BrisbaneBound2008

Hi Everyone!

I happened to mention in another thread that I was cancelling all my UK bank accounts when we move in May and a few people responded saying I should keep one open, however I want a 100% clean start so feel its best to tie up all loose ends in UK.

There won't be an issue with bills coming out as all direct debits will be cancelled in April so I know they are done, and we live with friends so have no council tax, electricity or water bills that will need to be paid, our friends sort all of that out.

I don't plan to be buying things for anyone in UK as someone suggested its a good idea to keep some money for that purpose, or if people give money as a gift they can pay it into UK account and we can access in Oz - we don't have kids and I can't see anyone wanting to give me lots of money when we leave!

Can you tell me what you chose to do and why? If anything unfortunate came up and if you wish you'd done it differently?

Thanks in advance!

Bexie

Hi.. we kept one account going...thought all loose ends tied up, but true to form BT & British Gas cocked up!! Was good having a uk account just to sort stuff like that out. O2 mobile wouldn't accept a credit card/bank card registered to an ozzie ady. My 17 yr old is still studying in UK..so makes it easier to transfer money from here to our HSBC a/c then transfer it to hers! We're shutting ours down now...don'tthink u really need one, but may help to keep a UK credit card open as sometimes diff to get an ozzie one without credit history!! Sorry if this sounds garbled have bad insomnia at the moment!!

BrisbaneBound2008

Thanks for that!

You are up late - try a nice hot milk and honey drink

Bexie

Have tried that ... am a teacher and in the hols I sleep in late and can't sleep at nite!! My kids sleep well since arriving in OZ!!!! Are you at work? If so...do some!!!!!

Pollyana

Useful to keep one open, and a cashpoint or credit card linked to a Uk account - firstly to get money out if you go home on holiday, and secondly for anyone who wants to give you money as a gift - parents at Christmas, that kind of thing? They can pay it in over there, you draw out over here.

Hutch

We kept 'em all. Business account, personal accounts, credit cards ... but then most of our clients are UK based.

derab

I closed everything down.. and within a week I was kicking myself..

it would have been so much easier if I had kept a credit card open for a couple of months until I had my downunder one sorted and now.. 16 years later, I still reckon I should have kept my nationwide account and used it as a savings account for my trips back.. (I have gone back every 4 years or so.. funerals n that)
it was fee free and would have been handy..

my advice is to keep a fee free account with internet banking open (hopefully one with a credit card attached) ditch the card once the OZ one is set up.. but keep the current account open.. then you have an easy way of getting funds back to the UK if needed for whatever reason..

BrisbaneBound2008

He he he! I'm not at work today, have only just started using this site more regularly as its getting closer to our departure date so its strange to be able to have real time chats with people - I love it! At least you can sleep in late, your body clock mus be all confused! When do the schools go back?

Is there not a tax type issue in Oz if you have an account open somewhere else with money in? Surely you must have to tell them or metion it in your tax return. Doesn't everyone have to do a yearly tax return out there?

derab

there is a tax issue..

I assumed we are talking about a few hundred quid at most.. i was thinking of an account with a tenner in it and chucking in a grand with my internet banking if i had to rush back..
Ozzie taxman is interested in foreign income.. if you had a lot of money over in the UK earning big interest then he would be interested in it.. if its an account with a coupla quid in it not earning much.. sheesh.. there are bigger fish to fry.
i would have the account as a transfer point rather than a source of income (after all ozzie interest rates are far higher than UK ones)

chris and farideh

We kept all our accounts open, all the banks in UK have my aussie address, so no problems.

ozzieclare2b

Can i ask a really thick question?? How do you transfer money from your oz account say westpac into your uk account eg halifax when in oz??

derab

ozzieclare

its easy.. you just set up your "pay anyone" to the account in the UK..
the account in the UK gets ozzie dollars and they do the conversion.
(which is good as its usually better to buy the local currency)

with the BSB (sorting code) and the account number you can credit anyone you like..
i would recommend doing it with a fiver first and checking it the next day as a test though.. mistakes do happen..

ozzieclare2b

thanks for that dont know why i am stressing havent even got visa yet!!

BrisbaneBound2008

There's nothing wrong with checking everything out now!! It'll all come in handy for when you do....but you'll still be confused, I know I am with certain things!

I wish I had thousands to leave here but sadly no, will be taking life savings with (well, what we've managed to save in the last 3years!) so the account would be small change. But thats why I'm not convinced I need it? If there was any kind of issue i'm sure I could just transfer to mum's account or something?

As for keeping and using a UK credit card when in Oz, how can anyone afford to pay it off?! Luckily we don't use credit cards so no bother if Oz don't give us one right away!

Anyone else cancelled and was happy they did / never needed to use one back home????

spottydog

I opened a Nationwide one as they don't charge for foreign currency withdrawals. We left money in to cover unforseens bills (whilst I phoned everyone to pay before I left some of them still couldn't add up and discovered I owed them money a few months after moving here) then after a year I used the cashcard to get the remaining few hundred pounds out in dollars and put them in our account here. The account is now registered to my Aussie address with no problems.

When we first came over I also had my UK credit card, this was very handy as since our bank account was set up with Commonwealth we were limited to $800 a day unless we went into a branch. Once I had a job I got a fee free Aussie one and cancelled my UK card. Without the UK cerdit card setting up here would have been a nightmare (e.g. hiring a car)

I still have my UK account, our parents put money into it for Christmas & birthdays and I also use it to buy their presents online in the UK (so I don't get stung for foreign transactions on my Aussie card). I also found the card useful when abroad as most aussie banks charge for taking money out of foreign ATM's.

Whilst you can do foreign money transfers from your Aussie bank many charge quite a bit for smaller transaction.

As long as you pick a UK bank that doesn't charge account holding fees then I would suggest leaving it open for at least a coupleo f years with a bit of money in. After a few years if you find you don't use it you can always close it (it will be very difficult to re-open a UK account if you need one)