Rob Morton-Jone

Can someone advise on how to open a bank acount in Oz prior to leaving the UK?

Are there any websites that i can look at and download application forms?

Rob

gedge

You could try here:
bank accounts
or here:
Opening Oz HSBC accounts from UK
or here:
more

HSBC Australia do have a branch in London that you can contact. Try your local branch first. I think someone put the tel number on here once, but I can't find it.

ABCDiamond

Probably me

HSBC Bank, International Branch Tel: 020 7991 7278 (Local High Street Branches may not know about it)
http://www.abcdiamond.com.au/info_banks.htm

possoms

Thanks ABC great link

tracyd

Hi Rob,
We went into our local HSBC branch and they rang through to their international office and arranged for all the forms to be sent to us. Also try www.migrantbanking.co.uk (Commonwealth Bank of Australia) or www.westpac.com.au.

Tracy

Swerv-o

Hi Rob,

I've just finished the process of opening an HSBC Au Online savings account froim the UK, via their international office. It was a fairly quick and painless process to be honest - but don't expect the people in the local branches to know anything about it. Thankfully the validation procedure is fairly straightforward, and I was able to talk the clerk that was dealing with me through the process.

After that. is done, the account is opened about 2 weeks later, and the card, pin numbers, cheque books and paying in books follow a little after that.

All in all, a pretty good service all round. Couldn't recommend them more highly.

S

worzel

I will be using Commonwealth Bank (migrantbanking.co.uk). They may not be the cheapest but they have branches everywhere in Aus (I believe you have to use the post office for HSBC as they have few branches) and they make it simple both to apply and do use them there.

You do need to get your visa stamped in your passport first though as they want certified copies of that (but with a lot more choice of who can do this than with the visa stuff)

Once we are in and settled I will probably move our accounts to somewhere with lower charges.

muzza

I'm going with Commonwealth as well for much the same reasons as worzel. They have a far greater number of ATMs and they waive the exchange transfer fee if you've got more than £30,000. Rates are pretty good too...

I've also been talking to a guy at the migrant centre in London and he couldn't have been more helpful!

JackTheLad

You make it sound like a down side worzel. There are alot more post offices than there are Commonwealth bank branches.

Just to clarify. In the cities there are HSBC branches. And yes you can use the post office for your HSBC banking where ever you are.

Haven't compared the rates recently, but HSBC were cheaper when we set up here 9 months ago.

Cheers,
JTL

Alan Collett

If you are looking for an interest bearing account in which you can park your money until you open an account with one of the High Street banks, possibly the Online Cash Manager account with Citibank:
http://www.citibank.com.au/

I believe you can open this account online, and that it is presently paying 5.50%.

See also http://www.bankchoice.com.au

Best regards.

worzel

Based on no experience whatsoever but while the post office is probably fine for paying in cheques and you can use other bank's ATM's I just feel happier knowing I can walk into a branch of my bank almost anywhere when I need to pester them (which I expect to do lots at first). I also had a very good experience in Alice Springs with Commonwealth when I walked into a branch at Easter, joined the wrong queue, didn't have the right documents and staff rushed to help me out. That makes me feel loyal towards them. Lloyds TSB could take a lesson from that

willkerr

Banking in Australia seems really confusing to me and expensive! It's amazing how in the UK you get use to being able to take your money out just about anywhere for free and being able to write cheques and use your debit card without incurring a fee.

Having had a bit of a look I think the way forward for us is to open an account with the Commonwealth bank over here and use their services to transfer our money over as the exchange rate seems ok and even if your transfer is less than £30000 they only charge £15 (I think). Their fees however seem a little steep whereas many other banks offer no fees (HSBC) or a flat fee (Westpac $5 a month). So I think we may open another account in Australia when we get there with another bank and transfer the money over.

Phew, that sounded complicated!

Alan Collett

On the other hand ... in Australia if I transfer money from my account to yours it will (usually) be in your account tomorrow, irrespective of which bank I and you bank with. Contrast that with the UK, where it would take 3 or more days for money to have value in your account ... now where does that money go in the interim period? There must be billions of £'s sloshing around in the UK clearing system.

As to paying fees - shop around (see the bankchoice website I mentioned above) - and a tip: you can reduce bank charges by asking for cash when paying for food/petrol/etc with your EFTPOS card (= a Switch card in the UK), rather than using an ATM.

Re transferring funds: again, shop around, as people such as hifx (T 01753 859159) will transfer funds from the UK to Australia without any charge.

Best regards.

MJC

www.National.com.au

They are the best, by far

bondipom

I guess the IRA and those foreign exchange dealers who did them out of a few hundred million thought the same.

I personally use HSBC Online, INGdirect for savings and Virgin for the credit card. I pay no fees whatsoever except for the 1 cheque a year I write and a bankers cheque for the car. I am 300 - 400 a year better off than when I was with wastepac due to the lower fees and extra interest.