gajjitt

Hi,

We've been researching the different bank accounts for migrants. We have looked at Commonwealth Bank and they appear to make it easy to start an account from the UK. Can anyone recommend a good bank? How do the Commonwealth Bank rate against someone like ANZ or Westpac? In respect of freedom to transfer UK sterling to Australian Dollars including the cost and ongoing rates that will be charged.

For information we expect to be migrating to Perth in April.

Cheers

worzel

I think the concensus on here has been Commonwealth are easiest but charge more. HSBC can also set up from here and although cheaper have had more problems. ANZ and the like seem more popular to switch to once you are settled out there. Personally I am inclined to go with Commonwealth as they seem to have quite good at rates for transferring money and as we intend to have a decent sum in the bank we should get reduced fees. Is that a fair summary guys?

biggy

I set up an account with westpac before i left the UK, and used tranzfers.com to do the uk dosh to Ozzie dollar bit they charge 7 quid per transaction and thats it

gajjitt

Hi Biggy,

This Tranzfers.com looks great. How much have you trasferred through them? I am looking at transferring £70,000 eventually £20,000 initially, are they reliable and quick?

Can you set this up before leaving for Australia? I noticed they have checks to ensure that you are not laundering money.

Thanks for the advice.