bank accounts
Dec 30th 2009, 5:12 pm
#1
Forum Regular
Thread Starter
Joined: Mar 2008
Location: Greenwood Perth WA
Posts: 118
bank accounts
who can open bank account in oz
my father in law is going to spend 3 months a year with us when we move will he be able to open a bank account to use when hes there without a pr visa??
what are the things required to open account,
also is he able to transfer money from his uk account to our bank account via a company like hifix
my father in law is going to spend 3 months a year with us when we move will he be able to open a bank account to use when hes there without a pr visa??
what are the things required to open account,
also is he able to transfer money from his uk account to our bank account via a company like hifix
Dec 31st 2009, 3:11 am
#2
BE Forum Addict
Joined: Mar 2009
Posts: 1,289
Re: bank accounts
1. who can open bank account in oz
2. my father in law is going to spend 3 months a year with us when we move will he be able to open a bank account to use when hes there without a pr visa??
3. what are the things required to open account,
4. also is he able to transfer money from his uk account to our bank account via a company like hifix
2. my father in law is going to spend 3 months a year with us when we move will he be able to open a bank account to use when hes there without a pr visa??
3. what are the things required to open account,
4. also is he able to transfer money from his uk account to our bank account via a company like hifix
1. and 2. Yes, your FIL can open a bank account in Oz.
3. If he opens the bank account within a few weeks of his arrival, then all he needs is his passport. (After so many weeks - have forgotten how many - he would need additional ID documents. Therefore best to do it as soon as he arrives for his visit.)
He should be aware that there will be a monthly fee charged by the bank - even if he makes no transactions because he is back in the UK.
When he leaves Oz to go back to the UK, he must tell the bank his UK address. (That's due to tax reasons. The bank has to deduct 10% tax from any interest he earns on that account while he is overseas.)
4. Yes. No problem transferring money from his UK bank account to your OZ bank account or to his own OZ bank account once he has opened it.
HiFX and Ozforex for amonunts over $5,000. For smaller amounts use Tranzfers. They are a sister company of Ozforex. Tranzfers charge $15 per transfer. Transfers above $5,000 with Ozforex are free.
He needs to set up his details with Ozforex/Tranzfers (or whoever he chooses). He can then use internet banking to transfer money from his UK bank account into their client account. And within a few days it will be in your/his OZ account. Easy peasy.
Dec 31st 2009, 5:02 am
#3
Guest
Posts: n/a
Re: bank accounts
Try to get an HSBC account here in Australia, no monthly fees, so no cost to use it, or not use it.
Money Transfers UK to Australia can be done at very low cost if you look around
Money Transfers UK to Australia can be done at very low cost if you look around
