Sooty and Sweep

Hi,
I understand you can open a current account from this side of the pond, a good thread outlines this process!

Here's how to open a Westpac account from the UK.
http://britishexpats.com/forum/showthread.php?t=452418

My question relates to Bankwest really.

Has anyone opened this account while in the UK.
BankWest Hero Transaction Account - A current account.
http://www.bankwest.com.au/Personal/...ero/index.aspx

It looks quite good, do you agree?

I ask because i want to ask has anyone opened this account while in the UK?

BankWest TeleNet Saver 7.20%
http://www.abetterdeal.com.au/index.asp

The reason for my post is to summarise the situation prior to leaving the UK, but making your funds work harder?

I want to transfer X amount of money to a newly opened BankWest TeleNet Saver while in the UK, is this a possibility, or is it impossible due to the rules?

I understand you must first transfer the funds to a current account in Australia. Can the current account be a BankWest Hero Transaction Account, or does the current account have to be an external account away from Bankwest, so maybe a Westpac account?

Once the funds are in your current account, for example i am still in the UK, i want to transfer my funds from my Australian current account to my BankWest TeleNet Saver. Now if my current account is a BankWest Hero Transaction Account, then it is in the same institution as my BankWest TeleNet Saver, so would there be a problem moving the funds even though i have not activated my BankWest Hero Transaction Account in Australia. I know i must activate a Westpac current account in Australia prior to moving funds so would not be feasible if i had a Westpac current account.

This leads me to my next question, if the problem in moving funds to my BankWest TeleNet Saver is activating my current account while in the UK, then is there a way to activate either my Westpac current account or BankWest Hero Transaction Account while in the UK. I understand there is a Westpac branch in London where you can activate your current account, but there is no point if i cannot open my BankWest TeleNet Saver while in the UK.

Is there a BankWest branch in the UK, where i can activate my BankWest Hero Transaction Account, then move funds to my BankWest TeleNet Saver while in the UK.

I know its all complicated, but an important question, if you are moving funds weeks or months before you plan to arrive in Australia, and do not want your funds sitting in your current account in Australia.

Appologies for the complicated nature of my post, but it could help many in the future, so well worth the trouble i feel?

midwife2be

I looked into the westbank too but thought you could only open an account in person?

I have since opened a westpac account online and also a westpac maxi account which is a high interest account. We can transfer money into both accounts (paying a fee twice I presume!) but as you say cannot transfer between accounts until we arrrive and activate it.

I can also telephone and arrange internet banking prior to moving to 'observe' my funds and check transfers have gone in ok etc.

http://www.westpac.com.au/internet/p...est+comparison

Sooty and Sweep

I do not know, anyone else?


First reply thanks. You could activate your Westpac in London, you can open and activate here in London.

Westpac's London switchboard: (020) 7621 7000

There is also an email address:
[email protected]

Postal address:
Migrant Banking, Level 2
63 St Mary Axe
London EC3A 8LE

Anyone else?

midwife2be

I live in the northwest and am happy to wait till end of jan when we get there to activate the account , but thanks anyway

Found this for you too:-

http://www.bankwest.com.au/Personal/...ply/index.aspx

Sooty and Sweep

Ummmmmmmm? Thanks but ummmmmmmm!

midwife2be

What does that mean?

Sooty and Sweep

A tad disappointed maybe, i was hoping for more options than Westpac. Put a considerable amount of work into my original post and your reply seems to have stopped me in my tracks, so ummmmmmmmmm?

midwife2be

Sorry - didnt mean to cause trouble

I've also spent the last few weeks looking at various bank options and westpac seemed the easiest option from the UK. I figure once we're there it'll be easier to open an alternative account if we want to. I suppose it depends how much your wanting to put into the account and how long it will be until you get there

Sooty and Sweep

The reason for my original post was to help people in the future, by way of saving them as much as possible in lost interest?

With all the stress invloved in the process of emigrating, if you can organise the movement of your house sale funds, or monies of large in fund size into an account paying the best rate of interest while here in the UK. Then at least you are making your funds work as hard as possible, because no one gives you anything in this life for nothing when it comes to interest on you hard earned savings or income from your property sale?

If the only option is Westpac, then i am disappointed because as my original post outlines, there could be other options?

Sooty and Sweep

In 2003, the majority shareholder of BankWest, HBOS plc, acquired the remaining shares in the company. HBOS plc was formed in 2001 as a result of the merger of Bank of Scotland (a major UK clearing bank) and Halifax Group plc (a large UK financial institution).

http://www.hbosaustralia.com.au/

History of HBOS Australia

In 1995, Bank of Scotland (BOS) commenced a rapid expansion of its overseas activities. In Australia that year, BOS acquired 100% of BankWest from the Government of Western Australia and established the operations of BOS International and Capital Finance. In 1996, BOS sold 49% of BankWest through a public share offer and the company was listed on ASX.

In 1998, BOS saw a gap in the Australian market for credit insurance and established St Andrew's Insurance (Australia) Pty Ltd.

BOS merged with Halifax in 2001 to become a major force in banking in the UK and created the HBOS plc group, which has become the fourth largest player in this market.

In 2003, HBOS plc, in line with its global expansion strategy, invested further in the Australian market by acquiring the remaining share of BankWest to give it 100% ownership.

HBOS plc is now in a strong position to optimise its investments by bringing all of its Australian interests closer together under HBOS Australia.

bridie

Not sure whether you can open the Bankwest Hero account from the UK..... I'm having enough trouble opening one from here. Went into the branch with all the paperwork two weeks ago and havent heard a dickie bird. Not impressed

Before we arrived we opened an ANZ account, must admit I have been impressed with their customer service, they have plenty of branches, only real downside is that you pay $5 a month for each account (we have three, one each plus a joint) and earn no interest.

http://www.anz.com.au/aus/Personal/M...UK/default.asp

hoofie2002

I don't think you can open a BankWest Hero account from overseas [although it doesn't say you can't]. Firstly, you need to do the 100 point identification check which has to be done at a BankWest branch or via an Australia Post Office - so thats out. Secondly, the wanty evidence of regular income for a hero account every month - unless you have a job lined up you won't need it.

The Telenet Saver can only be linked to a Australia financial institution account - you can only transfer money to and from a telenet saver via that account. Transfers from overseas accounts are therefore not possible, but you could open it with a oz bank cheque perhaps. Additionally, all of there accounts require a TFN [Tax File Number] which you will not have until you are in Australia. Without it, you will get hammered for tax in advance.

As to the previous poster who hasn't received their documents from BW - call them up ! Most things now at BW are highly automated and account opening should be very fast.

bridie

I will do, meant to do it yesterday just never got round to it

Must admit I wasnt impressed with their customer service in the branch either, 30 minutes I stood there in the heat (no aircon it seems...) and she just tapped away, no conversation, nothing, and when she did ask me something I struggled to hear what she was saying as she was mumbling - but they had time for staff to chat to each other about god knows what.

Sorry, bit of a rant there

jad n rich

Bank west OK, be aware tho a few of their high interest account options have limits on what you can put in them, the childs saver one is full of rules, can only put so much in to open it, then so much per month then have to post it to a lower % account at end of year loads of fluffing around.

MELANIE6

[QUOTE=Sooty and Sweep;5605889]Hi,
I understand you can open a current account from this side of the pond, a good thread outlines this process!

Here's how to open a Westpac account from the UK.
http://britishexpats.com/forum/showthread.php?t=452418

My question relates to Bankwest really.

Has anyone opened this account while in the UK.
BankWest Hero Transaction Account - A current account.
http://www.bankwest.com.au/Personal/...ero/index.aspx

It looks quite good, do you agree?

I have a Bankwest Telenet account that I opened whilst in OZ as they send you the forms to sign and return. You fill them in online but have to print them off and sign and send with copies of bank account with money in. The only stipulation is that you have an Oz bank account already opened (mines with CBA but can be with anyone) so that you can transfer funds to and from on the internet. I think only the kids one they stipulate that you have to have a bankwest account. They may post the form overseas, i would ask. The account is great and interest is one of the highest around. and they are currently opening loads of branches throughout eastern australia at the moment, so i would email them and ask. Good Luck



Melanie