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Money, Money, Money

Travel Forums Australia / New Zealand & The Pacific Money, Money, Money

1. Posted by grannelly (Budding Member 31 posts) 11y

grannelly has indicated that this thread is about Australia

Hello people. Right, I have just applied for a multi function card which apparantly works world wide. But am i better talking all my travel money over to australia as travellers checks and then just deposit them in an australian bank account? Thanx.

2. Posted by leanneh (Budding Member 59 posts) 11y

you can open a bank account when you are still here apparently. Means you can have money in it for when you arrive. think you need to be able to pick atm card up in sydney or something like that though so only really worth it if you are heading there first. I think its Citibank that do this. Only just been told about it briefly so not 100% sure myself. The guy in STA was on about it - they can help you set it up.

Leanne

3. Posted by Sam I Am (Admin 5588 posts) 11y

Hi Leanne,

I am sure they were; they get a commission for every one they set up :)

I'm 99% sure they are talking about a citibank account. They are decent but have high charges once you get to Australia. Not to mention that they don't have their own offices or atm's so you'll end up taking your money out from other banks machines and will be charged fees for this....

granelly, I would definitely not recommend taking travellers cheques. Most people don't want to run the risk, so end up insuring these (it's nearly like taking it cash) and with all the fees (when you buy them, when you cash them and the insurance fees) you end up losing quite a bit!

I don't know if you have online access to your home bank account and if you can do overseas transactions through that online system but that is a much cheaper way to go. Wait till you get to Oz, set up your bank account and use those details (you get them straightaway when you set up your account) to transfer a large chunk of money in one go to your Australian bank account. I always left some on my home account as well, for emergencies sake.

If you can't transfer money online, another way is just to take out the maximum allowed from an ATM and then walk into the Australian bank and deposit it on your account. Depending on the fees for withdrawing money vs. transferring internationally, this could end up being cheaper although I would of course only recommend taking out the money at ATM's that are located in the bank you have to deposit at as well....

Another option is to not worry about transferring money from home to your Ozzie account and just keep that Oz account for the money you make working in Australia. If you don't pay a lot of fees for withdrawing money from ATM's with your home card you can just use that card to withdraw money from your home account whenever you need it. 99.9% of the ATM's in Australia will take your card from home, provided it has a maestro or cirrus logo on it.

Well, those are my suggestions anyway :) There's a few other posts about this in the past 3 months that you might want to search for...

Cheers,

Sam

4. Posted by leanneh (Budding Member 59 posts) 11y

thanks Sam

I don't like getting ripped off by banks!! What do you need to open an account over there? What do they do about your registered address etc? I am a bit in the dark about all of this! Usually when I go away I just take money out in the country but i dont know if this will end up costing a lot if im doing it all the time! I guess I should add this to my list of things to research before i go!! it is getting longer by the day....

Leanne

5. Posted by Sam I Am (Admin 5588 posts) 11y

Check with your local bank what they charge for ATM withdrawals. These days it's usually not too bad...

You'll need an address to get your Australian bank account. Most travellers use a hostel where they stay for a few weeks when arriving. Or else they use a permanent mail address. There's a few companies that provide this type of mail holding and forwarding address. If you use a company like Bunac to travel down, this is included for example. Otherwise, there are a few that used to do it. Travellers Contact Point used to do this kind of thing but I am sure there are more. Just pick up a TNT magazine when you arrive (in every hostel). Most advertisements that have anything to do with backpacking are in every mag ;)

Cheers,

Sam

6. Posted by Sander (Moderator 4808 posts) 11y

Quoting leanneh

I don't like getting ripped off by banks!! What do you need to open an account over there?

As long as you open it within 30 (?) days of arriving in Australia, you only need a passport for identification. After that time you need more forms of identification.
If you use the address of a hostel, make sure to tell the bank not to send you any statements (or if they don't allow that, to only send them every six months). Then if you ever need a statement, just go to any bank office and ask for an "interim statement", which they provide free of charge.

Depending on how good you are with planning ahead money-wise, I'd recommend getting an ANZ Access Select account, which has no monthly fees and the ridiculously low amount of six free electronic withdrawals (ATM or EFTPOS (swiping the card in a store)) per month. (If you go over those six, or withdraw from a non-ANZ ATM, you pay through your nose for that. But if you plan ahead with your money needs, it's the one way not to pay any money to any Australian banks.)
Pretty much every other bank will have monthly fees. Banks are greedier here than in Europe even, hard as that is to believe.

7. Posted by smith77 (Budding Member 11 posts) 11y

Hi,

Citi do do this as my cousin works for them in oz! I would suggest going online or contacting them direct rather than going through STA as they do make commission (just like the comission they make on bus passes and trips which is cheaper out there!)

Make sure you do open an account before you go as a friend of mine went out for a year and had real problems as she couldn't open one!

8. Posted by Sam I Am (Admin 5588 posts) 11y

I've never heard of anyone ever having even the least of troubles if trying to open a bank account once they arrived in Australia. How hard did your friend try?

As Sander mentions, ANZ has a decent one that doesn't have monthly fees and (I didn't know that but it seems) you can even open it the first month without a permanent address! Commonwealth also has a decent one without fees. St. George is another one but doesn't have many branches. Citi has none I am pretty sure....

9. Posted by rom91 (First Time Poster 1 posts) 11y

If everyone would follow these instructions, this will work.

EDITOR COMMENT FOLLOWS: yeah right!!! Seriously, do you think we are all idiots?

[ Edit: SPAM removed... ]

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