Opening Oz HSBC accounts from UK
Mar 1st 2005, 9:05 pm
#1
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Thread Starter
Joined: Feb 2005
Location: Newbury, UK (Oz bound Apr 05)
Posts: 10
Opening Oz HSBC accounts from UK
We just opened our Oz accounts from the UK. I guess you can do this with other banks too, but thought I'd post it up if its of interest too anyone.
It was pretty easy to do - well compared to getting our visa anyway. Got our existing bank to send a letter of introduction to the HSBC International Banking Centre in London. They sent us a whole bunch of stuff.
Most of it boils down to taking various forms of ID to a branch of HSBC, getting them to photocopy and certify them. Make sure that any cards you present (e.g. credit cards, driving license) are photocopied on BOTH sides.
Then they fill in a 100 point form detailing the ID presented. This points system assigns different points to different forms of ID e.g.
Passport/Birth certificate - 70pts
Credit/ATM card - 25pts
Internation Driving license (w/photo) - 25 points
Marriage certificate - 25pts (I think)
Anyway, you need to get 100 points - once you reach 100, any excess is ignored. They prefer it if at least one piece of ID has your photo on it.
The very last check-box on this form asks the certifier if they have completed KYC. A lot of branch staff don't know what this is - it's an aussie thing. It stands for Know-Your-Customer. I told them they could do this by checking our my visa card number. Seemed to work.
They should give you all the paperwork back, signed and dated.
Then you need to fill in the actual application form. You can put your intended addresses on this form, which is useful if you know where you will be staying on arrival and want cheque-books/ATM cards sent there. You can also put your current employment details if you don't yet have a job in Oz. Also, I'm self-employed and it didn't seem to cause any problems.
Then there's a checklist form, which confirms you've provided everything. Just tick the relevant boxes.
Then there's the facsimile indemnity form which I think protects them if they accidentally fax your details to IdentityTheft-R-Us. It (apparently) speeds things up if you sign this.
Then you send this all off to the IBC above, and they send it all off along with the letter of introduction to Oz.
We got our accounts turned round in 3 days.
All this was slightly easier for me - I'm currently doing some work for HSBC in Canary Wharf, so I just had to get the lift up to the 27th floor and see the IBC people directly, but they were helpful all the same.
I've no idea what QoS HSBC provide in Oz, but at least it gets you off the ground.
Dun---
It was pretty easy to do - well compared to getting our visa anyway. Got our existing bank to send a letter of introduction to the HSBC International Banking Centre in London. They sent us a whole bunch of stuff.
Most of it boils down to taking various forms of ID to a branch of HSBC, getting them to photocopy and certify them. Make sure that any cards you present (e.g. credit cards, driving license) are photocopied on BOTH sides.
Then they fill in a 100 point form detailing the ID presented. This points system assigns different points to different forms of ID e.g.
Passport/Birth certificate - 70pts
Credit/ATM card - 25pts
Internation Driving license (w/photo) - 25 points
Marriage certificate - 25pts (I think)
Anyway, you need to get 100 points - once you reach 100, any excess is ignored. They prefer it if at least one piece of ID has your photo on it.
The very last check-box on this form asks the certifier if they have completed KYC. A lot of branch staff don't know what this is - it's an aussie thing. It stands for Know-Your-Customer. I told them they could do this by checking our my visa card number. Seemed to work.
They should give you all the paperwork back, signed and dated.
Then you need to fill in the actual application form. You can put your intended addresses on this form, which is useful if you know where you will be staying on arrival and want cheque-books/ATM cards sent there. You can also put your current employment details if you don't yet have a job in Oz. Also, I'm self-employed and it didn't seem to cause any problems.
Then there's a checklist form, which confirms you've provided everything. Just tick the relevant boxes.
Then there's the facsimile indemnity form which I think protects them if they accidentally fax your details to IdentityTheft-R-Us. It (apparently) speeds things up if you sign this.
Then you send this all off to the IBC above, and they send it all off along with the letter of introduction to Oz.
We got our accounts turned round in 3 days.
All this was slightly easier for me - I'm currently doing some work for HSBC in Canary Wharf, so I just had to get the lift up to the 27th floor and see the IBC people directly, but they were helpful all the same.
I've no idea what QoS HSBC provide in Oz, but at least it gets you off the ground.
Dun---
Mar 1st 2005, 9:16 pm
#2
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Joined: Aug 2004
Location: Northern Suburbs, Perth...
Posts: 555
Re: Opening Oz HSBC accounts from UK
hi dun,
they advised us not to sign the fax indemnity form, saying it was too easy for some low life to forge (?sp) your signature and the bank would unknowingly act on the instructions sent... did they say anything like this to you?
also, we had to give them $3000 to open the account before our money is wired over.... did you?
sorry for asking questions, do agree that it was pretty straightforward and painless, and one good bit of info is that you only need two weeks to set up an account prior to arriving in australia...
hope this makes sense....
couldn't get over the bank charges!
bob...
they advised us not to sign the fax indemnity form, saying it was too easy for some low life to forge (?sp) your signature and the bank would unknowingly act on the instructions sent... did they say anything like this to you?
also, we had to give them $3000 to open the account before our money is wired over.... did you?
sorry for asking questions, do agree that it was pretty straightforward and painless, and one good bit of info is that you only need two weeks to set up an account prior to arriving in australia...
hope this makes sense....couldn't get over the bank charges!
bob...
Mar 1st 2005, 9:30 pm
#3
Just Joined
Thread Starter
Joined: Feb 2005
Location: Newbury, UK (Oz bound Apr 05)
Posts: 10
Re: Opening Oz HSBC accounts from UK
Originally Posted by honeybob
hi dun,
they advised us not to sign the fax indemnity form, saying it was too easy for some low life to forge (?sp) your signature and the bank would unknowingly act on the instructions sent... did they say anything like this to you?
also, we had to give them $3000 to open the account before our money is wired over.... did you?
sorry for asking questions, do agree that it was pretty straightforward and painless, and one good bit of info is that you only need two weeks to set up an account prior to arriving in australia... hope this makes sense....
couldn't get over the bank charges!
bob...
they advised us not to sign the fax indemnity form, saying it was too easy for some low life to forge (?sp) your signature and the bank would unknowingly act on the instructions sent... did they say anything like this to you?
also, we had to give them $3000 to open the account before our money is wired over.... did you?
sorry for asking questions, do agree that it was pretty straightforward and painless, and one good bit of info is that you only need two weeks to set up an account prior to arriving in australia...
hope this makes sense....couldn't get over the bank charges!
bob...
Damn - forgot about the money - we had to hand over 2000AUD (we just opened a vanilla cheque account) although it's not like this is a bond or anything, you can get withdraw it once you're there, although the interest rate might drop if you do.
Bank charges suck - some people say you get better deposit rates because of it but I don't think that argument holds much water compared to some deals in the UK.
Mar 1st 2005, 9:32 pm
#4
Joined: Feb 2005
Posts: 4,337
Re: Opening Oz HSBC accounts from UK
Well i'm with HSBC in uk but good and i mean born n bread in oz friend,
recommend westpac.
I have found hsbc to be totaly fine here !!!!!!
But oz hey ????????????????
recommend westpac.
I have found hsbc to be totaly fine here !!!!!!
But oz hey ????????????????
Mar 1st 2005, 9:37 pm
#5
BE Enthusiast
Joined: Aug 2004
Location: Northern Suburbs, Perth...
Posts: 555
Re: Opening Oz HSBC accounts from UK
Originally Posted by Dunwaitin
We were advised to sign it, but then having worked for them for 8 months now, I'm well used to conflicting advice...
Damn - forgot about the money - we had to hand over 2000AUD (we just opened a vanilla cheque account) although it's not like this is a bond or anything, you can get withdraw it once you're there, although the interest rate might drop if you do.
Bank charges suck - some people say you get better deposit rates because of it but I don't think that argument holds much water compared to some deals in the UK.
Damn - forgot about the money - we had to hand over 2000AUD (we just opened a vanilla cheque account) although it's not like this is a bond or anything, you can get withdraw it once you're there, although the interest rate might drop if you do.
Bank charges suck - some people say you get better deposit rates because of it but I don't think that argument holds much water compared to some deals in the UK.
good thread as well...bob.....
Mar 1st 2005, 9:44 pm
#6
Joined: Feb 2005
Posts: 629
Re: Opening Oz HSBC accounts from UK
UK HSBC were great - for me anyway. I'm still with them even though I live in Aus.
I'm sure Aus HSBC is good for service - God knows, the other banks here are 1970s standard. BUT they have relatively few ATMs (and they all tend to be in ther CBD), so you could run up quite a set of monthly charges each time you use a non-HSBC ATM.
I'm sure Aus HSBC is good for service - God knows, the other banks here are 1970s standard. BUT they have relatively few ATMs (and they all tend to be in ther CBD), so you could run up quite a set of monthly charges each time you use a non-HSBC ATM.
Mar 1st 2005, 10:07 pm
#7
BE Enthusiast
Joined: Aug 2004
Location: Northern Suburbs, Perth...
Posts: 555
Re: Opening Oz HSBC accounts from UK
Originally Posted by ShozInOz
UK HSBC were great - for me anyway. I'm still with them even though I live in Aus.
I'm sure Aus HSBC is good for service - God knows, the other banks here are 1970s standard. BUT they have relatively few ATMs (and they all tend to be in ther CBD), so you could run up quite a set of monthly charges each time you use a non-HSBC ATM.
I'm sure Aus HSBC is good for service - God knows, the other banks here are 1970s standard. BUT they have relatively few ATMs (and they all tend to be in ther CBD), so you could run up quite a set of monthly charges each time you use a non-HSBC ATM.
HSBC have been really good to us in the UK but we will definitely shop around for 'better value' when we get to australia... have heard similar reports about lack of cashpoints and so on....
my only gripe with charges for EFTPOS use and withdrawals, is that it encourages you to carry more cash or store money in your house... this does not appeal to me in the slightest...
