Exchanging money again ???
#1
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Exchanging money again ???
Hi,
I am just a bit confused now. I have opened an account with HIFX and an account with CBA. Please could someone tell me if I am doing the right thing...
1. Use HIFX to transfer and exchange $5000 bond money
2. Use CBA migrant banking to deposit all money from house etc. into Aus. account.
I think this is the best option but after reading threads about bank charges and how much you can withdraw per day etc. I am worrying about stupid things like ...
How do you manage to haggle on cars and furniture etc. if you can't pay for it by withdrawing cash ?????
How do you pay for big items like this ??
If we put all the cash in the CBA account, I know it pays interest, but if we don't buy a house for 6 months is there a better account to transfer the money to ?
Is it true that I won't be able to have a credit card unless I am employed ?? My little boy is 1 and I will probably work part time but not initially. I am used to paying for everything on my credit card and then paying it off at the end of the month. I understand that this saves on bank charges in Aus to, but no good if they won't give me a card !
Sorry if this is one of those annoying threads, but things keep going round in my head and I need some answers !!
JO
I am just a bit confused now. I have opened an account with HIFX and an account with CBA. Please could someone tell me if I am doing the right thing...
1. Use HIFX to transfer and exchange $5000 bond money
2. Use CBA migrant banking to deposit all money from house etc. into Aus. account.
I think this is the best option but after reading threads about bank charges and how much you can withdraw per day etc. I am worrying about stupid things like ...
How do you manage to haggle on cars and furniture etc. if you can't pay for it by withdrawing cash ?????
How do you pay for big items like this ??
If we put all the cash in the CBA account, I know it pays interest, but if we don't buy a house for 6 months is there a better account to transfer the money to ?
Is it true that I won't be able to have a credit card unless I am employed ?? My little boy is 1 and I will probably work part time but not initially. I am used to paying for everything on my credit card and then paying it off at the end of the month. I understand that this saves on bank charges in Aus to, but no good if they won't give me a card !
Sorry if this is one of those annoying threads, but things keep going round in my head and I need some answers !!
JO
#2
Re: Exchanging money again ???
Originally Posted by joveazey
Hi,
I am just a bit confused now. I have opened an account with HIFX and an account with CBA. Please could someone tell me if I am doing the right thing...
1. Use HIFX to transfer and exchange $5000 bond money
2. Use CBA migrant banking to deposit all money from house etc. into Aus. account.
I think this is the best option but after reading threads about bank charges and how much you can withdraw per day etc. I am worrying about stupid things like ...
How do you manage to haggle on cars and furniture etc. if you can't pay for it by withdrawing cash ?????
How do you pay for big items like this ??
If we put all the cash in the CBA account, I know it pays interest, but if we don't buy a house for 6 months is there a better account to transfer the money to ?
Is it true that I won't be able to have a credit card unless I am employed ?? My little boy is 1 and I will probably work part time but not initially. I am used to paying for everything on my credit card and then paying it off at the end of the month. I understand that this saves on bank charges in Aus to, but no good if they won't give me a card !
Sorry if this is one of those annoying threads, but things keep going round in my head and I need some answers !!
JO
I am just a bit confused now. I have opened an account with HIFX and an account with CBA. Please could someone tell me if I am doing the right thing...
1. Use HIFX to transfer and exchange $5000 bond money
2. Use CBA migrant banking to deposit all money from house etc. into Aus. account.
I think this is the best option but after reading threads about bank charges and how much you can withdraw per day etc. I am worrying about stupid things like ...
How do you manage to haggle on cars and furniture etc. if you can't pay for it by withdrawing cash ?????
How do you pay for big items like this ??
If we put all the cash in the CBA account, I know it pays interest, but if we don't buy a house for 6 months is there a better account to transfer the money to ?
Is it true that I won't be able to have a credit card unless I am employed ?? My little boy is 1 and I will probably work part time but not initially. I am used to paying for everything on my credit card and then paying it off at the end of the month. I understand that this saves on bank charges in Aus to, but no good if they won't give me a card !
Sorry if this is one of those annoying threads, but things keep going round in my head and I need some answers !!
JO
i dunno but i'll be watching this thread as this is the one thing that concerns me ....
hope you get an answer ...
#3
Re: Exchanging money again ???
It certainly appears that Oz credit cards have a very low credit limit! We got one with our HSBC account - not used it yet - and the limit of $1000 is virtually useless. Especially when you have just arrived and are shopping for a full house....
I wouldn't worry too much about which bank is best to start with. The important thing is to get yourself established. Then, with the benefit of experience and talking it through with people, you can always change to a better account FOR YOU. Which might not be the same for someone else.
FWIW Tranzfers.com seem to give a slightly better exchange rate and have been very helpful to me, even phoning the UK from Sydney to talk me through some things.
ING (Australia) bank give one of the highest interest rates for semi-deposits: you have instant online access by transferring $$ out of the account and into a nominated account with any other bank.
And Oz banks do seem to transfer cash almost instantly - unlike UK ones, where internet "instant" transfers take up to a week!
I wouldn't worry too much about which bank is best to start with. The important thing is to get yourself established. Then, with the benefit of experience and talking it through with people, you can always change to a better account FOR YOU. Which might not be the same for someone else.
FWIW Tranzfers.com seem to give a slightly better exchange rate and have been very helpful to me, even phoning the UK from Sydney to talk me through some things.
ING (Australia) bank give one of the highest interest rates for semi-deposits: you have instant online access by transferring $$ out of the account and into a nominated account with any other bank.
And Oz banks do seem to transfer cash almost instantly - unlike UK ones, where internet "instant" transfers take up to a week!