Bank accounts?

[Guest ade&emma]

We are looking to move to Oz within the next few months and are at the stage of setting up bank accounts. Could anyone advise which is the best bank to go with and if we can arrange everything on line? Any advise would be welcome. Thanks.

[Guest swampo]

Hi, we are also moving over in the next couple of months. From my very basic investigsations I have managed to get information from Westpac, ANZ and Commonwealth banks, all readily available on the web. Application forms can be downloaded and accounts can be easily set up before you get there. Have a good look at the interest rates though as they vary quite a bit. Also look carefully at the way in which you can manouver your money as some accounts don't allow you to go below a certain amount. I have found Westpac to be ofering the best deals at the moment but this could change by the time you look. Accout will be acctivated when you present yourself at the bank in Adelaide, with proof of arrival date and identity, cards and cheque books ready in about 5-7 days.

 

Hope that helps.

[Guest ade&emma]

Thanks for the help. Have been looking on the internet but always good to get a second opinion. Hope it all goes well for you.

 

Emma

[Guest motlyman]

Have you considered how you will transfer you £s over to $s?

We used HIFX to transfer ours over and they helped us set up a bank account which happened to be Westpac.

Been with them ever since and also have our business accounts with them.

 

Colin

[Sallyh]

We have opened ours with NAB and they have been really really good. The family uses them anyway but they will also open you an interest bearing UK account to put funds in to transfer from into the Australian account. They will do that with customers over £30K to transfer I think. The interest on the UK account is 4% and the Australian one is around 7% but when you get there you can swap it to an internet account that has around 8% interest and no charges.

 

You can do the application online, and the English office of NAB in London are very helpful.

 

We have chosen to use them for transferring our funds too instead of HiFX - they will still give us a commercial exchange rate to transfer the money and they don't charge commission or fees to transfer. Coupled with the interest bearing account from the funds from our house sale to go into, its a better deal than HiFX who also won't give you exact details on the margin they take from the exchange rate.

 

Go to www.nabgroup.com/migrantbanking

 

They havent requested any ID, did the account for us overnight, and we just have to arrange a meeting with a manager when we get there, take our passports and get our account cards etc.

[Guest sarahsmartiepants]

We used the yellow bank beginning with C when we first got her....5hitte:biglaugh:. Then we swapped to the blue one beginning with A( i wanted this bank in the beginnig as they are my fav colour, bright blue and lime green:huh:), been with them for coming up 2 years thought they were ok till they let through a check I wrote that was a year out of date:realmad:. The reason for that is another story, which is far too long and boring, suffice to say they are all as bad/good as each other, BILaw works at most OZ banks and is glad he doesnt keep his money in one of them!

Delete where/if necessary MODS!

[Guest FlyByNight]

We (me, wife & 2 kids + dog) are also nearly there and are investigating where to put our ££schmoolies. One option I read about was called Credit Unions. It was a while back but from what I recall they work similarly to co-operative banks with potentially more benefits for customers depending on what they are after. Can anyone out there elaborate on my hazy recollection / offer the benefit of their experience whilst I go and frantically try and dig through all my accumulated Oz literature to find where I read it and offer more enlightenment?

[Runcorn2Adelaide]

Whichever bank you choose, make sure they have lots of ATM's.Other banks charge for use of their ATM's. We've opened a Wespac account, and tranfered cahs using HiFX, all very easy.

 

We have online access and can check the account online that the cash has arrived.....

 

Si

[Guest caoimhe]

We (me, wife & 2 kids + dog) are also nearly there and are investigating where to put our ££schmoolies. One option I read about was called Credit Unions. It was a while back but from what I recall they work similarly to co-operative banks with potentially more benefits for customers depending on what they are after. Can anyone out there elaborate on my hazy recollection / offer the benefit of their experience whilst I go and frantically try and dig through all my accumulated Oz literature to find where I read it and offer more enlightenment?

 

Credit Unions are a big thing here in Ireland, but they are not banks just for saving and borrowing. You can borrow up to 10grand above what you have saved and interest rate is less than banks. If I remember right the idea was started by a priest to stop his parishoners form going to loan sharks. It is a community thing and and all profits go back to the members with dividends given each year. Its a great idea and a place I couldn't have don't without over the years They also have life insurance on all members so if you die your loan is scrapped and savings doubled and given to next of kin.

Don't know if Australian Credit Unions operate the same