Banking In Oz

[SGKG102]

Hi all,

I have a question or two regarding Bank Accounts. Please could somone let me know the best way to set up a bank account ready for our move to Oz. I would like to open an account before we travel but do not know of any Australian banks. There are some that advertise on this forum i.e. Commonwealth Bank. What is the best course of action to take to ensure that we have an account up an running? What is the best bank/account to begin with?

Please forgive me if this information is within the "Please Read" but I could not find any recommendations for banks.

Looking forward to receiving a response.

Karen

[Dolly]

Hi Karen,

We set up a Westpac account before we arrived.

We sent the bank an email. Set it all up in the UK, giving the bank details of which branch we wanted to use. All we then had to do was to go to the branch when we arrived to action the account so we could use it. You can't use the account until you arrive in Australia but you can deposit monies into it before you arrive (if I remember correctly).

There is also St. Georges, ANZ and NAB (can't think of any more at the mo).

Dolly

[SGKG102]

Hi Dolly

Thanks for your response. I have been looking at Westpac but at the moment I am not sure when we will be making the move. I am sure that this is the bank that stated that you have to be in Oz within 90 days of opening the account. I guess it would be better if we waited until I have the Visa before looking in to banking? However having said that it is our intention to make the move as soon as the Visa is granted. Also it would be better to decide exactly where we want to live to enable us to arrange the branch. Maybe this is something I should look in to a bit nearer to the time of our move? I don't know it is all rather confusing really. It would be beneficial to us if we had a bank account up an running to enable us to make deposits as and when thereby enhancing our credit worthiness.

Kind regards.

Karen

[kaz101]

Hi Karen,

Most of the banks are similar out here. You have monthly fees to pay for maintenance but they transfer money quicker than the banks in the UK. There shouldn't be any problem setting up an account, and we had an internet account with St Georges and then had it set up at a local branch when we moved.

Regards,
Karen

[SGKG102]

Hi Kaz,

Thanks for the info. As usual you are really helpful. Do we need to put a certain amount away in the account each month to keep it up and running or can we chose how much? Is there a stipulation as to how long we have the account running before we have to arive in Oz like with Westpac? How do we go about setting up an online account with the bank you have mentioned? Does this work by transferring funds from our UK account to an Oz account via Standing Order or Direct Debit?

Sorry for all the questions but need to be clear about the best way to deal with the banking side.

Regards

Karen

[kaz101]

Hi Karen,

Originally Posted by SGKG102

Do we need to put a certain amount away in the account each month to keep it up and running or can we chose how much?

The maintenance fee varies depending on how much you have in the account.

Originally Posted by SGKG102

Is there a stipulation as to how long we have the account running before we have to arive in Oz like with Westpac?

I couldn't find one. We opened the account in a few years before we arrived here but we did that because we bought an investment property here.

Originally Posted by SGKG102

How do we go about setting up an online account with the bank you have mentioned? Does this work by transferring funds from our UK account to an Oz account via Standing Order or Direct Debit?

It was set up for us by a mortgage broker but I don't see why it can't be done online. The bank we are with is St George Bank. Take a look and see if it's appropriate since it was set up for us. When we were in the UK we actually had to go into our UK bank branch to transfer money since that branch didn't have international bank transfers online.

Using St George we have transferred money back to the UK and to other overseas countries without any issue, and it's all online. They have savings accounts as well as the usual cheque accounts. You don't tend to earn much interest in the cheque accounts, so if you are transferring a lump sum you'll want it transferred to a savings account so that it can gain interest for you.

St George is also known as Bank SA in South Australia.

Hope that helps,
Karen

[SGKG102]

Hi Kaz

Thanks for that info again of great help god you are good

I will look into this as soon as I can.

Regards

Karen

[kaz101]

Originally Posted by SGKG102

Hi Kaz

Thanks for that info again of great help god you are good

You're welcome. Glad to be of help.

Regards,
Karen