Which bank????
 

Reading the following statement, Things to do on a validation trip,
"Open a bank account (or two), especially ones without charges. You can do this as a new migrant with just your passport, in the first few weeks, without needing to meet the 100 points ID test.
With a non-Australian address, the bank should only need to deduct 10% Non-Resident Tax from the interest.
You can claim this as a credit on your U.K. tax return (against the interest income).

What is the best bank to open an account with.
We are doing our trip in August we are visiting family in Sydney and then going to Cairns.
But when we return we will live in Victoria (because of terms of our visas)

Any advice is greatly appreciated :)

"

Re: Which bank????
 

Each bank has different options, fees and accounts to suit everyone, so you should have a look at their sites to see which one suits you best.

They are all the same process to open one, very easy and same day.

Also try to stick with the big banks as you'll have no problems anywhere with ATM's etc. I used to be with St George Bank (and they were great) but when I moved to Canberra (or visited WA) their lack of ATM's made me move to a different bank ($2 fee using another banks).

So personally I find ANZ the best for me, and I pay no fees at all for my accounts. I'd recommend them and I've had no problems at all (but everyone is different).

The big banks are ANZ, Commonwealth, NAB and Westpac, so have a look on their sites and see what suits you.

Here:

http://www.anz.com.au/personal/
http://www.commbank.com.au/
http://www.nab.com.au/
http://www.westpac.com.au/

Good luck

Re: Which bank????
 

Do a search on this forum - this question comes up a lot!

Re: Which bank????
 

... and I never understand why. Banks are banks are banks... they are all pretty much the same.

Re: Which bank????
 

I'd probably go for NAB as I think all the others charge unless you deposit $2k a month (which you won't be doing unless you have an Aussie wage coming in)

I would worry to much about doing this though if you aren't going to be visiting the area you are living in. The 100 points for passport only is available for the first 6 weeks after migration so should be valid when you return permanently.

I wouldn't worry to much about interest tax deduction as unless you are depositing lots and setting up a savings account with a decent interest rate you aren't likely to get much interest.

Re: Which bank????
 

Yep, agree. Opened with CB before we came and they have been fine and are just that... a bank.

Re: Which bank????
 

Go for Bankwest. No fees whatsoever, for anything!

Re: Which bank????
 

I have an account with http://ingdirect.com.au/index.htm Not only do they not charge any fees for banking with them, they also give you the other banks ATM fee back if you withdraw $200+ and give you 50c as well :D

I love them. To set up an account all you need to do is register online, then you download a form, take it to the post office and they confirm your ID with just a passport. Card arrives within a week and away you go.

Re: Which bank????
 

I opened an account online with the NAB, couldn't have been simpler and we had an e-mail the next day with our account number, names of two people we should contact when we arrive and everything we needed to know about the account. No charges from this bank, several people on here recommended it so off I went!

Re: Which bank????
 

We also have decided to go with NAB, didn't really look much into it...as previously said a bank is a bank. NAB have no fees and seemed easy to setup from the UK, in fact I'm just about to transfer money into it and although you don't get online access until you verify your identity in Oz, your migration account manager will be able to confirm the transfer and balance.

Re: Which bank????
 

As I work for NAB I won't make any wild promises or statements about how wonderful we are. To be perfectly honest, I don't believe there is a great deal to choose between the banks, though we do seem to be offering lower fees across all accounts, products etc and are making a big effort to be more customer focussed.

If you need a contact I'd be happy to put you in touch with either our Migrant Banking Team or a local branch, whatever works. Just drop me a PM.

Good luck with the move !

Cheers
Col

Re: Which bank????
 

I bank with NAB now and am very happy with them. It's funny though cos I met a business analyst from NAB, and told them that; they proceeded to tell me they were quite surprised as they have very low satisfcation ratings! :D

Their IT has certainly had its moments of late.

On my account I never pay any fees and one feature that I really like is when I travel overseas I can withdraw from ATMs and they charge me nothing, and the rate I get is as near as dammit identical to the mid-market rate...it literally costs next to nothing (gold banking).

Re: Which bank????
 

Oooooh, you like to live dangerously, disclosing your affiliation with one of the big 4 on here! :eek:;)

Not sure what department you work in but I'll ask anyway. Is it normal for Nab to take over 4 weeks to process a credit card balance transfer? Cos we're getting annoyed!:sneaky:

Re: Which bank????
 

Despite working in Risk Management I like to live life on the edge !

We've had an incredible response to the fees, mortgage rates and now the break up campaign (but don't get me started on that). I suspect that the volumes have creeped up somewhat !

Send me a PM and I'll look into it.

Cheers
Col

Re: Which bank????
 

Oh I work for the NAB and can also help with Paypal, Visa and Mastercard queries. Just forward your full account details (card number, expiry date etc) and I'll help out.

Seriously, Mr Nab guy - offering help on a public forum is kinda stupid - are you in Australia or based in their Nigerian branch? There are formal methods of communication that should be followed and support queries via PM are not the way to go. If you work in risk, then you are certainly a risk to the bank. If this approach is typical then I would run a mile from NAB.