Guest Bet Posted November 17, 2005 Share Posted November 17, 2005 Hi ya, probably been asked a 1000 times but here it is again. Currently looking at opening our accounts before arrival in Auz 20 March :lol: :lol: have been looking at various accounts and it seems that the HSBC is one of the best, but after ringing the HSBC it seems that you need to have an account here in the first place, if not it takes about 2 months to set up, so thats a no no...... We have looked also at the Commonwealth Bank of Australia, and have all the paperwork ready to go, but have read on numerous forums that they are quite costly in charges???? Anyone got any advice on who we shoudl be going with. Link to comment Share on other sites More sharing options...
Guest ABCDiamond Posted November 17, 2005 Share Posted November 17, 2005 Hi ya, probably been asked a 1000 times but here it is again. Currently looking at opening our accounts before arrival in Auz 20 March :lol: :lol: have been looking at various accounts and it seems that the HSBC is one of the best, but after ringing the HSBC it seems that you need to have an account here in the first place, if not it takes about 2 months to set up, so thats a no no...... We have looked also at the Commonwealth Bank of Australia, and have all the paperwork ready to go, but have read on numerous forums that they are quite costly in charges???? Anyone got any advice on who we shoudl be going with. If you can't get the HSBC one from the UK, then open it when you arrive, as it takes no time at all at this end. I have heard that both the ANZ and Westpac can be opened from the UK, and both of these now have accounts that cost only $5 per month, still more expensive than HSBC, but cheaper than others ANZ For just $5 a month you can make unlimited transactions via ANZ branches, ANZ ATMs, cheques and through EFTPOS, ANZ Phone Banking and ANZ Internet Banking. http://www.anz.com.au/aus/ind/everyday/accounts/advantage.asp Westpac One account only $5 a month for unlimited fee-free transactions http://www.westpac.com.au/internet/publish.nsf/Content/PBTSWO+Westpac+One+in+detail I have heard that many people open the Commonwealth Migrant Banking account, just to do the transfer, and then switch to HSBC once they arrive to keep the bank charges down. Link to comment Share on other sites More sharing options...
Guest Alison1967 Posted November 18, 2005 Share Posted November 18, 2005 Westpac let us open an acct when we were on holiday, they were even going to let us have cash cards which we don't need at present. as long as we have over $500 in your acct there are no charges, so we are depositing money monthly. This is ideal for us as we will have some credit rating when we emigrate. Alison Link to comment Share on other sites More sharing options...
Guest mark78 Posted November 19, 2005 Share Posted November 19, 2005 Westpac let us open an acct when we were on holiday, they were even going to let us have cash cards which we don't need at present. as long as we have over $500 in your acct there are no charges, so we are depositing money monthly. This is ideal for us as we will have some credit rating when we emigrate. Alison Just so you know, you could have that Bank Account for 100 years, with perfect financial behaviour, and a nice wad of cash deposited every month, but it won’t boost your credit rating. Why?…Because in Aus, bank accounts aren’t listed on one’s credit history file. There is no credit involved as credit isn’t given to personal account holders – usually only business account holders are given overdraft (credit) options. A 13 year old kid can go into an aussie bank and get a Bank Account with just as many options as you or indeed me. Employment is no concern to the bank, only ID is, which is why you found it so easy to open an account. It's win win for the bank with zero risk. There are also UK tax implications on the interest you will earn in the oz account. Not sure of the details of how much etc, but no doubt you will need to look into this come tax time. The cash card you talk of is given to “every” account holder. It’s just so one can use the EFT system and also ATM’s. At the end of the day, there really isn’t a point opening an aussie account and depositing cash into it, until you’re close to moving because once you get out there, bank account or no bank account, you will still have zilch credit history. Also, having a long relationship with a bank means “jack” these days. Most banks will throw money at you if you have job and negative-free credit history. They don’t care if you have history (an account) with them or not. In Aus, banks don't have access to who you have an account with or how much you have deposited with each. So, in theory you can have an account with as many banks as you want (try a few out) and it won't look dodgy. I love oz privacy laws. If you’re concerned about obtaining a phone/elec/gas account on arrival with no credit history, don’t be. These providers will give the benefit of the doubt to people with zero credit history. Everyone has to start somewhere. Only when one has negative history will they be concerned and probably ask for a bond upfront. If you want to build a credit history, once you’ve been employed for a few months in Aus, obtain a credit or store card, and obviously atleast make the minimum repayments without incurring defaults. Obviously, the longer you have a credit agreement without issues, the better it will look to future lenders. Making utility payments (with no defaults) over a period of time will also look good on your record. *Defaults are late payments of 60+ days that are listed on one’s credit history by lenders. After this action is taken, If the debtor pays the amount owing, the record will still stay on their file for 3 years but the default will indicate that the problem has been resolved. If the debtor doesn’t pay what’s owing, the record will stay on their file for 5 years, with comments of “skipper” or “runner” – which, depending on the amount, is as bad as being bankrupt in the eyes of most lenders. Link to comment Share on other sites More sharing options...
Guest mark78 Posted November 19, 2005 Share Posted November 19, 2005 Hi ya, probably been asked a 1000 times but here it is again. Currently looking at opening our accounts before arrival in Auz 20 March :lol: :lol: have been looking at various accounts and it seems that the HSBC is one of the best, but after ringing the HSBC it seems that you need to have an account here in the first place, if not it takes about 2 months to set up, so thats a no no...... We have looked also at the Commonwealth Bank of Australia, and have all the paperwork ready to go, but have read on numerous forums that they are quite costly in charges???? Anyone got any advice on who we shoudl be going with. Commbank is the largest Bank in oz and will be a good starting point to open an account from abroad and transfer funds. Once over there, and settled in, you can always shop around and look at the best fee structure to suit you. Usually the smaller credit unions and building Societies offer the cheapest banking in my opinion. None will offer accounts unless residing in oz though. Link to comment Share on other sites More sharing options...
Guest Alison1967 Posted November 19, 2005 Share Posted November 19, 2005 Mark78 thanks for the information. Alison Link to comment Share on other sites More sharing options...
Guest blackcountrygirll Posted January 17, 2006 Share Posted January 17, 2006 Take a look at savings and loans credit union they are more or less the same as a building society, they work the same way, you can really save , it depends on what accounts you have Don`t let the credit bit put you off , they do have credit cards but its up to you if you want one http://www.savungsandloans.com.au try clicking on this link it may take you there All the best Sheila Link to comment Share on other sites More sharing options...
Guest blackcountrygirll Posted January 17, 2006 Share Posted January 17, 2006 Sorry guys http://www.savingsandloans.com.au we never pay bank charges Sheila Link to comment Share on other sites More sharing options...
Guest Dominic Wood Posted January 17, 2006 Share Posted January 17, 2006 I've spent ages looking at best Banks and received loads of advice. For me it has come down to two ANZ or Westpac and most people tell me don't waste your time opening the account before you move, as you can open it as soon as you arrive. They both seem to look as good as each other. Hope that helps. Link to comment Share on other sites More sharing options...
Guest ABCDiamond Posted January 17, 2006 Share Posted January 17, 2006 I've spent ages looking at best Banks and received loads of advice. For me it has come down to two ANZ or Westpac and most people tell me don't waste your time opening the account before you move, as you can open it as soon as you arrive. They both seem to look as good as each other.Hope that helps. I'd agree with you in that.Opening accounts once here is very quick and easy. We have accounts with HSBC - Online Savings Account for decent interest rate, and paying bills with no fees.Westpac - we opened it when it had no fees, it still doesn't but we rarely use it ANZ - Credit card with decent rewards point program, pays out in CASH St George - Investment Mortgage at decent interest rate I have previously had accounts with quite a few of the other banks, but closed them, due to the fees they charge. Link to comment Share on other sites More sharing options...
Guest choobs Posted January 18, 2006 Share Posted January 18, 2006 I've spent ages looking at best Banks and received loads of advice. For me it has come down to two ANZ or Westpac and most people tell me don't waste your time opening the account before you move, as you can open it as soon as you arrive. They both seem to look as good as each other.Hope that helps. We were going to open a bank acount before moving because (as I understand it) we have to show evidence that we're able to support ourselves while we're in Oz and because I don't fancy taking £20k on the plane Choobs Link to comment Share on other sites More sharing options...
Guest afs Posted January 19, 2006 Share Posted January 19, 2006 I like ANZ best, they have an account that is fee free (but with limited number of transactions, but it suits my purposes for the moment). I like HSBC in the UK, but there aren't that many branches or ATMs around the cities, whereby there are tons of ANZ ones. (Otherwise I would have stuck to HSBC). Also, re credit rating, that is so true, it doesn't matter how good your rating is in the UK. Also, at this stage being on a temporary visa (WHV) I can't get a credit card, and even if I were permanent it is way harder to get a credit card than it is in the UK. (I'm in Australia on a WHV at the moment...) Link to comment Share on other sites More sharing options...
Guest spray21 Posted January 22, 2006 Share Posted January 22, 2006 This is just an idea but.... Does anyone think it might be possible to obtain copy of UK credit rating (can get them from several companies) and ask Oz Credit Rating company to add information to your name in oz? Might help boost credit rating quickly? Link to comment Share on other sites More sharing options...
Guest ironmaggi Posted February 8, 2006 Share Posted February 8, 2006 My friends tried it and even with $500k in the bank, and good jobs [showing 30 and 50K each] got a very low limit of $1000 which they manage to boost after 2 years to $3k! Link to comment Share on other sites More sharing options...
Guest ABCDiamond Posted February 8, 2006 Share Posted February 8, 2006 This is just an idea but.... Does anyone think it might be possible to obtain copy of UK credit rating (can get them from several companies) and ask Oz Credit Rating company to add information to your name in oz? Might help boost credit rating quickly?To be honest, I doubt it will help. But it may be worth contacting the to see what they say. For everyones Information: Contained in your credit file is information about you and your credit history including: Personal details such as: name, residential addresses, date of birth, drivers licence number and current or previous employerCredit applications and enquiries you have made during the past five years Records of some current credit accounts Overdue Accounts (Defaults) which may have been listed against your name Bankruptcy information Default Judgements Public record information such as Directorships and Proprietorships. Baycorp Advantage Public Access http://www.mycreditfile.com.au They appear to hold mainly the bad info, rather than details of good credit history. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.