Guest The Cutches Posted August 17, 2008 Share Posted August 17, 2008 Hiya All, Title says it all really, I need to set up savings accounts for our 2 children as when we move to TAS they will be getting regular monthly payments from a family member in the UK. As I had heard on PIO that Nationwide was good, I was going to set up an account with them here in the UK before we left, and then the kids could use a cashpoint card in OZ to draw money out. Is this the best thing to do? Someone did suggest opening an account with ANZ which apparently has UK facilities to pay the money into. So, UK account or OZ account.... any advice would be gratefully received :notworthy: Thanx CC x Link to comment Share on other sites More sharing options...
Guest The Cutches Posted August 20, 2008 Share Posted August 20, 2008 Anyone.....??? :wubclub: CC x Link to comment Share on other sites More sharing options...
markry Posted August 20, 2008 Share Posted August 20, 2008 Hi - One thing we have done in the past which isn't necessarily the best way to do it but does avoid any fees for bank transfers / changing currencies. Set up a Nationwide account and get a Nationwide credit card in your own name. Both of these have no annual fees etc. Spend the money you want to on the credit card which gives a great exchange rate. You can then manage all your accounts on line and simply transfer the money from the account where it is deposited to the credit card account. Obviously you can't get the cash in your hand this way but we have just given the kids the money out of our pocket and used the credit card for groceries etc. I don't think you can withdraw cash from a uk based account overseas without incurring a fee but I could be wrong - best to ask at a branch. Link to comment Share on other sites More sharing options...
Stuju Posted August 21, 2008 Share Posted August 21, 2008 We are now using paypal to transfer monies from relatives & friends in the uk to our daughter here in oz as it seems much eaiser & cheaper too stuju Link to comment Share on other sites More sharing options...
Guest Australia_bound? Posted August 21, 2008 Share Posted August 21, 2008 If you get a Nationwide cashcard, you can draw money out of account anywhere in the world fee free. Just have to be careful some machines have a part of the process where you can select the tourist rate, you don't want that option. I've used mine all round Europe and always get very very close to the exhange rate as far as I can see. You'll need to have address in UK with someone you trust. We're going to leave money in Nationwide and take it out as we need it, as cheaper than transferring it as far as I can see by the usual routes, as they all take comission Link to comment Share on other sites More sharing options...
Guest The Cutches Posted August 22, 2008 Share Posted August 22, 2008 Thanks for ur posts, I think I probably will go with the Nationwide accounts. Cheers CC x Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.