Bringing money

kavsmdf

Hey guys, going on a 1 year WHV, and I have no idea how to bring my money!

I was thinking of putting it all on my credit card, but I don't know if waiting until I'm in Aus, and setting up an account and transferring money would be best?

How did you guys do it? What Irish banks were you with? I'm with Permanent TSB if that makes any difference! Thanks

cormaclynch

This might help.

http://www.boards.ie/vbulletin/showthread.php?t=2056003261

Really easy to set up an Australian bank account from Ireland before you go.

padma

Get a cirrus card, not sure Permanent tsb do them though, It can be used anywhere in the world and unlike a credit card, the fees are quite low.

m*pp*t

padma wrote: »

Get a cirrus card, not sure Permanent tsb do them though, It can be used anywhere in the world and unlike a credit card, the fees are quite low.

I'd have thought the charges for withdrawing on a cirrus card were pretty high? When we came away I just transferred cash online into my credit card account and withdrew it that way. I think it worked out cheaper. (But that was nearly two years ago. And with bank of Ireland if that makes a difference)

padma

I was there over 4 years ago and as far as I can remember it was 2 euro charged to everytime I withdrew cash regardless of the amount be it 1000 NZ Dollars or Aus Dollars. Then there was a conversion rate as in from euro to whatever that wasn't too bad either, couple of cents if i recall. Maybe it's changed since then, I'm not so sure.

Zambia

Go the currency transfer route! Best currency rates , no atm withdraw fees what more do you want.

I should add

1: Set up oz account

2: Contact someone like Ozforex

3: If the rates they offer sound good, go for it basically do the deal.

If you want more detail ask here. Now if the rates your bank gives you are around the same well then you know thats the best you will do

kavsmdf

Nice one lads, excellent replies, really appreciate it!

I'm still in two minds about credit card or australian bank account, going to head to the bank today and see what they suggest. Thanks again guys!

Zambia

Credit cards are evil!

They should be only used if you have to...really have to.

delljm

Heya
I'm headin over in October and have an account set up with ANZ (literally fax a form off and they set up your account within a day). I found them really helpful and they have an office in the UK so you can ring anytime if you have any queries. On the ANZ website they have a link saying how to transfer cash. Bring your Oz account details to ur bank and ask them to do it. I haven't done it yet but have been told it can cost up to a score for them to do it.
Just one thing if you go this route, u have to activate ur Oz account before u can withdraw anything so bring dollars with u until u can do that!
xx

Rineanna

Zambia232 wrote: »

Credit cards are evil!

They should be only used if you have to...really have to.

Why, just out of curiosity? Is it not handy enough to put money into them using your online banking and then just use it like an atm card without the charges?

Zambia

Rineanna wrote: »

Why, just out of curiosity? Is it not handy enough to put money into them using your online banking and then just use it like an atm card without the charges?

Since I arrived in Oz I dont have a credit card. In essence you can do everything using an eftpos card.

You put $X into an Oz bank account. They issue you with this eftpos/mastercard card.

It can be used for pretty much anything here. And the cash is taken direct from your account.

Plus dont Irish credit cards cost like 80 dollars a year just to have one???

Thats like two slabs...

kavsmdf

So I went to the bank earlier today.

Basically the best option seems to be loading money onto credit card. You don't get charged fee's while you're in credit, as in nothing to pay off, and money on top of that. So you can use it all you want without worrying.

The only thing about it is you're money isn't insured, only the credit they allow you to take is insured, so if you get robbed yer fecked basically!

Laser card's charge a 3% levy up to a max of 11.47euro or something around that, each time it's used.

Transferring money is also a good option, but that can be taken off your credit card, and put into an Aus bank account free of charge when you're there and all set up.

Just said I'd add this incase anyone else needed help, since you guys helped me a lot! Thanks again

Xavi6

kavsmdf wrote: »

So I went to the bank earlier today.

Basically the best option seems to be loading money onto credit card. You don't get charged fee's while you're in credit, as in nothing to pay off, and money on top of that. So you can use it all you want without worrying.

And what about the fees applied by your credit card provider? MasterCard generally charge a foreign transaction fee for anything that is done outside the country of your card's origin.

For example, using my Australian MasterCard to buy something in another country or on a foreign website I get charged 2.95% of the amount spent.

Zambia

kavsmdf wrote: »

So I went to the bank earlier today.

Did it have big windows?:)

kavsmdf wrote: »

Basically the best option seems to be loading money onto credit card.

Yes if you are determined never to exceed the amount you loaded. This is where I think they are evil.

kavsmdf wrote: »

You don't get charged fee's while you're in credit, as in nothing to pay off, and money on top of that.

Is this your current card or is this a new one? Because if you take one out your already 45 euro in the hole.

kavsmdf wrote: »

So you can use it all you want without worrying.

The Motto of credit companys till the balance is reached.

kavsmdf wrote: »

The only thing about it is you're money isn't insured, only the credit they allow you to take is insured, so if you get robbed yer fecked basically!

Jesus so you give them cash and if your card is used fraudulently they will not recoup the cash for you. Now that is a worry

kavsmdf wrote: »

Laser card's charge a 3% levy up to a max of 11.47euro or something around that, each time it's used.

Why use a Laser thats an Irish thing your coming to Australia, use an australian Eftpos card

kavsmdf wrote: »

Transferring money is also a good option, but that can be taken off your credit card, and put into an Aus bank account free of charge when you're there and all set up.

What rate will they give you if we are dealing with a few thousand euro here seeking the best exchange rate will save you a few hundred.

kavsmdf wrote: »

Just said I'd add this incase anyone else needed help, since you guys helped me a lot! Thanks again

Cheers I disagree with the loading of a credit card but I apperciate you explaining the process.

Ring a crowd called Hifx (google them). See the rate you are getting of your bank and then see the rate they will give you.

Its a bit more of a hassle but worth it.

Rineanna

So there seems to be roughly two schools of thought on this...

kavsmdf wrote: »

So I went to the bank earlier today.

Basically the best option seems to be loading money onto credit card. You don't get charged fee's while you're in credit, as in nothing to pay off, and money on top of that. So you can use it all you want without worrying.

The only thing about it is you're money isn't insured, only the credit they allow you to take is insured, so if you get robbed yer fecked basically!

This is exactly what I was told yesterday when I eventually went to ask BOI what their charges were. She said the cheapest option is to use your online banking to transfer funds into your credit card, withdraw from NZ ATM and lodge into your account without fees. Now, I'm not sure what daily limit there is on ATMs over there (anyone any idea?), so you could be there for days trying to transfer money, but if it's free of charges then it may be worth it.

Why use a Laser thats an Irish thing your coming to Australia, use an australian Eftpos card

I've heard of this, is this in NZ too, does anyone know?

Beachband

kavsmdf wrote: »

So I went to the bank earlier today.

Basically the best option seems to be loading money onto credit card. You don't get charged fee's while you're in credit, as in nothing to pay off, and money on top of that. So you can use it all you want without worrying.

The only thing about it is you're money isn't insured, only the credit they allow you to take is insured, so if you get robbed yer fecked basically!

Laser card's charge a 3% levy up to a max of 11.47euro or something around that, each time it's used.

Transferring money is also a good option, but that can be taken off your credit card, and put into an Aus bank account free of charge when you're there and all set up.

Just said I'd add this incase anyone else needed help, since you guys helped me a lot! Thanks again

Which option is the best, Putting money into credit card - when in Oz depositing it in Oz bank, or - just go the Ozforex route.

I wonder if transferring a large amount from Irish bank to Oz bank, and if you got a quote from Ozforex etc and asked your bank could they offer the same rate as Ozforex. Would they give you the same rate as they would still make money even by matching Ozforex rate. Surely they might do it, better making a little money off a transfer than nothing at all.

Zambia

Someone would have to show the exact rate you would be transfering the cash from euros to Aud on the credit card end.

I cant see any bank beating the all the main currency traders.