francy Posted October 17, 2014 Share Posted October 17, 2014 Hi we've just been granted our visa so now more hard work and info needed. i'm after advice on which bank to open an account with. Low monthly or no fees would be good. I'll be opening the account in the uk and we're intending on moving in feb/march so want to do monthly transfers until then. once we're in Oz will still want to transfer money to uk. This is another question needs answering - my hubby has a stocks & shares policy/pension which he pays £150 a month into. Is it worth carrying this on whilst in Oz or cash it all in and bring it with us or see if we can transfer it? i have 3 pensions - one frozen, one private and one with my current employee. I will be taking a career break first for 2-4 yrs so no doubt my payments into my work pension will stop. What do I do with each (the first 2) got out complete info overload at the moment so any advice will be appreciated. I have got loads of leaflets from money companies from expos we've been to in the past. regards francy Link to comment Share on other sites More sharing options...
Seppo Posted October 17, 2014 Share Posted October 17, 2014 I have been a Westpac customer since 2007, whilst in and out of Australia, and have found them to be flawless in every aspect. Easy to setup an account from overseas, prompt and efficient phone and email response to queries, pleasant and competent in-branch service, low or no fees depending on type of account, you name it. Granted, I don't have experience with any of the other banks, but why would I switch?? Link to comment Share on other sites More sharing options...
Guest Posted October 17, 2014 Share Posted October 17, 2014 Hi we've just been granted our visa so now more hard work and info needed. i'm after advice on which bank to open an account with. Low monthly or no fees would be good. I'll be opening the account in the uk and we're intending on moving in feb/march so want to do monthly transfers until then. once we're in Oz will still want to transfer money to uk. This is another question needs answering - my hubby has a stocks & shares policy/pension which he pays £150 a month into. Is it worth carrying this on whilst in Oz or cash it all in and bring it with us or see if we can transfer it? i have 3 pensions - one frozen, one private and one with my current employee. I will be taking a career break first for 2-4 yrs so no doubt my payments into my work pension will stop. What do I do with each (the first 2) got out complete info overload at the moment so any advice will be appreciated. I have got loads of leaflets from money companies from expos we've been to in the past. regards francy In terms of banks most of the high street banks in Australia will be much the same, Westpac, NAB, Commonwealth all go out of their way to attract new migrants. All have basic accounts with no monthly fees if your salary is paid in. In terms of your pensions I would seek specialist advice - personally I am very glad we didn't transfer ours because we moved back after 5 years. Once they are transferred to Australia you cannot move them back. There are tax implications and I would definitely get a transfer value for each of them before you move because it is that value that is relevant for tax if you choose not to move them within 12 months of moving (essentially you pay tax on any increase from that value) There is a sub-forum on here for questions to Andrew who is a Financial Advisor and you can ask basic questions there but for personalised advice you really need to appoint your own advisor. Do we careful in Australia as there are lots of companies very keen to get there hands on your UK pension, make sure any advice you get is truly independent and the only way to assure that is to pay for it - any IFA paid on commission is still incentivised to sell you a new pension in Australia rather than advise you to leave them where they are. Link to comment Share on other sites More sharing options...
Marisawright Posted October 17, 2014 Share Posted October 17, 2014 There's a whole discussion here on that topic: http://www.pomsinoz.com/forum/money-finance/220905-australian-bank-account-without-monthly-fee.html An extra note: Westpac, NAB, Commonwealth and ANZ are the "big four" Australian banks. They go out of their way to attract new migrants because Aussies are very disillusioned with them, because historically they've used their market dominance to rip off their customers (and still often do, with higher fees and charges on average). The government provides a guarantee for all banks on deposits up to $250,000, so the big banks aren't any safer than the smaller ones. Link to comment Share on other sites More sharing options...
Quoll Posted October 18, 2014 Share Posted October 18, 2014 A bank is a bank and they're all after your money! I'm happy with St George but check them out when you arrive and see if one offers you more than any of the others. as for pensions, personally I d leave them where they are and keep paying in! Don't move them to Aus unless you are cast iron certain it's where you want to end your days because you can't transfer them back again should you decide that Aus is not for you! Link to comment Share on other sites More sharing options...
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