cornish78 Posted December 28, 2010 Posted December 28, 2010 Just deciding which bank account to open in Australia...we've currently got HSBC accounts in the UK, credit cards and savings and also (until recently) held a HSBC mortgage. Is it worth us paying the fee (£50 for advance customers) to open an australian HSBC account? Will our credit rating stay with us ? Just wondered if anyone else had done it and found it worthwhile...does it make it easier to get a mortgage in Oz? Don't want to pay £50 when I can open a NAB account for free! Any advice much appreciated. Cheers :unsure:
Guest sh7t man no way Posted December 28, 2010 Posted December 28, 2010 im a hsbc premier customer (you have to meet a certain criteria)---i deal with brisbane,and london--my banking facility in both countrys cost me nothing--its worth asking the hsbc about this--you can open a different bank accout in aus upon arrival but it takes time,and paperwork--i found it wus much easier to maintain certain assets in one accout with one bank that has a branch in the two countries--the yorkshire bank (uk) is part of the NAB group (aus)--but as far as i know they dont work as one--worth a sniff though
B1K3R Posted December 28, 2010 Posted December 28, 2010 Just deciding which bank account to open in Australia...we've currently got HSBC accounts in the UK, credit cards and savings and also (until recently) held a HSBC mortgage. Is it worth us paying the fee (£50 for advance customers) to open an australian HSBC account? Will our credit rating stay with us ? Just wondered if anyone else had done it and found it worthwhile...does it make it easier to get a mortgage in Oz? Don't want to pay £50 when I can open a NAB account for free! Any advice much appreciated. Cheers :unsure: We did it mate. And we have also opened an account with NAB. Below are the reasons why I opened an HSBC bank account in OZ from abroad: 1. The account is open and active! 2, They have sent us Debit/Credit cards which are working! We can use the cards straight away when we land in OZ. 3. I have also activated the internet banking in OZ. This means that I linked my 2 accounts, the one in OZ and the one in Europe. This means that I can transfer money easily and FAST from one account to another if need be. I also use moneycorp for better rates. I know, the fee bothered me too, but I prefer paying than having to go to CBD to activate the NAB account, get debit/credit cards etc. I will do this later at ease. Like this, I have everything ready, cards and money :smile: Cheers B!K3R
cornish78 Posted December 28, 2010 Author Posted December 28, 2010 Thanks guys We were thinking about a joint HSBC one so we can start putting money in now. Think we may go for it then. £50 aint much in the scheme of things!! Then perhaps open a NAB sole one each. I like the idea that the cards are with you and ready for when you land. Any ideas about the credit history? I guess they must have some history, they are one company after all....! Cheers
B1K3R Posted December 28, 2010 Posted December 28, 2010 Any ideas about the credit history? I guess they must have some history, they are one company after all....! Cheers Not sure about that, but we asked our branch manager for a letter of good clients/credit history :wink: Cheers B!K3R
spottydog Posted January 1, 2011 Posted January 1, 2011 Your UK credit history is irrelevant for Australia. Australia has a system where you start off with a good rating and make it worse when you apply for credit or don't make repayments, it isn't the same as the UK as no-one records successful payment of credit so you can't "build up" your credit rating. If you go through the full identification process for Aussie banks whilst in the UK then they will send you your cards etc. before arriving, the only reason people don't generally bother is that you can still put money in the account before completing identification and most the time you can go to your branch when you arrive, complete your Id checks and receive your cards immediately which is a lot easier than doing the checks in the UK
cornish78 Posted January 1, 2011 Author Posted January 1, 2011 Well we opened the HSBC account - fairly straightforward and get our cards in a few weeks. Just had to fill in an application over the phone and then go to our local branch and show ID. I asked about the credit history and they said it starts again (as spottydog said) - but they did say the Australian branches will contact the UK branch to ask about our previous lending (mortgage etc)....whether this will be much of a benefit who knows.. Thanks all for your comments.
spottydog Posted January 2, 2011 Posted January 2, 2011 Well we opened the HSBC account - fairly straightforward and get our cards in a few weeks. Just had to fill in an application over the phone and then go to our local branch and show ID. I asked about the credit history and they said it starts again (as spottydog said) - but they did say the Australian branches will contact the UK branch to ask about our previous lending (mortgage etc)....whether this will be much of a benefit who knows.. Thanks all for your comments. I wouldn't expect the branch to both contacting a UK branch given you'll have a different job and therefore risk profile on arrival and Aussie branches will never be open at the same time as a UK branch is open. Your borrowing capability will be based on the amount of savings, the amount of income, the number of people the income has to support and any existing credit (whether used or not). On our first mortgage as I hadn't been employed for 3 months they asked for proof of income of my job in the UK to show it was comparable to my job here (I assumed to ensure I hadn't lied on my CV and got myself a wonderful job which would kick me out once I'd started) and any credit agreement already in place (I only had a mobile phone contract as I knew if I had a credit card they would take my limit on that into account)
Guest humpy Posted January 2, 2011 Posted January 2, 2011 Your credit history stays in the UK, you start a fresh when you enter Australia. Even if you stick with the same bank
Guest denandian Posted January 5, 2011 Posted January 5, 2011 good link thanks for starting it. so did you do it online with the aussie bank direct or on the uk website?
cornish78 Posted January 6, 2011 Author Posted January 6, 2011 good link thanks for starting it. so did you do it online with the aussie bank direct or on the uk website? With HSBC we opened over the telephone using the number on their website for 'international'. We then had to go to a UK branch to show ID (even though we already have a UK account with them) and we should get our cards in a few weeks. We've also got a NAB account which we opened online. We have to show our ID at a branch once we get to Oz and will get our cards then...
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