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Category:Banking-Australia

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Intending migrants and visitors should be aware there is no bank deposit guarantee scheme in Australia, unlike UK, Europe and USA where the first of GBP 33,000 or $US 100,000 (equivalent in Euros) is protected in every bank account, building society and financial instrument covered by mandatory schemes (FSA, used to be FIMBRA in UK).

Do not close your UK accounts and transfer all your hard-earned funds without considering this fact and that it is impossible to re-open accounts when out of UK and Europe.


[In light of the recent corporate failures (eg. Lehman Brothers and Northern Rock), and other high-street banks looking troubled (eg. Barclays and HSBC) the UK government has increased the protected savings limit to £50,000]. 3/10/2008


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