Hi, this may sound like a really stupid question but, I leave for Aus in 50 days and I'm just curious how the whole banking thing works? I have my money saved in HSBC over here (Uk) but, can I set up a bank before I leave?
Or do I take just a fraction of money and get my family to transfer the rest over when I have set one up in Sydney? Will I get international transferring charges?
Any advice on this subject would be appreciated, thanks!
Well if it's like the Uk you will need an address in Australia before you can open a bank account.
You will have to provide personnel details of your life where you work how much you earn etc.
You can transfer money international to your new account and there will be charges.
In the interim you can just withdraw at the atm machines up to the level you existing bank allows.
I assume you have talked to your bank about emigrating, they will be able to tell you their costs for transferring money. Obviously the exchange rate can go up or down depending on the time you transfer your funds.
I'm going to Oz soon and I've been looking this up too. Most of the australian bank accounts you can open one before you go and then you need to go to a chosen branch I think with your passport etc and can collect bank card.
I went to my bank and the fees for transferring are ridiculous so I've got a caxton card which is a visa or MasterCard you can load before you go and withdraw for free abroad. Think I'll just keep loading that up and withdrawing cash to then deposit in my oz account.
Don't know if that's best but it saves me getting international fees from my bank. So much easier opening account before I go as well, think the bigs ones are Commonwealth or ANZ, something like that.
[ Edit: Edited on 11-Jul-2014, at 13:01 by Emboscotland ]
I'm moving to sydney in September I've already opened a bank account with national Australia bank. It was really easy I completed an online registration form for a classic account it's all free. You can transfer funds over before you travel, once you get there and have collected your bank card after showing photo id its like banking in the uk. I've used an international transfer company called halo which have good rates at the moment and are cheaper than bank charges! If you want I can provide you with the contact details for the person that sorted everything out for me at the bank?
Hope this helps :-)
Hey i opened a bank account and transferred my money over here before i arrived. They had my bank card waiting for me at my selected branch ready to be activated on my arrival.