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Money money money!

Travel Forums Australia / New Zealand & The Pacific Money money money!

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1. Posted by Helsb (Budding Member 9 posts) 10y

Hi!

I am planning to spend some time in Australia among other places in asia and australasia next year (yay!) and I have planned that the money will run out when I reach Oz where I will try to get some work. If (hopefully not), I need to use my credit card or actually any card in Australia, I have been told that there are some hefty loadings and charges on getting money out from ATM's etc.

Can anyone help with the best way to manage my cash when I'm there because I dont want to come home to a whopper on top of my predicted skintness!

Thanks!

2. Posted by lil j (Travel Guru 1303 posts) 10y

Appparantly if you use ANZ-set up an account with them you can use them in asia-i think-i'd double check tho!

When i went to Oz a few months ago i used my UK card and they charged £1.50 for withdrawing money and using it to pay for things, but as i'm planning on going for maybe a couple of years i'm going to set up an account with either ANZ or commonwealth i think.

I emailed ANZ yesterday actually and you can set up an account and when you get to Oz you take your passport and account details and you can them withdraw money out, while out there you can get in contact with your UK bank and get them to transfer your money into the Oz account.

Hope that makes sense-i'll be doing all this very soon!

3. Posted by elliot_aus (Full Member 61 posts) 10y

With HSBC - you dont get charged for using your card at overseas HSBC ATMS.
i changed banks in the UK so that i wouldnt get charged when i came to the US and withdrew money - all you have to pay is the foreign currency fee - varies between banks - i forget what it is with HSBC tho!

hope that helps

4. Posted by Helsb (Budding Member 9 posts) 10y

Thank you!

I will have to look into the HSBC account while I'm here, that would be the best bet for me as I am still not sure how long I will be working in Oz for and we're then heading to NZ and possibly might be working there for longer.

It's pretty hard planning all this in advance when the plans are a bit up in the air at the moment, just want to make sure my hard earned pennies are not wasted on charges! It all depends on how we feel when we ge there really & how long we can stretch the money we do have. Going to China for 3 months before and looking at stopping a few times before that as well!

Really appreciate the suggestions though!;)

5. Posted by LizzieB (Budding Member 5 posts) 10y

Hi!

I'm currently in Oz and I'm with HSBC UK and have had problems trying to send money into my Oz account. Apparently HSBC won't allow you to transfer funds from UK to another country bank account via online banking, so have had a bit of difficulty there!

I am going to pay HSBC the $50 fee to transfer my english account to an OZ one. Then you can give all your details to employers without much of a wait. The only down side is that they automatically change your GBP balance into Aus dollars and they often take a big chunk of comission from you when they do - so I have been told by a friend who has done this!

If you are going to apply for an Aus bank accout, I wouldn't recommend Citibank, either WestPac, Commonwealth or ANZ are the best ones.

All the best x

6. Posted by james (Travel Guru 4136 posts) 10y

There are not too many HSBC ATMs in Oz.

7. Posted by k8iejo1983 (Budding Member 49 posts) 10y

Quoting LizzieB

If you are going to apply for an Aus bank accout, I wouldn't recommend Citibank, either WestPac, Commonwealth or ANZ are the best ones.

Hey,

Thanks for that piece of advice. I am also in the same predicament of which bank to open an account with at the moment. I will arrive in Sydney on 18th March and hope to stay for 10 months in Oz and work, so an australian bank account is essential. Had been lured in by Citibank's specialist 'Backpacker Account', but after speaking to my Dad have decided to go with one of the big Australian banks instead. To be honest, I have heard a lot of good things about ANZ on this site, so think they will be my final choice.

Kate x

8. Posted by majito (Respected Member 442 posts) 10y

Good choice Kate. You can open the account before you arrive.

9. Posted by Flembo (Budding Member 23 posts) 10y

I've just opened a nationwide account and you can use any ATM for free.

10. Posted by majito (Respected Member 442 posts) 10y

Westpac have just upped their fees for using a non-westpac ATM by about 35%. They need to do this because they only made 4.7billion dollars profit last year.