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mrbradley1

RE: Bank Account and Money Transfer

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    Hi, can anyone recommend a Australian bank in addition to transferring money. I've been told there are some special companies other than banks where you get a better rate with the transfer. I was informed westpac was one of the better ones. I couldn't tell you why, thats all I was told. I thought you'd guys would have a better idea.

     

    Thanks

     

    Gareth and Beverley

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    Moneycorp

    Moneycorp

    Transferwise is the way to go. Doesn't matter what you bank is.

     

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    Hi Gareth and Beverley,

     

    You can contact Moneycorp about transfering funds to an Australian Bank account. I have also provided you with the link to our website page with information on how to open a bank account and other information on the account products you will find valuable to read. Please click on: www.nationalaustraliabank.com/nabglobal/migrant

     

    best wishes on your travels.

     

    Kind regards,

     

    NAB Migrant Banking

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    Posted (edited)

    Hi Gareth & Beverly,

     

    I have worked in retail banking in both Ireland and Australia. No current affiliation to any of them apart from being a customer. The big 4 banks in Australia are:

     

    CBA

    Westpac

    ANZ

    NAB

     

    CBA and Westpac have about 25-30% market share and ANZ and NAB about 15% each. They all have similar offerings in terms of products. There are a number of other smaller players (note Westpac has a multibrand strategy including St George, Bank of Melbourne and a few others). A good online only bank offering is INGDirect, they have no branches but a good transaction account and savings account offering. They refund ATM fees also (you get charged $2-$3 for using a different bank's or private ATM here)

     

    The big 4 are much of a muchness and I think all 4 will let you open an account from offshore, you will be able to deposit funds into the account but no withdrawals until the account is validated onshore. This just means going into a branch and compiling with the Anti money laundering requirements (ID checks etc).

     

    I'm a bit of a rate tart so I have lots of accounts. In terms of technology and ease of use, I find CBA pretty good, their technology is world class (although the others are catching up). I have accounts with INGDirect too and their online savings account is competitive, their technology and apps are pretty good too and they run good promotions every now and then. I rarely if ever go into bank branch so happy enough with them.

     

    Regarding transferring money, don't use a bank (UK or Aus). I think Moneycorp sponsor this forum a bit and John regularly provides updates on f/x rate movements. Haven't used transfermate or transferwise but both are well regarded. I have used a crowd in London called Halo and found them good. I normally place an order at a desired rate and if/when the market hits that rate, the order is executed and I settle in the other currency, you can do a simple spot transaction either. I'm sure the other providers provide this service too.

     

    Hope this helps

    Edited by Collie

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    Hi, can anyone recommend a Australian bank in addition to transferring money. I've been told there are some special companies other than banks where you get a better rate with the transfer. I was informed westpac was one of the better ones. I couldn't tell you why, thats all I was told. I thought you'd guys would have a better idea.

     

    Thanks

     

    Gareth and Beverley

     

    Hi Garth an Beverley

     

    You can view some information on the Moneycorp service here - http://moneytransfer.pomsinoz.com/

     

    If you would like to register, please go through the Poms in Oz currency page above as this ensures you get no transfer fees (when transferring any amount).

     

    Thanks

     

    John

    • Like 1

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    So been checking the bank accounts any thoughts on ING anyone. reading about them they don't seem to bad

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    Hi,

     

    This tread is great as we are currently looking into what bank to use and how to go about a money transfer.

     

    I had a bank account with Commonwealth Bank many years ago whilst travelling in Oz so I kinda just thought I would open an account with them again. Seems all the major banks are much of a muchness.

     

    If you open an Account in the UK, do you use your address here? Or do you have to know your address in Australia?

     

    Thanks so much.....


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    So been checking the bank accounts any thoughts on ING anyone. reading about them they don't seem to bad

     

    INGDirect are good. They have a full service current/transaction account, refund ATM fees ($2-3 a pop)and have lots of good other promotions from time to time.They are very competitive on savings accounts and mortgages.

     

    No branches but very good internet banking and app banking (can do transactions through any Australia post shop if you need to) . The call centre is based on the central coast just north of Sydney and I have always found them helpful, haven't had a reason to call them in quite a while (years) as you can do nearly everything online.

     

    Not sure if you can open an account from offshore though. Drop them an email if it doesn't say so on their website. You do the AML/KYC checks through an Australia post outlet anyway.

     

    Colin

    Edited by Collie

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