Go Back  British Expats > Living & Moving Abroad > Australia
Reload this Page >

Bank account and jabs

Bank account and jabs

Old Oct 3rd 2010, 9:44 pm
  #1  
Just Joined
Thread Starter
 
Joined: Sep 2010
Posts: 11
Lisahunter has a brilliant futureLisahunter has a brilliant futureLisahunter has a brilliant futureLisahunter has a brilliant futureLisahunter has a brilliant futureLisahunter has a brilliant future
Default Bank account and jabs

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

Last edited by Lisahunter; Oct 3rd 2010 at 9:50 pm. Reason: I found out about injections i need before hand
Lisahunter is offline  
Old Oct 4th 2010, 9:03 am
  #2  
ABCDiamond
Guest
 
Posts: n/a
Default Re: Bank account and jabs

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.
 
Old Oct 4th 2010, 11:21 am
  #3  
Forum Regular
 
Joined: Jul 2010
Location: Auckland - New Zealand
Posts: 67
EinsteinJ is an unknown quantity at this point
Default Re: Bank account and jabs

Originally Posted by ABCDiamond View Post
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.
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,
EinsteinJ is offline  
Old Oct 4th 2010, 11:23 am
  #4  
BE Enthusiast
 
tartankoala's Avatar
 
Joined: Jan 2008
Location: Balgowlah, NSW
Posts: 664
tartankoala has a reputation beyond reputetartankoala has a reputation beyond reputetartankoala has a reputation beyond reputetartankoala has a reputation beyond reputetartankoala has a reputation beyond reputetartankoala has a reputation beyond reputetartankoala has a reputation beyond reputetartankoala has a reputation beyond reputetartankoala has a reputation beyond reputetartankoala has a reputation beyond reputetartankoala has a reputation beyond repute
Default Re: Bank account and jabs

You can set up accounts online. Then when you arrive here pick up your bank cards from the branch.
tartankoala is offline  
Old Oct 4th 2010, 12:32 pm
  #5  
ABCDiamond
Guest
 
Posts: n/a
Default Re: Bank account and jabs

Originally Posted by EinsteinJ View Post
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...
NAB allow you to open a 'no fees' account with just a $1 deposit
 
Old Oct 4th 2010, 1:07 pm
  #6  
Just Joined
Thread Starter
 
Joined: Sep 2010
Posts: 11
Lisahunter has a brilliant futureLisahunter has a brilliant futureLisahunter has a brilliant futureLisahunter has a brilliant futureLisahunter has a brilliant futureLisahunter has a brilliant future
Default Re: Bank account and jabs

Originally Posted by ABCDiamond View Post
NAB allow you to open a 'no fees' account with just a $1 deposit
Thanks for the help everyone
Lisahunter is offline  
Old Oct 26th 2010, 11:05 am
  #7  
Just Joined
Thread Starter
 
Joined: Sep 2010
Posts: 11
Lisahunter has a brilliant futureLisahunter has a brilliant futureLisahunter has a brilliant futureLisahunter has a brilliant futureLisahunter has a brilliant futureLisahunter has a brilliant future
Default Re: Bank account and jabs

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?
Lisahunter is offline  
Old Oct 26th 2010, 11:28 am
  #8  
Forum Regular
 
Joined: Feb 2008
Location: Victoria
Posts: 173
Tellyaddict is just really niceTellyaddict is just really niceTellyaddict is just really niceTellyaddict is just really niceTellyaddict is just really niceTellyaddict is just really niceTellyaddict is just really niceTellyaddict is just really nice
Default Re: Bank account and jabs

Originally Posted by Lisahunter View Post
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?
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.
Tellyaddict is offline  
Old Oct 26th 2010, 1:24 pm
  #9  
ABCDiamond
Guest
 
Posts: n/a
Default Re: Bank account and jabs

Originally Posted by Lisahunter View Post
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?
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.
 
Old Oct 26th 2010, 1:34 pm
  #10  
BE Forum Addict
 
johnnyyt's Avatar
 
Joined: May 2007
Location: Bourenmouth, Dorset.
Posts: 1,029
johnnyyt is a glorious beacon of lightjohnnyyt is a glorious beacon of lightjohnnyyt is a glorious beacon of lightjohnnyyt is a glorious beacon of lightjohnnyyt is a glorious beacon of lightjohnnyyt is a glorious beacon of lightjohnnyyt is a glorious beacon of lightjohnnyyt is a glorious beacon of lightjohnnyyt is a glorious beacon of lightjohnnyyt is a glorious beacon of lightjohnnyyt is a glorious beacon of light
Default Re: Bank account and jabs

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
johnnyyt is offline  
Old Oct 26th 2010, 1:41 pm
  #11  
221b Baker Street
 
Sherlock Holmes's Avatar
 
Joined: Jun 2010
Location: Miles from anywhere, Victoria, Australia.
Posts: 14,125
Sherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond reputeSherlock Holmes has a reputation beyond repute
Default Re: Bank account

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.
Sherlock Holmes is offline  
Old Oct 27th 2010, 12:10 pm
  #12  
Just Joined
Thread Starter
 
Joined: Sep 2010
Posts: 11
Lisahunter has a brilliant futureLisahunter has a brilliant futureLisahunter has a brilliant futureLisahunter has a brilliant futureLisahunter has a brilliant futureLisahunter has a brilliant future
Default Re: Bank account and jabs

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

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2022 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.