inOz2008

With 5 weeks to go before the move and having read some of the banking related posts, I am now more confused than before on what to do...

So far, I have consolidated UK accounts to a mortgage account (putting house on rent so need this) and opened a Nationwide Flex account. Plan is to use the Flex account to draw initial spending money and incur no charge for doing so.

Additionally I have some "start-up money" in an E-Trade account in the US - this is capital to move to Aus so that I can buy the essentials like a car etc.

My question is one of short- vs. long terms benefits - how best to set up bank and/or foreign exchange accounts? ie use OzForex/HiFix etc or open International accounts with HSBC etc? The short term use would be to move money from US to Aus (without incurring too many charges hopefully) and long term use would be move money from selling house in the UK in the future so that I can buy in Aus.

With so much else on, I am struggling to seek clarity on how best to set up moving money short term and long term - I have 5 weeks in the UK to set up any accounts etc then I hope to rely on internet/telephone banking....

Can anyone please advise with their wisdom through experience, knowledge of charges, small print etc on how best to set this up - happy to listen to all options with pros and cons where appropriate.

inOz2008...desparately trying to multitask!!

cranston

FX brokers - I have used Moneycorp (very flexible) and XE corp (good for small amounts). Both are very good and I recommend them. I am also a HSBC customer

Moneycorp is the cheapest I have used, they have given me the best fx rates.

dazah

ok cheap option would be bring some cash to cover you for a week or 2

soon as you get over the shock of the flight go to any bank open a account and then ring your english bank and just send money over i do that every 4 weeks costs me £16 and it hits my aussie bank in 3 to 5 days

to open a bank account in australia you need 100 points

Wol

It's always personal, but I now bank with HSBC for a free current/savings/internet account and have it linked to a higher interest account with another online bank. I use OzForex to transfer a monthly UK pension over as $$.

If you're looking for a business account you might want to use one of the big Australian banks which has a local branch. But beware - they almost all have charges and these can be hefty.

You can set up a personal account easily if you do it shortly after arrival: the normal 100 point I/D requirement is waived if you present your passport and arrival stamp. And don't forget to get, and tell the bank of, a tax file no.!

Hel&Will

We have our house proceeds still with Nationwide in the UK. We are having to send the money over to our Oz account in 10,000k transfers as we found out from Nationwide (after we left the UK) that unless we can go into the branch in person to authorise a foreign transaction to be done we can only transfer by bacs to Ozforex a maximum amount of 10k per day.

We opened a Westpac account whilst still in the UK but they close it down if you do not go into the branch to verify your ID within 6 weeks. They do not need the 100 points if you have just arrived.

cj321

Dazah

you should look at xe trade (from xe.com) for better rates and lower charges or zero charges if you can wait a few more days for a cheque.