hi everyone, im travelling to australia in sept, i have around £4000 in my english account, just wondering about setting up an australian acount and transfering all my money to the australian acount, do i need to do that in the uk or can i got to oz with my debit card, set up an account when i get out there then get them to transfer all the money into that account ??????
I would set up an account when you get over to Oz and use Tranzfers to transfer your money to your Australian bank. I'd highly recommend then - they are much, much cheaper than the banks, are very efficient and always offer good exchange rates. Myself and my partner have used them several times to transfer money to and from the UK.
[ Edit: Edited on 20-Jun-2011, at 13:36 by bex76 ]
Each month I have money transferred from England to my French bank account and it takes just 2 days and I get a good rate for it (even allowing for any costs). You just need the IBAN number of the Australian bank, for your English bank.
Mine is six groups of four and one group of three, with the first being two letters for the country and two numbers for the region. The rest are numbers.
I would like a sum of hard cash with me in case there are any problems.
£4,000 is not a lot these days. In 1986 I did a RTW trip with £2,200 in cash, with some credit cards too.
I wouldn't recommend going with banks for transfers between the UK and Oz/NZ. My bank and my partner's banks both said they would £25 to transfer the money, whereas Tranzfers charge £7 whatever the amount being transferred is, and the exchange rates they offered were the same.
I'd second the Tranzfers recommendation. We use UKForex regularly which is basically the same company. Transfers are faster than via the banks and the fees considerably lower. The exchange rate is *usually* better, though we've noticed once or twice that the bank had better rates. You could check on the day which is better and transfer accordingly.
There are also other companies who do this kind of thing mind you. It's just the UKForex one that I'm familiar with.
It's dead easy to set up an account before you leave. I applied online with ANZ and they rang me a few days later with my account info and internet banking log-in. I'm then transferring my money with FC Exchange about a week before I go. You just need to take your passport into any branch in Oz to access the account and get your debit card.