Go Back  British Expats > Living & Moving Abroad > Australia
Reload this Page >

Multi currency Accounts

Multi currency Accounts

Old Nov 26th 2005, 7:49 pm
  #1  
Just Joined
Thread Starter
 
Joined: Jul 2005
Posts: 6
Bella2005 is an unknown quantity at this point
Default 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
Bella2005 is offline  
Old Nov 26th 2005, 9:52 pm
  #2  
BE Enthusiast
 
Joined: Apr 2003
Location: West Melbourne
Posts: 462
wongstonn is just really nicewongstonn is just really nicewongstonn is just really nicewongstonn is just really nicewongstonn is just really nicewongstonn is just really nicewongstonn is just really nicewongstonn is just really nice
Default Re: Multi currency Accounts

Originally Posted by Bella2005
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
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
wongstonn is offline  
Old Nov 26th 2005, 10:31 pm
  #3  
is happy to be here :)
 
Tiawamutu's Avatar
 
Joined: Mar 2005
Location: Somerly, Perth
Posts: 4,800
Tiawamutu has a reputation beyond reputeTiawamutu has a reputation beyond reputeTiawamutu has a reputation beyond reputeTiawamutu has a reputation beyond reputeTiawamutu has a reputation beyond reputeTiawamutu has a reputation beyond reputeTiawamutu has a reputation beyond reputeTiawamutu has a reputation beyond reputeTiawamutu has a reputation beyond reputeTiawamutu has a reputation beyond reputeTiawamutu has a reputation beyond repute
Default 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)
Tiawamutu is offline  
Old Nov 27th 2005, 2:06 am
  #4  
JAJ
Retired
 
JAJ's Avatar
 
Joined: Apr 2004
Posts: 34,649
JAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond repute
Default Re: Multi currency Accounts

Originally Posted by wongstonn

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.

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




Jeremy
JAJ is offline  
Old Nov 27th 2005, 10:28 am
  #5  
sheila and joe
 
Joined: Oct 2005
Location: perth
Posts: 19
joe and sheila will become famous soon enough
Default Re: Multi currency Accounts

Originally Posted by Bella2005
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
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
joe and sheila is offline  
Old Nov 27th 2005, 2:26 pm
  #6  
Hillarys, Perth
 
Joined: Mar 2005
Location: Hillarys, Perth.
Posts: 1,094
h2oskineil has a reputation beyond reputeh2oskineil has a reputation beyond reputeh2oskineil has a reputation beyond reputeh2oskineil has a reputation beyond reputeh2oskineil has a reputation beyond reputeh2oskineil has a reputation beyond reputeh2oskineil has a reputation beyond reputeh2oskineil has a reputation beyond reputeh2oskineil has a reputation beyond reputeh2oskineil has a reputation beyond reputeh2oskineil has a reputation beyond repute
Default Re: Multi currency Accounts

Originally Posted by Tiawamutu
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)
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.
h2oskineil is offline  
Old Nov 27th 2005, 3:36 pm
  #7  
Just Joined
Thread Starter
 
Joined: Jul 2005
Posts: 6
Bella2005 is an unknown quantity at this point
Default 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.
Bella2005 is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us Archive Advertising Cookie Policy Privacy Statement Terms of Service

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.