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scottyboy2017

Bank Transfers.... Best way to deal with Oz $

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I havent yet started researching the forums regarding money..... i.e opening bank accounts.

 

Whats going to be the best way for me to withdraw money.

 

I bank with Lloyds in the UK, obviously if I withdraw money from the UK I will be charged International Fees....

 

Am I best to open an Oz account and transfer the money??

 

Any bank recommendations???

 

Thanks

 

Scott

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We use tranzfers to transfer money to and from the uk. Also moneycorp you get better value £/$ and vice versa than the banks

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You can open an O bank account online then use amoney transfer company such as tranzfers forex to transfer money to and from the uk. Also moneycorp you get better value £/$ and vice versa than the banks

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Hey mate,

 

I did a post answering similar queries on poms in oz. Cut & paste to below:

 

 

I have worked in retail banking in both Ireland and Australia. No current affiliation to any of them apart from being a customer. The big 4 banks in Australia are:

 

CBA

Westpac

ANZ

NAB

 

CBA and Westpac have about 25-30% market share and ANZ and NAB about 15% each. They all have similar offerings in terms of products. There are a number of other smaller players (note Westpac has a multibrand strategy including St George, Bank of Melbourne and a few others). A good online only bank offering is INGDirect, they have no branches but a good transaction account and savings account offering. They refund ATM fees also (you get charged $2-$3 for using a different bank's or private ATM here)

 

The big 4 are much of a muchness and I think all 4 will let you open an account from offshore, you will be able to deposit funds into the account but no withdrawals until the account is validated onshore. This just means going into a branch and compiling with the Anti money laundering requirements (ID checks etc).

 

I'm a bit of a rate tart so I have lots of accounts. In terms of technology and ease of use, I find CBA pretty good, their technology is world class (although the others are catching up). I have accounts with INGDirect too and their online savings account is competitive, their technology and apps are pretty good too and they run good promotions every now and then. I rarely if ever go into bank branch so happy enough with them.

 

Regarding transferring money, don't use a bank (UK or Aus). I think Moneycorp sponsor this forum a bit and John regularly provides updates on f/x rate movements. Haven't used transfermate or transferwise but both are well regarded. I have used a crowd in London called Halo and found them good. I normally place an order at a desired rate and if/when the market hits that rate, the order is executed and I settle in the other currency, you can do a simple spot transaction either. I'm sure the other providers provide this service too.

 

Hope this helps

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Good stuff, I did the same when I was coming back 6 years ago and transferred some $ over using Halo. The day I landed (trying to stay awake to stave off the jet lag), I went into the branch on Martin place with my 100 points of id and they validated the account there & then. I think they may even have my atm card ready to go and they set me up on internet banking etc. Too easy and haven't had an issue since.

 

Think I have been in a branch a handful of times since. I do most of my banking using the app on my phone which is great and easy to use.

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Hi, we opened an account with CBA while still in the uk and used Moneycorp to transfer some money over for when we arrive, we found them both really friendly, helpful and easy to deal with. We also set up an account with hifx so we have two options for rates. This time Moneycorp had a better rate. We just need to visit the Peth branch of the bank when we arrive to get our atm cards and set up savings accounts and ask about a credit card etc.

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It has all changed since we moved 25+years ago. We just opened an account with Bankwest in London, transferred our Lloyds Bank balances to that account and it all ended up in Perth with no charges.

Shame it isnt the same these days!

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Hi, we opened an account with CBA while still in the uk and used Moneycorp to transfer some money over for when we arrive, we found them both really friendly, helpful and easy to deal with. We also set up an account with hifx so we have two options for rates. This time Moneycorp had a better rate. We just need to visit the Peth branch of the bank when we arrive to get our atm cards and set up savings accounts and ask about a credit card etc.

 

Just noticed this, thanks for the feedback.

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Hi thanks for all above advice. I stupidly transferred money from my UK Lloyd's account and have been waiting over 1 week now for the money to come through into my Commonwealth account. Hopefully will get a trace sorted today.

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Hi thanks for all above advice. I stupidly transferred money from my UK Lloyd's account and have been waiting over 1 week now for the money to come through into my Commonwealth account. Hopefully will get a trace sorted today.

 

Gosh I hope it turns up OK. Perhaps contact John from Moneycorp next time....

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Hi thanks for all above advice. I stupidly transferred money from my UK Lloyd's account and have been waiting over 1 week now for the money to come through into my Commonwealth account. Hopefully will get a trace sorted today.

 

Feel free to contact me next time you need to make a transfer - can read more information here too: http://www.perthpoms.com/index.php?pageid=currency-exchange

 

Thanks

 

John

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What's everyone's opinion on transfering using Paypal? Seems quite simple too me.

 

I never deal with Paypal now after having my credit card compromised 5 times in an hour through that system. My bank told me it is a common story and it wasn't as safe as everyone thinks it is.

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What's everyone's opinion on transfering using Paypal? Seems quite simple too me.

The fees involved and the rubbish exchange rate. If you are only changing $100 then it's fine but anything over I would definitely look at Moneycorp.

 

In regards to Banking, all of the big banks charge an account fee (Yes that's right they charge you for the pleasure of holding your money) apart from NAB. Also Moneycorp and NAB have an arrangement so that if you transfer money in to a NAB account the bank won't charge you a receiving fee (yes that's something else they don't tell you) I've been charged anything from $25 - $60 for receiving funds. NAB also prioritise all bank accounts being opened by forum members and they are processed in half the time.

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The fees involved and the rubbish exchange rate. If you are only changing $100 then it's fine but anything over I would definitely look at Moneycorp.

 

In regards to Banking, all of the big banks charge an account fee (Yes that's right they charge you for the pleasure of holding your money) apart from NAB. Also Moneycorp and NAB have an arrangement so that if you transfer money in to a NAB account the bank won't charge you a receiving fee (yes that's something else they don't tell you) I've been charged anything from $25 - $60 for receiving funds. NAB also prioritise all bank accounts being opened by forum members and they are processed in half the time.

 

 

Really? I pay no account keeping fees with my CBA or INGDirect accounts and haven't done for over 6 years.

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