Setting up banking before moving advice.
Jul 18th 2015, 1:57 am
#1
Just Joined
Thread Starter
Joined: May 2015
Location: Bath, UK
Posts: 5
Setting up banking before moving advice.
Hi All,
Thought I'd share my recent experience with banking having moved to Sydney for work from the U.K within the past month.
As a word of disclaimer, this is by no means an endorsement for any particular bank, however my experience with one was particularly good.
My situation:
Mid 20s male expat moving to Sydney for work. 457 visa was still being processed while I was in Sydney (had to get ETA first). Approved 2 weeks in.
So, the visa part certainly messed things up a little with trying to set a bank up before moving. HSBC despite having a fairly solid-looking service for setting up a bank in advance would not help since my visa wasn't approved. Shame. It all seems really backwards. In addition, likelihood was I needed a permanent address before setting up; I was in temporary accommodation for the first month which may be similar for others so wasn't possible.
Next, I got so far with setting up an account with Westpac before moving. Got quite far, with the details being set up, but needed to walk into an embassy or similar as a requirement to formally sign and self-certify with supporting docs before opening. Bit overkill.
Of course, being able to bank and avoid paying extortionate rates for non-sterling transactions is crucial. So thought I'd try the walk-in approach.
Chose to visit Westpac. Fortunately was greeted by a very helpful personal banker. Brushed off much of the formality including Visa and permanent address (gave temp address in the interim). Set me up on the spot. Received my card following week and pin the next. In addition, the online banking was great, could arrange cardless withdrawals and, instead of waiting for my PIN, went into branch and set it up there and then.
So moral of the story and advice for others:
Setting up before you leave: May not always be the smoothest unless your visa is approved in advance, plus lots of formalities. Walking into a bank on arrival may well be a workable alternative.
L
Thought I'd share my recent experience with banking having moved to Sydney for work from the U.K within the past month.
As a word of disclaimer, this is by no means an endorsement for any particular bank, however my experience with one was particularly good.
My situation:
Mid 20s male expat moving to Sydney for work. 457 visa was still being processed while I was in Sydney (had to get ETA first). Approved 2 weeks in.
So, the visa part certainly messed things up a little with trying to set a bank up before moving. HSBC despite having a fairly solid-looking service for setting up a bank in advance would not help since my visa wasn't approved. Shame. It all seems really backwards. In addition, likelihood was I needed a permanent address before setting up; I was in temporary accommodation for the first month which may be similar for others so wasn't possible.
Next, I got so far with setting up an account with Westpac before moving. Got quite far, with the details being set up, but needed to walk into an embassy or similar as a requirement to formally sign and self-certify with supporting docs before opening. Bit overkill.
Of course, being able to bank and avoid paying extortionate rates for non-sterling transactions is crucial. So thought I'd try the walk-in approach.
Chose to visit Westpac. Fortunately was greeted by a very helpful personal banker. Brushed off much of the formality including Visa and permanent address (gave temp address in the interim). Set me up on the spot. Received my card following week and pin the next. In addition, the online banking was great, could arrange cardless withdrawals and, instead of waiting for my PIN, went into branch and set it up there and then.
So moral of the story and advice for others:
Setting up before you leave: May not always be the smoothest unless your visa is approved in advance, plus lots of formalities. Walking into a bank on arrival may well be a workable alternative.
L
Jul 18th 2015, 9:35 am
#2
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,807
Re: Setting up banking before moving advice.
Hi All,
Thought I'd share my recent experience with banking having moved to Sydney for work from the U.K within the past month.
As a word of disclaimer, this is by no means an endorsement for any particular bank, however my experience with one was particularly good.
My situation:
Mid 20s male expat moving to Sydney for work. 457 visa was still being processed while I was in Sydney (had to get ETA first). Approved 2 weeks in.
So, the visa part certainly messed things up a little with trying to set a bank up before moving. HSBC despite having a fairly solid-looking service for setting up a bank in advance would not help since my visa wasn't approved. Shame. It all seems really backwards. In addition, likelihood was I needed a permanent address before setting up; I was in temporary accommodation for the first month which may be similar for others so wasn't possible.
Next, I got so far with setting up an account with Westpac before moving. Got quite far, with the details being set up, but needed to walk into an embassy or similar as a requirement to formally sign and self-certify with supporting docs before opening. Bit overkill.
Of course, being able to bank and avoid paying extortionate rates for non-sterling transactions is crucial. So thought I'd try the walk-in approach.
Chose to visit Westpac. Fortunately was greeted by a very helpful personal banker. Brushed off much of the formality including Visa and permanent address (gave temp address in the interim). Set me up on the spot. Received my card following week and pin the next. In addition, the online banking was great, could arrange cardless withdrawals and, instead of waiting for my PIN, went into branch and set it up there and then.
So moral of the story and advice for others:
Setting up before you leave: May not always be the smoothest unless your visa is approved in advance, plus lots of formalities. Walking into a bank on arrival may well be a workable alternative.
L
Thought I'd share my recent experience with banking having moved to Sydney for work from the U.K within the past month.
As a word of disclaimer, this is by no means an endorsement for any particular bank, however my experience with one was particularly good.
My situation:
Mid 20s male expat moving to Sydney for work. 457 visa was still being processed while I was in Sydney (had to get ETA first). Approved 2 weeks in.
So, the visa part certainly messed things up a little with trying to set a bank up before moving. HSBC despite having a fairly solid-looking service for setting up a bank in advance would not help since my visa wasn't approved. Shame. It all seems really backwards. In addition, likelihood was I needed a permanent address before setting up; I was in temporary accommodation for the first month which may be similar for others so wasn't possible.
Next, I got so far with setting up an account with Westpac before moving. Got quite far, with the details being set up, but needed to walk into an embassy or similar as a requirement to formally sign and self-certify with supporting docs before opening. Bit overkill.
Of course, being able to bank and avoid paying extortionate rates for non-sterling transactions is crucial. So thought I'd try the walk-in approach.
Chose to visit Westpac. Fortunately was greeted by a very helpful personal banker. Brushed off much of the formality including Visa and permanent address (gave temp address in the interim). Set me up on the spot. Received my card following week and pin the next. In addition, the online banking was great, could arrange cardless withdrawals and, instead of waiting for my PIN, went into branch and set it up there and then.
So moral of the story and advice for others:
Setting up before you leave: May not always be the smoothest unless your visa is approved in advance, plus lots of formalities. Walking into a bank on arrival may well be a workable alternative.
L
A mate of mine opened an account with Westpac last year before leaving London and he had no address in Aus. Just turned up at the branch with his passport on arrival.
Glad you got it sorted in the end though
Jul 19th 2015, 12:22 pm
#3
Last resort... format c:/
Joined: Mar 2012
Location: Singapore to Surfers Paradise to... Tenerife... to Gran Canaria!
Posts: 1,626
Re: Setting up banking before moving advice.
Personally I have always thought that opening an account "remotely" before moving would be troublesome, but then again I have always had the chance to open one on the spot before making the move so I haven't really worried about this.
I guess a lot depends on whether you need to bring loads of money over or not. If so then you certainly don't want to be stuck overseas with no access to current funds. But if you have status with HSBC or Citi then you can open a new account upon arrival, link them, and then transfer for free from your home account.
Overall it all depends on one's situation and how important it is to access funds from back home or send money to the new place before the move.
I guess a lot depends on whether you need to bring loads of money over or not. If so then you certainly don't want to be stuck overseas with no access to current funds. But if you have status with HSBC or Citi then you can open a new account upon arrival, link them, and then transfer for free from your home account.
Overall it all depends on one's situation and how important it is to access funds from back home or send money to the new place before the move.
Jul 20th 2015, 2:59 am
#4
(It's not my real name)
Joined: Sep 2002
Location: Ilukapool. WA
Posts: 12,467
Re: Setting up banking before moving advice.
That's exactly what I should have done, instead I chose the Commonwealth Bank migrant service or whatever it was called back then. It was a waste of time and money.
Jul 20th 2015, 3:29 am
#5
Just Joined
Thread Starter
Joined: May 2015
Location: Bath, UK
Posts: 5
Re: Setting up banking before moving advice.
What I couldn't understand when I tried to set up a bank prior to leaving was HSBC wanted all of these credentials from me - more admin - plus like £150 for the trouble, but also had a free option where they would instruct a bank in the host country (which sounded easier).
Trouble with my move was my company would only lodge the visa upon me signing my contract, which came 3 weeks prior to departure. I had 6 weeks to make the move in total which was too short to arrange all of the banks etc.
Trouble with my move was my company would only lodge the visa upon me signing my contract, which came 3 weeks prior to departure. I had 6 weeks to make the move in total which was too short to arrange all of the banks etc.
