HSBC Australian Bank Account
#1
Guest
Posts: n/a
HSBC Australian Bank Account
It appears that the following info is useful in getting an Australian HSBC Account sorted out whilst still in the UK.
Ring the HSBC London Office and ask them.
HSBC International Branch
Tel: 020 7991 7278 (For opening Australian Account from UK)
http://britishexpats.com/forum/showt...hreadid=234570
And some recent info on HSBC, compared to ING and CitiBank
http://moneymanager.smh.com.au/artic...646105014.html
Ring the HSBC London Office and ask them.
HSBC International Branch
Tel: 020 7991 7278 (For opening Australian Account from UK)
http://britishexpats.com/forum/showt...hreadid=234570
And some recent info on HSBC, compared to ING and CitiBank
http://moneymanager.smh.com.au/artic...646105014.html
#2
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Joined: May 2004
Location: Where the stars look very diff-e-rent today... and tomorrow!
Posts: 1,124
Re: HSBC Australian Bank Account
Originally posted by ABCDiamond
It appears that the following info is useful in getting an Australian HSBC Account sorted out whilst still in the UK.
Ring the HSBC London Office and ask them.
HSBC International Branch
Tel: 020 7991 7278 (For opening Australian Account from UK)
http://britishexpats.com/forum/showt...hreadid=234570
It appears that the following info is useful in getting an Australian HSBC Account sorted out whilst still in the UK.
Ring the HSBC London Office and ask them.
HSBC International Branch
Tel: 020 7991 7278 (For opening Australian Account from UK)
http://britishexpats.com/forum/showt...hreadid=234570
Thanks!
#3
We have both an HSBC current account and First Direct account here in the UK.
I contacted HSBC Australia the other day and received an e-mail today. In our case, the recommendation from them is to open an HSBC account online before leaving the UK, and transfer our money across from First Direct.
I imagine anyone can open an account whether you're an HSBC customer or not.
I contacted HSBC Australia the other day and received an e-mail today. In our case, the recommendation from them is to open an HSBC account online before leaving the UK, and transfer our money across from First Direct.
I imagine anyone can open an account whether you're an HSBC customer or not.
#4
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Joined: Jan 2003
Location: Down the road, that's where I'll always be
Posts: 467
I've noticed that the day-to-day bank acccount question has been raised in a few threads in recent days.
I opened an account with and Online Savings Account with HSBC about 6 months ago. Before doing it I researched this forum and noted down relevant points for opening and using. Those notes are what you see below. My only 'disclaimer' is that it was written 6 months ago - so if there have been any changes, maybe somebody could point them out.
(If you've taken one look at the length of it and are put off, I'll tell you the ending..... it was the butler all along )
HSBC BANK ACCOUNT - OPENING
Open a joint HSBC Online Savings Account (used like a UK online current account)
Open the account whilst in UK. The account will be opened based at their central branch in NSW and stay there even if you change your postal address to another state. So no debits tax if you have the chequebook option.
Should take about 3-4 weeks for whole opening process
Online stuff takes about 15 mins to fill in – then you’re provided with a link to download forms.
ID (passport or birth certificates – one for each of us) need to be verified by my local bank branch (for S21 Proof of Identity Form). This can be done by any staff member at your local HSBC bank (syropes spoke to ‘HSBC here in the UK’ to confirm). They may be hesitant because the form says bank must have known me for 12 months. Having had a relationship with the bank is what counts, not the person signing. The staff member can sign it is because you are known to the bank and have a banking history. You're asking them to sign as an officer of the bank, not personally ( see notes from Jolyn ).
Send snail mail to Oz (note need stamps even though might be freepost). Add covering letter explaining you're moving to Oz, ask for cards and chequebook to be sent to UK address and tell them you have lots of money to transfer to Oz. The account will be opened based at their central branch in NSW and stay there even if you change your postal address to another state. So no debits tax if you have the chequebook option - unlike some other states. (see notes from Jolyn )
HSBC email account numbers a few days after receiving the ID.
Then send $2000 to Oz (be aware of charges – the full $2000 must arrive there).
Cards and chequebook should arrive a week later; PIN numbers a further week (see notes from Jolyn ).
Further info here by Booboo.
HSBC BANK ACCOUNT - USING
You’ll get an ATM card which can be used in EFTPOS machines (if a shop takes credit cards they’ll do EFTPOS – same machine)
If opened in NSW you won’t have to pay the tax on simply having a chequebook facility.
A charge of $1 per cheque written (competitive to others) although cheques are rarely used (see notes from jwatsonoz and Jolyn)
HSBC offer unlimited free EFTPOS transactions, unlimited ATM withdrawals at HSBC ATMs, and 5 free from any other ATM
You only get 5 free non- HSBC ATM withdrawals a month (and there’s only 5 HSBC ATMs in the whole of Victoria). However, you can get cashback when paying by EFTPOS (this does not count as an ATM withdrawal) and you can withdraw money from post offices for free.
Keep the balance above $2000 to get decent rate of interest otherwise it’ll fall to about 0.5%.
You can pay cheques into your HSBC account using the Post Office
JUST SOME ADDITIONAL GENERAL BANKING STUFF
In some states govt debits tax is taken on all transactions from accounts with chequebook facility - not just on cheques from those accounts. NSW has scrapped this tax. You can open an account in one state but live in another. In states with this tax most people will keep little/no money in their cheque account and use a second current account (one without a chequebook is usually referred to as a 'savings' account - 'current' account is not a known expression) for all their day to day banking.
In Australia, payments by credit card or EFTPOS are the most common.
EFTPOS is similar to switch and all the ATM cards all do EFTPOS. The difference in Oz is you don't usually sign for it - you use your PIN number instead. At most shops (and even some market stalls) whatever card you use you're handed a keypad when you pay and you type in your PIN number and press a button for 'cheque', 'savings' or 'credit' account. The downside of using PIN numbers for everything is that things using a signature only like cheques are not widely accepted. Still useful for the occasional thing like leaving a deposit as a sign of goodwill where the cheque won't be banked and will be torn up when you pay the full amount by another means. But you could manage without cheques altogether in Oz (see notes from Jolyn ).
When you put a card into an ATM it will ask you which account you want - cheque, credit or savings. That's because you can have your credit card linked if it's at the same bank so you just use that one card to operate all your accounts - no need for the ATM card. You can transfer money between each of the accounts instantly at the ATM but transfers from your credit card account count as cash advances and incur interest right away
Any utils or company bills will usually have a BPAY account number (electronic transfer). No charge.
Most banks charge more fees than we’re used to (e.g. some charge for simply having the account)
There are often charges for using ATMs from other banks.
I opened an account with and Online Savings Account with HSBC about 6 months ago. Before doing it I researched this forum and noted down relevant points for opening and using. Those notes are what you see below. My only 'disclaimer' is that it was written 6 months ago - so if there have been any changes, maybe somebody could point them out.
(If you've taken one look at the length of it and are put off, I'll tell you the ending..... it was the butler all along )
HSBC BANK ACCOUNT - OPENING
Open a joint HSBC Online Savings Account (used like a UK online current account)
Open the account whilst in UK. The account will be opened based at their central branch in NSW and stay there even if you change your postal address to another state. So no debits tax if you have the chequebook option.
Should take about 3-4 weeks for whole opening process
Online stuff takes about 15 mins to fill in – then you’re provided with a link to download forms.
ID (passport or birth certificates – one for each of us) need to be verified by my local bank branch (for S21 Proof of Identity Form). This can be done by any staff member at your local HSBC bank (syropes spoke to ‘HSBC here in the UK’ to confirm). They may be hesitant because the form says bank must have known me for 12 months. Having had a relationship with the bank is what counts, not the person signing. The staff member can sign it is because you are known to the bank and have a banking history. You're asking them to sign as an officer of the bank, not personally ( see notes from Jolyn ).
Send snail mail to Oz (note need stamps even though might be freepost). Add covering letter explaining you're moving to Oz, ask for cards and chequebook to be sent to UK address and tell them you have lots of money to transfer to Oz. The account will be opened based at their central branch in NSW and stay there even if you change your postal address to another state. So no debits tax if you have the chequebook option - unlike some other states. (see notes from Jolyn )
HSBC email account numbers a few days after receiving the ID.
Then send $2000 to Oz (be aware of charges – the full $2000 must arrive there).
Cards and chequebook should arrive a week later; PIN numbers a further week (see notes from Jolyn ).
Further info here by Booboo.
HSBC BANK ACCOUNT - USING
You’ll get an ATM card which can be used in EFTPOS machines (if a shop takes credit cards they’ll do EFTPOS – same machine)
If opened in NSW you won’t have to pay the tax on simply having a chequebook facility.
A charge of $1 per cheque written (competitive to others) although cheques are rarely used (see notes from jwatsonoz and Jolyn)
HSBC offer unlimited free EFTPOS transactions, unlimited ATM withdrawals at HSBC ATMs, and 5 free from any other ATM
You only get 5 free non- HSBC ATM withdrawals a month (and there’s only 5 HSBC ATMs in the whole of Victoria). However, you can get cashback when paying by EFTPOS (this does not count as an ATM withdrawal) and you can withdraw money from post offices for free.
Keep the balance above $2000 to get decent rate of interest otherwise it’ll fall to about 0.5%.
You can pay cheques into your HSBC account using the Post Office
JUST SOME ADDITIONAL GENERAL BANKING STUFF
In some states govt debits tax is taken on all transactions from accounts with chequebook facility - not just on cheques from those accounts. NSW has scrapped this tax. You can open an account in one state but live in another. In states with this tax most people will keep little/no money in their cheque account and use a second current account (one without a chequebook is usually referred to as a 'savings' account - 'current' account is not a known expression) for all their day to day banking.
In Australia, payments by credit card or EFTPOS are the most common.
EFTPOS is similar to switch and all the ATM cards all do EFTPOS. The difference in Oz is you don't usually sign for it - you use your PIN number instead. At most shops (and even some market stalls) whatever card you use you're handed a keypad when you pay and you type in your PIN number and press a button for 'cheque', 'savings' or 'credit' account. The downside of using PIN numbers for everything is that things using a signature only like cheques are not widely accepted. Still useful for the occasional thing like leaving a deposit as a sign of goodwill where the cheque won't be banked and will be torn up when you pay the full amount by another means. But you could manage without cheques altogether in Oz (see notes from Jolyn ).
When you put a card into an ATM it will ask you which account you want - cheque, credit or savings. That's because you can have your credit card linked if it's at the same bank so you just use that one card to operate all your accounts - no need for the ATM card. You can transfer money between each of the accounts instantly at the ATM but transfers from your credit card account count as cash advances and incur interest right away
Any utils or company bills will usually have a BPAY account number (electronic transfer). No charge.
Most banks charge more fees than we’re used to (e.g. some charge for simply having the account)
There are often charges for using ATMs from other banks.
Last edited by young_lad; Jun 8th 2004 at 11:48 am.
#5
Guest
Posts: n/a
An excellent reply young_lad
This thread is worth adding to favourites, to refer others to when the question crops up again later.
This thread is worth adding to favourites, to refer others to when the question crops up again later.
#6
Cheques are not commonly used in Australia. The advent of debits tax make cheque accounts less popular.
I have one chequebook, and write a few cheques per year (usually when sending for something in the mail).
Cheque guarantee facilities do not exist in Australia.
Concerning UK bank and credit card accounts - generally it's a good idea to keep them open. A UK credit card will be very useful if you need to use a card before you qualify for an Australian credit card. Such as when hiring a car.
If you do want to keep your bank accounts open in the UK, then it's normally possible to do so. Although you should maintain some activity on the account so the bank doesn't flag it as dormant and close it down. Ostensibly for your 'protection', but a major hassle to get your money back.
There may be tax issues on FX gains and losses if you keep UK bank accounts, but as far as I understand there are exemptions in place for small amounts. Alan Collett is the one to ask about this.
Jeremy
I have one chequebook, and write a few cheques per year (usually when sending for something in the mail).
Cheque guarantee facilities do not exist in Australia.
Concerning UK bank and credit card accounts - generally it's a good idea to keep them open. A UK credit card will be very useful if you need to use a card before you qualify for an Australian credit card. Such as when hiring a car.
If you do want to keep your bank accounts open in the UK, then it's normally possible to do so. Although you should maintain some activity on the account so the bank doesn't flag it as dormant and close it down. Ostensibly for your 'protection', but a major hassle to get your money back.
There may be tax issues on FX gains and losses if you keep UK bank accounts, but as far as I understand there are exemptions in place for small amounts. Alan Collett is the one to ask about this.
Jeremy
Originally posted by young_lad
EFTPOS is similar to switch and all the ATM cards all do EFTPOS. The difference in Oz is you don't usually sign for it - you use your PIN number instead. At most shops (and even some market stalls) whatever card you use you're handed a keypad when you pay and you type in your PIN number and press a button for 'cheque', 'savings' or 'credit' account. The downside of using PIN numbers for everything is that things using a signature only like cheques are not widely accepted. Still useful for the occasional thing like leaving a deposit as a sign of goodwill where the cheque won't be banked and will be torn up when you pay the full amount by another means. But you could manage without cheques altogether in Oz (see notes from Jolyn ).
EFTPOS is similar to switch and all the ATM cards all do EFTPOS. The difference in Oz is you don't usually sign for it - you use your PIN number instead. At most shops (and even some market stalls) whatever card you use you're handed a keypad when you pay and you type in your PIN number and press a button for 'cheque', 'savings' or 'credit' account. The downside of using PIN numbers for everything is that things using a signature only like cheques are not widely accepted. Still useful for the occasional thing like leaving a deposit as a sign of goodwill where the cheque won't be banked and will be torn up when you pay the full amount by another means. But you could manage without cheques altogether in Oz (see notes from Jolyn ).
#7
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Joined: Jan 2003
Location: Down the road, that's where I'll always be
Posts: 467
Originally posted by JAJ
.....
If you do want to keep your bank accounts open in the UK, then it's normally possible to do so. Although you should maintain some activity on the account so the bank doesn't flag it as dormant and close it down. Ostensibly for your 'protection', but a major hassle to get your money back.
....
.....
If you do want to keep your bank accounts open in the UK, then it's normally possible to do so. Although you should maintain some activity on the account so the bank doesn't flag it as dormant and close it down. Ostensibly for your 'protection', but a major hassle to get your money back.
....
#8
She's Diddy, He's Not
Joined: Apr 2004
Location: Gold Coast - just like Felixstowe
Posts: 2,454
Sounds like a really good idea.
I may have missed this in the thread, but do you need an Oz address to open it?
I may have missed this in the thread, but do you need an Oz address to open it?
#9
Originally posted by diddy
Sounds like a really good idea.
I may have missed this in the thread, but do you need an Oz address to open it?
Sounds like a really good idea.
I may have missed this in the thread, but do you need an Oz address to open it?
No Oz address needed.
#10
Forum Regular
Joined: Jan 2004
Location: Melbourne
Posts: 62
Re: HSBC Australian Bank Account
Just phoned HSBC International London, they reckon its not worth opening an account from the UK because it will take 10 - 15 weeks to all go through
they said:-
Take 3 months worth of statements from your UK bank to the Melbourne office
Take a recent utility bill and open the account with that.
Helpful eh?!?!
they said:-
Take 3 months worth of statements from your UK bank to the Melbourne office
Take a recent utility bill and open the account with that.
Helpful eh?!?!
#11
Re: HSBC Australian Bank Account
Originally Posted by young_lad
I've noticed that the day-to-day bank acccount question has been raised in a few threads in recent days.
I guess that you have now saved me the bother!
S
#12
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Joined: Aug 2004
Location: in a place near the river and the sea where the sun always shines
Posts: 3,155
Re: HSBC Australian Bank Account
thanks again abc, as ever
#13
Forum Regular
Joined: Dec 2005
Posts: 40
Re: HSBC Australian Bank Account
I just looked into opening a HSBC account in OZ from here in the UK. Here are my findings:
I rang the HSBC London International Office to be informed that it COULD be worth my while to open a UK HSBC account which would allow me to set up a OZ HSBC account before i leave. It is no longer possible to apply from outside the UK for an OZ HSBC account if your not currently a HSBC customer. The online form for the OZ account now requires you to be a resident in OZ to apply.
The benefits of getting a UK HSBC account are that you can pay £10 per transaction to transfer money between the OZ and UK HSBC accounts. If you do this more than twice a month it would be worth using the PREMIER account service which costs £20 a month, gives you free transfers between the HSBC accounts and loads of other privileges (insurance, discounts).
I've decided to keep my UK accounts open (with Natwest) and just open a HSBC account when i arrive in Perth. They have one branch and one ATM machine. Bonus. Although it would be nice to have an account set up before i leave, it means i could be left with another UK bank account to manage once in OZ and there is no guarantee that it would be set up before i left for OZ anyway.
Hope this is helpful to someone.
Let me know if anyone has any thoughts/experience on this.
I rang the HSBC London International Office to be informed that it COULD be worth my while to open a UK HSBC account which would allow me to set up a OZ HSBC account before i leave. It is no longer possible to apply from outside the UK for an OZ HSBC account if your not currently a HSBC customer. The online form for the OZ account now requires you to be a resident in OZ to apply.
The benefits of getting a UK HSBC account are that you can pay £10 per transaction to transfer money between the OZ and UK HSBC accounts. If you do this more than twice a month it would be worth using the PREMIER account service which costs £20 a month, gives you free transfers between the HSBC accounts and loads of other privileges (insurance, discounts).
I've decided to keep my UK accounts open (with Natwest) and just open a HSBC account when i arrive in Perth. They have one branch and one ATM machine. Bonus. Although it would be nice to have an account set up before i leave, it means i could be left with another UK bank account to manage once in OZ and there is no guarantee that it would be set up before i left for OZ anyway.
Hope this is helpful to someone.
Let me know if anyone has any thoughts/experience on this.
#14
Re: HSBC Australian Bank Account
Originally Posted by camel80
I just looked into opening a HSBC account in OZ from here in the UK. Here are my findings:
I rang the HSBC London International Office to be informed that it COULD be worth my while to open a UK HSBC account which would allow me to set up a OZ HSBC account before i leave. It is no longer possible to apply from outside the UK for an OZ HSBC account if your not currently a HSBC customer. The online form for the OZ account now requires you to be a resident in OZ to apply.
The benefits of getting a UK HSBC account are that you can pay £10 per transaction to transfer money between the OZ and UK HSBC accounts. If you do this more than twice a month it would be worth using the PREMIER account service which costs £20 a month, gives you free transfers between the HSBC accounts and loads of other privileges (insurance, discounts).
I've decided to keep my UK accounts open (with Natwest) and just open a HSBC account when i arrive in Perth. They have one branch and one ATM machine. Bonus. Although it would be nice to have an account set up before i leave, it means i could be left with another UK bank account to manage once in OZ and there is no guarantee that it would be set up before i left for OZ anyway.
Hope this is helpful to someone.
Let me know if anyone has any thoughts/experience on this.
I rang the HSBC London International Office to be informed that it COULD be worth my while to open a UK HSBC account which would allow me to set up a OZ HSBC account before i leave. It is no longer possible to apply from outside the UK for an OZ HSBC account if your not currently a HSBC customer. The online form for the OZ account now requires you to be a resident in OZ to apply.
The benefits of getting a UK HSBC account are that you can pay £10 per transaction to transfer money between the OZ and UK HSBC accounts. If you do this more than twice a month it would be worth using the PREMIER account service which costs £20 a month, gives you free transfers between the HSBC accounts and loads of other privileges (insurance, discounts).
I've decided to keep my UK accounts open (with Natwest) and just open a HSBC account when i arrive in Perth. They have one branch and one ATM machine. Bonus. Although it would be nice to have an account set up before i leave, it means i could be left with another UK bank account to manage once in OZ and there is no guarantee that it would be set up before i left for OZ anyway.
Hope this is helpful to someone.
Let me know if anyone has any thoughts/experience on this.
#15
Re: HSBC Australian Bank Account
Hubby phoned HSBC in London just the other day - they said it takes 6 week to open an account (so we don't have enough time). They said it would be better to open an account once we arrive in Australia. We need 3 months bank statements, a UK utility bill as proof of UK address and a passport. They will open an account within 24hrs.
To open a premier account in the UK you only need £50,000 (touch of sarcasm).
To open a premier account in the UK you only need £50,000 (touch of sarcasm).
Originally Posted by camel80
I just looked into opening a HSBC account in OZ from here in the UK. Here are my findings:
I rang the HSBC London International Office to be informed that it COULD be worth my while to open a UK HSBC account which would allow me to set up a OZ HSBC account before i leave. It is no longer possible to apply from outside the UK for an OZ HSBC account if your not currently a HSBC customer. The online form for the OZ account now requires you to be a resident in OZ to apply.
The benefits of getting a UK HSBC account are that you can pay £10 per transaction to transfer money between the OZ and UK HSBC accounts. If you do this more than twice a month it would be worth using the PREMIER account service which costs £20 a month, gives you free transfers between the HSBC accounts and loads of other privileges (insurance, discounts).
I've decided to keep my UK accounts open (with Natwest) and just open a HSBC account when i arrive in Perth. They have one branch and one ATM machine. Bonus. Although it would be nice to have an account set up before i leave, it means i could be left with another UK bank account to manage once in OZ and there is no guarantee that it would be set up before i left for OZ anyway.
Hope this is helpful to someone.
Let me know if anyone has any thoughts/experience on this.
I rang the HSBC London International Office to be informed that it COULD be worth my while to open a UK HSBC account which would allow me to set up a OZ HSBC account before i leave. It is no longer possible to apply from outside the UK for an OZ HSBC account if your not currently a HSBC customer. The online form for the OZ account now requires you to be a resident in OZ to apply.
The benefits of getting a UK HSBC account are that you can pay £10 per transaction to transfer money between the OZ and UK HSBC accounts. If you do this more than twice a month it would be worth using the PREMIER account service which costs £20 a month, gives you free transfers between the HSBC accounts and loads of other privileges (insurance, discounts).
I've decided to keep my UK accounts open (with Natwest) and just open a HSBC account when i arrive in Perth. They have one branch and one ATM machine. Bonus. Although it would be nice to have an account set up before i leave, it means i could be left with another UK bank account to manage once in OZ and there is no guarantee that it would be set up before i left for OZ anyway.
Hope this is helpful to someone.
Let me know if anyone has any thoughts/experience on this.