Multi currency Accounts
 

Could anyone give me any advice/information regarding multi-currency accounts. Can you open a multi-currency account in Australia before leaving the UK to hold British pounds to convert them when required or when the exchange rate is right.

Many thanks

Re: Multi currency Accounts
 

I think you have very limited options for opening up accounts in Australia before leaving the UK, let along multi-currency ones. Even the Commonwealth Bank of Australia London migrant branch method will not allow that, as your money is put in some kind of holding account prior to arrival in Australia. If you insist on having the account in Australia then maybe try HSBC, though the lead times for account set-up will be long.

I did wonder why you wanted the account in Australia. Why don't you just have a currency account in the UK? Ultimately, it is just an account, and the UK account will probably have lower charges attached to it, and you would earn interest UK tax free when you became resident in Aus.

Neil

Re: Multi currency Accounts
 

HSBC do an account that you can open in the UK (normal UK account). Then they have an international account which you can keep your money in GBP, and also have an AUD money separate. Don't know the ins and outs but have heard good reports about it.

Handy for keeping your money in GBP until the rate improves, and then you can transfer to aussie account (bit by bit if desired)

Re: Multi currency Accounts
 

Australian tax residents are liable to tax on worldwide income, whether brought into Australia or not.




Jeremy

Re: Multi currency Accounts
 

we were due to pay our $100.00 bond and had already arranged a xfer into A$'s for a set date thru HIFX when we found out that we didnt have to pay it! so we opened an acct with Commonwealth in London and Perth and xferred the money straight into the perth branch before we arrived ( the london branch can hold £sterling until such time as we wish to xfer into A$'s)

hope this helps :)

Re: Multi currency Accounts
 

Just in the process of opening a HSBC account in Oz. You need to score 100 points to qualify.....
Passport or birth certificate = 70 points
Overseas driving licence = 25 points
Marriage Certificate = 25 points
ATM card = 25 points
Credit card (different bank to ATM) = 25 points

Requirements NO EXCEPTION'S....
Names on all ID to be the same and no initials except middle name
Must include at least 1 ID with photograph
Front and back of driving licence must be photocopied
Front and back of any card must be photocopied
All documents not in English must be translated and certified by HSBC staff.

All document need to be photo copied and certified by HSBC staff and they need to see all names on the account(s) to verify the signatures.

Hope this helps? Where meeting the bank manager tomorrow at 2.30pm if any problems to report, I'll post them.

Neil.

Re: Multi currency Accounts
 

Thanks for your replies. We are looking into opening Commonwealth bank accounts one in London for holiding £ until we wish to convert at a later date to $ and an account in Oz for the $ we are taking over.