simbor01

Could anyone tell us if we will be able to open a bank account, before moving to Oz. We are hoping to be moving to Adelaide in the next 18 months and would like to start establishing our credit rating and can we do this from here in the UK rather than going over to Oz.
We would be greatful of any information that you can give us.

mydearboy1

Hi YES you can open bank accounts with most of the major banks before you move...if you happen to be with HSBCC they have a service here in the UK and can do everything for you if not try all the major banks online.

Regards to credit rating, the best way to have good credit in Australia is not to have credit, their system works the complete opposite to the UK's.

Mikeyc

Yes you can open a bank account before you go, Commonwealth, Westpac, and ANZ all allow it

I wouldn’t recommend HSBC as they are not one of the “Big 4” and usually only have branches in the city centres, can be difficult if you have a problem. Here are their sites.

http://www.migrantbanking.co.uk/ (commonwealth bank)
http://www.westpac.com.au
http://www.anz.com.au
http://www.nab.com.au

Australia does not have a “Credit rating” they have a Credit Report. You cannot set it up or start it before you come. The system is different and it’s not done by giving you a credit “score” or “rating”. Your credit file here has details of anything you have applied for (even if you didn’t get approved) it does not stat weather of not you got approved, it does not report missed payments etc, but once you are more than 60 days overdue then your creditor can report you as a “default” on your file, the default will remain for 5 years, if you fix it up it will still remain but will have a note next to it that you have paid the debt.

When you get here you will have no credit report, the moment you apply for something (such as a credit card, mobile phone contract etc) this will automatically create your credit report.

Opening a bank account (current account), having a bank account etc etc has nothing at all to do with your credit rating as a bank account is not a line of credit.

For more information on your credit report you can visit Veda Advantage (they hold the credit file for everyone) this is their site:

http://www.mycreditfile.com.au/home/home_default.aspx

Good luck.

Mikey

knockoff nige

I emailed Citibank and they told me that they can setup an account before moving but it will only be active for 30 days unless I turn up at one of their branches and present my ID (whilst in Oz obviously). The account I think I'll be going with is the Ultimate saver account. No bank charges, free ATM for any bank, debit card (but they had me at 'no bank charges')

Russ_Sarah

we opened a bank account with westpac and have transferred a little bit of money in so we have some there when we arrive..

not sure about other banks but with westpac you have to validate within 90 days of opening account..otherwise they close the account.

but westpac have been fab

simbor01

Thank you to everyone who has replied your information is much appriciated. We will look at all the banks that you have all mentioned, and hopefully will find what we are looking for. Thanks again

Swerv-o

Smart move. I bank with Citibank, and I couldn't recommend them highly enough. The lack of account maintenance fees and free use of ANY ATM in the country is a real bonus, and releases you from the fun of looking for a bank of your particular flavour or paying $2 for the joy or withdrawing through somebody elses.

Fee free banking is in its infancy here, but some banks have taken a lead - HSBC and Citibank being two notable mentions. For some reason, Australians seem to enjoy paying numerous fees and charges for their banking, but there's no need for you to join them!


S

dpande

Recently set up an account with NAB- the gold banking with linked i-saver came up in the best buy tables and it's fee-free as long as you pay in so much per month. Application with an online form, got an email reply within 24hrs and all set up with account number etc in 48hrs.......except you can only have a Cash Management a/c from overseas and have to set up the Transaction (Current) Account once physically in Australia. Need to turn up at a branch with passport and proof of UK address only.
Very tolerant at answering my inane questions by phone (they have advisers in London) and rapid replies to emails which suggest they actually READ them (UK banks take note!)

Oz Dreaming

Smart move. I bank with Citibank, and I couldn't recommend them highly enough. The lack of account maintenance fees and free use of ANY ATM in the country is a real bonus, and releases you from the fun of looking for a bank of your particular flavour or paying $2 for the joy or withdrawing through somebody elses.

Mighty sound like a stupid question but does Citibank have any branches in Brisbane? In the UK (or i should mean outside london) I have never seen a citibank branch although on their website you can open a current account. Are they not more like an international investment bank instead of dealing with small customers?

ballesteros

Sounds like Citibank are as good as anybody.

Ballesteros.

Babsw

If you go to Westpacs web site you can open your account online and its a very straightforward process.Just fill in the form and submit it and they send you your account details and you go into see them when you arrive with your passport and basically identify yourself and off you go. It seems similar process with all the main Oz. banks.

Swerv-o

Citibank don't really do branches - they have a huge office in the CBD in Sydney, and there is a front desk there for doing ID checks etc. Most of your day to day banking - paying in cheques etc - is either done through Australia Post or their associate bank the NAB.

Anything else is done either over the phone or via internet banking. If you have more than $100k invested with them, then you are eligible for a Gold Class Banking upgrade for free, and you then get a personal banker who deals with you. Things like bank cheque requests are all processed online.

Mortgages are dealt with by way of a personal mortgage consultant, who comes to see you face to face. At the moment they are offering some reasonably competitive fee free mortgage products.

If you absolutely have to have a branch that you need to desperately visit, then Citibank probably isn't for you. As Citibank don't charge for withdrawals from competitors ATMs, then the number of ATMs/Branches near to you becomes much less important.


S

knockoff nige

How long does it take to setup an account with Citibank from overseas? Do you get your account number immediately after applying online or after you send the forms in?

Swerv-o

I've not set one up form overseas myself - I opened mine after I had been here for several months.

I believe that the way to go is to open a Citibank UK account, and then you can open an Australian one. They make quite a bit of their foreign exchange service, and how easy and seamless it is to move money between countries. They have recently asked me if I would be interested in setting up a Citibank India account...


S

knockoff nige

Thanks Swerv. Although, I'm Ireland based and so a UK account wouldnt suit.