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Guest sunseekers

Can i still hold a British bank Account when im an Oz Resident ??

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Guest sunseekers

Hi Guys,

 

Does anyone know the answer to this ??

 

The exchange rate is so Poo at the mo and i dont want to lose £££££ by exchanging at the wrong time when we will only be renting initially anyway.. ( Land in Perth Jan 09 )

 

Im quite happy to have my lump sum earning intrest here and just play the waiting game for the intrest rate to go back up even if that takes years...

 

But is it poss. Any advice would be great x x x

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Guest beermeister

From what I can tell, some banks will and some won't allow you to keep your UK account as a non-resident.

 

I've had an account with smile.co.uk for years who say that I can keep the account, but I've rang around a few other banks and they all say I would have to close my account as soon as my address changes to being non-resident....kaupthing edge being one of them (pity, because they have one of the best savings rates).

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hmm, will have to talk to my bank and is there something about taking large amounts of money into Oz after a certain time of taking up residence?

 

this is one of my worries about renting for a couple of years, the tax implications when we do move the money over

 

what is kaupthing edge ??


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We still have an account with Halifax back in the UK but they needed a UK address to keep in under so we gave them my in-laws (told them we were going overseas for a couple of years - just incase it didn't work out!). However we transferred most of our money over shortly after we arrived. The exchange rate wasn't great then (although better than it is now) but the interest we could get on it here was much better so we decided this was the better option. Left small amount in UK for emergencies as our daughter is still in UK plus it's handy when coming to sorting our birthday pressies for folks in UK too!!

 

Lyn x


 

 

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Guest JoanneHattersley

We`re with LloydsTSB and they are allowing us to keep our UK account in our Australian address.

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Guest smileygrandma's son in Oz
Hi Guys,

 

Does anyone know the answer to this ??

 

The exchange rate is so Poo at the mo and i dont want to lose £££££ by exchanging at the wrong time when we will only be renting initially anyway.. ( Land in Perth Jan 09 )

 

Im quite happy to have my lump sum earning intrest here and just play the waiting game for the intrest rate to go back up even if that takes years...

 

But is it poss. Any advice would be great x x x

 

I have lived in Australia 3 years and I am now a citizen, I still however have my Halifax bank account open, Halifax still send me my statements and new bank cards when needed to my australia address no problem. We exchanged at a good rate 3 years ago so we did not leave a huge some in there, but we use halifax for when family in the uk want to give the kids money, they deposit it in my account I can draw it out using my card instantly. Hope this helps

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Guest JoanneHattersley

SMiley - we have exactly the same with Lloyds!

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I had a meeting with an adviser at Barclays before we left the UK and she went through what I would need to do in order to stop them closing my account. First up, I went to yearly statements rather than monthly. I then added my Mum as a signatury (not sure if that's spelt right) to my accounts and changed my address to hers. Mum had to go to the bank with me to sign everything but all my mail goes there now and if there were any issues they have it on their files to contact Mum first. We moved most of our money but have a pressie fund and an emergency fund left in the UK. I also move money each month online to make it look like the account is still active and not dormant.

 

Hope this helps!

 

Felicity:wubclub:


Felicity + Michael - We're 'Pozzies' - Happy and Lovin' it!

Melbourne since September 07

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Was advised by my mate who is an assistant bank manager at Barclays to tell my bank that i was only moving over for a year or so as Barclays are told to sell you an oversea's bank account which they charge you an ammount to have and of course the bank managers get a commision from.

Went to my bank which was LLoyds with the intension of saying i was doing a 3 month recee but the bank manager said he did not care where i lived. We could do whatever stuff online. Gave my sis power of eterny and left banks and mortage as they are.

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Guest sunseekers

Thanks very much for everyones help x

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You could open what is called a term deposit account when in Oz. Then transfer your capital and it can remain in GBP! You have to state a term that you will not touch the money to receive the interest rate they will quote you. However I have frineds in Oz who have removed money fromt their account prior to the date stated and have lost no interest. This is what I shall be doing as the exchange rate is rubbish as you said!!!

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Guest sunseekers

Hi Diane,

 

That sounds better than perfect for me...Sorry to be niave but can a "Term Deposit Account" be opened at any bank in Oz ? Do i simply open it when im in Oz and transfur my funds from a british account into it and they remain in sterling till im ready ?

Is the intrest rate they offer competitive and can you reccomend any particular bank.

Thank you very much for the top advice x

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Guest BrerRabbit

Yeah, we still have our uk account with Nationwide. We use it all the time using internet banking and our visa debit card here, really useful for presents in UK, internet shopping for uk and for rellies to deposit cash :)

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Guest BGrad

It would be more a hassle to keep the UK bank account if you are a resident in Austrailia, because then any money you put in would transfer to pounds and taking money out will usually have a fee. If you will be returning to the UK eventually then you should keep the account but depending on how long you're planning to stay in Australia you should open on there for convienence.

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Guest mudhut29

we have held an account with lloyds in the uk since our arrival in oz in 1993.

we have never paid any fees!!

for transferring money I would recommend HiFX. they were brilliant when we used them.

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Guest breezy

Halifax are more than happy for us to keep our accounts open with them (credit card, current and web saver) and we have changed our address to an Australian one. Not sure why the other posters are having problems?

 

Breezy

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Guest coventryBillynowMelbourne

be careful about the waiting game!! i am still waiting 6years since sold house, all the money is GONE and still renting

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Guest coventryBillynowMelbourne

very wise indeed

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held an account with Abbey since 2000....no issues at all


Paul

(Brisbane)

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