Lisahunter

Hey everyone

I have booked my holiday to Sydney, Australia for November untill may 2011. I just have a few questions before i set off.

I was wondering would i be able to set up a bank account over there even though im on holiday? i was thinking of setting up a bank account because then i would be able to transfer money from my bank account in the Uk to the Australian one instead of bringing loads of money or always using my car.

Hope you can help
thanks

ABCDiamond

Opening an account here would be a good idea if you can. Make sure it is with a 'no fees' bank, such as the NAB though.

EinsteinJ

I think it depends on the minimum deposit on the transaction account. I have been comparing the offers and terms of some big banks in Australia as well...

When 'No fee' transaction account with minimum deposit, say, 2000 AUD, it would be actually "cost more" than "with monthtly fee".

For example, comparing transaction account between CommWealth and Westpact i would get 15.9 AUD/year more on my saving account by using Commwealth transaction account although i have to pay monthly fee around 4 AUD/month = 48 AUD/years ( for electronic streamline account ).

My reasoning: if I place 2000 AUD on transaction account in Wespact or any other bank that offer "no fee" but required you for minimum account. Within 12 months, i actually lost "the interest" of 2000 AUD, which is about 2000x4.5% per year (current standard interest of many big banks in Aussie) = 90 AUD (before tax) or 63.9 AUD (after 29% non-resident tax, assuming i am not moving yet)

However, This is my trivial calculation, i could be wrong or maybe stupid in doing this calculation. If so, please let me know as i am so exciting in preparing my move to Australia ( Melbourne ).


regards,

tartankoala

You can set up accounts online. Then when you arrive here pick up your bank cards from the branch.

ABCDiamond

NAB allow you to open a 'no fees' account with just a $1 deposit

Lisahunter

Thanks for the help everyone

Lisahunter

Hi guys i just looked into it and i've been advised by my uncle to maybe set up an account with the Commonwealth Bank, what do u guys think?

Tellyaddict

We opened an account with NAB from the UK and it was quite easy. Just visited the branch when we arrived to collect our cards and provide identification and an australian address. We have a visa debit account with no fees.

ABCDiamond

I wouldn't. I don't like paying bank fees

However, from June 2010, if you deposit at least $2,000 each calendar month the CBA do waive the $6 per month fee on the Complete Access account now.

johnnyyt

Open an account with NAB.

No fees, and you can get a debit card for EFTPOS. You can open online from UK and just go in to branch to show passport for I.D. and collect cards. No fees withdrawing cash, and you can also use Redi ATMS as well.
This is what we did.

Johnnyyt

Sherlock Holmes

I'm with Commonwealth Bank and the service is good but I would still go with NAB if beginning again for all the reasons mentioned above.

Lisahunter

Thanks for your help guys! i appreciated it, i guess NAB it is then.