timmins family

As we have hsbc account in uk ,i was wondering if doing a straight forward tranfer to a hsbc in ozz really is straight forward.We will be transfering house sale money before we arrive.
Also i have read hundreds of posts saying your credit history does not follow you to ozz,but what if my hsbsc acc in uk has been in the RED for ever and not credited with much ,will hsbc in ozz frown upon this.

nickUK

Unless you have a HSBC Premier account I think you'd just be treated as a new customer, i.e. you close your UK account and open one in Oz.

For existing customers, banks can do their own internal credit checks based on their personal knowledge of how you manage your accounts, but I doubt they'd have their systems integrated worldwide to do this.

hereshoping

Apparently you can pay £100 to transfer your credit history to HSBC Oz, and whatever money you have. Though not sure their exchange rate is the best so we're looking into whether this is worht doing. It might help with getting a mortgage/ credit card over there if you do transfer the history- depends what your history is like here (i.e. do you repay your debts, not is your accoutn in credit)

If you can get an HSBC premier account all of this is free and they just issue you with a new account number. But you need £50,000 in the account for that- we're trying to work out if we will be allowed to open this once we have the proceeds from our house sale in the bank which will get us above the £50,000 mark (our normal balance is not anywhere near this)

simsy

dont bother your hsbc account in the uk will account for nothing in the oz. i know it is advertised as worldwide but when you get to oz and say you have had a uk hsbc account since you were 16 they tell you it doesnt count for anything it is completely separate. dont expect any favours cos you with them in the uk for years. you might as well go with a totally differen acount

fly2hi

Can be about as straight forward as a merry go round gets if you're unlucky/ wrong day.
We were HSBC Premier, wife ex bank etc so know how it works, but when it came to the crunch, (we were doing it from this end), they said they couldn't book a rate for us, when someone else had already said they would, when we transferred 2 lumps to 2 different accounts on the same day we got 2 different rates, difference was a lot of money. Maybe just unlucky but you do need to look at all the other options

Nick11

We were hsbc premier customers and experienced no probs at all. Staff were friendly - had to make quite a few phone calls - but no great dramas.Still classed as premier customers even though we've transferred our money to westpac and got the grand total of 1 pound 26p in their bank!!!!!!!!!!!!

harrip

When I moved from UK to Australia, my UK branch of HSBC provided me with a 'Letter of Introduction' at no cost which I passed to my Australian HSBC branch when opening an account.

gt94sss2

When my parents opened HSBC Premier accounts they were given '6 months free' - i.e. they had 6 months to meet the £50,000 savings/investments requirement.

You may want to see if they still offer that - especially if you are planning to get your house sale proceeds in that time.

I suppose others could open a HSBC Premier account and then open an HSBC account overseas and then 'downgrade' all within 6 months..

Regards
Sunil

bridie

If you want to you can keep your UK account open - comes in handy if people want to pay cash in for you

ray2gill

We have just looked into this and they charge you for everything. You have to open the account with a large amount, the interest rates are poor too.

hereshoping

well they don't charge for moving money overseas- though as I say whether we use them for that will depend on what the exchange rate they offer is like.

We wouldn't stay as premier customers I wouldn't have thought, but it might be easier when we set up. We might stay with HSBC as it's fee free current account banking unlike most of the other banks.

They have indicated we can send over our credit history and get a credit limit to the same value as we have in this country at the begining, I know some poeple have probs getting credit cards when they first move so this could be worthwhile.