KirstyS Posted October 25, 2014 Report Share Posted October 25, 2014 Hi there,Please excuse me if this has been asked before, but I can't find the full answer I am looking for.We have PR and planning our activation trip in June 2015. What we would like to do is open an bank account so long and start transferring money there for use when we go over, and obviously for saving and getting our money out of RSA for when we actually move.So my question is, can I already open a bank account and can I transfer money out..what does that take, do I have to go through a company like Cashkows etc ? Would I have to apply at my bank to be allowed to transfer to an aussie bank account etc?Sorry if these are silly questions...still trying to figure this all out. Quote Link to comment Share on other sites More sharing options...
heidim Posted October 25, 2014 Report Share Posted October 25, 2014 (edited) You can open an account and you can transfer money even if you're not in Aus. The best way to transfer is through someone like exchange4free because their rates are usually cheaper than the banks. They also know how much is allowed etc. If you go through them, you don't have to apply/notify your bank if I remember correctly. The only downside is that you cannot access the money from RSA unless you have been physically inside the bank in Aus. You have to "activate" your account before you can make any withdrawals. So if you put money in there now, just know you can't get your hands on it unless you've been into a branch in Oz. Edited October 25, 2014 by heidim 1 Quote Link to comment Share on other sites More sharing options...
MyTimeNow Posted October 26, 2014 Report Share Posted October 26, 2014 heidim is spot on. All this is for money laundering controls. Cashkows or exchange4free help you navigate all the paperwork for SARS and SARB - which was why I choose to use them - less headache for me . it may be worth giving them a call, they're very helpful in explaining. You can open an Oz bank account online yourself with any of the banks really. You can then give that nr to Cashkows or exchange4free - that's what I've done. Remember that you can't do anything with the money in the Oz account til you present yourself in person with your passport at the bank. 1 Quote Link to comment Share on other sites More sharing options...
monsta Posted October 26, 2014 Report Share Posted October 26, 2014 Remember that you can't do anything with the money in the Oz account til you present yourself in person with your passport at the bank.You might need a permanent address in Australia before you can access your funds... i.e. you have to have officially migrated. It might be worth just double checking that with your bank, if you plan to activate your bank account on your visa activation trip. 1 Quote Link to comment Share on other sites More sharing options...
KirstyS Posted October 26, 2014 Author Report Share Posted October 26, 2014 Thanks for the replies. I know I can't touch the money until I am there - forced way of saving ? will contact one of the places mentioned. Was hoping I could do it myself but because we won't have a permanent address yet I guess it's best I go through people who know. Quote Link to comment Share on other sites More sharing options...
TanyaVDWesthuizen Posted October 27, 2014 Report Share Posted October 27, 2014 Hi Kirsty,I have sent you a PM with more information on the allowances and how it all works.Thanks Tanya- FX Capital Quote Link to comment Share on other sites More sharing options...
PTLF Posted October 27, 2014 Report Share Posted October 27, 2014 (edited) You can open an Oz bank account online yourself with any of the banks really. You can then give that nr to Cashkows or exchange4free - that's what I've done.Can you really open an account with any bank from SA? We are still in SA and want to open a NAB account before going but exchange4free is saying we can only open an account with commonwealth bank? This is what my husband is telling me. Is this true? Edited October 27, 2014 by PTLF Quote Link to comment Share on other sites More sharing options...
heidim Posted October 27, 2014 Report Share Posted October 27, 2014 We opened a NAB account from RSA online just before we immigrated. Quote Link to comment Share on other sites More sharing options...
TanyaVDWesthuizen Posted October 27, 2014 Report Share Posted October 27, 2014 Hi all,Most of the banks in Australia allows you to open an account online before you leave SA.You can start doing transfers to the account and then once you are in OZ, you identify yourself at your bank and they will issue you with bank cards, internet access, you can then withdraw/transfer funds.Have a look at Westpac, NAB and ANZ.Links to their sites:http://www.westpac.com.au/personal-banking/bank-accounts/moving-to-australia/http://www.nab.com.au/personal/help-and-guidance/moving-to-australiahttp://movingtoaustralia.anz.com/english/australian-accounts.html?dsc=BTH172&pid=sem-hb-t-hp-nov13-movingaustraliaworld 1 Quote Link to comment Share on other sites More sharing options...
Gerhardk Posted October 27, 2014 Report Share Posted October 27, 2014 We opened Commonwealth (on their website there is a South African number) and used Tanya (now at Forex Capital above) to transfer money. Initially I also used our bank but it was more expensive. We are quite happy with Commonwealth, sure NAB is great as well.You will basically pay (in ZAR) to say Forex Capital and they will transfer to Australian account, but as noted, you can only access it once it is activated (when you visit a branch in Australia). You should maybe ask whether you can transfer to a high interest (more than 0.25% per annum anyway) account, I am not sure if possible before you are here. Quote Link to comment Share on other sites More sharing options...
PTLF Posted October 27, 2014 Report Share Posted October 27, 2014 Hi all,Most of the banks in Australia allows you to open an account online before you leave SA.You can start doing transfers to the account and then once you are in OZ, you identify yourself at your bank and they will issue you with bank cards, internet access, you can then withdraw/transfer funds.Have a look at Westpac, NAB and ANZ.Links to their sites:http://www.westpac.com.au/personal-banking/bank-accounts/moving-to-australia/http://www.nab.com.au/personal/help-and-guidance/moving-to-australiahttp://movingtoaustralia.anz.com/english/australian-accounts.html?dsc=BTH172&pid=sem-hb-t-hp-nov13-movingaustraliaworldThanks Tanya. I think maybe hubby misunderstood what Exchange4free told him. So just to summarise: - We can open an NAB account from SA - We can transfers funds into the account while still in SA - Money can only be accessed once we are in Australia and activate the account.Thanks Quote Link to comment Share on other sites More sharing options...
MyTimeNow Posted October 27, 2014 Report Share Posted October 27, 2014 Can you really open an account with any bank from SA? We are still in SA and want to open a NAB account before going but exchange4free is saying we can only open an account with commonwealth bank? This is what my husband is telling me. Is this true?Some companies have partnerships with the different banks, so they recommend using that bank. But you don't have to use it. I opened my own account with NAB, and gave those account details to Cashkows to use for setting up the clearing account. 1 Quote Link to comment Share on other sites More sharing options...
Antonella Posted October 31, 2014 Report Share Posted October 31, 2014 Hi Everyone,I hope you don't mind, I was looking at the posts and thought that I would give you some insights. Firstly I work for NAB Migrant Banking in Australia, we offer pre arrival banking solutions.The four major banks in Australia (CBA/Westpac/ANZ & NAB) all have pre arrival banking solutions for people moving to Australia. Their offerings will vary so you should do your own research. Once you have opnened your Australian bank account, you can transfer funds into your account via your preferred method from South Africa. Please remember there will be a withdrawl restriction on your Australian bank account until you are identified by your banker in Ausralia.See below, NAB's pre arrival banking solution offering:Accounts can be opened up to 12 months prior to arrivalNo Australian address neededEasy online application - 10 minutes to apply (dedicated pre-arrival website)Accounts opened with zero balance, transfer funds when readyTransaction and savings accounts availableNo opening fee and no monthly fee - everCards waiting on arrival (apply at least 10 days before arrival)Named banker and branch supplied with account details via email For more information visit: www.nabgroup.com/migrantbankingI hope this offers on clarificationSafe travelsElla 4 Quote Link to comment Share on other sites More sharing options...
PTLF Posted October 31, 2014 Report Share Posted October 31, 2014 Thank you for this Ella. Quote Link to comment Share on other sites More sharing options...
KirstyS Posted November 1, 2014 Author Report Share Posted November 1, 2014 Thanks everyone. Bank account opened very quickly in the end! Quote Link to comment Share on other sites More sharing options...
Renny Posted November 5, 2014 Report Share Posted November 5, 2014 I was also told that you can only open an Aus bank account up to 12 months before you land....The bank confirmed this when we landed and went in to activate it.We were living with my brother so had no proof of residence and all was fine Quote Link to comment Share on other sites More sharing options...
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