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Opening Oz Bank Account whilst in UK?

Opening Oz Bank Account whilst in UK?

Old Dec 6th 2003, 8:50 am
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Default Opening Oz Bank Account whilst in UK?

Hello guys its been a little while since I have posted a message here, infact I think this may be the first time I have posted one on the Lifestyle and Culture board!

Just a quick question that was prompted by the OZ program on telly recently (the one with that 'orrible woman in), they raised the point about not even being able to get any credit so was wondering whether its possible to open up an Oz bank account whilst living in the UK and start depositing money in the account to at least generate some form of activity (just noticed all the punctutation has dissapear anyone trying to read this breath now..breath) :-)

Anyway any advice would be much appreciated.

Ta very much.
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Old Dec 6th 2003, 8:59 am
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hi mr fibble...long time no see!!!

we opened a bank account no problem while still in the uk. we got the bank manager in uk to help us fill it all out just to make sure that we didnt make a mistake,.
I dont know about keeping making a deposit though as perhaps you may be charged a fair amount of tax, depending how much you have in your account ofcourse. the only reason i say this is cos we hadnt told our bank our tax file number before we got our first statement and we were charged a lot. we then told them later and the lady at the bank told us that the tax charges would go down now! As you are still in the uk you will not be able to have a tax file number (you cant apply until here) so just bear that in mind...
someone will correct me if im wrong!
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Old Dec 6th 2003, 9:11 am
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I dont understand why people have so much trouble getting credit when they first arrive...so far we have bought a car (admittedly 50% deposit was put down), got mobile phones, and was told by a large furniture store that we wouldnt have a problem getting anything on credit, and we have only been here 4 weeks!! Maybe we have just been lucky...

we also had no problems whatsoever getting car insurance even though we dont have Australian licences yet.

As for banks and credit cards...we are still using our one from NZ.. we have visa card. The only sticking point so far is getting a mortgage...we have to show that we have been able to save money for 3mths..this is with the commonwealth bank. They said it doesnt matter whether the money is in their account or overseas, as long as we can prove it with statements etc.
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Old Dec 6th 2003, 10:18 am
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"The only sticking point so far is getting a mortgage...we have to show that we have been able to save money for 3mths..this is with the commonwealth bank. They said it doesnt matter whether the money is in their account or overseas, as long as we can prove it with statements etc."

How bizarre, I would have thought that the reverse was true for the first few months with all the expenditure. Did they not ask for a budget forecast? I've done one already although it makes for fairly grim reading!
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Old Dec 6th 2003, 10:47 am
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Ello yvsie!!!....its been ages since I have spoken to you! How are things going down under?

I havent been on the forums much since I got my visa, occasionally putting my two penneth in on the Immigration forum and just lurking around this one occasionally.

Thanks for the advice, which bank did you go with in the end?
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Old Dec 6th 2003, 10:55 am
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Hello,
I asked this question a couple of weeks ago and was given the advice that you can open an on-line account with hsbc fairly easily. www.hsbc.com.au. Have now done this, it was very straight forward, dont know if it will help in terms of credit rating when we get there but its one more job ticked off the list!
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Old Dec 6th 2003, 1:11 pm
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went with hsbc but opened a savings account...
now in the process of changing to an online savings account(no cheque book with this but all 'switch' or eftpos as it is called here are free...only 6 per month with savings account)
.... i thought that because i had set up online 'access' it was the same but it isnt...so just check.
the reason that im changing it is becasue the charges are much less than with an ordinary savings account.
there is only a branch of hsbc in perth itself but you can pay in money via the post office here free of charge. you can have a cheque made out(bit like postal order in uk)..but there is a fee for that....only prob is when cheques for large sums like when buying a car or house we needed a bankers cheque and had to trail into perth itslef for them...
other banks include commonwealth bank, anz bank.....im sure there are loads of others!!!
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Old Dec 6th 2003, 11:08 pm
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Originally posted by yvsie
went with hsbc but opened a savings account...
now in the process of changing to an online savings account(no cheque book with this but all 'switch' or eftpos as it is called here are free...only 6 per month with savings account)
.... i thought that because i had set up online 'access' it was the same but it isnt...so just check.
the reason that im changing it is becasue the charges are much less than with an ordinary savings account.
there is only a branch of hsbc in perth itself but you can pay in money via the post office here free of charge. you can have a cheque made out(bit like postal order in uk)..but there is a fee for that....only prob is when cheques for large sums like when buying a car or house we needed a bankers cheque and had to trail into perth itslef for them...
other banks include commonwealth bank, anz bank.....im sure there are loads of others!!!
Hi,
I have a HSBC online account here in OZ, and I got a cheque book with it. I didnt expect one, and I later assumed i had read the info wrong, when I had applied.
it might be worth an email to them to ask if one is available.
 
Old Dec 6th 2003, 11:11 pm
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More details, I just checked.

HSBC Online Savings Accounts

The Online Savings Account from HSBC offers you a competitive interest rate and fee-free banking options to help you reach your savings goal sooner.

Here is what you get:

A high 4.30% p.a. interest rate
Fee-free internet banking options
Unlimited HSBC ATM transactions
Five free ATM transactions per month, at any bank ATM2
Free BPAY bill payments, EFTPOS and GiroPost access
Free Telephone Banking access
Cheque book option *
Instant access to withdrawals
Interest calculated daily and paid monthly
No minimum balance after opening
Link to your online broking, managed funds or margin lending accounts

Funds can be accessed at over 7000 ATMs, 150,000 EFTPOS and at 2,500 giroPOST offices throughout Australia and worldwide more than 400,000 ATMs and 1 million Maestro and Cirrus outlets.

There is a minimum of A$2,000 deposit required to open an Online Savings Account, but this does not need to be maintained after account opening.
*Cheque payments incur a fee of $1.00 per cheque
 
Old Dec 10th 2003, 8:57 pm
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Default Re: Opening Oz Bank Account whilst in UK?

Originally posted by MrFlibbleUK
Hello guys its been a little while since I have posted a message
{snip}
Anyway any advice would be much appreciated.

Ta very much.

A while since I’ve posted here, but thought offering the Commonwealth bank as an option might help.
Prior to migrating last year, we opened an account specifically for migrants through the Commonwealth bank in London. It stays open for 18 months I think, so during that time any money you put in the account in the uk will be transferred to the corresponding account in Australia. All we had to do on first arrival, was drop into the commonwealth bank on Collins Street (the one we nominated in Melbourne) to complete some paperwork and they we were issued with cash cards etc. and also offered a credit card. All very easy and convenient.

Joe.
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Old Dec 10th 2003, 9:04 pm
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Default Re: Opening Oz Bank Account whilst in UK?

Originally posted by Inked
A while since I’ve posted here, but thought offering the Commonwealth bank as an option might help.
Prior to migrating last year, we opened an account specifically for migrants through the Commonwealth bank in London. It stays open for 18 months I think, so during that time any money you put in the account in the uk will be transferred to the corresponding account in Australia. All we had to do on first arrival, was drop into the commonwealth bank on Collins Street (the one we nominated in Melbourne) to complete some paperwork and they we were issued with cash cards etc. and also offered a credit card. All very easy and convenient.

Joe.
Whats the best exchange rate with A$ anyone's seen recently and who was it with? Also,anyone know what's the difference between tourist rate and pound rate? Cheers, Ger
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Old Dec 10th 2003, 10:30 pm
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Default Re: Opening Oz Bank Account whilst in UK?

Originally posted by gwrees
Whats the best exchange rate with A$ anyone's seen recently and who was it with? Also,anyone know what's the difference between tourist rate and pound rate? Cheers, Ger
A good place to view current rates is www.oanda.com

Tourist rate is not as good as the "pound" rate quoted for commercial transactions.

eg: Tourist Cash rate today is 2.26$ to the GBP
Whilst the interbank rate is 2.35590
 
Old Dec 10th 2003, 11:22 pm
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We opened a HSBC account as we are first direct customers in the UK and also because they seem to charge the least (who said I'm tight). Dead easy to do - would definitely recommend them.

Claire
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Old Dec 11th 2003, 3:05 am
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I was reading this post and figure some of you might find the following info useful. Some of the Australian banks - definitely the Commonwealth but I'm sure there are others - offer a Wealth Package. If you have a certain amount of savings, or conversely if you owe a certain amount ($250,000 I believe) you can pay an annual fee of $300. This entitles you to 0.5% off the current variable rate of interest for your mortgage, plus a credit card, plus other stuff such as free extended warranty on white goods you buy with your card and no banking fees on any transactions. Might be an option worth exploring when you get here. adelaidegirl
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Old Dec 11th 2003, 6:14 am
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If you look there is a difference between the buy and the sell rate and that is the profit the money changers make on top of commission. With a tourist rate the gap is bigger so the changer makes more margin but on a smaller sum.

For electronic transfers the difference is much smaller so is better for large transfers as there is normally a transaction fee.

Then there are the inter bank rates which have no margin but involve millions to billions of currency.
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