[gemma r]

Hi , I'm soon to depart to Perth and was wondering if it was a good idea to open a bank account in Australia prior to leaving?? Is this a good idea?
Also when is it best to close your UK bank accounts?
All suggestions much appreciated!!:)

Gemma

[PamInPerth]

It's easy to open a AUS bank account in the UK. It can be done online with Westpac for example. I would advise that you arrange it at least a month or two in advance so that the bank can send you out your account details in plenty of time.

[dusty]

I've been in Melbourne for years and I still l have a UK bank account. It can be very handy for relatives with birthday/xmas money. So I wouldn’t close it in a hurry.

[gemma r]

Thanks for your replies. I'll keep one UK account - sounds like a good idea. Looking into opening online bank account tonight!!

[Richard]

I've been in Melbourne for years and I still l have a UK bank account. It can be very handy for relatives with birthday/xmas money. So I wouldn’t close it in a hurry.

The Nationwide Building Society used to be a good place to keep an account since they didn't charge any fees for overseas transactions. Unfortunately, they stopped that earlier this year and they charge fees like everybody else now.

I've been hunting around trying to find someone else who processes overseas transactions the way Nationwide used to but I haven't had any luck. Anyone?

[platypus]

Is this any good Richard?

The Santander Zero Credit Card from Abbey

> 0% foreign exchange fee
If you’re travelling abroad, using your Santander Zero card is a great option. Use it while you’re away to pay for everything from coffee and croissants, to sightseeing trips and take comfort in paying no additional fees.

> 0% cash advance fee
It’s reassuring to know that if you ever unexpectedly need cash from an ATM, you’ll pay zero fees for cash withdrawals1

> 0% for 3 months on purchases from date of account opening
And to help you spread the costs of major purchases, Santander Zero gives you 0% on all purchases you make in the first 3 months from date of account opening. Perfect if you’re thinking about booking a holiday. After that you’ll pay our standard interest rate of 18.9% APR typical (variable).

> 0% for 12 months on balance transfers from date of account opening. 3% balance transfer fee applies (minimum £5) 2
To get you started with the new Santander Zero credit card, you’ll pay 0% interest for 12 months from date of account opening, when you transfer balances from your other credit and store cards.

Typical 18.9% APR (variable)

1 Some independent ATM providers may charge a fee for cash withdrawals. Cash Transactions charged at a standard rate of 27.9% APR. Interest charged on all cash transactions from date of transaction.

2 You cannot transfer balances from other Santander Group accounts (including Cahoot). 3% balance transfer fee applies (minimum £5)

http://www.abbey.com/csgs/Satellite?canal=CABBEYCOM&cid=1210610544537&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateB2

BUT The Times Online lists Abbey today in Named and shamed: the worst companies for customer service

Abbey

Complaints were provoked by a wide range of problems, including bank charges and lost money and cheques. However, the issue that drove people mad was Abbey’s appalling handling of complaints. Many readers moaned about being put on hold repeatedly and transferred between departments without being given a satisfactory answer.

Karsten Moock, from London, contacted Troubleshooter after making a mistake transferring £1,734 from Abbey to her Cahoot account in early October. She wrote: “By the end of November Abbey and Cahoot were passing me around call centres in Sheffield, Bradford and Belfast before I was told that the money had been found and would be returned, with interest, within two weeks.”

When it did not appear, she was forced to make even more calls to Abbey staff — none of whom seemed willing to solve the problem until Troubleshooter intervened in April.

Santander says: “Abbey has undergone a significant transformation and IT upgrade programme since being acquired by Santander. This has led to a higher number of complaints being received, but we have taken action to address the issues and improve our service and how we resolve complaints.”

http://www.timesonline.co.uk/tol/money/consumer_affairs/article6718127.ece

[FamousFive]

I'd definitely set up a bank account before you leave. It saves you needing do it in your first days here. You'll have plenty of other issues to sort out without adding another to the list. If you have a job, your employer will want an account number for your pay.

The big banks make it easy for people overseas to open an account.

http://www.nab.com.au/wps/wcm/connect/nab/nab/home/Personal_Finance/15/23/

http://www.westpac.com.au/internet/publish.nsf/Content/PBIT+Migrant+banking

http://www.commbank.com.au/movingtoaustralia/

http://www.anz.com/unitedkingdom/en/personal/moving-australia/choose-bank-account/

We used the Commonwealth Bank. They were excellent and everything went very smoothly. Once you've settled in a bit you can shop around for better deals on interest rates and fees if you like.

[FamousFive]

I should also have said, in addition to the ease of setting up an account from overseas, the other advantage of the big banks is that they have the most branches and so the chances of there being a branch close to you are increased.

[grumps]

Richard, re your bit about Nationwide's defunct charge free overseas transactions. Have a look at postoffice.co.uk/moneytransfers, it may prove useful

[Richard]

Thanks for the info grumps. My post wasn't very clear, I'm sorry.:o

I'd used Nationwide in the past because they didn't charge fees for overseas credit card transactions. They do now though, except in some (all?) EU countries. I'm trying to find another British credit card with no oversees fees.

[Cliff]

Thanks for the info grumps. My post wasn't very clear, I'm sorry.:o

I'd used Nationwide in the past because they didn't charge fees for overseas credit card transactions. They do now though, except in some (all?) EU countries. I'm trying to find another British credit card with no oversees fees.

I think overseas fees are being scrapped this year by UK credit cards:

"Five companies - Lloyds, Barclays, RBS, Santander and the Co-op - impose charges of between 1.5 and 2% if customers use their debit cards before leaving the UK to buy foreign currency.

They have agreed to scrap this charge. Consumer Focus estimates that this will save consumers £20m a year."

http://www.bbc.co.uk/news/business-16259123