australian bannk account

peter-pantslez

hi, im heading out to australia in decmeber on a working holiday visa and im wondering do you need to have the required amount of money in an australian bank account on entering the country or can it still be in an irish account and just have a recent statement with you?

thanks

listermint

Money in an Australian Account prior to arrival

peter-pantslez

can you give me any info on how to set up an account from outside the country??

Paige Turner

You don't need to have the money in the account before you arrive. A recent statement is fine. You just need to show you have access to it if asked. They may not ask you to prove it at customs, but if they do, a recent statement is perfect.

books4sale

It has to be in the OZ a/c ......else its of no benefit to the OZ machine.

That much would seem logical.

I had my a/c set up through USIT.

Paige Turner

peter-pantslez wrote: »

can you give me any info on how to set up an account from outside the country??

You can use this link to open an account with nab before you arrive.

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


You will need to provide a 100 points of id, when you arrive then, to access the funds. A
recently arrived passport, with immigration stamp, counts for a 100 points of ID. You will need to provide your TFN also, so that you don't charged extra interest.

Paige Turner

books4sale wrote: »

It has to be in the OZ a/c ......else its of no benefit to the OZ machine.

That much would seem logical.

I had my a/c set up through USIT.

The money does not have to be in the account before you arrive. You can transfer the money after arriving. You just need to prove you have access to the funds.

OP these previous threads might also give you more info:
http://www.boards.ie/vbulletin/showthread.php?p=63386547

http://www.boards.ie/vbulletin/showthread.php?p=73341335

hussey

Mod Please only give correct info. You DO NOT need money in an australian account.

You need access to funds, not necessarily all the money.

This has been answered in many many threads, I am going to close this and let the OP either read the threads suggested by paige or do a search.

Mellor

OP, don't mind the posters saying it has to be in an OZ account. You just need access to it, its rarely ever checked anyway.

Setting up an Oz account is easy when you get here.
From there you can transfer online, or another option is to withdraw your money as a bank draft and bring it with you. Then lodge it at the new account.

Caoimhin.

2Cents. I just arrived here in Perth last week. Never a thing mentioned about money or bank statements at customs and everybody else I've spoken to said the same.

Also, just be aware when you get here, that some banks won't allow you to open up an account without proof of address (utility bill, letter from employer etc.), HSBC for example.

ANZ are more WHV friendly, just passport and no proof of address needed, and supply them with your tax file number when you get it

josephanthony

Well im heading to OZ myself in November and i will set up my bank account when i get over there.

Once you have a statement with irish bank account with your name proving you have the funds to support yourself, then you will be fine.

I did the same thing when i went to NZ.

peter-pantslez

thanks for the help and mods i will check out the two links that where previded above!

Mellor

Caoimhin. wrote: »

2Cents. I just arrived here in Perth last week. Never a thing mentioned about money or bank statements at customs and everybody else I've spoken to said the same.

Check again.
It's a condition of your visa that you have $5000.
just becsue you weren't asked doesn't mean anybody else should ignore it.

Caoimhin.

I never said that it should be ignored, I only gave my experience at the border. I had the cash in my account and the paper to prove it, and all I said was that I wasn't asked to produce it.

You'd be a fool to arrive here without enough cash to support yourself while you get sorted.

Caoimhin.

Oh, and some advice. If you arrive here with euro cash, make sure to shop around for the best exchange rate. Don't under any circumstances lodge euro cash direct into your Australian bank account... their rates are criminal. If in Perth, the best rates I've found are at the exchange kiosks on Murray St.

Mellor

Caoimhin. wrote: »

I never said that it should be ignored, I only gave my experience at the border. I had the cash in my account and the paper to prove it, and all I said was that I wasn't asked to produce it.

sorry, when you said 2 cents, you meant "here's my 2 cents"
I was half asleep and I thought you were saying, "bring 2cents, sure they don't ask you to prove it"

master-t

Quick follow up question regarding transfering money into your new Oz bank a/c.

Is it best to just transfer your euro's from your Irish a/c into your Oz a/c in 1 lump sum online and take the whatever the bank's exchange rate is on the day? Is there a charge for it etc or is it just straightforward?

Theimprover

To save me starting another thread;), i would like to know the above also, but while on the subject of banks, how much would i have to show in my account (if asked) when going on a 6month tourist visa? could i show some of the requested amount in cash?

Caoimhin.

Transferring money from your Irish account is easy, you just need to get the bank's IBAN and Swift codes from your aussie bank, and you can do the transfer online if you have Internet Banking. It takes 3-10 days to process.

It's definitely the safest way to transfer money but you will take a hit on the exchange rate, and will also get charged at both ends for the transaction. As an example, I transferred AUD1000 from my AIB account to my aussie account, the cost to my AIB balance was €745, but when the cash landed at my aussie account, it was AUD960. With everything considered that's an exchange rate of 0.77.

Cash will give you most leverage, and freedom to shop around for a better rate - I've seen 0.74 in the city here with no commission - but walking around with 3000 dollars in your pocket is hardly wise.

Also, be aware that if you are using your Irish ATM card outside the euro zone (for AIB at least, the others I don't know about), there is a daily withdrawal limit of €100.

I've no idea about the holiday visa requirements, sorry

kdevitt

master-t wrote: »

Is it best to just transfer your euro's from your Irish a/c into your Oz a/c in 1 lump sum online and take the whatever the bank's exchange rate is on the day? Is there a charge for it etc or is it just straightforward?

Definitely not the best way! You'll be ripped off at the Irish end on the FX rate, commission and transfer fee, and depending on your Aussie bank you maye also be charged for receiving the cash.

If you register with the likes of currencyfair.com you'll get probably the best rate available, and a minimal fee for withdrawing the cash.

hussey

kdevitt wrote: »

Definitely not the best way! You'll be ripped off at the Irish end on the FX rate, commission and transfer fee, and depending on your Aussie bank you maye also be charged for receiving the cash.

If you register with the likes of currencyfair.com you'll get probably the best rate available, and a minimal fee for withdrawing the cash.

+1 - might be the easiest but not 'the best'