Jump to content

You're currently viewing the forum as a Guest
register-now-button_orig.png
and join in with discussions   
ask migration questions
message other members

..and much much more!

Sign in to follow this  
immy21

Can I set up a Bank account in Oz in readiness to send money

Recommended Posts

Whilst still in the UK? That way I will have a ready source of funds to rent a house when I get there.

Thanks for any advice


Working for PRDnationwide, Pacific Pines. Real Estate.

http://www.prdhelensvale.com.au/ acolley[at]prdhelensvale[dot]com[dot]au

Share this post


Link to post
Share on other sites
Guest Mark'n'Ju

Hi immy,

try checking out he Commenwealth bank as tey do a migrants account ,but i'm sure others have followed suit.

Share this post


Link to post
Share on other sites
Guest ABCDiamond

If you bank with HSBC, you can open a HSBC Australia account.

 

HSBC Bank, International Branch Tel: 020 7991 7278 (Local High Street Branches may not know about it)

Account Details at: http://www.hsbc.com.au/personal/accounts/osa.html

 

The main Australian banks that facilitate overseas opening are:

Commonwealth Bank, Financial and Migrant Section, London EC4V 4HA, Tel: 0207 710 3990

 

ANZ Bank ANZ account details

and

Westpac Bank - Migrants page and Westpac account details

 

HSBC charge no fees, and pay 4.75% on their transaction account.

 

Commonwealth charge either $4 or $6 per month, depending on the account.

 

ANZ access accounts charge either $2 or $5 per month

 

Westpac charges $5 per month for their standard account,

but allow 2 accounts for that, one of them being a savings account, paying reasonable interest of 5.8% pa.

Share this post


Link to post
Share on other sites

Thanks so much. I wonder if that means all my funds are available from Aus if they are still in UK or whether I have to pay expensive transfer costs. Stupid question I know but I am not clear on this


Working for PRDnationwide, Pacific Pines. Real Estate.

http://www.prdhelensvale.com.au/ acolley[at]prdhelensvale[dot]com[dot]au

Share this post


Link to post
Share on other sites
Guest sparky

Hi Immy

 

We have just set up an account with a company called HIFX who specialise in converting currency,you can transfer a min of £5,000 to an account in Australia(we opened one with Westpac) they have excellant exchange rates and will pay all the transfer fees you may encounter.

It was really easy to open both accounts,not sure about putting the money in ,as have'nt gotten that far but i have spoken to a few people who have used HIFX and are now in Aus and they reccomend them highly.

 

Lisa, :)

Share this post


Link to post
Share on other sites

We set an account up with HIFX to pay the DIMIA fee ,they were recommended by our agent and now recommended by ME ,they have delivered top class service so far will definately use them for transferring large amounts (when the time eventually arises),,hope this helps

Take Care

Cal x

 

 

SO NEAR AND YET SO FAR !!!!


If you don't go after what you want, you'll never have it. If you don't ask, the answer is always no. If you don't step forward, you're always in the same place...

If you get a chance,take it, If it changes your life,let it. Nobody said it would be easy they just said it would be worth it...

Share this post


Link to post
Share on other sites
Guest ABCDiamond
Thanks so much. I wonder if that means all my funds are available from Aus if they are still in UK or whether I have to pay expensive transfer costs. Stupid question I know but I am not clear on this
Once your money is in an Australian Bank account, you CANNOT access it until you arrive.

 

When I transferred mine, I paid £10 in transfer costs, but got a better rate than an option that had no fees, consequently I ended up with more dollars in my pocket :) (But I did have to work for it)

 

HIFX is an easy option, and recommended by many for the transfer, but I assume you do need an Australian Bank account to transfer it to.

Share this post


Link to post
Share on other sites
Guest GeorgeD

Forex companies (like HiFX, Moneycorp, etc) are excellent for transferring your savings. They are safe and give you the best rates. Banks provide bank accounts, so yes, you do need one of those to transfer the money into it. Banks can also do the transfer, but you will tend to find that the more you want to transfer, the more it costs. They may say 'no fees', etc, but look at your exchange rate. I've yet to find a single instance where a bank gave someone more money at the far end than a Forex provider would've on a decent sized transfer. The difference can even be 5%-8%..and even 5% of GBP20K is still a thousand pounds. To simplify it, don't even bother about rates, fees, etc...the question to ask is...how many dollars get deposited in my account when I transfer X number of pounds. go with the largest.

 

Remember that you can transfer your UK money from Australia. You can do it online, so you don't need to send money ahead if you don't want to. Set up up an account with a couple of Forex providers before you go. You'll need to provide ID/address details same as you would opening a bank account...they are governed by money laundering laws so need to get these details before they can carry out a transaction for you. Get it all in place and then when you want to transfer your money, see who gives yo the most at the exact time you wan to transfer it. With Forex providers it can vary minute to minute. Fluctuations are small percentage wise, but for large transfers that can be hundreds of dollars. Go wit teh one giving you the most at the other end exactly when you wan to transfer it.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×