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$100k bond - via UK or Australian Bank Account?

$100k bond - via UK or Australian Bank Account?

Old Jun 23rd 2004, 7:10 am
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Default $100k bond - via UK or Australian Bank Account?

Hi all,

When transferring the funds for the $100k bond is it best to use a UK Current Account or set up an Australian Account?

Am I right in thinking that all interest paid and the bond itself is eventually paid back into the account the money was originally transferred from?

And finally, if I decide to set up an Aussie Bank Account first, whilst residing in the UK, who do you recommend? Commonwealth? Can these accounts be opened online?

Cheers

SS
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Old Jun 23rd 2004, 7:18 am
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Default Re: $100k bond - via UK or Australian Bank Account?

SS

It's reasonably straight forward to do it with either a UK bank or a UK based foreign currency dealer. If you set up an Australian account you'd still have to get the money exchanged into there from the UK any how.

On the form we used with WA we had the option of either receiving a cheque for the interest or it being paid into our Australian bank acoount. As we don't have one yet we ticked the box to receive the cheque with the intention of setting up a bank account and asking for the funds to be paid there direct at a later date.

Chris
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Old Jun 23rd 2004, 7:19 am
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Default Re: $100k bond - via UK or Australian Bank Account?

My advice would be to open an Aus bank account. The Commonwealth Bank seems to be well recommended and yes, the application form can be downloaded on line, fill it in and then return it to the London branch and they will open an account for you within 5 days.

Any deposits under £30,000 they charge a fee of £15 and nothing over thr £30,000.

Hope it helps

Originally posted by SuperSeagulls
Hi all,

When transferring the funds for the $100k bond is it best to use a UK Current Account or set up an Australian Account?

Am I right in thinking that all interest paid and the bond itself is eventually paid back into the account the money was originally transferred from?

And finally, if I decide to set up an Aussie Bank Account first, whilst residing in the UK, who do you recommend? Commonwealth? Can these accounts be opened online?

Cheers

SS
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Old Jun 23rd 2004, 5:03 pm
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Default Re: $100k bond - via UK or Australian Bank Account?

I thank you both..the thing I notice with the aussie account with the Commonwealth is that you arent allowed to withdraw any money until you get to Oz. This would be a problem as I will need to pay my investors back (for the $100k bond) before I can make the move.

Cheers

SS
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Old Jun 23rd 2004, 7:35 pm
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Default Re: $100k bond - via UK or Australian Bank Account?

I think you're right - I've looked at other Australian banks and I don't think that you would be able to get at the funds with any of them until you were actually in Australia.

As I'd said earlier - using a UK bank was a piece of cake in my experience. I rang the WA treasury the day that we faxed the forms and sent the funds over and they had confirmed the transaction was all OK within the week.

Chris
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Old Aug 2nd 2005, 2:13 pm
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Default Re: $100k bond - via UK or Australian Bank Account?

We will also be stumping up the $100K bond. It would be nice to place the $40K in an account such that it could be called upon when the bond is requested. I do not believe that a forward contract is much use in this situation as you have no idea as to when the bond will be requested.

Does anyone know of an account denominated in AUD to which funds could be transferred now, and then used to pay for the bond later?

cheers,

Ian
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Old Aug 2nd 2005, 2:19 pm
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Default Re: $100k bond - via UK or Australian Bank Account?

You would need to use an offshore bank for something like that. HSBC, Barclays etc all offer foreign currency accounts.
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Old Aug 3rd 2005, 6:42 am
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Default Re: $100k bond - via UK or Australian Bank Account?

Crikey - this thread has been broguht back to life!!

By the way, I transferred it using HIFX from a UK account.

SS
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Old Aug 3rd 2005, 8:30 am
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Default Re: $100k bond - via UK or Australian Bank Account?

I just rang HSBC International Branch in London, and they told me that if I open an Australian account from here in the UK it can be called upon before arrival in Australia. It does look like we can open an Australian account and use it to pay the bond

cheers,

Ian
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Old Aug 3rd 2005, 8:36 am
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Default Re: $100k bond - via UK or Australian Bank Account?

Originally Posted by ianandlou
I just rang HSBC International Branch in London, and they told me that if I open an Australian account from here in the UK it can be called upon before arrival in Australia. It does look like we can open an Australian account and use it to pay the bond

cheers,

Ian
You need to be sure you are talking about an Australian onshore account and not an offshore account. An offshore account, which can still be held in AUD, can be accessed immediately from anywhere. An Oz onshore account cannot be accessed until you turn up at the branch in person. That's what HSBC told me, and I have spoken to the Oz onshore people and the offshore people. (Now if that doesn't add more confusion, I don't know what will )
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Old Aug 3rd 2005, 9:21 am
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Default Re: $100k bond - via UK or Australian Bank Account?

Originally Posted by youcanlaugh
You need to be sure you are talking about an Australian onshore account and not an offshore account. An offshore account, which can still be held in AUD, can be accessed immediately from anywhere. An Oz onshore account cannot be accessed until you turn up at the branch in person. That's what HSBC told me, and I have spoken to the Oz onshore people and the offshore people. (Now if that doesn't add more confusion, I don't know what will )
The bloke I spoke to at hsbc was talking about an onshore account, so it sounds like they are as confused as me I was a bit surprised that they would let you use it without showing up in person, and if I find any further evidence to clear this up I will post again.

cheers,

Ian
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Old Aug 3rd 2005, 9:35 am
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Default Re: $100k bond - via UK or Australian Bank Account?

I think all the banks are as confused. When I contacted Commonwealth, I was told by the guy in the UK that they do not offer foreign currency account yet on the same day received an email from the migration desk in Oz stating that they do.

The hardest thing to get my head around is the charges. It'll be hard for us POMs to accept charges again. It's like going back in time.

Ian, please do post anything you manage to find as it will be useful to all of us.

thanks
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