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CommBank posted a topic in Money & FinanceIf you’re about to move to Australia you may get surprised by subtle differences in the Australian banking system. Commonwealth Bank have produced these tips to help you navigate the quirks and terminology used:Tip 1 - There aren’t any 1c or 2c coins – so don’t expect change if something is priced $1.99 and you handover $2 (it’s rounded to nearest 5c).Tip 2 - When paying with a card, you’ll be asked to choose ‘savings, cheque or credit’. You’re being asked what account you want to use. Commonwealth Bank customers can choose either ‘Savings’ or ‘Credit’ with their debit card, both will take the money from your everyday bank account.Tip 3 – Don’t get caught out by Australian banking terminology. If someone refers to: ‘Super or Superannuation’ they’re referring to how people save for retirement (similar to a Pension Scheme in the UK) BPAY they mean a payment system for paying bills EFTPOS they mean a credit/debit card payment system. Get support throughout your move Commonwealth Bank can help make your move to Australia easier. They offer: The ability to open an Australian bank account instantly online and transfer money to your new account straightaway+ 1-1 support for eligible professionals with a London based team to assist you before your move, and Relationship Managers in Australia to help you settle in.^ To open an account visit the moving to Australia portal or contact our London based team by emailing firstname.lastname@example.orgThings you should know: Commonwealth Bank of Australia ABN 48 123 123 124 is a company incorporated in Australia. ^We will need to verify your proof of income is over $80,000 AUD and visa to qualify for this service. +Customers will be able to withdraw their funds once they arrive in Australia and identify themselves at a Commonwealth Bank branch.
Cerberus1 posted a topic in Money & FinancePlan ahead by moving overseas with the experts! Moving to Australia is not without its ups and downs. To make sure you stay ahead of the game, it pays to be well informed. Everyone wants to start their new life down under with as much money as possible and there are a number of things you can do to ensure you make the most of your funds. Key topics always discussed on the forum include moving your possessions, shipping your car, transferring your money into your new Australian bank account and getting a mortgage. Poms in Oz is hosting a live webchat with leading experts in banking, currency exchange, financial/pensions advice, international removals and vehicle importation. The chat event will take place on Tuesday 21st August 2012 from 20:00-22:00 (UK Time). National Australia Bank, Moneycorp, PSS International Removals, Vista Financial Services and Iron Lady Imports will be on hand to answer any questions you may have about your move. To participate, click on the 'chat' menu option at the top of the page. Clicking on chat will launch the chat software. There will different 'rooms' for each of the different companies. Unregistered guests can participate by following this link - Chat with Industry Experts, then, once the chat software has loaded, tick the 'Guest' option at the top of the chat window, then choose a username and click 'Login' and enter the 'Moneycorp, NAB, PSS, Vista Financial Services or Iron Lady Imports' chat rooms. National Australia Bank [img2=right]http://www.pomsinoz.com/images/chat-nab.png[/img2] Royce Hort will talk about the Australian Banking system providing you with some insights as to what is different between the UK and Australia. He will also talk about how straight forward it is to open an Australian Bank account before you leave home and some of the services you should consider. Moneycorp [img2=right]http://www.pomsinoz.com/images/newmc.gif[/img2] Whether you are moving to Australia, or living there already, John Kinghorn will bring you the latest updates on the Aussie dollar and provide insight into the key factors influencing market movements. Exchange rates are constantly fluctuating and transferring your funds at the right time, via the right channel, can make a big difference to the amount of money you actually end up with. PSS International Removals [img2=right]http://www.pomsinoz.com/images/chat-pss.png[/img2] One of the key ingredients when you are moving overseas is the planning of your removal. Liam Witham will be on hand to offer advice and answer any questions you may have regarding the packing and shipping of your household effects, including what items you can ship to Australia, Australian Customs procedures and AQIS. Vista Financial Services [img2=right]http://www.pomsinoz.com/images/vista-financial.png[/img2] Andrew Williams is both a UK qualified and Australian practising Financial Adviser and Mortgage Consultant specialising in advising UK expats in Australia on the transition and development of their financial affairs. From assisting clients with securing their first Australian mortgage through to working with them to understand whether transferring their UK Pensions is in their interests, Andrew is able to help answer your questions and concerns on a wide range of financial planning matters. Iron Lady Imports [img2=right]http://www.pomsinoz.com/images/banners/ironlady.jpg[/img2] Iron Lady Imports is a small, Australian-based business that specialises in arranging transportation of vehicles from anywhere in the world to any port in Australia. For a fixed brokerage fee, we can help arrange your vehicle's import approval paperwork, shipping, customs clearance and registration in Australia. Aside from our fee, all other costs are invoiced to you directly - no hidden markups! We're also happy to advise you if it's worth bringing your car over before you start (that part's free!).