kitkatz

For anyone that's interested I have had the following email from HSBC in Australia in reply to my query on how to open a Bank Account before I leave the UK:

You can do this by visiting your local branch that will have the account opening forms for an Online Savings Account, or request your branch to arrange the forms from the International Business Center of HSBC in London. Once forms are completed the branch can return them to the IBC for onward transmission to me. Please include a check for AUD 2000 as the minimum initial deposit-this is preferred.

a1macc

You can also open this account online at www.hsbc.com.au

You fill out the online application, print off the documents to sign, get them signed in the UK by an authorised person (a HSBC branch should do it) and then post them off. I have done all this and am now just waiting for the account details to come through. Have also found the HSBC Customer Service helpline in Australia very helpful and responsive.

Rob

In <[email protected]> kitkatz wrote:
    > For anyone that's interested I have had the following email from HSBC in Australia
    > in reply to my query on how to open a Bank Account before I leave the UK:
    > You can do this by visiting your local branch that will have the account opening
    > forms for an Online Savings Account,

HSBC in Aus assume a lot of HSBC in the UK.

I went into my local UK branch of HSBC and the rep had no idea about how to verify my
ID for an Aus account. She phoned someone (head office I presume) and read the
paperwork I brought with me then politely refused to sign the ID paperwork because it
said she must know me for 12 months.

I emailed HSBC.au again and they said the 12 month rule doesn't apply to bank staff
(so why the hell don't they state that on the form ???). I took the forms back a week
later and got them signed by another member of staff who read the "12 month" rule out
to me but took my word for it that Aus don't mind.

I sent the forms off last week and have heard nothing and now my email enquiries go
unanswered.

Despite these annoyances, I would recommend all PR visa applicants to get an Oz
online savings account ASAP, even if you don't think you need one yet. If you want to
take advantage of a good exchange rate, it's recommended to have an Aus$ account to
put the money into.

a1macc

Rob

It must come down to who you speak to in the branch, as I had no hassles, they signed immediately. I have also had a good response to my emails........I guess everyone has different experiences. It is worth pursuing though, as you say you need an account to get your dollars into, and it seems that this account with HSBC is one of the very few (if only not one) that gives Fee Free banking AND a decent interest rate on the full balance.

geehaf

Any ideas of the TAX (both UK & Oz) implications of opening a bank account in Oz whilst still residing in the UK ?

G

Claire

I actually banked with HSBC in England and so when we arrived in Perth I opened an account with them here too. The online savings account is very good and pays approx 4.5% interest on balances over $2,000.

Despite a few teething problems with actually getting the online registration details to work everything is now fine. Some petrol stations do not accept the EFTPOS card for some reason but if you have a credit card this isn't a problem.

Claire
xx

kitkatz

Well that was quite straightforward - I registed for the Online Savings Account online, and was given a reference number. I then printed off the Idenification form and took it into my local branch with my passport where they verified that they have known me for 6 years. So far so good...

Alan Collett

Assuming you are in the UK, interest paid to you while you are non-tax resident in Australia:

1. Will have tax deducted by the Aussie bank at 10%.
2. Will be taxable in the UK - so if you are a basic or higher rate tax payer you will have additional tax to pay on the interest you receive.

Best regards.