Setting up Australian Bank Account before leaving Ireland

linola_c

Hi Guys,

I am finding it difficult to bring all the information on bank accounts together.

I have heard that Commonwealth are one of the best and that ANZ can be expensive?

What is the cheapest way to transfer money from an irish bank account to an australian? I will be arriving in Brisbane on the 7th February, if i just kept my money in an irish bank account and then transferred it upon arrival - perhaps that would be best.

I am so confused Any advice appreciated!

woolymammoth

well, i set up mine when i got there. Went into ANZ and had no troubles whatsoever ($6 per month account fee iirc). There's a certain ammount of leeway on documentation requirements for tourists, but if you leave it too long after you arrive, you can run into difficulty. Just make sure you have your passport and any other available identifying documentation with you. oh, and absolutely have internet banking here at home. If you're BOI, set yourself up for SMS activation of money transfers.

http://www.immi.gov.au/living-in-australia/settle-in-australia/to-do-first/open-bank-account.htm

[edit] i should add, that standard bank transfers are not the cheapest way to transfer money. Foreign exchange would be better, but i've no experience with them! other boardsies here do.

Xavi6

ANZ are the biggest rip off merchants when it comes to fees.

My advise would be to try get a fee free account with someone else (they do exist!). All you need to open an account is primary ID (passport) and proof of address the bank requires a residential address on file as opposed to just a PO Box).

woolymammoth

Xavi6 wrote: »

My advise would be to try get a fee free account with someone else (they do exist!)

Who would you recommend at the moment? i'll be looking for better value myself when i get back. Do they all still have that bullsh!t atm fee?

linola_c

I have been recommended Commonwealth - so i think i will go with them!

Obviously, I won't have any proof of address when I arrive? How will this work?
I have heard travellers cheques are more preferable alright but I am spending 3 weeks in Asia first and I don't really want to be trekking them around with me?

Thanks in advance

Xavi6

woolymammoth wrote: »

Who would you recommend at the moment? i'll be looking for better value myself when i get back. Do they all still have that bullsh!t atm fee?

Yeah the ATM fees are mandatory, though you can avoid them.

I work for Bankwest and they offer a fee free account as long as you deposit $2000 in total into it per month (the money doesn't have to stay there, just go in at any point), so just get paid into it basically.

In return there are no standard account fees and they will refund you the ATM fees you have accumulated from the big four banks (ANZ, Commonwealth, NAB and Westpac) at the end of every month.

Only catch is the account comes with a $100 overdraft so they would need to do a credit check first. I have one though and it doesn't cost me a cent.

linola_c wrote: »

I have been recommended Commonwealth - so i think i will go with them!

Obviously, I won't have any proof of address when I arrive? How will this work?
I have heard travellers cheques are more preferable alright but I am spending 3 weeks in Asia first and I don't really want to be trekking them around with me?

Thanks in advance

Just stick down the hostel you're staying at or wherever then change it when you get something more permanent.

Remember, the bank wants you as a customer so they'll do their best to sort something.

Vorsprung

Dont know about the others but Commonwealth's Internet banking is fantastic, and their iPhone app is really handy, I pay all my bills on my phone now. Account fees are $4 a month, and I'm happy to pay it for the Internet banking on its own. ATM card effectively doubles as a credit card when buying stuff online (it's a debit MasterCard).

sonic.trip

I setup a Westpac account as a few were talking about it here before. 90 days to prove who you are when you setup online.

I looked into a few ways of transferring money and a lot of people suggested ozforex for good rates, however I looked into it and basically the irish government have blocked us uing it.

I setup an account with www.hifx.co.uk instead as they are linked with westpac. they don't charge any commision and you will get a slightly better rate than the banks, however the more you exchange with them the better rate. the diference between 1000-4000 euro might be $0.03 per euro.

I was thinking of exchaning money 6weeks ago when it was $1.43 and now its $1.26-$1.30 ish. I'm moving in 2weeks and now im kind of shafted. going to leave as much money in my irish account in the hope it will pick up soon :mad: and then just transfer online.

It takes a bit of setting up but if your considering transferring a few grand then take the online foreign exchange route as there is money to be saved.

good luck

hussey

Vorsprung wrote: »

Dont know about the others but Commonwealth's Internet banking is fantastic, and their iPhone app is really handy, I pay all my bills on my phone now. Account fees are $4 a month, and I'm happy to pay it for the Internet banking on its own. ATM card effectively doubles as a credit card when buying stuff online (it's a debit MasterCard).

If you deposit 2k a month (i.e. your wages) and it's free
http://www.commbank.com.au/personal/accounts/everyday-account/rates-fees/default.aspx#forgetfee

You don't need to have a new account either, I rang them and they gave me free fees

Vorsprung

hussey wrote: »

If you deposit 2k a month (i.e. your wages) and it's free
http://www.commbank.com.au/personal/accounts/everyday-account/rates-fees/default.aspx#forgetfee

You don't need to have a new account either, I rang them and they gave me free fees

Bastards! Thanks for that!!!

Luminant

When I moved over in 2008 I opened accounts with Westpac through their London office. Apparently most if not all the banks have branches there specifically dealing with incoming accounts. When we arrived, inside first 3 months, our passports alone counted as our 100 points of ID that they require. We had an address to give them but they didn't ask for proof of address. I guess that they will all have their good and bad parts although they have a much better online service than my old BoI365 service.

In terms of the exchange, I used both hifx and ozforex. I stopped using hifx as their AML process was so painful I thought they were going to ask me for a blood sample! Never had any problems with ozforex and again they have a London office so might be able to transact over the phone for you? Definitely use a FX broker though as their rates are invariably better so if you are doing something like buying a car or suchlike, you want to get as good a rate for that lumpy transaction as you can and a few cents makes a difference if you are changing a few thousand euros.

When the rates aren't great but are showing signs of coming back, try spending on your Irish credit card (assuming you pay it off each month and you don't get whacked with FX fees) as you are dripping your money through in smaller amounts so can average the rates out a bit.

Cooperspale

HIFX is easiest way to transfer a large sum with less fees.
Westpac had no issue, relative to the other banks, when I opened an account from overseas in '05
They also now have a no fee account so long as 2k is deposited monthly. They got hammered in the media about 3 months ago (banana drama) and are jumping through hoops for customers presently

Also so long as you use your own bank's ATM you should avoid those fees. you get used to it after awhile