Fireball Posted October 4, 2022 Share Posted October 4, 2022 Hi all Newcomer looking for advice. My partner and I will be moving to Oz and will be on a bridging visa until visa is granted. As a non-resident will we be permitted to open a bank account and transfer monthly amounts from UK? Quote Link to comment Share on other sites More sharing options...
rammygirl Posted October 4, 2022 Share Posted October 4, 2022 Yes. Not sure what you mean re the bridging visa though. What visa will you be applying for onshore? Quote Link to comment Share on other sites More sharing options...
Ken Posted October 5, 2022 Share Posted October 5, 2022 As a back-up I'd recommend opening a multi-currency account with Wise. They have some of the best rates for transferring money, but what is really useful for you is that they'll give you a Australian bank account and sort-code and a physical debit card (I think there's now a fee to get a physical card but they'll give you virtual cards that you can use online for free) allowing you to use it almost like a regular bank account. Also unlike opening an account with an Australian bank online (which you can do before moving to Australia) you don't have to present yourself at a branch in Australia to complete the KYC checks before you can withdraw any money. 1 Quote Link to comment Share on other sites More sharing options...
Fireball Posted October 5, 2022 Author Share Posted October 5, 2022 4 hours ago, Ken said: As a back-up I'd recommend opening a multi-currency account with Wise. They have some of the best rates for transferring money, but what is really useful for you is that they'll give you a Australian bank account and sort-code and a physical debit card (I think there's now a fee to get a physical card but they'll give you virtual cards that you can use online for free) allowing you to use it almost like a regular bank account. Also unlike opening an account with an Australian bank online (which you can do before moving to Australia) you don't have to present yourself at a branch in Australia to complete the KYC checks before you can withdraw any money. Thanks for this info, very helpful. Quote Link to comment Share on other sites More sharing options...
Fireball Posted October 5, 2022 Author Share Posted October 5, 2022 13 hours ago, rammygirl said: Yes. Not sure what you mean re the bridging visa though. What visa will you be applying for onshore? Thanks. Quote Link to comment Share on other sites More sharing options...
Robert Dyson Posted October 13, 2022 Share Posted October 13, 2022 (edited) On 05/10/2022 at 18:20, Ken said: As a back-up I'd recommend opening a multi-currency account with Wise. They have some of the best rates for transferring money, but what is really useful for you is that they'll give you a Australian bank account and sort-code and a physical debit card (I think there's now a fee to get a physical card but they'll give you virtual cards that you can use online for free) allowing you to use it almost like a regular bank account. Also unlike opening an account with an Australian bank online (which you can do before moving to Australia) you don't have to present yourself at a branch in Australia to complete the KYC checks before you can withdraw any money. Is there any difference between registering from Australia or from the UK....ie if i setup in Australia then i get a UK account added? I'm thinking of setting one up to help my Dad deal with transferring money over here. Given that i'd have to do everything for him anyway, I might just set one up in my name with my Australian mobile for the 2FA, and get a physical card sent here so he can use it. Edited October 13, 2022 by Robert Dyson Quote Link to comment Share on other sites More sharing options...
rammygirl Posted October 14, 2022 Share Posted October 14, 2022 This has come up on another topic. The rules have changed and it appears banks here no longer allow you to open an account from overseas (migrant accounts). So Wise would be an interim option. Speak to your Uk bank and make sure you will be able to transfer money after the move and manage your account with an Australian address. Once you are no longer resident in UK you can’t change or open another bank account. Quote Link to comment Share on other sites More sharing options...
Ausvisitor Posted October 14, 2022 Share Posted October 14, 2022 6 hours ago, rammygirl said: Once you are no longer resident in UK you can’t change or open another bank account. Not true, but it is very difficult so for many it will appear like that is the case, but there are many specific exceptions to this. Quote Link to comment Share on other sites More sharing options...
rammygirl Posted October 14, 2022 Share Posted October 14, 2022 2 hours ago, Ausvisitor said: Not true, but it is very difficult so for many it will appear like that is the case, but there are many specific exceptions to this. Tell me one. I couldn’t even open a new account at the same bank with the money they already had. No one could explain why this would be against money laundering regulations but I think it just falls into the too hard bracket! I understand about Channel Islands etc but what are the specific exceptions? 1 Quote Link to comment Share on other sites More sharing options...
Ken Posted October 14, 2022 Share Posted October 14, 2022 13 hours ago, Robert Dyson said: Is there any difference between registering from Australia or from the UK....ie if i setup in Australia then i get a UK account added? I'm thinking of setting one up to help my Dad deal with transferring money over here. Given that i'd have to do everything for him anyway, I might just set one up in my name with my Australian mobile for the 2FA, and get a physical card sent here so he can use it. You can set it up in any country and still get a range of currencies including GBP, AUD, USD and EUR. They'll deal with a host of other currencies too but not all give you all the features of a bank account. Note though that once registered with an Australian address then Australian rules apply which mean they charge have to charge you a fee for keeping large amounts of money in your account (they're registered as a money transfer service rather than a bank in Australia and so get charged the fee by the Australian regulator which they have to pass on). I don't remember the figures exactly but it's something like $15,000 or $20,000 in each currency before they charge the fee. 1 Quote Link to comment Share on other sites More sharing options...
Ausvisitor Posted October 14, 2022 Share Posted October 14, 2022 11 hours ago, rammygirl said: Tell me one. I couldn’t even open a new account at the same bank with the money they already had. No one could explain why this would be against money laundering regulations but I think it just falls into the too hard bracket! I understand about Channel Islands etc but what are the specific exceptions? Well for starters I know nationwide will do it, i'm looking at my shiny new card opened from over here using my Sydney address. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted October 15, 2022 Share Posted October 15, 2022 (edited) 4 hours ago, Ausvisitor said: Well for starters I know nationwide will do it, i'm looking at my shiny new card opened from over here using my Sydney address. AFAIK, UK banks all require proof of a UK address. I wonder if Nationwide is covered by different legislation, since it's a building society not a bank? Edited October 15, 2022 by Marisawright Quote Link to comment Share on other sites More sharing options...
Ausvisitor Posted October 15, 2022 Share Posted October 15, 2022 10 hours ago, Marisawright said: AFAIK, UK banks all require proof of a UK address. I wonder if Nationwide is covered by different legislation, since it's a building society not a bank? No idea, maybe that's the case That said it's not exactly rocket science to have a UK address Quote Link to comment Share on other sites More sharing options...
rammygirl Posted October 15, 2022 Share Posted October 15, 2022 11 hours ago, Ausvisitor said: No idea, maybe that's the case That said it's not exactly rocket science to have a UK address But you need proof of residence like a utility bill in your name, that is much harder. What type of account did you open as all say you must be a UK resident, what exceptions are there? Quote Link to comment Share on other sites More sharing options...
Marisawright Posted October 15, 2022 Share Posted October 15, 2022 (edited) 11 minutes ago, rammygirl said: But you need proof of residence like a utility bill in your name, that is much harder. What type of account did you open as all say you must be a UK resident, what exceptions are there? Actually a bank statement is also acceptable, and that's how you would get around it. Just change your address with your Australian bank, and then ask them to send a statement to your "new" UK address (presumably a relative's). As part of the process, the UK bank should ask you to confirm that you actually reside at the address you've given them, so obviously when you answer "yes" you are answering fraudulently. I'm not sure what the consequences would be, if they discovered you had lied. Not much I suspect, other than having the account closed. Edited October 15, 2022 by Marisawright Quote Link to comment Share on other sites More sharing options...
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