OZ lander Posted September 1, 2013 Share Posted September 1, 2013 Hi everyone has anyone banked with HSBC while moving over? Any advice? Pour ETA is February 2014 and wondering if we should move over with HSBC or just open a local Aussie bank account. Cheers OL Link to comment Share on other sites More sharing options...
Gary and Jenny Posted September 1, 2013 Share Posted September 1, 2013 Hi we are in the process of applying for a HSBC bank account, we have been told that if you have an account before you arrive in Oz it helps towards your credit rating, so long as you use it for your everyday banking while you are in the Uk So I,m made to believe perhaps somebody can shed the light Gary Link to comment Share on other sites More sharing options...
Dawn2002 Posted September 1, 2013 Share Posted September 1, 2013 Hi There, We are moving over next month and we have opened our AUD a/c with HSBC, it was easy enough I think it took about 3 weeks or so. We do have our bank a/c here with them so I don't know if this made it easier though. They let us know by e-mail when it was all opened and they sent the cards, pins and logon device through the post (all by express post) and we are now set up online. They didn't give the best rate for transferring GBP to AUD, so we used another company. The only thing was it seemed very time consuming activating the cards for the first time, as you have to call the Australian number, so we are waiting for our phone bill now !! I haven't been able to change the pin no for the cards as well, the branch said it may be as it is an Australian bank card and a UK machine, but who knows. I wouldnt know if it helps the credit rating. Forgot one thing, we had to put some money in it within 30 days of opening the a/c Hope that helps a bit Dawn Link to comment Share on other sites More sharing options...
Peach Posted September 1, 2013 Share Posted September 1, 2013 Hi we are in the process of applying for a HSBC bank account, we have been told that if you have an account before you arrive in Oz it helps towards your credit rating, so long as you use it for your everyday banking while you are in the Uk So I,m made to believe perhaps somebody can shed the light Gary You were told incorrectly. Australia has a completely different credit rating system, where everyone starts with a clean sheet - it doesn't need to be built up. I wouldn't bother with a HSBC account personally, I don't think I have ever seen a HSBC ATM or branch in the 2+ years I've been living here. Link to comment Share on other sites More sharing options...
Nealmason1986 Posted September 1, 2013 Share Posted September 1, 2013 I opened an account with NAB online before i came. We were given a emigration speciaist at the bank called lucinda shields. Shes been amazing with us. Sat down with us, explained the way things words and set us up savings and joint accounts in minutes. Gave us local information on comparison sites etc. I went in the bank for a couple of bank cheque for the accommodation and for a car and she waved the fees for the bank cheques which was nice. When i send her an email with new addresses and tax numbers she has always been really nice and quick with replies. NAB have loads of ATM's and you can also use Redi machines free of charge as well so its easy to get your cash. Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted September 2, 2013 Share Posted September 2, 2013 Hi everyone has anyone banked with HSBC while moving over? Any advice? Pour ETA is February 2014 and wondering if we should move over with HSBC or just open a local Aussie bank account. Cheers OL After a member on here opened an account with them moved all their house money in to the bank and they lost $450,000 then had to keep going all the way in to Melbourne as there are no branches elsewhere to try and sort it, there is no way I would personally use them. It took them 8 weeks to find their money and they had to take a loan with them until the money was placed in the right account. :no: Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted September 2, 2013 Share Posted September 2, 2013 Hi we are in the process of applying for a HSBC bank account, we have been told that if you have an account before you arrive in Oz it helps towards your credit rating, so long as you use it for your everyday banking while you are in the Uk So I,m made to believe perhaps somebody can shed the light Gary Peach is correct there is no such thing as a credit rating in Australia you have a credit report which lists any loans etc that you have applied for, defaults etc. Also please don't fall for the old trap where you think if you get a credit card it will help with your credit score and getting a mortgage further down the track, this is incorrect. In fact it can reduce the amount of mortgage you can have. So say you have a credit card with a $10,000 limit but you have a zero balance this can affect your mortgage lending by $30,000. In fact Ray Jones says the following How debt can affect borrowing capacity Broadly speaking, every $1 of personal debt will reduce a person’s borrowing capacity by $5. For example, someone with a $10,000 credit card limit and a $10,000 personal car loan may find their borrowing capacity is reduced by almost $100,000. I usually recommend to people wanting to maximise their borrowing capacity to get rid of, or at least reduce, their credit limit on credit cards. Link to comment Share on other sites More sharing options...
Guest littlesarah Posted September 2, 2013 Share Posted September 2, 2013 HSBC Australia is a separate concern from HSBC UK, and the two do not work together any more effectively than HSBC UK and any other Australian bank, in my experience. I kept my UK account with them - they were one of the few that allow us to keep a UK account with an overseas address, but bank with Aussie banks here, who have branches all over the place. ATMs aren't a problem for HSBC customers - you can use a lot of other banks' machines for free, but if you need to talk to a person about your situation, you have to be ready willing and able to get to a branch in a capital city. Link to comment Share on other sites More sharing options...
CrozierFamily Posted September 2, 2013 Share Posted September 2, 2013 I personally found HSBC to be a shambles. I applied for an account about 6 weeks ago, told them I was moving and needed everything sorted as soon as possible. After a few weeks of applying and going to their branch to verify my identity (I am an existing customer), I called to see how the app was going. Turns out they hadnt got to it yet and was still going nowhere. I chased it and it turned out the branch needed to sign something (they forgot), another week passed while they messed about. Eventually I got my account (6 weeks later). By the time I had opened my account with HSBC I had got bored with their service and opened and account with NAB in 4 days! My advice is stay away from HSBC. The worlds local bank my erse. Link to comment Share on other sites More sharing options...
OZ lander Posted September 17, 2013 Author Share Posted September 17, 2013 Thank you everyone. If having an HSBC account really doesn't help then I guess NAB is the way to go. Thank you for the helpful tips. Cheers OZ Lander Link to comment Share on other sites More sharing options...
egrek Posted September 18, 2013 Share Posted September 18, 2013 I'd recommend NAB too. HSBC has work hours only - so I've never been to the one in Melbourne centre and any issues, you'd have to call. Meanwhile there are NAB everywhere. I believe my friend used Commonwealth and said he'd recommend. Oz is full of ATM's that charge, NAB seems to be a good choice for finding many of them! (I am still with HSBC in UK, but after being told my HSBC card wouldn't work in the HSBC branch or ATMs in Argentina, I've never felt too confident! - this was many years ago - but I still remember it!) Link to comment Share on other sites More sharing options...
Guest Home Loan Experts Posted September 19, 2013 Share Posted September 19, 2013 we have been told that if you have an account before you arrive in Oz it helps towards your credit rating Hey Gary this is a common myth told by the banks. Your credit file in Australia is opened the first time that you apply for credit in Australia. I.e. utilities, phone, credit card, personal loan, home loan etc. Having a bank account alone will help you slightly with that particular bank, however will not affect your credit file in Australia. Also FYI Australian lenders cannot normally access foreign credit files. So if you would like to build a credit history in Australia then just apply for a small credit card and make sure it is paid on time and doesn't go over the limit. Link to comment Share on other sites More sharing options...
Danners Posted September 19, 2013 Share Posted September 19, 2013 I bank with HSBC and have an account in the UK and one in Hong Kong. I tried to open one in Oz but there customer service in HK is terrible making it a royal pita. So I opened an NAB account online - which was a DODDLE. I may open an HSBC account when I arrive as transferring money between HSBC accounts will be easier, but I'm going to use NAB for my day-to-day stuff and if their service holds up I may end up moving everything to NAB. ninja edit: finding an HSBC branch when I was there in July was a major chore Link to comment Share on other sites More sharing options...
CaptainR Posted September 19, 2013 Share Posted September 19, 2013 Hi There, We are moving over next month and we have opened our AUD a/c with HSBC, it was easy enough I think it took about 3 weeks or so. We do have our bank a/c here with them so I don't know if this made it easier though. They let us know by e-mail when it was all opened and they sent the cards, pins and logon device through the post (all by express post) and we are now set up online. They didn't give the best rate for transferring GBP to AUD, so we used another company. The only thing was it seemed very time consuming activating the cards for the first time, as you have to call the Australian number, so we are waiting for our phone bill now !! I haven't been able to change the pin no for the cards as well, the branch said it may be as it is an Australian bank card and a UK machine, but who knows. I wouldnt know if it helps the credit rating. Forgot one thing, we had to put some money in it within 30 days of opening the a/c Hope that helps a bit Dawn Are you a premier account holder? Did you go into your local HSBC branch and they coordinated opening an Australian one? Link to comment Share on other sites More sharing options...
mrpnbe Posted September 23, 2013 Share Posted September 23, 2013 Hi, May be late, but thought I'd add my experience. I've been in Melbourne for 3 weeks now :biggrin: and bank with HSBC in the UK. I went through the same thinking before I came, do i need an 'australian' bank for my accounts out here. I choose to stick with HSBC as they sorted everything before I went (and I did it very last minute - two weeks before leaving). I had my new australian personal and joint accounts set up in a week, i.e. before i left i had all the account numbers, branch codes etc, allowing me to set up money transfers. All cards etc were sent to the collins street branch in the city so all i had to do was go and collect them. Whilst i was there, they activated all my cards for me. They even gave me a new internet security device as the original had been sent to the UK (this just allowed wider access to all online services, you can log on using passwords as soon as you have your account details). So I'm fully up and running and have not had to go back since. True, branches are all city based, but you can use their cards in any ATM (I live in Upwey, way out in the eastern suburbs) and for me, who does all my banking via the internet, I don't need a local branch. Also you can link all your accounts online via their global view, so you can maintain your GBP and AUD accounts all in the one place.... a godsend for me being a UK landlord. Each to their own, but I have had no problems with HSBC and see no need for a specific NAB, ANZ etc account unless you need to be popping into branches all the time? Good luck with your move! Link to comment Share on other sites More sharing options...
OZ lander Posted October 12, 2013 Author Share Posted October 12, 2013 Thank you mrpnbe I am moving to Canberra and I gather there are no branches there? I do all my banking on Internet too! I guess I will open an account with NAB anyway and also speak to HSBC here to see how they can help me set up in OZ. cheers Link to comment Share on other sites More sharing options...
boganbear Posted October 13, 2013 Share Posted October 13, 2013 My credit card is with HSBC as they had no annual fee on it at the time but they are not as good as they are in the UK. nab and anz are good. I had a of of trouble getting a credit card when I arrived and no one would give me one, not even ANZ when I had over $50k in my account! Link to comment Share on other sites More sharing options...
Dawn2002 Posted October 21, 2013 Share Posted October 21, 2013 Captain R Sorry we just moved over so have been flat out!! Yes we are Premier account holders, they did coordinate it from the branch in the uk ( so much as here are the forms bring them back and we' ll send them off for you) would just want to add , we recently put down the deposit for our rental property, getting a cheque was a major issue. I admit we aren't that organised but, We tried to get a postal order at Australia post and pay via eftpos, but couldn't as the limit was 2k a day on the card, after numerous calls we had to go to a branch ( luckily theres one not to far away ) withdraw the cash and got to the post office and pay for the postal order in cash!! (Post office would not take a credit card for the money order) So we have decided to move banks when we get a chance to look into it. Shame as I have had an account with HSBC in the uk back since they were the Midland bank. Dawn Link to comment Share on other sites More sharing options...
OZ lander Posted November 27, 2013 Author Share Posted November 27, 2013 Hi there, I am in the process of speaking to HSBC to set up the OZ account now before I leave. Just a question for you, how did you transfer you money across? Did you use HSBC or did you use MoneyCorp to transfer GBP to AUD? How many people here have used Money Corp please? I know I keep hearing it has the best rate etc etc but haven't really chatted to anyone who has actually used them? Any guidance please... Thank you!! Link to comment Share on other sites More sharing options...
mrpnbe Posted January 3, 2014 Share Posted January 3, 2014 Hi, sorry not been on for a while, so this may not reach you in time. I used money corp for my first transfer of a large lump sum and it was a fairly painless smooth process. They have decent rates, usually slightly better than the banks, it was very slightly better than HSBC so I went with it. However, they charge a fee per transfer, not big I think from memory, £15. Like I say this wasn't a lot, but it meant that I would have probably been better with doing a transfer from my UK HSBC account direct to my AUD HSBC account as the fee cancelled out the better rate saving. This only works if you're a premier HSBC customer, as you will not be charge any fees for the international transfer (standard bank accounts will get charged, check their website, the fees are listed). Now I'm here I just use HSBC to move all my money in/out of the uk, as there so charge, so just have to watch the exchange rates! hope that helps. Cheers Link to comment Share on other sites More sharing options...
Incata Posted January 3, 2014 Share Posted January 3, 2014 We still use HSBC as our UK account with our Australian address. However we opened a Commonwelath Bank account for day to day stuff here and are very happy with it. HSBCs here are few and far between. Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted January 3, 2014 Share Posted January 3, 2014 Hi there, I am in the process of speaking to HSBC to set up the OZ account now before I leave. Just a question for you, how did you transfer you money across? Did you use HSBC or did you use MoneyCorp to transfer GBP to AUD? How many people here have used Money Corp please? I know I keep hearing it has the best rate etc etc but haven't really chatted to anyone who has actually used them? Any guidance please... Thank you!! We personally used Moneycorp over 10 years ago now, fantastic service from start to finish. Maybe start a thread titled have you used Moneycorp and then people will see it. Link to comment Share on other sites More sharing options...
Incata Posted January 3, 2014 Share Posted January 3, 2014 We also used Moneycorp. We found them very swift and efficient at transferring the money and their rates are good, but have not been overly impressed with their opinions of where the market was going to go (which were very inaccurate). I fully understand that it is only their opinion and we made the decisions as to when to transfer ourselves, but we trusted them as the experts on the money market and we should not have done that. If you are going to transfer your money through them I would do your own research, read a number of opinions on different sites of what is happening in the money market and then make your own decision as to when will be the best time to transfer. We listened to their opinions and they got it very wrong. Had we not listened to them, waited until our house sale had gone through to make the trade, rather than agreeing the rate at the point contracts were exchanged, we would have been better of to the tune of $20 - $30k. It's a hard lesson to learn and not one I would make again. Link to comment Share on other sites More sharing options...
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