bradfordlad

http://www.infochoice.com.au/banking...gs/results.asp

Click on links and get your info.Pretty sure for Bankwest you will have to have an Australian address/TFN and utility bill.

midwife2be

Quick update on hsbc. Great in principle but after many phone calls to wrong departments I eventually got the right one (Tel:02079907278) They're sending me out an application pack which I have to fill in and take into my local branch. And unfortunately there is a £100 fee for setting it up . Or you can open one in person once in australia for free.

Not sure if we'll bother now, already have the westpac one set up so might just stay with that one till we arrive in sunny perth

Sooty and Sweep

Many thanks for the update!

£100.00, Well they obviously are not making it a very marketable product by way of new immigrants to Australia who are still in the UK; you would think they would give you £100.00 to open the account and gain the new business? I think it does look like its Westpac current account, then transfer the funds while in the UK to the Westpac Max-i Direct, so to get the best return on investment while still in the UK. Its a shame really only one option at present? At least the Westpac option is one option, better than none?

Maybe HSBC are having a subprime moment, i am sure £100.00 will not solve it though?

midwife2be

No probs

When you open a westpac account online it gives you the option of opening the maxi account, a letter arrived a few days later with both account details on it. We have to pay in some funds within 30 days, they recommend $3500 then you dont pay the monthly charge!

You cant transfer money from one account to the other until its activated in oz so I think we'll put some in the current account and then the majority in the maxi - i think this will mean paying twice though to send it over as its to two different accounts

This banking lark is complicated innit

Sooty and Sweep

Thanks.

Ah right, so you can pay money directly into your maxi savings account once they are both open. Thats handy to know, so i guess like you say you pay the amount of x into your current account so to wiave the current account charges and the other $ 996,500.00 dollars directly into the maxi account so to get a good return in interest until you arrive?

I just wondered or thought you may have to pay it into your current account, and have problems sending it to your maxi account as it is not activated? That why i suggested London, but if you can pay it straight into the maxi account on first opening then saves a lot of hassle for Northern based families?

I guess when it gets closer to when i decide to leave i will go into the London branch and open up and activate the account all in one fowl swoop?

Thanks

Sooty and Sweep

Put the $3500.00 in your maxi savings account, earn the greater interest rate, which will offset the cost of the charge you incurr on you current account?

$3500.00 = $183.75 in interest per year before tax in your Maxi savings account.

$5.00 a month charge for use of your current account with Westpac will cost you $60.00 per year, so even after tax deduction from your $183.75 interest payment you are still quids in?

Sooty and Sweep

I know this is probably a stupid question, but before you can do an Ozforex transaction this side of the pond in the UK, so from UK pounds to Oz Dollars, you have to have opened a Australian Bank account? Don't you?

If so, Can this bank account be a maxi high interest savings account?

So from your account in the UK to your Ozforex account then onto to Westpac maxi account? (High Interest)

If so how long does this process take?

Thanks