Uprawr Posted May 8, 2014 Share Posted May 8, 2014 Hi all, sorry if this has already been answered but I couldn't find the specifics. I'm heading to oz in 4 months and I'd like to take advantage of any good exchange rates in that time. I'm aware that I can transfer money via a broker eg moneycorp however as they arnt insured I don't like the idea of them holding my money for long periods of time. I'm sure it's possible to set up a bank account whilst I'm in the UK, I'm looking into the commonwealth bank of Australia, what I'd like to know is whether it's possible to set up an account and transfer money into it before I go. I get the feeling I would have to validate it personally in branch when I get there before I can transfer anything but I hope that's not the case. Any advice would be much appreciated. Link to comment Share on other sites More sharing options...
JonathonS Posted May 9, 2014 Share Posted May 9, 2014 Yeah, I'm about to do this as well. You can transfer money over, but you won't be able to withdraw money until you activate/verify the account and your identity at a branch. Link to comment Share on other sites More sharing options...
Guest Posted May 9, 2014 Share Posted May 9, 2014 Changed mind on post as WHV forum. Link to comment Share on other sites More sharing options...
tingtongman Posted May 9, 2014 Share Posted May 9, 2014 Check the Halifax credit card, its the best travel credit card to use from the UK. I really suggest it as an option of getting money in Aus Link to comment Share on other sites More sharing options...
tina0101 Posted May 9, 2014 Share Posted May 9, 2014 We set up an account and used Moneycorp to transfer the funds. Hoping to build it up before we get out there. Link to comment Share on other sites More sharing options...
Britpop Posted May 9, 2014 Share Posted May 9, 2014 As ting tong says, you can get a UK card that does free withdrawals and avoid and transferring. N&P do a debit card that does this. While moneycorp is free for PIO members, the rate is worse so essentially you do pay (albeit less than with a higher rate and a fee). Only thing about using a UK card is that you get the rate one the day so while if it gets better you'll benefit, if it gets worse you'll dip out. Overall dr me though I have benefitted a great deal as the rate was as when we left and improved over our time here. If I'd have transferred at the lower rate I'd have 'lost' a fair whack of cash Link to comment Share on other sites More sharing options...
Guest John from Moneycorp Posted May 9, 2014 Share Posted May 9, 2014 Hi all Just following up on the initial post on this thread. Moneycorp is authorised and regulated by the Financial Conduct Authority as an Authorised Payment Institution (API). Any API is legally required to safeguard client funds in respect of a payment. The most common method, as used by Moneycorp, is by segregating clients’ funds from the company’s own funds in specifically designated safeguarding accounts. Kind regards John Link to comment Share on other sites More sharing options...
Londongal76 Posted May 9, 2014 Share Posted May 9, 2014 I don't see the problem, the rate is a couple of pence lower, but with zero transfer fees as a PIO member it's great. My bank charge a fortune for an international transfer, and withdrawing money from there costs too. Link to comment Share on other sites More sharing options...
Uprawr Posted May 9, 2014 Author Share Posted May 9, 2014 Okay it's good to know I can transfer funds into an Aussie bank before I go, cheers JonathanS. That means im not so scared of using a forex broker as they can process my payment immediately instead of holding it for 4 months. I'm not really interested in living off a uk credit card, the one you recommended looks good tingtongman but it still starts charging you interest from the moment you withdraw cash, I can't be bothered to keep on top of that. Link to comment Share on other sites More sharing options...
Britpop Posted May 9, 2014 Share Posted May 9, 2014 The N&P one doesn't charge anything and give a better rate so it's the cheapest way to get cash in Aus hence the recommendation. It's worth it if you a. Think the rate will change in your favour or b. aren't sure you'll spend all the transferred money so it's always in £ you don't pay to change it back. No problem with transfer, just another option Link to comment Share on other sites More sharing options...
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