AshyB

We're in the process of migrating (i.e. app has been sent off) but I'd like to move some money across now because I can't see the $ getting much stronger (I hope I'm wrong) between now and summer (when we plan to go).

Questions is; what is the "best" bank to go to and will let you open an account from the UK?
A lot of the Aus banks are asking for an Australian address.

I know Westpac and Comm Bank have "migrant" services and will let me open an account, but their rates don't seem to be the best not to mention monthly charges (albeit fairly small charges).

Given that the federal rate is 6.75% - I'd expect at least that as a interest rate on a savings account.

Anybody out there who can point me in the direction of a "good" current and savings account?

paul30

I opened an NAB account online in the uk. You can pay money in once it's opened but before you can withdraw or get a card you have to go into the bank with ID once you get there ( I fully activated my account on a recent reccie) don't know a great deal about them but the guy I dealt with in melbourne was great and because I'm not over there fully yet he gave me a savings account with card which can be used for eftpos (switch) transactions but no monthly fee and when I move over and get a job they will give me the full cheque account.
Hope that helps
My interest rat is 6.55% pa on this account

AshyB

Thanks Paul.

The WestPac account is similar in that I can put money in, but I need to go to a branch in Aus to ID myself before I can take any money out.

paul30

they'll all be like that it's a security thing.
I initially chose nab as it owns my uk bank and I never had a problem with them. my sister who's already in Aus is with commonwealth bank and seems happy with them.

AshyB

It does make sense to have some security around withdrawals...
(just hope we get our visas and don't have to make a trip to Aus just to get our money back )

paul30

that would be a downer (not getting your visa that is not the having to make a trip to aus)

JoolsB

Hi. Just so you know you can actually go to Westpac's London office (make an appointment) with passport and credit card etc and they can do the ID bit to activate your account for you before you leave. They do have to send it off to Aus thru internal mail so it takes a couple of weeks.

Also, you can call telephone banking in Aus and ask to be put thru to your branch and order your debit cards before you go-they take 7-10 days to arive at branch so if you need them to be available for pickup when you arrive this is good.

Sooty and Sweep

Opening a Westpac account over the phone.

+61 2 9293 9270

http://britishexpats.com/forum/showthread.php?t=452418

Then validate in the UK

Westpac's London switchboard: (020) 7621 7000

There is also an email address:
[email protected]

Postal address:
Migrant Banking, Level 2
63 St Mary Axe
London EC3A 8LE

Rates

http://www.westpac.com.au/internet/p...est+comparison

Then when you fly to OZ and open this, so then transfer your funds over asap!

BankWest TeleNet Saver 7.20%

http://www.abetterdeal.com.au/index.asp

Open when in OZ!

http://www.bankwest.com.au/Personal/...ply/index.aspx

Easy!

Make sure you open a Maxi savings account when you open the tranaction account with Westpac; so make sure you put all your funds in the Maxi savings account so to get the interest rate. Do not put all you funds in your transaction account, as you will not be able to move the funds over to your Maxi savings account until you have validated the account. So you will stuck with a crap interest rate until you make the trip to Londaon or fly out to OZ?

When in OZ, you can then open the BankWest TeleNet Saver 7.20%, good rate, but you cannot open it in the UK.

AshyB

blimey it is easy once you put it like that

Cheers!

Sooty and Sweep

With Westpac i would pay the $5 charge per month for the Choice transaction account, so leave just 60 dollars in there to keep it open for one year; why because the interest lost on the $3000.00 needed to be held in the Choice transaction account so not to incur the charge is greater than the yearly charge of $60.00?

http://www.westpac.com.au/internet/p.../PBTSET+Choice

Also not bad if you have over $500,000.00

The Online Savings Account from HSBC

http://www.hsbc.com.au/1/2/personal/...online-account

6.40% p.a on deposits greater than $500,000

AshyB

Thanks for the info Sooty (or are you Sweep?!?!)
Little bit confused by the comment in red;
are you saying:
1) leave $10 in the Choice account and pay the $5 monthly fee? but then this would mean leaving at least $60 (to cover 1 year's worth of charges) am i right?
or
2) leave the $3000 needed so that you don't get charged $10 per month?

Sorry - it's been a long day and i'm a bit brain dead now!

Sooty and Sweep

1) Leave $60 in the Choice account and pay the $5 flat monthly fee? (to cover 1 year's worth of charges) am i right?


Yes you are correct! Do the above.

AshyB

makes much more sense 1st thing in the morning

s1mon321

How much are people being charged to transfer money from a UK bank to an Aussie one? I've just transferred some cash from First Direct (HSBC) to ANZ and they charged me £21 to do it!! Not sure if ANZ will want their slice too?

AshyB

Simon, you're probably better off using a specialist foreign exchange company rather than your bank to transfer money.

try
ozforex
hifx
currencies direct