coffeebean

Hi
We have received our account details for our new bank account for when we get to Aus - how is the best and cheapest way to transfer funds into it
thankyou

Bert'n'Stella

You can probably do a search on the forum and find heaps of options for this! We did the same - opened an ANZ account from the UK. Once we had this we started an account with Tranzfers (www.tranzfers.com). Then you go into tranzfers and set up a transfer. So say you want to move £10k, you set that up and put in your ANZ account as where it is to be deposited.

Then you transfer your money from your UK bank to the Tranzfers account (takes 3 days) and then when you are happy with the rate you log into Tranzfers and essentially say 'go'. So the money is moved and generally appears in your ANZ account overnight. There is a £7 fee for each transfer, but if you call and speak to them and tell them how much you want to move overall they should comp this fee on at least a few ocassions.

We have had no problems at all with tranzfers. Bert's mum is coming over to visit later this year and she has put some money into our UK account so we can move it over for her, as it is simpliest way we have found.

Stella

sherie_in_oz

Not sure if you are bringing a big amount over from a house sale etc but i was told today the best savings rate with the ANZ for sums over 100,000$ is 5.1%, a lot of other banks offer a much better savings rate ( I am thinking of going with the suncorp who offer 5.5%).....ANZ might be ok for an everyday (current type) a/c but worth comparing with other banks for savings/deposit accounts

Suni&Jay

Have you looked into INGDIRECT. Last time I looked the were offering 5.5% with no penalty for withdrawing, many other accounts charge you the interest you should have received on the whole amount in that account.
Hope that makes sense. You can open a account with as little as £1 in the uk not sure about oz.

ub40fan

Do you have to wait until you have a visa to open an account with ANZ, and do you have a limited time to activate, I don't mean the time from when you land in Oz but the time overall?

Hope you don't mind me asking.

Shirley

Suni&Jay

You can open a account online but this will only allow you to put money into the account, to withdraw money you have to go to a ANZ bank in oz with proof of ID and an address in oz.

sherie_in_oz

INGDIRECT are linked to ANZ bank and their savings rates in Oz is 5.4% ....so they are not as competitive as some like the Suncorp( 5.5%) and HSBC (5.7% for up to 100,000$) of savings.

stutess

I just opened an account today with ANZ too transfering the money with ozforex, no charge wat so ever(above £3,000) that is, you have to regester with ozforex which is dead easy, even a div like me did it!!!!

Suni&Jay

5.7% for up to OR over $100,000 ?
and if you withdraw do you get charged or do they not pay you interest for that month?
Interested to find out, if they don't have charges then that is a very good rate.
Thanks for the info.

Suni

Suni&Jay

Canyou withdraw from the account while still in UK?
I was told you have to go to ANZ bank in oz and have proof before they do?

Suni

Bert'n'Stella

You have to go to the branch initially to provide 100pts of ID. I think if you go to the bank within 6 weeks of your arrival all you need is your passport. Once you have proved you are the account holder then they will issue you with a card and you can withdraw cash etc, at ATMs and EFTPOS (oz equiv of cashback at the till). Once you have done this, say on a Reccie trip, then you can use your atm card in UK atms, but you will be charged for foreign withdrawal plus exchange rate etc.

The ANZ branch on George st in sydney were extremely friendly and helpful, although I have found all the ANZ branches to be that way anyhoo.

ING do not charge for withdrawals at all, and the money moves in 24 hours between accounts (not 3 days like the UK). I think you can open the account with just $1 - I think I put $50 in to start. You can open an ING account online but you need to be in Oz first - for an address and also your Tax File Number is needed too.

S

sherie_in_oz

5.7% with the HSBC is only for amounts UP to, 100,000 $ so if you want to deposit a larger amount (say from a house sale) you are probably better off elsewhere.... thats why we are thinking of going with suncorp who give 5.5% and daily interest, instant access and no charge for withdrawals, I think Westpac has similar rates to this too.
Don't forget tho you will be taxed on this.

Suni&Jay

Thanks for the info.
Looks a good deal.

stutess

no

stutess

you have to go into the bank to activate the account