rhona

Can I open a bank account in oz from the uk even though i have yet to move over permanently? I would like to be able to put money into it before i go in March next year but at a time when i think rate is ok. I have a 163 provisional business visa. Also am i reading it wrong or has the exchange rate risen a bit lately? Is this due to the fact the pound is so weak against euro?

w99tts

Hi

If you go on the commonwealth bank which is based in London and Australia you can open a uk account and when your ready to move your money you ask the to open the australian account and move it. Once you get to aus you then just open a local aussie account and move it there. Were only at the stage of having the UK account ready but our friends used them and said they were good, hope that helps Thanks

Willerby_brisbane

We have used the Commonwealth as well. We have found them excellent so far. We opened up when we came on a reccie visit so not sure what the UK service is like. We have found there to be branches and ATMs all over the place so no problem what so ever getting your money out. Biggest plus as well is how helpful they are when ever you go in to ask them something, and when you ring up you can actually speak to your branch or the actual person you want to speak to....Now thats a novel concept. Shame our UK bank cant give that simple service, who use the eternal call centre in India and whose service with the same is a joke.

rhona

ok thanks guys. So is it possible to transfer money at todays exchange rates once ive opened it up here?

rachaey

hi we are looking to exchange our money as i see the exchange rate has increased i am a novice at this so any tips welcome, what are peoples views is anyone else looking to exchange in next few days

geelong

We opened an account with Westpac in London almost a year ago and our money has been sitting in our account over there ever since (we thought we would need it for a Capital Investment Bond for our first visa application).
We used HiFX to transfer our money across.

rachaey

thanks geelong i will give hi fx a ring did you have to pay tax on youre money not sure how it all works spending the day doing research
cheers rach

charlie5

Hi

Watch out for tax on your money in Australia. Your account will be deemed an overseas investment and interest taxed at a ridiculous rate of about 50%.

Charlie

Katehn

hi at the moment if you transfer your money through ozforex the rate is 1 = 2.20

geelong

I think the interest on our account is being taxed at about 10% but I have a feeling once you get a TFN you get some back.

We should find out soon because we fly out at the end of the month.

rachaey

geelong, thanks so much for the advice i am so chuffed with myself i have set up a westpac account and registred with HI FX all in one day, i feel like a financial wizard i must say i was very impressed at how easy and helpfull the two were

louie

Not if you have an overseas address, tax is deducted at 10%.

charlie5

That is not what I was told when I opened a NAB account. They said that I would be charged at a high rate until we arrived in Australia and had a Tax File Number.

So I am really confused.

Charlie

louie

If you are resident in Oz but haven't given them a TFN, yes you get stung for a high rate of tax - 46.5% I believe, which is the highest rate of tax in Oz . But not if you are a non-resident - see http://www.ato.gov.au/businesses/con...tm&page=14&H14

charlie5

Brilliant - many thanks.

Charlie