Hi

Anyone got any recommendations for which is a good bank to use in Oz? I'd be setting up a savings and current account. Can these be set up from the UK? I'm guessing it'll be tricky without a permanent address (my company is providing accommodation for a month) - any suggestions about how to get around this?

Also, can I apply for a tfn now? Or do I have to have started work?

Thanks!

We set up Westpac and HSBC accounts whilst in the UK, NAB is our prefered bank in Australia because of ease of use and interest rates on the savings account. HIFX were very good at changing and sending funds to Australia.

Regards, Roger

Hi there

We are using The Commonwealth Bank of Australia, send funds to London and they will transfer to australia.
In our dealings we found that we got a better rate of exchange than Hifx were offering, and they pay very good interest rates.
You don't need a TFN immediately but it is advisable to get to the tax office in Oz as soon as you can, this is an easy process, you do it yourself on line in their office, and as we found any difficulty you may have, someone will be on hand to help you.
You don't need an address in Oz to open an account.
Have a look on line as to what they are offering

Best of luck

Terry

Most of the workmates and friends told me that I should consider taking Westpac or BankWest.

Both upon works very well and it's easy to setup accounts at the branches, you can choose what ever suits you best. I just took the closest branch and it took about 1 hour to setup 1 transaction account, 1 savings account and credit cards.

For Westpac, it works very well if you transfer funds to/from Finland. Workmate of mine is from India and he said that BankWest works very well between Oz and India.

Nab ATM's are the best if I withdraw money from my Finnish Visa card, Westpac is ok too but sometimes denies transactions and doesnt tell me why. ANZ works occasionally. With local ATM cards, you just need to be sure about the costs if you withdraw money from differnt banks ATM's, they are charcing some fees. At shops etc. you can pay without costs.

Easiest way to get TFN is from the website. It took 5 days to get one, you should get it as soon as possible because your employer needs it and the bank needs it. Otherwise you end up getting taxed way higher when it's pay day.

Just look what suits you best, just check what's the maintenance fee on accounts, they vary a bit.

"What NAB giveth, TAB can taketh away" =)

Thumbs up,
Pekka

Thanks for all your advice!

Is there any reason not to go with NAB? They have an account with no fees (if you earn enough ) And they seem to have a very good e-savings account...

I don't really see the point in transferring a great deal of my savings to Australia at the moment, because the exchange rate is so awful! I thought it might be better to leave it in my UK savings account until it hopefully improves... Any reasons why not to do this?

Lucy

Although the exchange rates appear poor at present the interest rates on Australian based saving accounts are way better than anything you can get in the UK right now. With interest rates set to stay high if not go higher in Australia and set to stay low in the UK if not go lower I dont see the exchange rate moving that significantly to favour keeping the money in the UK and missing out of the great rates in Australia.

Your call of course, I am no financial whizz kid and the exchange rate might go zooming back to 2.50 rates of last year tomorrow but I guess that's the gamble we take!

quote:

Originally posted by river_lucy:
Thanks for all your advice!

Is there any reason not to go with NAB? They have an account with no fees (if you earn enough ) And they seem to have a very good e-savings account...

I don't really see the point in transferring a great deal of my savings to Australia at the moment, because the exchange rate is so awful! I thought it might be better to leave it in my UK savings account until it hopefully improves... Any reasons why not to do this?

Lucy

I would say that if NAB looks/feels good for you, go for it. What I did was that I just compared few of the banks and their offerings, listened to my mates and made the decision after that.

If you are moving funds from UK to Oz, just check from ATO and the bank you choose, how much you can move and what fees and other expenses you will be paying for transfers.

Hiya

Being very financially astute - NOT!!!

We have been here nearly four yeard, first got a homeloan through Colonial (a subsiduary of Commonwealth) then changed to National Australia Bank, now are with RAMS - which we find fantastic despite the rate of 9.4% currently - eaks!!!!

Personal banking we use Commonwealth which I believe you can set up an account in the UK before you immigrate, only problem is with the major banks if you dont have your homeloan with them, they charge you for doing anything. Holding an account, writing a chq, withdrwaing cash - the lots. Its a bit of a pain really. All this is explained in the livingdownunder dvds which may belp people considering immigrating see visually where they want to live and lots of tips and advise on when they arrive etc...

Good luck in your journey