alix101

I had the brainwave that if i open a savings account, but save australian dollars then id not have to worry about the long term exchange rate, but id also be less inclined to spend it.....
I have looked into it but ive not found anything, im confident to put my money in not unless you open it with £10000 has anyone done or is doing the same thing i need too.
any help

Zambia

Hmm please expand do you intend to drip feed money into this account as thats crazy

If you have a lump sum and simply want it to sit in an Oz savings account earning about 4% well thats easy ring westpac migrant banking

However holy bad rate at present batman

jayr

I believe the current rate is aorund 2.10 to the pound. You'd be buying at that rate and by "not worrying about the long term rate" locking out any upside.

By buying you are speculating.

alix101

I looked at westpac, but we wont be, going to oz within 90 days, we where looking at a long term savings account, its a risk i know beetting on exchange rates but with the sate of our own banking system i cant see the benifit of saving, in a savings account here!!!!!It seems a bigger call to me that, come the time you migrate you convert all your cash at whatever the current exchange rate is.

caliburn

Try Commonwealth Bank migrant banking. No 90 days limitations or withdrawal restrictions prior to arrival. Current account (called Streamline Account) will cost you $4 a month. However, the savings account (called NetBank Saver) will pay 4.25% currently, with no monthly fees. You need a current account in order to open a NetBank Saver, so no avoiding of the $4 per month fees.

jaketheory

it was my understanding that the 90 day limitation and withdrawal restrictions are mandated by law. have you actually done this? maybe they dont cite this criteria on their website but still require it.

please divulge further info.

louie

You cannot withdraw funds until you have met the anti-money laundering requirements. If you can do that in the UK with Commonwealth (which you can with Westpac by visiting them in London with identity documents), fine, but otherwise by law you will not be able to withdraw or transfer any funds.