my user ID is no longer recognised? If I PM you please could you look into this for me? Thanks, Hannah Please feel free to private message me - thanks. Quote Link to comment Share on other sites More sharing options...
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