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What to do with UK bank account

What to do with UK bank account

Old Jan 18th 2005, 9:37 pm
  #16  
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Default Re: What to do with UK bank account

I've got my accounts open, and changed my address to Australia. One thing you need to be aware is that if you have ISA (tax free) account, you won't be able to add to it once you move, as its for UK residents only. You can still withdrawal and get interest on it though. I also changed my statement frequency to once a quarter, as not much is going on in the accounts, and there's always online banking anyway!
I also set up direct debits to pay off my minimum credit card balance monthly. I can then top this up with my online banking, but it means I'm never behind in them

Last edited by mlbonner; Jan 18th 2005 at 9:45 pm.
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Old Jan 18th 2005, 9:39 pm
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Default Re: What to do with UK bank account

Originally Posted by samnrob2
...
Someone told me that if you transferred you £ to $ once in Oz you could get as high as $3 to the £ - anyone else heard this?

Rob
That once was September 2001. You wont see that rate again for a while - if ever.

With regards to the OP: I kept our UK bank account. I did try to change address to Oz but they said it couldn't be done (even though, before we left, they said it could). The statements now go to my parents' house. It is worth keeping an account open for a while and it is also worth hanging onto your credit cards, although make sure you can pay these over the internet. I found the internet capabilities of *egg* really good for this and it keeps the Aussies amused.

Regards
Alistair
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Old Jan 19th 2005, 12:25 am
  #18  
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Default Re: What to do with UK bank account

Here is an interesting press release about UK bank accounts and tax:

http://www.gomatilda.com.au/news/art...?articleid=327
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Old Jan 19th 2005, 12:42 am
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Default Re: What to do with UK bank account

I've kept all my accounts open. Eventually they realised I was no longer around and cancelled my free GBP4000 overdraft, the most of which I ever used was GBP1000. I have now had the same account for 16 years which accounts for alot in one to one with the account managers.

I've ballsed up though. By forgetting to cancel a tiny SO - I went overdrawn thus incurring overdraft fees, and "a fee just for being naughty" which in AUS dollars was a pain. Add in the Transfer fee to get AUS money in there and its still ouch. I also had to downgrade it to make it a free account, as you'd end up paying the same fees on the maintenance fee. It helps if you carry a few hundred pounds at all times there. This was the mistake I made.

My credit card bill still has the massive limit on it. Which naturally, I would be stupid to use, but you never know. The day I cancel it is the day I wish I had it..

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Old Jan 19th 2005, 12:59 am
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Default Re: What to do with UK bank account

We've kept 3 accounts open in the UK with HSBC - current, savings and credit. As I had be using internet banking for a while, I knew I had everything I needed available to me. Cancelled paper statements - they actually encourage this on their site) and just used MILs address for any other corro.

We have on occasion used the UK credit card.
I mistakenly used it in a bottle shop when my eftpos card didn't swipe, thinking it was my Oz credit card. Imagine my surprise when it appeared on the UK cc statement. It's easily paid if you leave some money in another account before you leave the UK.

This also means that when we return to the UK for holidays we actually have monay and an account we can use.
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Old Jan 19th 2005, 1:37 am
  #21  
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Default Re: What to do with UK bank account

We have an account with First Direct (totally online banking) - statements sent to Australia with no problem. Jut bear in mind that you may well need those paper statements for tax etc over here. We use it for b/days etc as other people have suggested.

As for credit cards, no probs getting a card for us, even on a temp visa, IMO its more likely to be a problem if you dont earn enough money or your spending is too high. They wont lend if they think theres a risk, either of not repaying the debt or leaving to go back to the UK. We cancelled our UK credit cards as the amount of credit you have affects the amount of money you can borrow for a mortgage ie if your credit limit on a UK CC is the equivilent of say $30k, then the bank will reduce the amount of money you can borrow based on that amount.

One other thing is that most banks are *fee free* if you have a "relationship" with them. With the Commonwealth Bank in Qld its $20K relationship - so as long as you either have a loan with them for at least $20K or have at least $20K in the bank there will be no bank charges. However this excludes using another banks automatic teller machine & any state govt charges which you get on a cheque account (which is why many people dont have one as Polly pointed out).
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Old Jan 19th 2005, 3:27 am
  #22  
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Default Re: What to do with UK bank account

Originally Posted by renth
Here is an interesting press release about UK bank accounts and tax:

http://www.gomatilda.com.au/news/art...?articleid=327
It's an interesting article, and in a nutshell says:

If UK funds are kept in a Bank account opened before 1 Juy 2003, then any gain from that account is not assessed to income tax under the new forex provisions.

However, it should be noted that this gain may be assessable under the capital gains tax provisions.
 
Old Jan 19th 2005, 3:28 am
  #23  
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Default Re: What to do with UK bank account

Originally Posted by MrsDagboy
We cancelled our UK credit cards as the amount of credit you have affects the amount of money you can borrow for a mortgage ie if your credit limit on a UK CC is the equivilent of say $30k, then the bank will reduce the amount of money you can borrow based on that amount.
You TOLD the bank about your UK credit cards ?
 
Old Jan 19th 2005, 3:32 am
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Default Re: What to do with UK bank account

Originally Posted by ABCDiamond
You TOLD the bank about your UK credit cards ?
I wondered that too. Do you have to tell them, or do you HAVE to tell them?
I would be inclined to temporarily forget them if asked. Would an Oz bank be able to check, and if so do they bother?
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Old Jan 19th 2005, 3:39 am
  #25  
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Default Re: What to do with UK bank account

Going back to avoiding ATM charges, simply get cashback at the supermarket. This is the same trick as some had (still have?) to do in the UK.
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Old Jan 19th 2005, 5:03 am
  #26  
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Default Re: What to do with UK bank account

Originally Posted by ABCDiamond
You TOLD the bank about your UK credit cards ?
Yeah, we're honest people! I dont really see the point of having a UK credit card anyway, we use a credit card the way its designed to be used ie pay for everything on it & then pay it off completely every month so no interest charges at all, so using a UK credit card is a waste of money as you would have to transfer money & pay transfer fees every month to pay for it anyway. Besides which, we asked for a CC here & they said "how much for? Gold or Platinum?" Who needs a UK Credit Card?

J&C, there are plenty of people who dont tell them I bet, but Im pretty sure in the things that you sign there would be a mention of a duty of disclosure ie anything that could affect their decision you have to tell them, like insurance companies. If that were the case, & push came to shove, you could lose a whole lot more than the paltry amount on a credit card :scared: .

NickyC works in that sort of industry, she may know more.
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Old Jan 19th 2005, 8:08 am
  #27  
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Default Re: What to do with UK bank account

Originally Posted by MrsDagboy
Besides which, we asked for a CC here & they said "how much for? Gold or Platinum?"
How the other half live!!! Wanna adopt me Mrs D?
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Old Jan 19th 2005, 8:27 am
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Default Re: What to do with UK bank account

Originally Posted by MrsDagboy
J&C, there are plenty of people who dont tell them I bet, but Im pretty sure in the things that you sign there would be a mention of a duty of disclosure ie anything that could affect their decision you have to tell them, like insurance companies. If that were the case, & push came to shove, you could lose a whole lot more than the paltry amount on a credit card :scared: .

NickyC works in that sort of industry, she may know more.
Thanks MrsDB. I wasn't asking that because I intended to do such a thing, just curious. We are like you and pay off the cc bill as soon as it's due. It gives you that little bit of time to offset a large purchase until next pay day! We kept money in our UK account to pay off any expenditure on the UK cc.
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Old Jan 19th 2005, 8:46 am
  #29  
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Default Re: What to do with UK bank account

Originally Posted by MrsDagboy
We have an account with First Direct (totally online banking) - statements sent to Australia with no problem. Jut bear in mind that you may well need those paper statements for tax etc over here. We use it for b/days etc as other people have suggested.

As for credit cards, no probs getting a card for us, even on a temp visa, IMO its more likely to be a problem if you dont earn enough money or your spending is too high. They wont lend if they think theres a risk, either of not repaying the debt or leaving to go back to the UK. We cancelled our UK credit cards as the amount of credit you have affects the amount of money you can borrow for a mortgage ie if your credit limit on a UK CC is the equivilent of say $30k, then the bank will reduce the amount of money you can borrow based on that amount.

One other thing is that most banks are *fee free* if you have a "relationship" with them. With the Commonwealth Bank in Qld its $20K relationship - so as long as you either have a loan with them for at least $20K or have at least $20K in the bank there will be no bank charges. However this excludes using another banks automatic teller machine & any state govt charges which you get on a cheque account (which is why many people dont have one as Polly pointed out).
hi

I am with first direct also, so did you just change your address and say you were working oover there for 4 years? did they ask lots of questions etc, or was it straightforward?

I need to keep the account open as i have direct debits for house ins and life insurance on the account, i also have a nat west student account with a massive interest free over draft which i have never used (yet) i am setting up my mortgage payments direct debit on this account, then if anything happends i have the overdraft to fall back on, with no charges.........

I am in 2 minds tho weather to change the addresses to aus addresses or just get them sent to MIL's address???

As long as I have last 3 months statements, i should be able to get an aus credit card ok shouldnt i?
How about car loans, can you get them in aus ok on a temp visa?

Hels
I will check out that Teachers credit thing, thanks

laura
xxx
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Old Jan 19th 2005, 10:10 am
  #30  
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Default Re: What to do with UK bank account

I've had a Barclays account for donkeys years, ever since I lived in the UK, Got them to send statements first to NZ and then switched to Oz when I moved here. Have a Connect card and I can draw money from Westpac ATM's with no fees. No UK credit card as no need.
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