Anybody help clear the fog that is finance pls!

[Dugong]

:err:Hi

Could I ask your advice on what would be the best thing to do in terms of transfering our money to Aus and opening a bank account. This is our situation:

 

 

• I have an ISA with the Halifax which contains the majority of my savings for OZ
  
• I also have a current account with Barclays for wage etc (know Westpac is sister bank and can use current account card at Westpac ATM's)
  
• OH and I have an HSBC joint account for bills etc (no mortgage as rent) not enough money to upgrade to HSBC premier!!
  
• OH has HSBC current account for his wage etc
  
• Heard of Hifx
  

We fly out on the 24th Nov to Bris.

 

Thankyou for any advice you may have!!

 

Dugong:wubclub:

[melpaul]

Hi we move to melb on the 11 oct wev just opened a bank acc with westpac and used hifx to transfer money from our barclays acc to westpac and also from our hsbc acc hifx are better rates than our bank hope this helps

mel

[Lynandsean]

I know some people opened HSBC accounts solely because HSBC are in Australia too but to be honest there are very few of their branches around so not sure how good an idea it is.

 

It is very easy to set up a new account in Oz or you can open a Westpac or Commonwealth account ready for migration from the UK, think it can even be done online and when you arrive in Oz you go to the nominated branch (presumably you select one?!? - sorry not sure on this as we opened one on arrival and it was very straightforward), prove your ID and your cards etc will be ready to pick up.

 

We used HiFX who are a currency brokers for all transfers as their rates are generally better and they do not charge any fees - www.hifx.co.uk Get in touch with them and open an account.

 

If you open an australian bank account before leaving the UK you can transfer the money over so that it is ready for you when you arrive in Oz although you won't be able to access it until you 'activate' your account on arrival in Oz. It only takes a few days to transfer the money over so would possibly be worthwhile doing before you go (even a few days before). The exchange rate seems to be starting to work in favour of folks still in UK so keep an eye on it now, HiFX will guide you on this.

 

If you choose to wait until you land in Oz to open an account, you will also need to transfer your UK HiFX account to an australian one - easy process but a case of proving ID so make sure you carry lots of documents with you to prove this. Also notify your UK accounts that large amounts will be transferred through HiFX or whomever etc as there may be 'security' issues/questions which potentially complicate things just when you don't need 'complications' LOL!!

 

You can in most cases keep UK accounts open when in Oz so don't worry too much about this. In some cases they may require a UK address at least to start with so a trusted relatives address is useful for this. If you have/set up online banking then that makes life much easier. Would try and thin down the accounts to one though to avoid complications as it is obviously more difficult to sort things out once in Oz - my experience there anyway!!!!! - I forgot to! I suggest you speak to the banks and find out who makes it easier to keep account with an eventual permanent address in Oz.

 

Good luck

Lyn

[joetrac]

We opened an account with the Commanwealth bank when we where in the Uk and they transfered the money...they also matched the rate HIFIX offered us.Then when we arrived we took our passports and activated our account over here and the money was there.

 

The Uk account is opened by email/post I would check out there Uk website all the information is on there.