wavy_davy

Hi everyone! We have decided to open an HSBC account - for ease because we bank with them over here and like their online banking.

We have decided to open up an 'online savings account' and use this like we would a current account here in the UK. We will also open up a serious savers account for any stash we may have!

Somewhere in the back of my head I remember reading on here that if you have an account with a cheque book you get done for a government debit tax (I wrote myself a note about this) but I can't see anything in any of the HSBC documentation. Is this still current? If it is does anyone know if we can request that we don't have a cheque book.

Hope this makes sense! Please reply if you can help us!
Katy & Dave x

gedge

Don't know anything about said tax.
We've two HSBC OS accounts both with cheque books.

Pomster

I think debit tax was finally phased out a year after GST came in- so sometime in 2001.

gedge

ah so they just renamed it, clever them politicians, very clever

ABCDiamond

I remember at one stage that people in QLD were paying the debits tax on Bank Accounts with Cheque books, but those in NSW weren't.

I opened my account in NSW, but now live in QLD, and didn't pay anything.

Debits tax was introduced in 1982 and was charged on all accounts with cheque book facilities, but by 1 July 2005 it had been abolished by ALL States.

NSW was the first to abolish it on July 1st 2001, the last of the States did it in 2005.

A dogs life

http://www.broking.hsbc.com.au/public/fees.html

ABCDiamond

You missed a bit, "the ** explanation": ** BAD Tax is not applicable in NSW.


QLD:
Debits tax abolished effective on and from 1 July 2005
The Debits Tax Repeal Act 2005 commenced on 1 July 2005 ,abolishing debits tax in Queensland on and from that date.

http://www.osr.qld.gov.au/taxes/debits/index.htm

A dogs life

HSBC need to update their website then. Will you tell them or shall I

wavy_davy

LOL Bad Tax! Thanks for clearing this up. Cheque books are handy for pizza delivery hey!

wavy_davy

Just a quick update. Hubby & I went into our local HSBC this afternoon (Romsey) and we spoke to such a helpful girl! I know we shouldn't sound surprised but we were there for 2 hours and got EVERYTHING sorted out! We closed down bank accounts; transferred funds around; got info on how to transfer child trust fund to HSBC so we have everything in one place; found out we can have an account in the UK with an Oz address; got the form to complete as a non taxpayer in the UK; set up a fax form thingy so they can accept instruction from us over the fax; we completed the forms to open an Oz account; she certified all the relevant docs for this account; she confirmed a long list of questions with international banking; and investigated the rates with the brokers (do we transfer with HSBC or HIFX - HSBC said HIFX did do better rates); and to top it all we have her personal email address in case we need to contact her from abroad!

Do you think she was gunning for a holiday????
HSBC get a thumbs up from us today!

deanmhunt

Excellent news as we 2 bank with them and was thinking of opening new accounts now as we have been told it looks good if you have accounts for about 6 months before you get there, thanks for that.xx Very helpful

stokesy43

Yes we had a similar experience thoroughly recommend them. Our confirmation of account opening letter came 2 or 3 weeks later.

ABCDiamond

My UK HSBC bank manager even phoned me in Australia to keep me up to date with a transfer process to my OZ HSBC account.