rightruccus

I know it's been done to death and the search facility is up above, but everybodies circumstance is different, ours included.

We both have RBS accounts here in the UK. We've just opened Nationwide Flex accounts as we read on here somewhere in the past that you can use the Flex account both here and in Oz, but i'm not so sure now whether we should have done that or not.

The money for our house won't be in a bank account until after we leave the UK, so we'll have to rely on other funds to keep us going in the meantime.
The question is, what should we do with the house sale money?
Should we open something like a HiFx account? Or an NAB account? before we go? Or what?
As you can see we're not really clued up when it comes to money!

spartacus

To use HiFX to transfer from UK to Oz, you'll need a bank account at either end. HiFX just functions as a middle-man, you pay your sterling into their UK account, and they pay out dollars into your Oz zccount. Open the HiFX account while you're still over there in anticipation of using it to transfer at a later date.

rightruccus

Thanks spartacus. I take it most people use the likes of HiFx cause they give better exchange rates than say, Nationwide?

What's the most popular banks in Oz to go with? I'm assuming National Australia Bank?

Centurion

NAB, Commonwealth, ANZ, Westpac are large banks with migrant banking facilities. That is to say you can open an account from the UK ready for your arrival in Australia.

I have my check account with the NAB and its as good as any with heaps of branches and ATM's. Deposit your salary into it each month and accounts are fee free mostly etc.

Although I have my savings account with Rabobank now, the Dutch banking group, as they are perhaps one of the most secure banks in the world in these volatile times. Its linked to my NAB account online so you transfer money between the two as necessary and get very good interest.

rightruccus

Thanks Centurion, i'll open one of those you suggested.
Anyone care to offer advantages of one over another, or are they much of a muchness?
In terms of fees, that concerns me a little as well as i'd need to look into what they each charge for various everyday transactions.

Never had to think about these things in the UK.