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Student loans/banks

Old Jun 18th 2013, 2:22 am
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Default Student loans/banks

Hello everyone,

I was wondering if you could help me,

I'm going over to Perth for a year on a WHV, I've got the visa/flights/insurance etc.

However I have student loans from the UK. I will be staying at my friends parents in near Perth (Port Kennedy) & I'm pretty much taking my own savings to support myself but also looking for some work too. Do I just show them a bank statement before I leave with my funds in?

Also I'm looking at moving my funds over to a NAB from my HSBC account in the UK. Are they a good bank to go with?

Should I transfer right from HSBC to NAB or use an external source like Ozforex.com?

I'm not totally sure how to do it as I know the visa says I have to have proof of funds at the airport, but I'd much rather have my money waiting in Australia for me in an account there, is it possible to get a statement from NAB when I've transferred it ready for when I leave the UK?

Many thanks ,

Nick.
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Old Jun 18th 2013, 2:36 am
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Default Re: Student loans/banks

Originally Posted by sgtnikolaix View Post
Hello everyone,

I was wondering if you could help me,

I'm going over to Perth for a year on a WHV, I've got the visa/flights/insurance etc.

However I have student loans from the UK. I will be staying at my friends parents in near Perth (Port Kennedy) & I'm pretty much taking my own savings to support myself but also looking for some work too. Do I just show them a bank statement before I leave with my funds in?

Also I'm looking at moving my funds over to a NAB from my HSBC account in the UK. Are they a good bank to go with?

Should I transfer right from HSBC to NAB or use an external source like Ozforex.com?

I'm not totally sure how to do it as I know the visa says I have to have proof of funds at the airport, but I'd much rather have my money waiting in Australia for me in an account there, is it possible to get a statement from NAB when I've transferred it ready for when I leave the UK?

Many thanks ,

Nick.
Hi Nick and welcome to BE,

I'm sorry I don't know much about WHV and proving funds, but we used ukforex to transfer our money over (same company as ozforex). We set up our accounts from London, so had access to online facilities before we left, although I was late making the transfer and our funds weren't in Australia for a couple of days after we arrived. If you make the transfer with ukforex, or similar, you should get email confirmation of the transfer which you might be able to show if there isn't enough time to get a statement from NAB, as well as the debit from your UK account.

Good luck, and someone will probably be along with some more advice as well
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Old Jun 18th 2013, 2:43 am
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Default Re: Student loans/banks

Originally Posted by old.sparkles View Post
Hi Nick and welcome to BE,

I'm sorry I don't know much about WHV and proving funds, but we used ukforex to transfer our money over (same company as ozforex). We set up our accounts from London, so had access to online facilities before we left, although I was late making the transfer and our funds weren't in Australia for a couple of days after we arrived. If you make the transfer with ukforex, or similar, you should get email confirmation of the transfer which you might be able to show if there isn't enough time to get a statement from NAB, as well as the debit from your UK account.

Good luck, and someone will probably be along with some more advice as well
Cheers Sparkles,

I didn't think of that, I can always have my HSBC statement which shows the transfer to the other account when I open it.

Did you lose much money on the currency exchange when using ukforex?
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Old Jun 18th 2013, 2:55 am
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Default Re: Student loans/banks

Originally Posted by sgtnikolaix View Post
Cheers Sparkles,

I didn't think of that, I can always have my HSBC statement which shows the transfer to the other account when I open it.

Did you lose much money on the currency exchange when using ukforex?
ukforex allows a couple of free trades anyway IIRC, and they are free if exchanging £3k or more as well. You need to register with them, and do security checks, but it was easy after that. The more you exchange, the better rate you get and you can arrange over the phone as well as online (and sometimes get a better rate that way too ). Unfortunately, we were moving when the exchange rate was at its lowest so didn't get as much but hey ho. If you do want to get an idea, have a look at customer rates rather than the spot price
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Old Jun 18th 2013, 5:59 am
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Default Re: Student loans/banks

Originally Posted by old.sparkles View Post
ukforex allows a couple of free trades anyway IIRC, and they are free if exchanging £3k or more as well. You need to register with them, and do security checks, but it was easy after that. The more you exchange, the better rate you get and you can arrange over the phone as well as online (and sometimes get a better rate that way too ). Unfortunately, we were moving when the exchange rate was at its lowest so didn't get as much but hey ho. If you do want to get an idea, have a look at customer rates rather than the spot price
I came over on a WHV and all I had to do back then (2002) was show a statement with the money in my account (which borrowed from my mother in law) and then returned the money once the visa was issued. Not sure if it is still the same, but I would imagine it is
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Old Jun 18th 2013, 10:30 am
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Default Re: Student loans/banks

Hi, can't help with the transfer of funds but can give advice on Student Loans. You should write to them advising them that you will be travelling, enclose a letter from your parents confirming they will be supporting with say £500 per month. You will probably be asked to complete an overseas assessment form. We were advised to do this by friend who works in SLC. My son's was deferred and no proof other than the letter was requested.
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Old Jun 18th 2013, 11:08 am
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Default Re: Student loans/banks

Originally Posted by Broad Shoulders View Post
I came over on a WHV and all I had to do back then (2002) was show a statement with the money in my account (which borrowed from my mother in law) and then returned the money once the visa was issued. Not sure if it is still the same, but I would imagine it is
I did exactly the same for my niece earlier this year
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Old Jun 18th 2013, 11:13 pm
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Default Re: Student loans/banks

Originally Posted by nic75 View Post
Hi, can't help with the transfer of funds but can give advice on Student Loans. You should write to them advising them that you will be travelling, enclose a letter from your parents confirming they will be supporting with say £500 per month. You will probably be asked to complete an overseas assessment form. We were advised to do this by friend who works in SLC. My son's was deferred and no proof other than the letter was requested.
I could ask my dad to do so, however he is retired. Do they look further into it than that?

I do actually have enough funds anyway. Do you think its wise to provide my bank statement & a letter from my father saying that he will support me if I need any more money?
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Old Jun 18th 2013, 11:18 pm
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Default Re: Student loans/banks

Originally Posted by old.sparkles View Post
ukforex allows a couple of free trades anyway IIRC, and they are free if exchanging £3k or more as well. You need to register with them, and do security checks, but it was easy after that. The more you exchange, the better rate you get and you can arrange over the phone as well as online (and sometimes get a better rate that way too ). Unfortunately, we were moving when the exchange rate was at its lowest so didn't get as much but hey ho. If you do want to get an idea, have a look at customer rates rather than the spot price
That sounds easy enough! How long did your transfer take?

I'm thinking of transferring around £7k-7.5k across on the day I get paid on the 28th Aug...Then I'm going to be leaving work on the 29th...Then catching my flight on the 1st Sept for arrival on the 2nd .

My friends parents used www.torfx.com apparently when they moved back across, not sure if they are any good or not either.
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Old Jun 19th 2013, 1:04 am
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Default Re: Student loans/banks

Originally Posted by sgtnikolaix View Post
That sounds easy enough! How long did your transfer take?

I'm thinking of transferring around £7k-7.5k across on the day I get paid on the 28th Aug...Then I'm going to be leaving work on the 29th...Then catching my flight on the 1st Sept for arrival on the 2nd .

My friends parents used www.torfx.com apparently when they moved back across, not sure if they are any good or not either.
Hi Nick,

My last transfer took 4 days total - I sent it on Friday, and it was available here on Tuesday (slow because of the weekend). I think other transfers have been a day or two, depending on time of day sent from UK .

In terms of who to use, there are a few out there - I previously tried hifx, but they have charges and I didn't think their rate was as good. Have a look at how funds are routed, as that can incur charges, and look at rates, and charges to help you decide.
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Old Jun 19th 2013, 1:43 am
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Default Re: Student loans/banks

Originally Posted by old.sparkles View Post
Hi Nick,

My last transfer took 4 days total - I sent it on Friday, and it was available here on Tuesday (slow because of the weekend). I think other transfers have been a day or two, depending on time of day sent from UK .

In terms of who to use, there are a few out there - I previously tried hifx, but they have charges and I didn't think their rate was as good. Have a look at how funds are routed, as that can incur charges, and look at rates, and charges to help you decide.
Ahh that's great then! I think it seems that Ozforex is the safest bet then really.

Do you have any idea if I can open the monthly fee free account with NAB outside of Australia? They haven't gotten back to me yet & I might fill out the application form tomorrow before I go back to work
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Old Jun 19th 2013, 1:48 am
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Default Re: Student loans/banks

Originally Posted by sgtnikolaix View Post
Ahh that's great then! I think it seems that Ozforex is the safest bet then really.

Do you have any idea if I can open the monthly fee free account with NAB outside of Australia? They haven't gotten back to me yet & I might fill out the application form tomorrow before I go back to work
It is possible to open an account from the UK but if you live near London, some of the banks have offices there where you can open the account and do security checks. This means that you will get access codes for internet banking, and bank card before you leave the UK. If you can't get to London, then you can open the account, but you will need to select a branch to visit to do security checks on arrival, and I'm not sure how long it takes to get a bank card then.

We are with Westpac because we were near London and they have a branch there. Not sure which other banks do. I'm sure that someone else can tell you about opening online, and doing security on arrival.
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Old Jun 19th 2013, 3:07 am
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Default Re: Student loans/banks

Originally Posted by old.sparkles View Post
It is possible to open an account from the UK but if you live near London, some of the banks have offices there where you can open the account and do security checks. This means that you will get access codes for internet banking, and bank card before you leave the UK. If you can't get to London, then you can open the account, but you will need to select a branch to visit to do security checks on arrival, and I'm not sure how long it takes to get a bank card then.

We are with Westpac because we were near London and they have a branch there. Not sure which other banks do. I'm sure that someone else can tell you about opening online, and doing security on arrival.
Hmm I had a look at the NAB one, they have an office in Glasgow (of all places)...But I'm in Manchester.

I don't think it would take too long for a bank card to arrive, I could probably just leave some cash in my HSBC account and use that instead until one arrives .

I just hope I can get the fee free account with NAB though to be honest, seems a waste paying fees when I'm not there yet haha.
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Old Jun 19th 2013, 3:13 am
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Default Re: Student loans/banks

Originally Posted by sgtnikolaix View Post
Hmm I had a look at the NAB one, they have an office in Glasgow (of all places)...But I'm in Manchester.

I don't think it would take too long for a bank card to arrive, I could probably just leave some cash in my HSBC account and use that instead until one arrives .

I just hope I can get the fee free account with NAB though to be honest, seems a waste paying fees when I'm not there yet haha.
I have no fees with Westpac, and I think there are other banks the same. I have esaver and echoice and have both an eftpos and debit card (although didn't get the debit card til we got here). The eftpos card is accepted in most places without fees, and also to get cash out at ATM's.
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Old Jun 19th 2013, 3:31 am
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Default Re: Student loans/banks

Originally Posted by old.sparkles View Post
I have no fees with Westpac, and I think there are other banks the same. I have esaver and echoice and have both an eftpos and debit card (although didn't get the debit card til we got here). The eftpos card is accepted in most places without fees, and also to get cash out at ATM's.
I'm just having a look at the Westpac accounts now for overseas...Shame I'm not closer to London!

I did notice they have a branch in Port Kennedy though which would be handy for when I arrive.
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