Open a bank account before?

[landerson78]

Hi can anyone give me advice? I was thinking of opening a bank account with westpac before we move (to Brisbane) then I was going to put all the money we have in that (around £40K). Then when we get there sort it out into different accounts like savings for us and savings for the kids and a current account. Is this the best thing to do? We are going out on a temp 457 visa.

Thanks

Lou

[jenki]

I can't tell you what is the best thing to do - each person is different! But I can tell you what I've found out!

We're going (to Melbourne) on a 457 working visa and I'd like to open a bank account before going - one less thing to do when we get there!

I called the London office for Westpac and was shocked to speak to a real person. Not only that but he was really friendly and very helpful, thank goodness I was sitting down LOL.

He told me that there are 2 main types of account that they suggest opening: a current account and a high interest savings account. He gave me lots of helpful advise and information and sent a pack out to me too. Opening an account can be done online or by snail mail. Once opened you'll get account numbers so that you can deposit money. You will not be able to withdraw money until you get to Oz and go in to a branch of the bank with your passport. It's that simple apparently.

Anyway, if you want to call them the number is 020 7621 7211 and the website is www.westpac.com.au/migrantbanking

I hope this helps - good luck with it all.

[landerson78]

thanks for the reply, helpful information. I suppose everyone wants it to go as smoothly as poss! I will get more piece of mind if our finances are sorted before we go. I'll give them a bell! Do you know if they have many branches in Brisbane because I read that they are mainly WA based?

Cheers

[calNgary]

Hiya we poened an account on line with ANZ,you can pay money into it but cant withdraw until you come into a brisbane branch to activate it.We have been with ANZ a year now and had no problems,,
Cal x

[JoanneHattersley]

We`re with Commonwealth and opened on the day of arrival. Just got to be aware of bank charges over here in Oz. They charge for EVERYTHING!

[Jo&Rich]

Westpac do have branches in Brisbane. We're in Westpac- changed from Commonwealth, as they didn't do a visa debit card, so couldn't shop online. Westpac do a mastercard debit, same as a switch card, so fine.
Jo

[BullcreekBob]

... sort it out into different accounts like savings for us and savings for the kids and a current account. Is this the best thing to do?
Lou

G'day Lou

This is probably not the best thing to do. There are no (or very few) free bank accounts so why do you need multiple bank accounts all charging $5 or $10 per month in account keeping fees. You could easily end up paying close to $1,000 per year running half a dozen un-necessary bank accounts.

[jenki]

G'day Lou

This is probably not the best thing to do. There are no (or very few) free bank accounts so why do you need multiple bank accounts all charging $5 or $10 per month in account keeping fees. You could easily end up paying close to $1,000 per year running half a dozen un-necessary bank accounts.

You're right Bob!!!
I was a little shocked that the banks charge you for having an account!

For westpac there is no charge for the high interest savings account and they charge for the current account if you have below a certain amount (I think $3000), they charge $5 a month - something like that, otherwise I wouldn't suggest having more than one bank account!!!

[JoanneHattersley]

You're right Bob!!!
I was a little shocked that the banks charge you for having an account!

For westpac there is no charge for the high interest savings account and they charge for the current account if you have below a certain amount (I think $3000), they charge $5 a month - something like that, otherwise I wouldn't suggest having more than one bank account!!!

Take a look at Bankwest! Well worth a look!