steve & Heather

Well we are finally ready, well nearly.

Visa in passport, House sold, Removals booked, dogs booked, Heather passed Australian tax exam I passed Qld Real Estate registration course.

Only things left to do:

Decide where we want to live
Decide on which bank to use, that is where any advice would be most welcome, we have looked at various options and beleive that the Commonwealth Bank would best suit us but we are open to advice and guidence. Are they good and if you pay the $6 per month are there really no more charges?

Does anybody know the site where you can compare Australian banks and their services?

On another side is it realistic to commute between Helensvale / paradise Point and CBD in Brisbane or are there plenty of Accountancy jobs available on the Gold Coast?

Sorry for the questions but getting down to "No going back" stage.

Stephen

The Bloke

Shouldn't you have thought and planned strategies before getting to the point of "no return" with your migration, especially questions about commuting or employment vacancies and WHERE you are going to live. It seems you have somehow put the cart before the horse in relation to these points.

Did you do any real research before deciding to emigrate?

CadburysFingers

I posted a thread recently to try and collate some info before we changed banks from the very expensive Commonwealth Bank. The result of all the info received was I opened two accounts with the National Bank (www.national.com.au) Seems an excellent bank from the staff I have encountered thus far.

We opened a Smart Saver account $3 per month, with unlimited EFTPOS and ATM transactions, which suits us perfectly.

We also linked it to an I Saver account (5.45% interest calculated daily) The good thing about this account is, it has no minimum balance required to get your 5.45% so we simply keep all our dosh in there, then transfer it via the net to the other account if we know we need some money for anything.

$3 a month for everything we need from a bank, at the Commonwealth we were paying around $20 a month and had to keep a balance of over $5000 to earn the higher rate of interest in our second account. It was an easy choice to make.

steve & Heather

Hi the Bloke

We considered these things to be areas that could be left until everything else sorted. No point looking where to live until you have a visa and can sell your home. We have undergone months of study to gain Australian qualifications (strategy planing) as well as the ones we already hold. Have reseached everything even down to buying the Brisbane and Gold Coast street map, Where to live guides and local newspapers from Aus (research), all this whilst awaiting the visa decision. Also attended 3 Australian employment and emigration fairs.

We are now going through the process of applying for jobs within 60km of CBD. Hense the question of commuting.

Tiff Couch

Hi All

Tiffany here from Westpac Migrant Banking.

We are able to open accounts for you before your arrival in Oz. You can start transferring money before you leave and once you complete an ID check ( just show your passport) at one of our branches you'll be able access your money, order atm cards, cheque books etc.
We offer you a package known as 'Westpac One'. This is a combination of a main/transaction account and a choice of one of two (or both if you wish) savings accounts. You can opt for the Westpac One Savers Account, this account offers 5.8% (this will increase to 6.05% on Aug 7th following recent int. rate increases). You must make one deposit each month and no withdrawals to be eligible and interest is paid on balances up to $250,000.
The other option is an on-line savers account called 'Maxi Direct'. Interest is tiered & depends on your balance with rates of up to 5.65% (increasing to 5.85% on 14th Aug). Interest is calculated daily and paid monthly with no capping. There are no limits on withdrawals or deposits.
There is an account keeping fee of $5.00 on the main transaction account with unlimited Westpac atm withdraws/cheques etc. The savings accounts are fee free.
We can also assist you with credit card and home loan applications both before and after your arrival.
For more info visit our website www.westpac.com.au/migrantbanking or email me at [email protected]

Cheers

Tiffany

nicky m

Hi tiffany

I read somewhere not to request a chequebook facility because you get charged tax. Instead to open a seperate account with minimal amount of money in it and to transfer money to it as needed for cheques. Could you please tell me if this is true and what exactly it means.
WE are moving to coffs harbour and i believe there are more westpack atms there than other branches so am looking into opening an account.
We will be transfering money over to use on a daily basis and would like a higher interest account also but will probably be moving money between the two accounts on a regular basis to buy house stuff. Do we get penalised for moving the money ?.
Thanks for your help.

Nicky

Tiff Couch

Hi Nicky

Thanks for your enquiry. As far we know, getting a cheque book will not affect whether you will be charged tax. Tax in Australia is payable on income earned example: your interest earned on money in your savings account is income which is taxable. If you are a non-resident, then the government requires the bank to deduct withholding tax of 10% on the interest income earned in your account. Also, when you are in Australia and you do not provide the Tax File Number to the bank, the bank is obliged to take out tax at the highest marginal rate on the income earned and remit to the tax office. You can apply for a Tax File Number from the Australian Tax office.

Westpac does have one of the biggest network of ATMs and branches anywhere in Australia. you will have very little trouble getting funds from an ATM in Coff Harbour.

The interest rates we provide are very competitive and our dedicated migrant banking service has proven to be a very important service for many migrants to Australia. By doing your banking (with us) before you move to Australia, you have one less problem in trying to organise everything for your move.

You will not get penalise for moving money between accounts as our one fee of $5 will provide unlimited transactions for your accounts.

Email us if you have any other questions or if you need an account form or you can visit www.westpac.com.au/migrantbanking

Cheers
Tiffany

Wol

I still can't believe that anyone pays banking fees unless they have special requirements, eg. business accounts.

Downies

HSBC Online Savings Account - NO FEES NO FEES NO FEES!!!!!

It works like a normal bank account, can use HSBC banks (not many outlets), can use the post office counter for in and out goings, EFTPOS (what ever it is called), cashback at check outs all for free - you will get 5 free goes with other cashpoints and after that a charge - but in theory shouldnt be a problem.

However down side is unless you already bank with HSBC in the UK you cannot open an account with them until in land in Oz - you will need $2000 deposit, but doesnt have to stay in (no minimum amount - the more money in the more monthly interest).

Read on on thread here that it is the rated highest in one Oz poll for banking accounts.

We are leaving money in online UK account until we can open our HSBC accounts in Oz.

Paula

Fenton Beasley

Avoid Westpac like the plague ($5 a month? No thanks!). Try the Online savings account from HSBC http://www.hsbc.com.au/personal/accounts/osa.html

And for savings try the Telenet Saver account from Bankwest = 6.40% interest earned. http://www.abetterdeal.com.au/TeleNet_Saver/index.asp

nicky m

I am considering westpac since most banks appear to have charges and the westpac one account also has the benefit of savings account in the 5 per month charge. It has a bonus interest rate if you dont spend money but what if you do spend money - it looks as though no interest is earned or am i wrong ?

Thanks tiffany

Nicky

AlCo

I opened mine with Westpac (after being recommended by our friends already out in Oz) and it was very easy - good so far, hopefully as good when we get there!

Didn't know about the loans/credit cards before you arrive though - may have to investigate that a bit more...

The Chief

Hi guys where would I get hold of this info

Cheers

Tiff Couch

Hi Nicky

Sorry for my slow reply we've been on bank holiday. - that's another great thing about Australia, we get loads of public holidays ( Australia Day, Anzac Day, Labour Day, Bank Holiday, Queens B'day!!!).

Yes, you will be penalised (ie earn no interest) if you withdraw from the Westpac One Savings account (for that month only).
If you opt for the Maxi Direct Savings account you can make as many withdrawals as you like, you'll still earn interest for that month - it will be calculated on the average balance of funds in that account for that month.

Cheers

Tiffany