UK bank account when resident in Oz??

[lynneand mark]

Can you still have a uk bank account once you have emigrated and become resident in Australia? Does it need to be a particular one? Any recommendations for ones to keep once you've left. We do most of our banking online anyway so could we just leave a sum of money in a uk account that we could use for sending cheques to family/friends or payments needed. Can you continue with life insurance once you have left? What about pensions? We just presumed that when you went you went and all ties were cut!!! Thanks

[spray21]

It is possible to keep UK accounts open when you have moved to Australia - ask your bank if they will let you. I know RBS have said it is ok for us to keep our accounts with them, and Nationwide let me open a flexaccount with them after I explained I was moving. The flexaccount is good because you can use it in Oz without racking up extra charges.
Just ask your bank to be on the safe side!

[chippie74]

if nothing goes in or out within 2yrs the account is altmaticly closed...i was asking the same question on monday!!!!!..barclays

[calNgary]

Hiya alliance & leicester ,,and Halifax wanted us to close our accounts if we were living permantly in Oz so said we werent sure and were going to try the life for a few month ,,hence accounts still open ,,sometimes a little white lie is needed
Cal x

[calNgary]

we dont use our halifax account much never have but they told us we couldnt leave an account open if permantly moving to Oz,so transfered to online paper free and a relly's mail adress
Cal x

[Stuju]

Hi Lynne & Mark,
We use Barclays and had online banking with them, we have continued to use this and have just changed our account address details to a relative in the uk with no problems so far and we also have life assurance in the uk to which goes out on monthly direct debit.
Gizmo

[oz migration]

Hi L&M

- Bank acct generally fine particularly with the UK big 4 especially HSBC
- Life Assurance generally fine depending on who the policy is with, you must inform them
of your change of address and effectiveness of the policy thereafter
- Pension, depends on how much you have to transfer, alto of advice is to leave in the
UK unless substantial amount as current AU superannuation (pension) is having Major
temporary concessions.

Kind regards

Chris

[SAVTA]

Would recommend that you belong to HSBC in the UK as they have branches in OZ and easier to open an account and for transferring monies over.

As an example we are in the process of buying a new house - the majority of our funds are in the UK. We requested a transfer to cover our house costs and HSBC actually gave us the choice of sending over Oz dollars instead of sterling. The rate at the time was far better than we would get here - so we gained a substantial amount.

Also would recommend having a Nationwide account as if you draw funds from your flexi account via a cashpoint - they do NOT charge you any extra fee. With the exchange rate being fairly good (apart from the last couple of days) - it pays you to draw cash using your card. The limit is $700 a day!

Hope the above information helps.

[KazzE]

We have just opened a Flexaccount with Nationwide and opened one for my Dad who is over in Oz now for the reasons already stated and they know we are probably going to be there by this time next year and did not bat an eye

Interesting to hear about HSBC I may look in to them..........

What Oz banks are you considering? I liked the sound of NAB after taliking to someone at the expo thing the other week but I am still going to look at the other main banks

[col&dee]

Hi Lynne and Mark,
I contacted Standard Life recently as my pension is currently through them. They advised me that I may continue to pay into my pension for 5 years if you are residing outside the UK. You can also look into transferring your pension which I have not done yet.