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Opening a Commonwealth Bank Account

Opening a Commonwealth Bank Account

Old Nov 8th 2004, 12:55 pm
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Default Opening a Commonwealth Bank Account

Hi Everyone

I am contemplating opening a commonwealth bank account. I decided on this one as opposed to HSBC due to comments on this site and my uncle in Frankston recommends Commonwealth.

Can those of you who have already opened an account pls provide some advice.....

1. When is the best time to open an account? 6 months prior to going...3 months...1 month?
2. If I have a PR visa do I still need to get copies certifed etc and if so who by? I would really like to avoid paying even more fees out after getting my pr
3. How much do I need to open the account?
4. When I eventually do cash transfer from sale of our house do I have to use commonwealth to do it or can I use eg hifx?
5.What are the benefits of getting a bank account opened in the uk as opposed to waiting until I arrive in Australia?
6. What type of account do I need to open for migrant banking?
7. Are those of you who have a commonwealth bank account happy with it?

Sorry for such a lot of questions. I do have a pack and have read info but still feel a little confused. Any clarity would be appreciated.
Irene
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Old Nov 8th 2004, 1:07 pm
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Default Re: Opening a Commonwealth Bank Account

Originally Posted by parkhigh
Hi Everyone

I am contemplating opening a commonwealth bank account. I decided on this one as opposed to HSBC due to comments on this site and my uncle in Frankston recommends Commonwealth.

Can those of you who have already opened an account pls provide some advice.....

1. When is the best time to open an account? 6 months prior to going...3 months...1 month?
2. If I have a PR visa do I still need to get copies certifed etc and if so who by? I would really like to avoid paying even more fees out after getting my pr
3. How much do I need to open the account?
4. When I eventually do cash transfer from sale of our house do I have to use commonwealth to do it or can I use eg hifx?
5.What are the benefits of getting a bank account opened in the uk as opposed to waiting until I arrive in Australia?
6. What type of account do I need to open for migrant banking?
7. Are those of you who have a commonwealth bank account happy with it?

Sorry for such a lot of questions. I do have a pack and have read info but still feel a little confused. Any clarity would be appreciated.
Irene
Hi
1-Anytime before you go, London transfer your money when you tell them to
2-not sure will ask hubby
3-I think you don't need to deposit any money to open an account
4-We used them-even to change our money as they were very competitive.
5-I definitely would do it as your account is all ready when you arrive
6-They have a special account for migrants
7-We have just had approval for mortgage from them and are very happy
with them
Hope this helps, Karen

Last edited by Muzzman; Nov 8th 2004 at 1:10 pm.
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Old Nov 8th 2004, 1:32 pm
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Smile Re: Opening a Commonwealth Bank Account

Hi Karen

Thanks for all your answers I much appreciate it. After alll the visa bits and pieces my mind has gone to mush...

Irene
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Old Nov 8th 2004, 1:39 pm
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Default Re: Opening a Commonwealth Bank Account

Hey Irene,

We have been with CBA for 2+ years and cannot fault them. There is a
department in a Sydney main branch which deals specifically with
immigrants. We set up our CBA account whilst living in the USA, we
have a Cash Management Account, this account gives us an ATM/debit
card and although it gives rubbish interest so long as you have a
"relationship" with them, that is over $20,000 in some other account
(we have a term deposit account) there are only charges if you go
over 15 ATM withdrawals a month. I also have an ING account which
does pay decent interest and I just flick my "working" money back and
forth as I need it.

When you set your account up get their Internet banking service, I
pay all my bills through it using Bpay.

One thing you should do as soon as your house money comes through
is to apply for their credit card, bear in mind that you will have NO
credit rating when you arrive in OZ so getting a credit card might be
difficult. CBA authorised ours straight away and again because we have
more than $20,000 with them there's no charge for the card.

As far as paying money in, we simply write cheques from our US and
British banks (we're brits but lived in the US for a number of years),
there's a $10 clearing charge and the rate is what it is on the day
you pay your cheque in however, there's a 30 day wait for your funds
to be available.

I don't know the minimum required to open an account I think we
opened ours with a $1,000.

I would definately open your account before arriving in OZ, once you
step off that plane at least you know you can go withdraw cash right
away and, you've also started building a relationship with the Bank.

Hope this helps.

Bob


Originally Posted by parkhigh
Hi Everyone

I am contemplating opening a commonwealth bank account. I decided on this one as opposed to HSBC due to comments on this site and my uncle in Frankston recommends Commonwealth.

Can those of you who have already opened an account pls provide some advice.....

1. When is the best time to open an account? 6 months prior to going...3 months...1 month?
2. If I have a PR visa do I still need to get copies certifed etc and if so who by? I would really like to avoid paying even more fees out after getting my pr
3. How much do I need to open the account?
4. When I eventually do cash transfer from sale of our house do I have to use commonwealth to do it or can I use eg hifx?
5.What are the benefits of getting a bank account opened in the uk as opposed to waiting until I arrive in Australia?
6. What type of account do I need to open for migrant banking?
7. Are those of you who have a commonwealth bank account happy with it?

Sorry for such a lot of questions. I do have a pack and have read info but still feel a little confused. Any clarity would be appreciated.
Irene
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Old Nov 8th 2004, 1:47 pm
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Default Re: Opening a Commonwealth Bank Account

[QUOTE=parkhigh]Hi Everyone

Not to confuse the issue but we have an account with National Australia Bank which we opened from the UK. We DO NOT have a limit on atm withdrawls or transactions. The online banking facility is excellent. Cannot fault them. They have ATMS and branches just about everywhere you go.

We also opened a Commonwealth a/c and closed it when we got here after waiting a week for them to give us our money back.

Maxine
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Old Nov 8th 2004, 1:52 pm
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Default Re: Opening a Commonwealth Bank Account

Commonwealth Bank, Financial and Migrant Section, Senator House, 85 Queen Victoria St, London EC4V 4HA, Tel: 0207 710 3990. We've dealt with them for many years (to transfer to a Melbourne CBA account). Give them a ring and they'll answer all your questions and give you an excellent service. If you want someone to talk to direct, phone Susan Pieromaldi on 0207 710 3992 (3990 is the main switchboard) and tell them she was highly recommended by a previous customer!

OzTennis
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Old Nov 8th 2004, 4:47 pm
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Default Re: Opening a Commonwealth Bank Account

If you go on the Commonwealth Bank website you will see that they have a sort of roadshow. They visit the major UK cities. If you book yourself into one of those sessions you can take you passport, utility bill, bank statement and photocopies and they will sign them themselves, i.e., you don't need to get them certified first. They have opened my account (just had the details this week) with no money. I just need to put some in when I am ready. I am planning to go out June 05. quite straightforward and simple. they can give you loads of advice when you meet them and suggest the right account for you.
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Old Nov 8th 2004, 6:12 pm
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Default Re: Opening a Commonwealth Bank Account

Originally Posted by parkhigh
Hi Everyone

I am contemplating opening a commonwealth bank account. I decided on this one as opposed to HSBC due to comments on this site and my uncle in Frankston recommends Commonwealth.

Can those of you who have already opened an account pls provide some advice.....

1. When is the best time to open an account? 6 months prior to going...3 months...1 month?
2. If I have a PR visa do I still need to get copies certifed etc and if so who by? I would really like to avoid paying even more fees out after getting my pr
3. How much do I need to open the account?
4. When I eventually do cash transfer from sale of our house do I have to use commonwealth to do it or can I use eg hifx?
5.What are the benefits of getting a bank account opened in the uk as opposed to waiting until I arrive in Australia?
6. What type of account do I need to open for migrant banking?
7. Are those of you who have a commonwealth bank account happy with it?

Sorry for such a lot of questions. I do have a pack and have read info but still feel a little confused. Any clarity would be appreciated.
Irene

We opened one in September when we were over on our recce with no hassles. $10 deposited into the account and only proof of ID we needed was passport. Used friends address in Adelaide. She forwarded bank cards to UK and we activated them over the phone. Very easy and straightforward.
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Old Nov 8th 2004, 8:16 pm
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Default Re: Opening a Commonwealth Bank Account

I agree with you max,

the national have just released two new accounts one you pay a flat monthly fee of $5 , the other a flat fee of $3 per month.
All the other banks set the number of transactions you can make for free and hammer you if you go over that
www.national.com.au











[QUOTE=maxpaxx]
Originally Posted by parkhigh
Hi Everyone

Not to confuse the issue but we have an account with National Australia Bank which we opened from the UK. We DO NOT have a limit on atm withdrawls or transactions. The online banking facility is excellent. Cannot fault them. They have ATMS and branches just about everywhere you go.

We also opened a Commonwealth a/c and closed it when we got here after waiting a week for them to give us our money back.

Maxine
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Old Nov 8th 2004, 9:38 pm
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Default Re: Opening a Commonwealth Bank Account

Originally Posted by parkhigh
Hi Everyone

I am contemplating opening a commonwealth bank account. I decided on this one as opposed to HSBC due to comments on this site and my uncle in Frankston recommends Commonwealth.

Can those of you who have already opened an account pls provide some advice.....

1. When is the best time to open an account? 6 months prior to going...3 months...1 month?
2. If I have a PR visa do I still need to get copies certifed etc and if so who by? I would really like to avoid paying even more fees out after getting my pr
3. How much do I need to open the account?
4. When I eventually do cash transfer from sale of our house do I have to use commonwealth to do it or can I use eg hifx?
5.What are the benefits of getting a bank account opened in the uk as opposed to waiting until I arrive in Australia?
6. What type of account do I need to open for migrant banking?
7. Are those of you who have a commonwealth bank account happy with it?

Sorry for such a lot of questions. I do have a pack and have read info but still feel a little confused. Any clarity would be appreciated.
Irene

Hi Irene,
It seems all your questions have been answered excpet No 2 - how to avoid costs for certified copies.
We have recently opened a migrant account with the Commonwealth Bank and my hubby got his passport (with the visa label) certified by his own bank (Halifax) for no charge at all.
We also opened this account with no deposit at all.
Hope this helps and good luck.
Shell
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Old Nov 9th 2004, 12:31 am
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Default Re: Opening a Commonwealth Bank Account

Originally Posted by melbournehelp
I agree with you max,

the national have just released two new accounts one you pay a flat monthly fee of $5 , the other a flat fee of $3 per month.
All the other banks set the number of transactions you can make for free and hammer you if you go over that
www.national.com.au
Avoid using 'foreign' ATMs
Not just overseas banks, but also the ATMs of local banks other than your own. The fee for an ATM withdrawal is usually steep and not counted among any free transactions.

I've just looked at a few of the Transaction fee FREE accounts, and most are only for their own ATM's by the looks of it.

The National Bank charge $1.50 for each "Other Bank" ATM transaction
St George Bank also charge $1.50
HSBC (first 5 free) then $2 each. But if you withdraw Cash from a Post Office, with your ATM card it seems to be free. (page 6 on their fees guide)
Commonwealth Bank also $1.50
 
Old Nov 9th 2004, 8:26 am
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Default Re: Opening a Commonwealth Bank Account

Originally Posted by ABCDiamond
Avoid using 'foreign' ATMs
Not just overseas banks, but also the ATMs of local banks other than your own. The fee for an ATM withdrawal is usually steep and not counted among any free transactions.

I've just looked at a few of the Transaction fee FREE accounts, and most are only for their own ATM's by the looks of it.

The National Bank charge $1.50 for each "Other Bank" ATM transaction
St George Bank also charge $1.50
HSBC (first 5 free) then $2 each. But if you withdraw Cash from a Post Office, with your ATM card it seems to be free. (page 6 on their fees guide)
Commonwealth Bank also $1.50
Commonwealth has so many ATM's that it is unlikely you will have to pay $1.50 very often for using a non-Commonwealth ATM and $1.50 is only 60p after all. Ditto NAB, ANZ etc who have plenty of ATM's. What I would consider carefully is whether I would want a bank which doesn't have an extensive branch network. That is where real foreign banks (such as HSBC) are at a disadvantage. If however you do everything electronically and using ATM's then it doesn't particularly matter.

OzTennis
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Old Nov 9th 2004, 9:23 am
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Default Re: Opening a Commonwealth Bank Account

Hello Everyone
Thank you ever so much for all of your replies it has really helped. I think I will myself into a roadshow (thank you for that info) and I will definately open an account prior to going (that seems to be the general consensus).

The majority of you appear to be happy with your account. We hope to go early next year (as soon as the house sells) and live in the langwarrin/south frankston area. Those of you living there are there plenty of commonwealth atms etc so charges will be reduced?

Thanks again for all your help and thoughts it is much appreciated!!!
Irene
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Old Jan 28th 2005, 8:48 pm
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Default Re: Opening a Commonwealth Bank Account

Every now and again I read a thread that is months old and suddenly springs back into life and I wonder why. Well that is exactly what I am doing now as this old thread is very good but I just want to clarify one point.

We have only just sent off our visa application but are already thinking about opening an Aus$ bank account. (There will be plenty to do once we have the visa so I am trying to do what I can now).

I have decided to go with Commonwealth Bank as it seems easiest, they have a large network and they were great with us when we were out there (unlike HSBC before we went). I even work in an office full of accountants so no problem getting certified copies.

The question is (finally ) - Can I / Should I open an account with them now without a visa when it could be many months before we actually emigrate?
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Old Jan 29th 2005, 7:37 am
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Default Re: Opening a Commonwealth Bank Account

[QU

The question is (finally ) - Can I / Should I open an account with them now without a visa when it could be many months before we actually emigrate?[/QUOTE]
Worzel
I think you may need the visa, though you can check this with them. When I went to the roadshow in Manchester they asked to see my passport and the visa in it.
Sue
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