Setting up/Transfer to Australian Bank Account from UK
Sep 16th 2007, 12:58 pm
#1
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Joined: Feb 2007
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Setting up/Transfer to Australian Bank Account from UK
Hi - my wife and I are off to Sydney in Feb. We are going to start an account with Commonwealth from the UK (mainly because we have banked with them before). Our main question is the best way to transfer our money (we are not talking huge huge amounts here) into Aussie dollars and getting the best deal possible. We'd like to use a currency broker but it looks like the Commonwealth (and presumably other banks) only open the Australian side of your new account once you have made your first money transfer (through them as far as I can tell - incurring a charge). Until we have the Australian account open, we can't presumably use a currency broker to transfer our pounds into Aus $ (I don't think we can use the broker to transfer Aus $ into the London side of the new bank account - it would have to be the Australian side I guess). We are trying to avoid unnecessary charges and getting a bad exchange rate - but are a little confused. Can anyone shed some light on this?
To make matters more complex, we have half of our money in a US account and have to work out getting this into our Australian account. We obviously don't want to convert it to pounds then Aus $ but don't want to keep getting charged for transfers.
All help/advice appreciated.
thanks
dan
To make matters more complex, we have half of our money in a US account and have to work out getting this into our Australian account. We obviously don't want to convert it to pounds then Aus $ but don't want to keep getting charged for transfers.
All help/advice appreciated.
thanks
dan
Sep 16th 2007, 1:30 pm
#2
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Joined: Jan 2007
Location: Gold Coast
Posts: 130
Re: Setting up/Transfer to Australian Bank Account from UK
Hi Dan,
My husband and I are going to use the commenwealth bank when we move next May, we've just set up the london transfer account. They seem good and we love thats everything is done through them including seeing up the Australia bank account. They do only set this account up once you have money transfered. So I don't think you can do anything with another broker until you have some money in the Australian account. I presume once you have that account open then you can put money in it from anywhere eg another broker. So perhaps you need to just transfer a small amount with Commonwealth to activate the account then do what you like after that with the rest of your money?
We looked at other brokers but in the end have decided its easier to just use commenwealth brokers - we are not taking huge amounts either and felt that the peace of mind using commenwealth for everything outweighs the few hundred pounds a different rate might give.
The commonwealth transfer account can be open for 2years without you using it (as they set up the Aus one only when money is transfered). We looked at HIFX and Westpac (they work together) but once you set up the westpac account they need a deposit within 21days so no good if you want it all in place before you transfer $ after you've kept an eye on rates.
Good luck with it! Am sure more people will have advice on this!
Cat
My husband and I are going to use the commenwealth bank when we move next May, we've just set up the london transfer account. They seem good and we love thats everything is done through them including seeing up the Australia bank account. They do only set this account up once you have money transfered. So I don't think you can do anything with another broker until you have some money in the Australian account. I presume once you have that account open then you can put money in it from anywhere eg another broker. So perhaps you need to just transfer a small amount with Commonwealth to activate the account then do what you like after that with the rest of your money?
We looked at other brokers but in the end have decided its easier to just use commenwealth brokers - we are not taking huge amounts either and felt that the peace of mind using commenwealth for everything outweighs the few hundred pounds a different rate might give.
The commonwealth transfer account can be open for 2years without you using it (as they set up the Aus one only when money is transfered). We looked at HIFX and Westpac (they work together) but once you set up the westpac account they need a deposit within 21days so no good if you want it all in place before you transfer $ after you've kept an eye on rates.
Good luck with it! Am sure more people will have advice on this!
Cat
Sep 16th 2007, 1:43 pm
#3
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Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
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Re: Setting up/Transfer to Australian Bank Account from UK
Hi Dan,
My husband and I are going to use the commenwealth bank when we move next May, we've just set up the london transfer account. They seem good and we love thats everything is done through them including seeing up the Australia bank account. They do only set this account up once you have money transfered. So I don't think you can do anything with another broker until you have some money in the Australian account. I presume once you have that account open then you can put money in it from anywhere eg another broker. So perhaps you need to just transfer a small amount with Commonwealth to activate the account then do what you like after that with the rest of your money?
We looked at other brokers but in the end have decided its easier to just use commenwealth brokers - we are not taking huge amounts either and felt that the peace of mind using commenwealth for everything outweighs the few hundred pounds a different rate might give.
The commonwealth transfer account can be open for 2years without you using it (as they set up the Aus one only when money is transfered). We looked at HIFX and Westpac (they work together) but once you set up the westpac account they need a deposit within 21days so no good if you want it all in place before you transfer $ after you've kept an eye on rates.
Good luck with it! Am sure more people will have advice on this!
Cat
My husband and I are going to use the commenwealth bank when we move next May, we've just set up the london transfer account. They seem good and we love thats everything is done through them including seeing up the Australia bank account. They do only set this account up once you have money transfered. So I don't think you can do anything with another broker until you have some money in the Australian account. I presume once you have that account open then you can put money in it from anywhere eg another broker. So perhaps you need to just transfer a small amount with Commonwealth to activate the account then do what you like after that with the rest of your money?
We looked at other brokers but in the end have decided its easier to just use commenwealth brokers - we are not taking huge amounts either and felt that the peace of mind using commenwealth for everything outweighs the few hundred pounds a different rate might give.
The commonwealth transfer account can be open for 2years without you using it (as they set up the Aus one only when money is transfered). We looked at HIFX and Westpac (they work together) but once you set up the westpac account they need a deposit within 21days so no good if you want it all in place before you transfer $ after you've kept an eye on rates.
Good luck with it! Am sure more people will have advice on this!
Cat
Sep 16th 2007, 4:12 pm
#4
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Joined: Dec 2004
Location: Tapping (Perth)
Posts: 2,619
Re: Setting up/Transfer to Australian Bank Account from UK
We then transferred a small amount into it with Tranzfers (www.tranzfers.com). Because we had internet banking set up on the Westpac account, we could check that the money had "arrived".
Recently we then transferred a large amount with HiFX (www.hifx.co.uk).
All completely hassle free, easy peasy.
Using someone like HiFX (or Tranzfers for small amounts) you can transfer your money direct from USD into AUSD. With Tranzfers there is a small charge (£7) for each transfer, but with HiFX there are no charges.
Gina
Sep 18th 2007, 12:42 am
#5
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Joined: Feb 2007
Location: Waterford, Qld
Posts: 1,920
Re: Setting up/Transfer to Australian Bank Account from UK
Just set up an account with tranzfers....silly question.... On the bit where it tells you the account details to pay in to the banks, it says for the reference to give your name....is that your real name, or your login name?
Sep 18th 2007, 11:23 am
#6
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Joined: Feb 2007
Location: Waterford, Qld
Posts: 1,920
Re: Setting up/Transfer to Australian Bank Account from UK
They phoned this morning to check on my details, so I asked them. They said that you can use either, but she said that as I have a common name, probably best to use my login name.
