Guest helene73

Advice on my banking brainwave!!!

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    Guest helene73

    Hi guys I just had a brainwave and went to see HSBC today as they have branches in oz.

    I am think of opening a international account as a little extras type savings in the hope that I can start building up a good credit rating history and build a good relationship with the bank sort of trying to get a head start while still in the UK. I know exchange rates are crap so won't be putting more than £100 per month into the oz account and then if visa plans fall through can always transfer back to the linked uk account.

    My question is dose this sound like a good idea and will having a good credit rating/relationship already give me a head start for credit,mortgages and would it be a advantages for rental references?

    Any advice and experience would be very gratefully Received. :)

     

     

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    Hi guys I just had a brainwave and went to see HSBC today as they have branches in oz.

    I am think of opening a international account as a little extras type savings in the hope that I can start building up a good credit rating history and build a good relationship with the bank sort of trying to get a head start while still in the UK. I know exchange rates are crap so won't be putting more than £100 per month into the oz account and then if visa plans fall through can always transfer back to the linked uk account.

    My question is dose this sound like a good idea and will having a good credit rating/relationship already give me a head start for credit,mortgages and would it be a advantages for rental references?

    Any advice and experience would be very gratefully Received. :)

     

     

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    I think this sounds like a good idea - I am with HSBC myself so I might also consider it.

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    Guest Fluterby

    Hi Helen73

     

    We was going to do this as we had banked with HSBC for 17 years, but when we went into our local branch they wanted £100 each to open the accounts!! So we decided against it as we could open other oz accounts from UK and pay nothing. We opened a Westpac account and just activated it once we arrived here. HSBC only have a couple of branches here, Westpac have loads.

     

    David

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    Guest helene73
    Hi Helen73

     

    We was going to do this as we had banked with HSBC for 17 years, but when we went into our local branch they wanted £100 each to open the accounts!! So we decided against it as we could open other oz accounts from UK and pay nothing. We opened a Westpac account and just activated it once we arrived here. HSBC only have a couple of branches here, Westpac have loads.

     

    David

     

    Hi and thanks

    Yeah they just told me it would cost £100 and you have to pay in £500 per month would mean money flying around every where but I am not to bothered about that it's more about getting a head start on credit reference histories before moving out I can always close it when out there and move to another bank with more branches :)

     

     

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    Hi

     

    I can see your way of thinking behind this as building up a good credit rating in the UK is a requirement of lending.

     

    However, in Australia it is not the same and is not necessary, you effectively start off with a good credit rating and if you then make late or missed payments this is when the credit rating becomes marked.

     

    Theoretically it is possible to gain a mortgage from a credit rating point of view immediately (of course all of the other areas would need to stack up ie. employment/income, deposit etc).

     

    Regards

     

    Andy

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    We had no credit history here in Oz and we got stuff from radio rentals and Hardly Normal...we kept up with payments and now have a mortgage not sure if its summat to brag about tho...lol

     

    But having our own place in the UK was a mere pipe dream let alone build our own place....

     

    Andrew is a very good man to talk about anything financia lalot of people on here have used him...in the nicest way of course...lol

     

    HG

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    Hi guys I just had a brainwave and went to see HSBC today as they have branches in oz.

    I am think of opening a international account as a little extras type savings in the hope that I can start building up a good credit rating history and build a good relationship with the bank sort of trying to get a head start while still in the UK. I know exchange rates are crap so won't be putting more than £100 per month into the oz account and then if visa plans fall through can always transfer back to the linked uk account.

    My question is dose this sound like a good idea and will having a good credit rating/relationship already give me a head start for credit,mortgages and would it be a advantages for rental references?

    Any advice and experience would be very gratefully Received. :)

     

     

    Sent from my iPhone using Tapatalk

    We Have just opened a HSBC premier and a premier oz account its a free account with free transfer between uk and oz and you also get a personel manager in oz.To qualify you must pay in at least £50,000 within six months which can be at this end so no loss on exchange rate. They are sending all our cards to us before we go including oz credit card and we dont have to activate the account when we get there.

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    Guest helene73
    Hi

     

    I can see your way of thinking behind this as building up a good credit rating in the UK is a requirement of lending.

     

    However, in Australia it is not the same and is not necessary, you effectively start off with a good credit rating and if you then make late or missed payments this is when the credit rating becomes marked.

     

    Theoretically it is possible to gain a mortgage from a credit rating point of view immediately (of course all of the other areas would need to stack up ie. employment/income, deposit etc).

     

    Regards

     

    Andy

     

    Hi Andrew thanks for the advice/info

    It's all great to know, I was also thinking about doing this as I though once the house and Buisness are sold it would be a easy way of transferring money with HSBC as I bank with another bank everything can be transferred to them then the others can be shut down. Having a HSBC international account means I have to keep the uk HSBC account open but when I come back for holidays money can be transferred to that account and I can use the cards and not get charged on cash machines lol how tight am I :)

     

     

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    Guest helene73
    We Have just opened a HSBC premier and a premier oz account its a free account with free transfer between uk and oz and you also get a personel manager in oz.To qualify you must pay in at least £50,000 within six months which can be at this end so no loss on exchange rate. They are sending all our cards to us before we go including oz credit card and we dont have to activate the account when we get there.

     

    Great to know someone else is doing this too, I would not be opening the same one you have I will have to pay £100 which is not a great deal in the grand scheme of things and like you have said I would find it a lot less hassle already having cards ect and not having to be in oz to activate. I was told I would have to keep open the uk HSBC account but would have uk cards too so if you come back for a holiday I can transfere money in to that and save on card charges here.

     

     

     

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    Great to know someone else is doing this too, I would not be opening the same one you have I will have to pay £100 which is not a great deal in the grand scheme of things and like you have said I would find it a lot less hassle already having cards ect and not having to be in oz to activate. I was told I would have to keep open the uk HSBC account but would have uk cards too so if you come back for a holiday I can transfere money in to that and save on card charges here.

     

     

     

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    Yes the uk account does stay open,which will be good for buying things online for presents and things in the uk

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    Guest helene73
    Yes the uk account does stay open,which will be good for buying things online for presents and things in the uk

     

    I think you have just convinced me it definitely the right thing to do, thanks for sharing :)

     

     

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    Doesn't have to be via HSBC we have a Nationwide account here in UK and a Westpac one in Oz. Both managed on-line. I looked at HSBC but they seem to charge for everything and as said they have few branches in Oz. And in fact it is not one seamless organisation anyway, they have different banking codes, guarantees etc.

     

    For example Bank of Cyprus UK is actually a different set up from Bank of Cyprus Greece. I have accounts with both and they are completely separate.

     

    We always transfer money via a forex company (unless small amounts) as the rate is better with less charges.

     

    You can open an Oz bank account from the UK and transfer money in, but it will not be activated until you have passed security checks with some banks this means you must go to Oz.

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    We've kept UK accounts open with two banks but that doesn't mean we have to use them over here in SA, so I wouldn't let that sway your choice. Also, if you're moving large sums over, you should do it through a currency exchange such as oz forex or HiFX or you'll get nothing like a decent rate (not that moving pounds into dollars attracts a decent rate anywhere these days!).

     

    Jim

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    Guest Adelaide_bound

    Personally I would want to have a bank account in Aus with an Aus bank, one that has many many many ATMs (and therefore do not charge me to take my money out) across the country and one that has many many many branches across the country so that I can go and see someone face to face about my account.

     

    I certainly, under no circumstances, would PAY someone for letting me buy their product - would you pay Tesco £100 for letting you do your weekly shop and there spending £100 in there?

     

    Any bank that charges you for setting up an account are complete scum imho - its not like they haven't got enough money anyway. There are many Aussie banks that have branches in the UK (admittedly in London, but hey! Make a weekend of it! And most of them you can do it online as well apparently) that do not charge you anything to set up an account with them.

     

    We will keep our UK bank accounts open probably just in case, but as we don't have any other financial products its not like we will be moving credit cards or anything, and as we don't have overdraft facilities etc here, we will just leave a very small sum in the accounts here, and then if we need to do anything that requires a UK bank account we have one. But to be honest - I don't need an Aussie bank account whilst I live in the UK, so why would I need a UK one when I live in Australia?

     

    Sorry to rant so much about this, but I really feel strongly against banks that charge you to use their products, and earn them money! Especially when they are dishonest about making out they are the same in Australia and here - they aren't they are very different companies in real life, as Rammygirl says - they have different banking codes etc so are NOT the same thing as here - I just cannot abide dishonesty and do not see why it should be rewarded with business. Grrrr.:arghh:

     

    OK rant over :biglaugh:

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    Guest helene73

    Rant away :) it's good to hear different opinions :)

     

     

    Sent from my iPhone using Tapatalk :)

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    I'm kind of with Adelaide_bound on this one. Open an Aussie account online and wait till you get there to activate it and start using it. You can do that the day you arrive so its not like you'd be stuck with no money and helpless.

     

    I'd personally open a savings account with a decent interest rate in the UK and pay money into that till you up sticks to Aus. And then transfer it over using a decent exchange set up that won't stiff you on the rate.

     

    I would keep a basic UK account open with a small amount in to cover any odds and sods that may crop up. And also that can have money transferred in to it from Aus should the need ever arise. No need to close an account. Helps if you want to order anything UK based with a debit card and so on. And for trips back.

     

    With internet banking these days it really is so simple. I just feel you are making more work for very little reward or return. I don't see any real benefits to this international account. It could be good if you lived between both countries but if you are not its not really worth it.

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