I_Will_Freckle

I'm in the process of setting up banking accounts and had chosen the commonwealth. It seems that we have to open a transfer account with them too. When I explained that I'd rather use Ozforex the guy said just to transfer a nominal amount, say £500 and that will open my account in Oz. then I can use whoever I want to transfer money. Thing is for transfers under £30000, there is a processing fee of £15. Seems a bit of a waste when I could go with Westpac instead...

GinaUK

Yep. Go with Westpac instead .

And for transferring small amounts go with Tranzfers (fee £7 or A$15 depending in which direction you're transferring money).
For large transfers go with HiFX or Ozforex.

Gina

spottydog

When I opened my account with commonwealth whilst they provided the transfer account you didn't have to use it and you could set up the account with no money. I transferred my money to it via a broker friend of a friend with no problem.