stueyfrole

Hello
We are going to be moving to the Gold Coast from the UK in a couple of months We are wanting to open a bank account before we move and have looked at a few, but wondered if anyone could recommend one? is a monthly fee applicable to most banks? also what are the transfer fees when sending money from Aus to a UK account?
Very grateful for any feedback

Wol

All I can say is that HSBC was my choice when we arrived because they pay interest on the account and there are no charges. However after many problems and hopeless service we quit and are now with BoQ - who may suit you in QLD.

zultan

Hi, to be honest unless you are lucky enough to need wealth management the banks are much of a muchness. Personally, I went for NAB.com.au because I could open the account from the UK and they have no fees.

Also, I would avoid using the banks to transfer money (their exchange rate is naff and they will also charge you a fee per transfer). Use Ozforex, Xe.com, moneycorp for fee free transfers.

I have also used paypal for small amounts - rate is rubbish but the transfer is instant.

stueyfrole

Awesome advice, thanks Wol and zultan :-)

robbo462003

Hi the U K consumer magazine "Which" recommends First Direct

h2oskineil

Transfers between First Direct in the UK and HSBC in Oz are GBP10.00 per transaction, regardless of the amount.

newkiwi

I don't know First Direct at all.
stick with one of the big 4 they are much of a muchness. you don't want to do niche when you are just moving over.
We opened an account with cab before we moved over and i am happy with them

Wol

Transfer costs are only part of the equation - the exchange rate you get is a much larger consideration, and it's impossible to compare because rates vary minute by minute.

moneypenny20

But as they are a UK bank and not an Australian one it's fairly irrelevant.

discobay

If you can qualify for Premier status with HSBC you can transfer between countries for free.

phat-dave

i use nab... no account fees, good interest rates, no stupid credit card fees.... they're also able to open an account for you from the UK... they're known as clydesdale / yorkshire bank over there.