When to transfer

**SeaSickSte** · 19-02-2011, 03:49 PM

Hi All

It look like we will open a bank account with NAB and use Moneycorp for the large transfers, but when should we do these transfers?

Our concern is that although the NAB account can be setup from here in the UK it does not get activated untill we arrive, does this mean we will be unable to transfer money untill we arrive?

Even if we can transfer before we arrive is it safe as we have not yet activated the account with proof of ID etc...

thanks in advance..

**Peach** · 19-02-2011, 07:04 PM

Hi, I was transferring money into my NAB account long before I activated it - without any issues. The folk at the migrant services office in Richmond were most helpful in ensuring that the money had arrived.

With respect, I'd say that NAB can probably do a better job of allying your fears than I can.. :o)

**SeaSickSte** · 19-02-2011, 07:29 PM

Thanks, I have seen a few posts by someone from NAB, I will try to get in touch.

***The Pom Queen*** · 21-02-2011, 07:11 AM

Hi, sorry just seen this, yes you can transfer money in to your account, however, you will be paying around 40% on any interest earned in tax until you provide the banks (it doesn't matter which one they are all the same) with your tax file number, which you can't get until you are here. Once you are here you can claim this back from the tax man. It's unfortunately nothing to do with the banks but with the tax man himself.

**Peach** · 21-02-2011, 07:14 AM

Originally Posted by moving2melbourne

Hi, sorry just seen this, yes you can transfer money in to your account, however, you will be paying around 40% on any interest earned in tax until you provide the banks (it doesn't matter which one they are all the same) with your tax file number, which you can't get until you are here. Once you are here you can claim this back from the tax man. It's unfortunately nothing to do with the banks but with the tax man himself.

I'm not sure if this is 100% true. NAB will give you up until the end of the current tax year to provide them with your TFN (won't be applying for mine until May - so cutting it fine!).