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Guest steza1975

Opening Oz bank and transfering funds from UK

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Guest steza1975

Hi there,

 

My partner and I will be moving to Australia in Jan 2009 and I am trying to sort out an Australian Bank account to transfer some of our savings , as the rate is quite good at the moment (although I we have now missed the boat on the 2.6 rate from few weeks back! :goofy:). I was wondering if anyone could give me some advice on the best bank to choose and also the best way to exchange currency i.e. with my current bank or a financial trader - i.e Moneycorp or similar.

 

Any help would be greatly appeciated

 

Thanks

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Guest chris_mac

Hi

 

Commonwealth have a good savings account with a rate of 6.5% of balances over 100k ($) and an account can be opened by telephone, details on website.

 

Also my best advice would be to open two accounts with say Money corp and HIFX and play them off each other for the best rate...

 

Both of the above is what i did!

 

Good luck

 

Chris

 

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Guest daffodil50@hotmail.co.uk

sorry canrt help there but does anyboady know how long it will take if i have submitted my visa 175 on the 17/9/08 sent of police and meds 4 weeks ago not had any news since any ideas be very greatful mike and shelly

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Guest Sam&Si

Hi Steza1975,

 

We have opened a e-choice and e-saver account online with Westpac. Very straightforward, no complaints. We also did the same as Chris and opened trading accounts with Hifx and Moneycorp then played them off. Eventually traded using Hifx. You get 5 days to send the funds through to the and your money is transferred to your nominated Aus account within 24 hours.

 

Cheers

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Guest The Davidsons

Just a word of warning on this one from us....Easy to open account with Westpac- did it online.

 

They also have a migrant banking line in London 0207 621 7000.

 

We opened an account and transferred funds from House sale for when we arrive in Jan. Aussie Accounts will pay no interest until you validate your account with passport checks etc due to money laundering etc. Therefore, do this before you get there by calling above number and asking for paperwork.

Also move moeny from current a/c to savings ones as Aussie current a/c pay no interest either!

 

I hope this has been useful?

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Guest steza1975

Cheers for this info everyone... it was exactly what I needed know.

 

This site is fab!!

 

 

x

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Does anyone know if Australian banks guarantee your money if they go bust and if so what amount?

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Guest Andy & Rach

The Australian government guarantee 100% of funds held on deposit so your money is safer there than in the UK...

 

Andy

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Guest Andy & Rach

Hi there,

 

Whatever you do make sure you dont send your funds through the bank as you will get a much better rate of exchange through a currency broker and some will even do it free of charge. We have a current account and online savings account with Westpac and we did it all through their london branch. Be aware though that once you activate the account and transfer funds you can not access your money until the account has been activated in Oz by taking your passport into a branch out there and collecting your cards. In the interim we can see our balance online + interest is paid on a monthly basis and we can see this being added even though we haven't activated our accounts yet...

 

If you send your money through HiFX as well as saving money you also get other benefits with Westpac such as free banking (no monthly charges and no fees when your money is paid into the Westpac account) and you can even get discounts on mortgages so lots of benefits there...

 

Although you might feel you can play currency brokers off against eachother this is a common misconception- they are there to help you and don't forget they are the experts in this!! My best advice would be treat them with respect and they will be more inclined to look after you and you might even get a better rate of exchange!

 

Any further questions just give me a shout.

 

Cheers,

 

Andy

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Guest Ali1963

We actually found we got a better exchange rate with Commonwealth Bank than with HiFix, also, as we needed to have an operative Oz a/c whilst still in the UK, Commonwealth Bank (and I'm sure the others would, too if nec.) saw OH in their London branch with his various forms of id and activated it here.

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Guest chris_mac

Although you might feel you can play currency brokers off against eachother this is a common misconception- they are there to help you and don't forget they are the experts in this!! My best advice would be treat them with respect and they will be more inclined to look after you and you might even get a better rate of exchange!

 

 

 

Hi Andy and those reading this post. There is no misconception, its simple! The brokers want your money and the more you have the better rate you get... They dont care who you are or what you do! MONEY TALKS AND THEY WANT IT!

 

I played them off to a tee and got a belting rate. With your future interests at stake you dont need to respect anyone or anything other than your own money. Business is Businness and there are no friends in business!

 

Thats the rules!

 

Chris

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we are chewing over which bank to go for - i think i would have to agree with you chris - when did money institutions last care for their customers?


Job offer accepted September 2008, 457 visa approved 7th January 2009, Arrival in Melbourne 27th January 2009, PR (856 visa) granted 27th July 2010

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Hi I'm just in the process of transferring some of my savings over to Oz.

I went to the Migrate Expo in Coventry a couple of weeks ago and got some advice from english people who had migrated over there. I chose Moneycorp to move my money over to Oz. They are based in London and are very helpful. They can guarantee a rate for you in any amount of ozzie dollars with a 10% deposit and they ask you when you want to set the deadline for the money to cross over to oz. They only charge a transfer fee of £15 no matter how much you want to transfer.

I was recommended to NAB bank (National Australian Bank) which is a double AA rated bank and has more ATM's than any other bank. I opened an account with them (head office in Victoria) and what will be my local branch emailed me and introduced themselves to me. Nothing seemed too much trouble. Plus they do mortgages and you will see their symbol on some of the reality websites selling houses. One of the thought processes behind this is that I might get a bit of credit rating if I opened an account now and put some money in it because I'm not due to emigrate over to Oz until around September next year.

Hope this helps.

Debbie:yes:


We arrived in Perth February 2010 & loving it!! :wink:

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Just backing up earlier post, we too opened an account online with westpac, a choice and an e-saver, transferred money with HIFX, all went very smoothly, good contact and an excellent service from both institutions. Also opened a contract with Moneycorp but found them not so helpful, just my personal opinion as HIFX were ringing every rate increase, where as i had to ring MC to enquire on there rate offer.


Darren, Trudy, Bryony and Bethany

Visas granted 12/07

Arrived 15/09/08

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Guest 1010ozzy

We opened bank accounts with Westpac, they couldnt of been more helpfull, moved money using currenciesdirect, first transfer was free.

We wanted to be able to use our account from the UK as we have bought a house in Townsville and are renting it out untill we move over next year, all we had to do was go to our local Barclays Bank and they validated our proofs of ID and faxed them to our local Westpac branch then we posted the originals, sorted we didnt even get charged by Barclays!!!

 

Dawn and Nigel x

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Has anyone had anything to do with Moneycorp cause you put your trust in them with all your savings and you dont really know who they are. Anything like us and we just met them at an emigrate show - they could have been anyone really couldnt they???

Debbie:unsure:


We arrived in Perth February 2010 & loving it!! :wink:

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Guest Andy and Tracy
sorry canrt help there but does anyboady know how long it will take if i have submitted my visa 175 on the 17/9/08 sent of police and meds 4 weeks ago not had any news since any ideas be very greatful mike and shelly

 

Hiya Daffodil - You have inadvertently hijacked someone else's thread!! Don't worry, we all do it at first! So you probably won't get an answer. Try posting your own new thread under Migration Issues, ask this question directly and you may get a response. Incidentally, our 175 took just over 10 months, so you are in for a bit of a haul, probably!.

Hope that helps.

Tracy:err:

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We opened bank accounts with Westpac, they couldnt of been more helpfull, moved money using currenciesdirect, first transfer was free.

We wanted to be able to use our account from the UK as we have bought a house in Townsville and are renting it out untill we move over next year, all we had to do was go to our local Barclays Bank and they validated our proofs of ID and faxed them to our local Westpac branch then we posted the originals, sorted we didnt even get charged by Barclays!!!

 

Dawn and Nigel x

is there an minimum amount you have to transfer with westpac? we would like to get started but have money wrapped up in the house and that small cold country up north somewhere! hey that may mean we have very little!!! bad timing methinks

cath


Job offer accepted September 2008, 457 visa approved 7th January 2009, Arrival in Melbourne 27th January 2009, PR (856 visa) granted 27th July 2010

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Guest 1010ozzy

As far as I can remember there was no minimum amount to open the account, we did think about opening one when we were out there on our recci as being an Ozzi citizen and having my passport but as we haddn't made up our minds for deffinate then we didnt bother, but I think I could of opened an account with just a few dollars, but just remember most accounts have a monthly charge so you will need to take this in to account as well, I think A$3.00 a month.

 

We opened our accounts after returning to the UK and then buying a house, we had no problems at all, we phoned and e-mailed the branch and asked questions all the time and they couldnt of been more helpfull.

 

Hope this helps

Dawn and Nigel

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Guest roverbelle
We opened bank accounts with Westpac, they couldnt of been more helpfull, moved money using currenciesdirect, first transfer was free.

We wanted to be able to use our account from the UK as we have bought a house in Townsville and are renting it out untill we move over next year, all we had to do was go to our local Barclays Bank and they validated our proofs of ID and faxed them to our local Westpac branch then we posted the originals, sorted we didnt even get charged by Barclays!!!

 

Dawn and Nigel x

 

 

Dawn & Nigel I am glad someone mentioned Barclays & Westpac they are apart of a Global Alliance

Westpac Internet -Accessing your accounts overseas

 

When you use your westpac cards in any Barclays cash machine in the Uk they dont charge you a withdrawl fee of $5 only the standard currency conversion rate. This also apples to all Westpac atms in the south pacific such as NZ Fiji etc too !

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Guest sanders family

Hi we used moneycorp they were ok and no transfer fee and we opened a ANZ bank account in oz with 5% interest so very happy, We got a bank statement today and all the money is in there no problem.:smile:

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