Originally Posted by cj23

I think I will go for the ANZ account, get it opened, transfer just before we go then open a high interest savings account as soon as we get there and just pray that the exchange rate doesn't go down in the meantime.

Will I be able to open something like an ING account pretty quickly and easily as soon as we get there?

Cath

Originally Posted by cj23

Thanks for the replies everyone.

.

The only condition is it must be linked to a current account (one that is with a bank that has physical branches) if you want to be able to use it.

Originally Posted by spalen

You can open with hsbc or commonwealth or others before you leave. Lots of people are fans of HSBC because they are pretty low on charges but to bank over here in aus you have to go to post office I think which if you see the queues in the post office would put you off ;-) .

Commonwealth also have an international account you can open from UK but they are often slated for bad service. My advice is to not bother - but open one when you get here - its just so easy its unreal so dont bother with the headache.

What we did was opened a bank of queensland account - you can open it immediately when you are here very easily and get given eftpos (switch) cards immediately over the counter. Walk in with passport, etc, wihtin the first 14days of arriving and you are allowed to open it without 100 points of ID. AT least then you have an account - can use it - and buy things. Then take your time and decide which bank is best for you based on where you live/with atm's nearby / with branches are nearby etc. You dont want to endup banking with someone when their nearest atm is 3 miles away and end up paying 2$ a for taking some cash out every time. Also - BOQ only give you an EFtpos card so you cant buy things over net or over 1000$ in a day - but its only your 'first' bank account so sort that out later or get a visa card application filed.

BOQ is not the only bank that will allow you same-day opening and giving you the cards etc - the message is - dont sweat it, its easy to do here, there are FAR better ways to get more value when transfering GBP to AUD

If you are opening an account to transfer money - then this is not a good thing to do. You are better off using a foreign exchange broker HIFX (www.hifx.com) or www.tranzfers.com are two. Tranzfers are more friendly and have had better feedback on here + other sites - if you do register use my referral id if you like so i get more brownie points http://www.tranzfers.com/refer.asp?r=ijcollins

When you look at the rates to compare on their websites - you need to ignore the rates offered on the 'front page' only the rate that you get inside the website is the one tha tmatters when you actually want to trade.

With Tranzfers you can 'load' money into tranzfers -so you can for example put 5 x 5Kpounds lump sums into the tranzfers system - send them the money , then step on plane. When you get over here you open your bank account, logonto tranzfers website - chose one of the 'lumps' of money and click on the 'trade' button, 24hrs later the money is in your account in Ausie Dollars. The reason you would split the money up like this is to be able to manage the exchange rate - or if the rate is fantastitc when you move then do it all in one go - its up to you. They charge 7 quid per transaction. They are tremendously easy to use.

HIfX will not let you 'front load' like this . If you register in UK for HIFX you have to -re-register again in Australia since they have regulation rules stipulating you cannot trrade in australia on a UK account. HIFX trading is all done via fax + Phone - Tranzfers is all online just like online banking. Tranzfers use barclays bank. Trading with HIFX involves faxing multiple 'instructions' and making phone calls to trader etc, its a pain in the ass to be frank.

Tranzfers is all online, you can track your money - see what stage its at, and they are a phone call away both UK end and Aus end so you get help when you need it. I have used them 15+ times for amounts from 1kgbp to 20kgbp. Tranzfers + Ozforex are same company.

If you leave money in a uk bank account and plan to transfer it later - be aware of the daily banking limits for the account a 1k per day transfer limit becomes a pain in ass.

Nationwide(or maybe natwest I forget) have a pretty good/cheap visa card for international use - it uses close to inter-bank rates wihch are better than tourist rates so might be a good short-term access to money for you.

Do Not exhange your money at post office / via your bank - they will really cream money off you compared to the deal you get at HIFX or Tranzfers.

Finally - Read the insiders guide to foreign exchange article on BE under articles, written by the chap who runs Ozforex/Tranzfers - its pretty impartial and good advice contained therein.

Hope this is useful and sorry to cut +paste from another post but didnt know if you'd seen it and im bummed if im going to type it all in again.

Originally Posted by DunRoaminTheUK

Hi.

Yesterday I enquired about taking the HSBC route for opening an Australian bank account BUT my local HSBC said that because I was not an existing UK customer then it was unlikely that the Australian branch would accept my application to open an account down there.

Also, he said that the chances of being accept are further reduced by opening an account here and doing little or no transacting with it.

Has anyone else had this experience?

I think I might go the WestPac route and do it online from the UK.

Originally Posted by spalen

Finally - Read the insiders guide to foreign exchange article on BE under articles, written by the chap who runs Ozforex/Tranzfers - its pretty impartial and good advice contained therein.

Originally Posted by DunRoaminTheUK

Hi.

Do you have a direct link to this post?

Chaaarss!

Originally Posted by paulf

How much would the difference be then?
todays rate on the site is 2.34 what would you percieve as a better rate?
for instance Hifx has a Today rate of 2.36,
while LloydsTSB has a spot rate of (12.30 today) 2.35.
I am just curious how much Ozforex would improve over the daily advertised rate.
PS I did already join using you as referer, BUT at the above rates I would use Lloyds simply for piece of mind.

Originally Posted by spalen

The Spot rate is the market rate - I doubt lloyds would offer that rate unless you've got a 50k+ to transfer. If you check out the article in articles on 'insiders guide to currency' Mark from Tranzfers puts a guide in there on how much to negotiate down to for large sums above spot-rate. Need to check the 'accurate at ' timings on those figures that might explain variance.

Why dont you log onto tranzfers and try to setup a trade (but dont gfet to confirm page) that should show the real rate for the amount you want . As the article says - for bigger amounts you shouldbe ringing round and negotiating.

thanks for using my referral ;-)

Originally Posted by paulf

I am gonna have to wait until they confirm my details!, BUT!!! you could check out the rate for me :p it was the market rate, I will be transfering over £50k so the banks spot rates are quite competitive on large amounts, But I can see that on smaller amounts this would be a good service.
Thanks for the pointer :)

Originally Posted by spalen

you're lucky im bored and waiting for a work call late at night here in sunny/dark qld...

for 1,000 pounds 2.353
for 51,000 pounds 2.364

if you're doing that much you should ring them - according to their guide to insider thingy.

Originally Posted by ABCDiamond

When I moved about £100k over, I checked with HSBC who gave me their "normal" rate, which compared abysmally with commercial rates. But after negotiation with the bank manager, they then offered a very good rate which I ended up going with. The difference was about .05 which equated to $7,250 !!

That's how much excess profit the bank gave away to me, after negotiation.

You may as well get used to the negotiating now, as it happens everywhere over here :)