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1. Posted by J0hn (Budding Member 26 posts) 9y

Hey,
Done a few searches through these forums to look at previous topics relating to banking, so got a good idea on the fees and different banks ect down under...thanks for that

But just wanted to know how do you go about money transfers, and whats the best way to store your money?

Currently have a natwest account, so do you think i should stick all the money from that into my new oz account when opened, and would it just be a simple transfer that could be done say over the net?

Many Thanks,
John

2. Posted by oslaue (Full Member 571 posts) 9y

international transfers cannot be done over the net.

you have to go into your local branch, request a special form and fill it out there...transferring money well i know in europe takes 4-5 working days, i imagine this is the same when sending to australia.

if i was personally you, id only put 20% into the australian account, just remember when you land in australia the bank has to make your card, that can take 2 weeks! also one has to expect problems!

once your there then you can take all your money out over the counter and put it in your australian account.

they will also charge you for a international transfer...maybe between 10-20 euro!

3. Posted by Sander (Moderator 4809 posts) 9y

Quoting oslaue

international transfers cannot be done over the net.

Of course they can. I transferred money to my Australian bank account several times by logging into the online banking of my dutch bank, and I've received payments from Norway to the same Australian account as well. You just need to know the SWIFT code of your Australian bank (and I guess the online banking system of your bank needs to support it, but I doubt there's very many which don't).
The transfer time still is several days, and you still pay a hefty fee for the transfer, though. Never expect banks not to make you pay through the nose for pushing some bits from one place to another. :)

just remember when you land in australia the bank has to make your card, that can take 2 weeks!

But usually the card arrives within five business days.

[ Edit: Edited on Jan 15, 2007, at 12:24 PM by Sander ]

4. Posted by J0hn (Budding Member 26 posts) 9y

Righto, but I can still access my natwest funds from atms at a charge i guess?

5. Posted by Sander (Moderator 4809 posts) 9y

Yes, that's always possible, although those fees really add up swiftly.

6. Posted by J0hn (Budding Member 26 posts) 9y

Right so what would you suggest? I was intending to get some oz dollars from the post office before i head out, his should see me over til the oz bank is all set up?

cheers for the help so far :)

7. Posted by oslaue (Full Member 571 posts) 9y

well, i know that irish and uk banks do not support this via net.
J0hn is based in england so i was only referring to uk bank accounts NOT dutch bank accounts.

transferring money in the eu for euros...there is little or no charge because there is no currency exchange
which means, no handling charge and not as big of an administration charge but your transferring to oz so you get to pay the charges!

i guess banks have to make there money from somewhere.

in your situation i wouldnt take a big wad of cash instead travellers cheques!
Sander is right, there is a daily charge of taking cash out...plus the limit will probably be between 400-700!
if you do it over the counter in sydnet you can normally take out 1,600! per day! well i know you can do that in ireland and the uk at your local bank but in australia it might be different plus your actual bank is not there UNLESS its a international bank like hsbc were they would probably have a branch...natwest will probably have just a presence...but i am speculating there now.

8. Posted by batfink (Budding Member 14 posts) 9y

I believe that one of the selling points of a Nationwide current account is that they don't charge for drawing money out abroad - maybe worth considering? I'm going to look into it to use myself when I am away later this year...

9. Posted by J0hn (Budding Member 26 posts) 9y

Ok so there seems to be alot of charges floating around, which isnt so good as you all said; as they do mount up.

I will be staying with natwest, and setting up an oz account when i arrive, I was hoping to put all my funds (bar my reserves) into the oz account so there is only the one international charge at the beginning...just abit confused on how to do this or if i should do this?
Is it done over the counter with the australian bank, or would i have to atm the money then pay it into the oz account?

Hum, sorry for me sucking at all this finance/banking business!

Thanks again,
John

10. Posted by Emily_Oz (Budding Member 39 posts) 9y

I opened a CitiBank account through STA travel before I left. I transferred all my money into the account (I am with NatWest in the UK) before I left and had it all sat there waiting for me when I arrived. I just had to pick up the information to finalise the account from the travellers centre point in George Street Sydney. They give you all that infromation when you set it up. I never got chargred for withdrawals and it was fab !
Emxx