roomummy Posted October 25, 2018 Share Posted October 25, 2018 Hello, Just after some advise on opening an Australian bank account whilst still in the UK. We are relocating in 2019 but have now sold our house and are preparing for the move. I am ready to transfer funds to Australia and would like to open my bank accounts in anticipation. I am an Australian citizen and have previously banked with NAB (over 18 years ago). I have a fixed address in Australia but am still a resident of the UK until our move next year. Looking for advise on best way to open an account, what information is need and do I require a tax file number or other information which I have to obtain first? Thank you Quote Link to comment Share on other sites More sharing options...
DeeTowers Posted October 25, 2018 Share Posted October 25, 2018 We opened accounts with ANZ in the UK, transferred money over and then went into the branch when we arrived to collect cards etc... https://www.anz.com.au/personal/bank-accounts/moving-to-australia/en/ Quote Link to comment Share on other sites More sharing options...
Ken Posted October 26, 2018 Share Posted October 26, 2018 (edited) 21 hours ago, roomummy said: Hello, Just after some advise on opening an Australian bank account whilst still in the UK. We are relocating in 2019 but have now sold our house and are preparing for the move. I am ready to transfer funds to Australia and would like to open my bank accounts in anticipation. I am an Australian citizen and have previously banked with NAB (over 18 years ago). I have a fixed address in Australia but am still a resident of the UK until our move next year. Looking for advise on best way to open an account, what information is need and do I require a tax file number or other information which I have to obtain first? Thank you You can't get a tax file number until you are resident in Australia. Because you don't have a tax file number the bank are required to withhold 10% tax on your interest. That tax paid will however go towards paying HMRC when you report the foreign interest you've earned (and tax paid on it) on your UK tax return. PS: Just reread your post. You would have had a tax file number 18 years ago and that is likely to still be your correct number - but I wouldn't recommend quoting it to the bank until you've re-established residency in Australia. Edited October 26, 2018 by Ken Quote Link to comment Share on other sites More sharing options...
Dai87 Posted October 27, 2018 Share Posted October 27, 2018 We opened an account with CBA 2 weeks ago in advance of moving in January. We didn't need anymore information than where we are planning to move and when. Nice and simple so far and just need to attend at the branch when we arrive. Quote Link to comment Share on other sites More sharing options...
roomummy Posted October 27, 2018 Author Share Posted October 27, 2018 More investigating has lead me to HSBC. They are offering free transfers between the UK account and Global account. Exchange rates are fixed on the day. Anyone have any experience with HSBC. Not many branches in Australia but surely people online van these days mostly anyway. Quote Link to comment Share on other sites More sharing options...
Judy Posted October 27, 2018 Share Posted October 27, 2018 1 hour ago, roomummy said: More investigating has lead me to HSBC. They are offering free transfers between the UK account and Global account. Exchange rates are fixed on the day. Anyone have any experience with HSBC. Not many branches in Australia but surely people online van these days mostly anyway. Yes we are using HSBC. We’ve banked with them for over 40 years in UK. Transfers are instant so no messing with transferring your money to other money transfer companies. Up to now the rate is better than others I've looked at. 2 Quote Link to comment Share on other sites More sharing options...
SusieRoo Posted October 27, 2018 Share Posted October 27, 2018 We opened an account with Westpac by just walking into their branch in London and we use Transferwise to exchange money at very good rates. 1 Quote Link to comment Share on other sites More sharing options...
Guest Carol from Vista Financial Posted October 29, 2018 Share Posted October 29, 2018 On 26/10/2018 at 00:09, roomummy said: Hello, Just after some advise on opening an Australian bank account whilst still in the UK. We are relocating in 2019 but have now sold our house and are preparing for the move. I am ready to transfer funds to Australia and would like to open my bank accounts in anticipation. I am an Australian citizen and have previously banked with NAB (over 18 years ago). I have a fixed address in Australia but am still a resident of the UK until our move next year. Looking for advise on best way to open an account, what information is need and do I require a tax file number or other information which I have to obtain first? Thank you Hi @roomummy Some Aus banks allow you to open accounts here with overseas contact details (i.e. mobile numbers and addresses) so you can transfer money in... just read the fine print as often you can't withdraw anything out until you have been identified either at a branch here when you arrive, or at their overseas branch (if they have one near you). But, as you are a Citizen with a fixed address in Australia it may actually be a lot simpler for you. RE: TFN - it is not mandatory to provide it to the bank but if you choose not to withholding tax will apply if you earn any interest - they are required to do this by law on behalf of the ATO. Oh, and if possible see if you can hold off on having a card issued to you immediately - even if there is someone there to collect it on the other end there is often a time frame for it to be activated and if it is months till you come over you may need to request a new one by the time you get here anyway! Quote Link to comment Share on other sites More sharing options...
Egorfester Posted November 12, 2018 Share Posted November 12, 2018 If you open the account while still in the UK, do you need to wait for a residency visa before you can pick up the card and start using the account? or can you do this without Aus residency? Quote Link to comment Share on other sites More sharing options...
Judy Posted November 12, 2018 Share Posted November 12, 2018 2 hours ago, Egorfester said: If you open the account while still in the UK, do you need to wait for a residency visa before you can pick up the card and start using the account? or can you do this without Aus residency? I'm in the UK and using my Australian HSBC account now. They sent my card in the post. I registered for Internet banking to activate the card. Quote Link to comment Share on other sites More sharing options...
Guest Carol from Vista Financial Posted November 12, 2018 Share Posted November 12, 2018 9 hours ago, Egorfester said: If you open the account while still in the UK, do you need to wait for a residency visa before you can pick up the card and start using the account? or can you do this without Aus residency? Hi @Egorfester Depends on the bank and their identification requirements normally. Some won't post a first issue card internationally, some may. Best check with them direct. Quote Link to comment Share on other sites More sharing options...
Ken Posted November 13, 2018 Share Posted November 13, 2018 (edited) 22 hours ago, Egorfester said: If you open the account while still in the UK, do you need to wait for a residency visa before you can pick up the card and start using the account? or can you do this without Aus residency? Unless your bank has it's own policy against it you don't need Aus residency to have a bank account. You do however normally have to identify yourself at a branch before being able to make withdrawals. With most Australian banks this means going to Australia. HSBC does of course have branches outside Australia and Westpac has a branch in London. Edited November 13, 2018 by Ken 1 Quote Link to comment Share on other sites More sharing options...
roomummy Posted November 13, 2018 Author Share Posted November 13, 2018 35 minutes ago, Ken said: Unless your bank has it's own policy against it you don't need Aus residency to have a bank account. You do however normally have to identify yourself at a branch before being able to make withdrawals. With most Australian banks this means going to Australia. HSBC does of course have branches outside Australia and Westpac has a branch in London. ken, brilliant recommendation. I called the London Westpac branch, opened an account over the phone with a very helpful bank manager and presto...bank account sorted! Result. Quote Link to comment Share on other sites More sharing options...
Jon the Hat Posted November 13, 2018 Share Posted November 13, 2018 1 hour ago, roomummy said: ken, brilliant recommendation. I called the London Westpac branch, opened an account over the phone with a very helpful bank manager and presto...bank account sorted! Result. I have just made an appointment to go and do the ID checks at WestPac in London myself! Quote Link to comment Share on other sites More sharing options...
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