StevenP Posted February 29 Share Posted February 29 Maybe been asked before so apologies if this is the case. I have my 189 Grant and wanted to set up a bank account before coming over in November. Looking online HSBC appear to offer this if you deposit $100k. I don't want to do that just set something up offshore so when I arrive I have a bank account and can look at houses, cars etc.... How can you do this without an address? Or do I need to pitch up at a branch when I am over and do it that way? 2024 I am hoping it is more simple than this! Quote Link to comment Share on other sites More sharing options...
Ausvisitor Posted February 29 Share Posted February 29 It's much more difficult than it used to be (and it was never that simple anyways). The UK has the same rules for incoming immigrants in bank account opening so it's not just Australia that is being difficult Do you know anyone in Australia already? All you need to open online is your Australian residential address so just use theirs (some need a TFN - but you can get one of these in the same manner, use someone else's address) Quote Link to comment Share on other sites More sharing options...
Marisawright Posted February 29 Share Posted February 29 4 hours ago, StevenP said: I have my 189 Grant and wanted to set up a bank account before coming over in November..... 2024 I am hoping it is more simple than this! Actually, it's getting harder as the years go by, not easier. The reason is that money laundering and scams are so rampant now, and overseas accounts are a way for the perpetrators to hide their money. So banks are more and more reluctant to give accounts to foreigners. There's nothing to stop you buying a car with your British bank account/credit card. If you're with a bank that doesn't do fee-free international transactions, change banks before you move. You're not going to get a mortgage immediately anyway, so looking at houses won't be an issue. I hope you weren't thinking of closing your British accounts when you move, because you'll find they come in handy for the long term (UK holidays, gifts to family). Also there's no equivalent to an ISA in Australia so if you've got some, keep them. Quote Link to comment Share on other sites More sharing options...
StevenP Posted February 29 Author Share Posted February 29 Thanks guys! I thought it would be more difficult than I first thought. Would it be easy if I can for a holiday and set one up to activate my visa without a permanent address? I do know people in Perth but not well enough to use their address to for setting one up. Quote Link to comment Share on other sites More sharing options...
Tulip1 Posted February 29 Share Posted February 29 Just wait until you get out there. Easy enough to use your UK one in those early weeks. Quote Link to comment Share on other sites More sharing options...
rammygirl Posted February 29 Share Posted February 29 1 hour ago, Marisawright said: Actually, it's getting harder as the years go by, not easier. The reason is that money laundering and scams are so rampant now, and overseas accounts are a way for the perpetrators to hide their money. So banks are more and more reluctant to give accounts to foreigners. There's nothing to stop you buying a car with your British bank account/credit card. If you're with a bank that doesn't do fee-free international transactions, change banks before you move. You're not going to get a mortgage immediately anyway, so looking at houses won't be an issue. I hope you weren't thinking of closing your British accounts when you move, because you'll find they come in handy for the long term (UK holidays, gifts to family). Also there's no equivalent to an ISA in Australia so if you've got some, keep them. Re the ISA. Not really worth keeping unless you may return to the UK. The ATO does not recognise the tax free status so the interest will be taxed. 1 Quote Link to comment Share on other sites More sharing options...
Marisawright Posted March 1 Share Posted March 1 (edited) 3 hours ago, StevenP said: Thanks guys! I thought it would be more difficult than I first thought. Would it be easy if I can for a holiday and set one up to activate my visa without a permanent address? You'll need proof of an Australian address so a holiday won't help. As Tulip1 says, you can use your British debit and credit cards everywhere here, just like you would at home, so it's not a big deal. If you have an account with Wise, then you can easily transfer larger amounts at reasonable cost if you need to (for rental deposits etc). Having an Australian bank account won't help you get credit, if that's what you're thinking. Real estate agents don't care about your bank balance or where your money is, they want to know that you've got a job. Australians don't lease their family car, as a rule, because leasing is an absolute rip-off over here (unless you can get a lease through work, called a 'novated lease'). If you can't afford to buy a car outright, then a car loan from a bank is the best bet (car finance from the dealer is a rip-off, too) -- and again, having a job is more important than having savings. Reality is that you may have to settle for a cheap second-hand rattler until you get yourself settled. Edited March 1 by Marisawright Quote Link to comment Share on other sites More sharing options...
Tulip1 Posted March 1 Share Posted March 1 6 hours ago, rammygirl said: Re the ISA. Not really worth keeping unless you may return to the UK. The ATO does not recognise the tax free status so the interest will be taxed. Especially when there’s savings accounts with far higher interest rates. Quote Link to comment Share on other sites More sharing options...
Ausvisitor Posted March 1 Share Posted March 1 4 hours ago, Marisawright said: You'll need proof of an Australian address so a holiday won't help. As Tulip1 says, you can use your British debit and credit cards everywhere here, just like you would at home, so it's not a big deal. If you have an account with Wise, then you can easily transfer larger amounts at reasonable cost if you need to (for rental deposits etc). Having an Australian bank account won't help you get credit, if that's what you're thinking. Real estate agents don't care about your bank balance or where your money is, they want to know that you've got a job. Australians don't lease their family car, as a rule, because leasing is an absolute rip-off over here (unless you can get a lease through work, called a 'novated lease'). If you can't afford to buy a car outright, then a car loan from a bank is the best bet (car finance from the dealer is a rip-off, too) -- and again, having a job is more important than having savings. Reality is that you may have to settle for a cheap second-hand rattler until you get yourself settled. Agree and don't agree... I agree that rental agents and car dealers care about the job not savings in general but... If you have the cash to pay it all up front they don't care then. It's about risk. If you've bought the car outright you aren't a risk, if you've paid up front for 6 or 12 months for your house rent you aren't a risk. People saying I've got cash in the bank but I'll pay you monthly are risky unless they've got a job as who knows how long that cash will stay there (yes I know you might lose you job tomorrow but proof you can get employed in AUS is important) Quote Link to comment Share on other sites More sharing options...
Marisawright Posted March 1 Share Posted March 1 1 hour ago, Ausvisitor said: Agree and don't agree... I agree that rental agents and car dealers care about the job not savings in general but... If you have the cash to pay it all up front they don't care then. Yes, but it doesn't matter to them whether that cash comes from a UK bank account or an Australian one. Quote Link to comment Share on other sites More sharing options...
bluequay Posted March 1 Share Posted March 1 14 hours ago, StevenP said: Maybe been asked before so apologies if this is the case. I have my 189 Grant and wanted to set up a bank account before coming over in November. Looking online HSBC appear to offer this if you deposit $100k. I don't want to do that just set something up offshore so when I arrive I have a bank account and can look at houses, cars etc.... How can you do this without an address? Or do I need to pitch up at a branch when I am over and do it that way? 2024 I am hoping it is more simple than this! You don't need a $100K to open a HSBC Australian account from the UK, you can do it with $1. They are happy with a UK address and even send your debit card to that address. It takes about 3 days to open the account and 14 days for the debit card to arrive. Quote Link to comment Share on other sites More sharing options...
FirstWorldProblems Posted March 1 Share Posted March 1 I did this last year from the U.K. if you search the forum for “HSBC” you will see my post covering how. You do need a U.K. premier account with HSBC though. Quote Link to comment Share on other sites More sharing options...
bluequay Posted March 1 Share Posted March 1 7 minutes ago, FirstWorldProblems said: I did this last year from the U.K. if you search the forum for “HSBC” you will see my post covering how. You do need a U.K. premier account with HSBC though. I opened an account in January and I have no UK HSBC account so they may have dropped that requirement. Quote Link to comment Share on other sites More sharing options...
Sausage Posted March 1 Share Posted March 1 We moved over as HSBC premier customers, and one of the reasons we banked with them is that they said we could open Foreign accounts including Australian, so if we wanted to travel or live elsewhere we could sort the banking out before we left. This was in 2015 so info may be severely out of date! For us, it turned into a ball-ache. Still had to send out lots of proof of address / passport / visa / job paperwork. Had the account opened, but HSBC wouldn't send out any bank cards etc... to our UK address, had to be an Australian address which we didn't have. So I ended up arranging to collect everything from my local branch in Melbourne once we had arrived. I think the whole thing would have been easier just to walk into an Australian branch and open an account. Maybe look into getting a chase bank card or similar for temporary use when you arrive. these let you pay in local currency, so you wont get battered with exchange fees and bad exchange rates. 1 Quote Link to comment Share on other sites More sharing options...
StevenP Posted March 1 Author Share Posted March 1 3 hours ago, bluequay said: You don't need a $100K to open a HSBC Australian account from the UK, you can do it with $1. They are happy with a UK address and even send your debit card to that address. It takes about 3 days to open the account and 14 days for the debit card to arrive. Can you kindly send me a link as i must be looking in the wrong location. Quote Link to comment Share on other sites More sharing options...
bluequay Posted March 1 Share Posted March 1 8 minutes ago, StevenP said: Can you kindly send me a link as i must be looking in the wrong location. https://www.hsbc.com.au/international/open-an-australian-bank-account/ The HSBC Everyday Global Account 1 Quote Link to comment Share on other sites More sharing options...
FirstWorldProblems Posted March 1 Share Posted March 1 15 minutes ago, StevenP said: Can you kindly send me a link as i must be looking in the wrong location. 1 Quote Link to comment Share on other sites More sharing options...
Ken Posted March 2 Share Posted March 2 An interim solution is an account with Wise. You can get a physical debit card (sent to your UK address) that you'll be able to use from day one (without any of the FX hassle of using a foreign card). You can even have an Australian BSB and account number if you need to give anyone Australian bank details before you arrive. 1 Quote Link to comment Share on other sites More sharing options...
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