Kenneth Wragg Posted October 7, 2018 Share Posted October 7, 2018 Hello. we need advice. What is the safest way to transfer funds from uk to Australia, we know the safest way is to bring a bank draft but what rate would we get once this cheque is deposited, cannot find this out, the Aus $ is trading here in the UK live at $1.86+ , and what is the best bank to use, we will be living in Mount Barker Adelaide bother senior citizens. thank you. K.G.& M. Wragg. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted October 7, 2018 Share Posted October 7, 2018 Do not bring a bank draft. Transfer the money electronically, it is much safer. You can join Moneycorp through these forums. If you are not familiar with using an online system, don't worry: their telephones are actually answered by people who do the job, not just call centre drones, and they are very helpful. What you will do is open an account with Moneycorp, transfer the money into it, then it will sit safely in that account until you have your Australian bank account set up. Do not close your UK bank accounts as they can be extremely useful for all kinds of reasons. Quote Link to comment Share on other sites More sharing options...
JetBlast Posted October 7, 2018 Share Posted October 7, 2018 I have a HSBC account in the UK. I opened an account in Australia from a UK branch. The accounts are now linked and I can instantly transfer money online (no need to wait) - It works like it would having 2 accounts in the same bank. The problem is HSBC isn't well represented in Australia. There is only 1 branch in SA but it is in the Adelaide CBD. If you choose this option it might be best to have a local bank as well. I found SunCorp to be good service. Quote Link to comment Share on other sites More sharing options...
Kenneth Wragg Posted October 7, 2018 Author Share Posted October 7, 2018 Thank you for your swift reply it really was appreciated. Regards. K.G.Wragg Quote Link to comment Share on other sites More sharing options...
Kenneth Wragg Posted October 7, 2018 Author Share Posted October 7, 2018 Thank you so much for your help and advise, just opened the Moneycorp account. Regards.k.G.Wragg. Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted October 9, 2018 Share Posted October 9, 2018 You should be able to obtain your Australian bank account details before you depart the UK if you use the migrant banking centre in London of Westpac or Commonwealth Bank of Australia. For ease of reference: https://www.westpac.com.au/about-westpac/global-locations/westpac-uk/ https://www.commbank.com.au/about-us/our-company/international-branches/europe.html Best regards. Quote Link to comment Share on other sites More sharing options...
Kenneth Wragg Posted October 9, 2018 Author Share Posted October 9, 2018 Your email was really helpful to us, thank you for the information regarding Westpac in London, will be contacting them this morning. Kindest Regards. K.G.Wragg. Can you advise on Quote Link to comment Share on other sites More sharing options...
JetBlast Posted October 9, 2018 Share Posted October 9, 2018 Suncorp will allow you to open an account online / email. Just doing that at the moment. Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted October 9, 2018 Share Posted October 9, 2018 Just now, JetBlast said: Suncorp will allow you to open an account online / email. Just doing that at the moment. Suncorp is mainly Qld based, and the OP is moving to SA. Might not be so much of an issue these days given ATM charges have largely gone when using the ATM of another bank, but could be important if there is a desire to attend a bank branch in person for any reason. Best regards. Quote Link to comment Share on other sites More sharing options...
SPRINTER Posted October 9, 2018 Share Posted October 9, 2018 Just an update on bank accounts, and Alan knows far more than I will ever know, when we moved to Adelaide last year we opened an account with NAB in Adelaide before we arrived, just had to go in when we arrived to validate everything face to face 5 minutes that's all. Glad to see a couple more seniors moving here. Quote Link to comment Share on other sites More sharing options...
Kenneth Wragg Posted October 9, 2018 Author Share Posted October 9, 2018 Thanks for your help and advice, very much appreciated. k.G.Wragg Quote Link to comment Share on other sites More sharing options...
Davo453 Posted October 9, 2018 Share Posted October 9, 2018 (edited) interesting re the HSBC accounts do you know what margin they are taking on the exchange? In my experience the margin that banks demand is pretty huge but i'd love to be proven wrong and if it wasn't much i'd do it too. Edited October 9, 2018 by Davo453 typos etc Quote Link to comment Share on other sites More sharing options...
Kenneth Wragg Posted October 9, 2018 Author Share Posted October 9, 2018 Dave: thank you for your email and advice, can I transfer the money when we get to Australia? I have opened a Westpac account. regards. K.G.Wragg Quote Link to comment Share on other sites More sharing options...
Marisawright Posted October 9, 2018 Share Posted October 9, 2018 2 hours ago, Kenneth Wragg said: Dave: thank you for your email and advice, can I transfer the money when we get to Australia? I have opened a Westpac account. regards. K.G.Wragg You can transfer the money either before you leave or once you arrive in Australia. I found the process with Moneycorp easiest: I transferred the money into their account before I left the UK, then it sat safely in that account until I was sure I had all the formalities completed with the bank in Australia. You are assured of the best rate with a specialist company like Moneycorp. Quote Link to comment Share on other sites More sharing options...
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