Jump to content
unzippy

Deciding on a Bank Account

Recommended Posts

Hello

Is there a Aus equivalent of http://www.moneysavingexpert.com/ for me to do some investigating of which bank to choose?

Does anyone have any recommendations or ones to avoid?

I've read I need the acct before I apply for the medicare?

 

Cheers!

Share this post


Link to post
Share on other sites

Try Canstar.com.au.  Not quite Money saving expert but a great site for comparing all sorts of financial products and has some good articals as well.


Any fool can criticize, condemn, and complain but it takes character and self control to be understanding and forgiving.

Dale Carnegie – 1888-1955, Author and Lecturer

Share this post


Link to post
Share on other sites
Guest

Any of the big 4 are probably fine.  We use 2 of them without issue. 

One we opened an account with before we left the UK so it was up and running when we landed in Aus. You can look and see what banks allow you to open an account from overseas prior to arriving in Aus. Its very straightforward.

Then, before you leave just book an appointment for the day or so after you arrive to go in, activate the account and collect your cards etc. We may have booked our appointment after we arrived in Aus, I don't recall. Either way, it was really simple and done. Just needed our passports I think. 

You might want to check the ATM set up as some can be more sparse than others. Also the monthly fees (which some UK banks now do so hopefully you won't find it too much of a shock). 

Share this post


Link to post
Share on other sites

Consider one of second tier banks too, particularly if you are happy to wait until you are in Australia before you open the account, as the second tier banks don't have their own migrant banking solutions in the UK.

For example, Bank of Melbourne/Bank SA/St George Bank (Westpac Group. means ATM access free). Bank West (Comm Bank group), Bendigo Bank, Bank of Queensland, Suncorp, etc.

Best regards.


Managing Director, Go Matilda Visas - www.gomatilda.com

Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

Chartered Accountant (UK, and Australia)

T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

E - alan.collett@gomatilda.com and acollett@bdhtax.com

Share this post


Link to post
Share on other sites

HSBC don't have monthly fees and have several branches in Sydney and Melbourne

Not so good in Adelaide where there is only one branch but I just withdraw cash for free at the supermarket till

  • Like 1

Share this post


Link to post
Share on other sites
13 hours ago, Yelverton said:

HSBC don't have monthly fees and have several branches in Sydney and Melbourne

Not so good in Adelaide where there is only one branch but I just withdraw cash for free at the supermarket till

Yes, most supermarkets let you withdraw cash at the same time as paying but Woolworths are the best as their self-service tills are set up to dispense cash without you needing to buy anything (or you can pay for your groceries with your credit card and take out cash with your debit card in separate transactions - something that most supermarkets wouldn't want as it's two sets of fees for them).


Chartered Accountant (England & Wales); Registered Tax Agent & Fellow of The Tax Institute (Australia)

Share this post


Link to post
Share on other sites

I used NAB - opened a migrant bank account before I came over. Then called into the branch to validate it after I arrived.

They either posted or gave me a bank statement (can't remember which) and it had my temporary address on it which I could then use to get my drivers licence and also used for the variety of other things where you need proof of address. Was very handy.

Most if not all of the big 4 waive bank fees on the migrant bank accounts for the first year.

  • Like 1

Share this post


Link to post
Share on other sites
On 26/08/2017 at 12:22, Melbpom said:

HSBC have better customer service IMHO than any of the big 4.

Can you open a HSBC account from the UK ?

Share this post


Link to post
Share on other sites
3 hours ago, SimonandSian said:

Can you open a HSBC account from the UK ?

No, I don't think so at least I didn't. I opened one here in OZ.

Our first account opened from the UK was Commonwealth Bank and that was as good as any but over time we changed banks a number of times for one reason or another.

I just think the customer service at HSBC is better and I think having an OZ account helped when opening a UK HSBC account.

Share this post


Link to post
Share on other sites

My brother is on holiday over in UK at present,  he has not lived in the country for over 35 years, yesterday he opened a UK bank account no problem, had UK passports provided Aus tax file number and a couple of other bits of details, used mothers address, account opened and usable same day.

  • Haha 1

Enjoying life in Queensland

Share this post


Link to post
Share on other sites
On 26 September 2017 at 19:56, SimonandSian said:

Can you open a HSBC account from the UK ?

Yep! My experience was a total pain in the bum but I had added complications of recently being married (so name change) and living temporarily at my sisters home after selling our home and waiting for a visa (address needed over a certain period of time).

We have an HSBC account in UK, have done for 40 odd years so thought it'd be easier to get an account agreed. We found that banks will only give you an account if you have a visa number, an e visitor not being sufficient, so I got a 600. That did the trick.

We just went into a UK branch and set off the process from here, passport ID, evidence of UK address and visa number, an Aus address and you should be away, a couple phone calls to confirm and reconfirm a few things and away we went. We set up online banking, a bit slower and slightly different from UK but it means we can access from anywhere.


CPV 143 Acknowledged 3rd November 2016, Visitor Visa 600 (Tourist) Acknowledged 11th May 2017, Sponsorship submitted for 870 21st May Approved 29th July, Police checks submitted 6th August, Medical completed, 2nd VAC and Health Insurance evidence requested 16th Sept. 870 Visa granted 19/09/19!

 

 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×