PADDAD

Hi All

I've managed to clear up some questions I had with regard to opening up a Common Wealth Bank Account and thought I'd share this with the forum although I realise some of you know this stuff already.

First of all the telephone number for the Common Wealth Bank London is 020 7710 3990.

Funds can be deposited in sterling but this must be confirmed when opening the account and later (when the exchange rate is more favourable) can be converted to AUD. Only interest accrued is taxable by the Australian tax office. As yet I am unsure of the current interest rate.

We intend depositing the proceeds from the sale of our house come September 03 (hopefully, if it sells - only went on the market last week).

The charming 'Australian' chappie confirmed the above and will be sending me details and applications by post today.

Any contributions or corrections to the above would be gratefully received from those in the 'know'.

kevmitch

Just a quick point to add to the above.

If you don't advise them BEFORE you deposit sterling into the account it will be automatically converted into Australian Dollars at the prevailing rate at that precise time.

Cheers


Kev

Scarlett G

We found it just as easy to take a bankers draft i $ and open the bank account when we got there.

jonah66

For every transaction less than £30k, don't they charge £15?

Regards

grubelice

I have the forms to open a bank account with Commonwealth Bank and would like to get this set up before I go to Adelaide (yehhh) in 2 months (sweat, sweat!!) but in the forms they ask for passport (no problemo) and 2 utility bills with name and address on. Trouble is I have been living in rented accommodation and my name isn't on bills and so don't have these. Anyone overcome this problem.

Elaine

yafm

They normally take credit card bill instead or anything else monthly/quarterly that you pay at that address.