Bank Account in Oz

[SuzMurphy]

Hi All

I have been receiving heaps of questions about how to set up an Aussie bank account prior to leaving SA. I have posted some messages before so I thought I'd create a separate topic (I'm pretty new to this forum stuff )

I work for the Commonwealth Bank of Australia in a team that has been set up especially to help people like yourselves set up their banking in Oz before leaving home.

It is actually really easy to set up a bank account in Oz before you leave home. If you are interested in opening a bank account with the Commonwealth Bank prior to leaving SA all you have to do is apply online at our "Moving to Australia" website - www.commbank.com.au/movingtoaustralia or you can call our team on 0800 980 339 (free call from SA). On our website you can also find info on credit cards, home loans etc. Commonwealth Bank has the most branches & ATMs of all the Aussie banks - I guess we're similar to ABSA in SA in terms of size.

We will have your account opened within 2 working days and then we'll contact you (whilst you're still in SA) and provide you with your account details so you can transfer funds across to your account in Oz before leaving SA.

I was in SA in April this year for a migration expo and I learnt a bit about the Exchange Controls in SA. I can't provide advice on this stuff but if you need it here is the link to the Reserve Bank of SA's website and the Exchange Control forms.

http://www.reservebank.co.za/internet/publ...B/?opendocument

My understanding is that in SA you will need to organise the international money transfer through your local bank (once you are in Australia you will be able to conduct IMT's through your internet banking with the Commonwealth Bank).

Anyway, happy to answer any questions you may have - just hoping that we can take the hassle out of setting up your finances in Australia as it can be a stressful time!

Cheers and best of luck with the move!

SuzMurphy

[Mara]

Thank you Suz, I have pinned this topic in the Money section, then it will always remain accessible!

[Sean K]

Hi Suz

Thanks for the info, Is there a limit to the amount we could transfer, and would it be easy to get cards and stuff when we get there.

I bank with FNB here and there is so much tape involved with getting a basic bank draft for TRA that it makes me wonder about how safe the money would be if i moved without all of it in my bag.

[penny]

Hi Sean K

A word of warning. It is not a problem to transfer to a bank in Aus but make sure you don't leave it to late. We went to FNB 10 days before thinking it would get to Aus quickly. It sat on two desks here is PMB, then sent to Durban and then sent to JHB. This took a while and my husband landed and had very little money on him for ther first 3 days after landing. Fortunately he had his credit card and also drew money off our cheque account here in SA.

Penny

[DeniseF]

I've shopped around a bit and have found Treasury one to offer the best rate and most definitely the friendliest and informed staff. They're part of Bidvest Bank.

You take your passport, airticket (internet booked one will do), Auz bank details to them, confirm amount, arrange/negotiate exchange rate - depending on amount being transferred. You transfer the money over to them - they do not charge extra commissions - then they transfer over to your Aussie Account. You can take out R500 000.00 per person per year for travel purposes - no tax clearance required.

The Treasury One office in Pretoria is in Menlo Park/Menlyn.

We've just opened our Commonwealth account. They posted us the docs to do our identification verification here in SA, at our bank ABSA. We'll mail them back and voila!

Denise

[milo]

Hi all the money wizards!

Is it a problem to have a joint bank account opened over the Internet? We've always had one bank account and would like to continue this way in Oz.

I'll be going on an LSD soon and want to transfer some money into the acount before I leave. In Oz I'll have to 'activate' it, obviously without my husband there. Will this be a problem?

At this stage Commonwealth Bank looks like the bank of our choice. Perhaps SuzMurphy can help me here?

[DeniseF]

Hi all the money wizards!

Is it a problem to have a joint bank account opened over the Internet? We've always had one bank account and would like to continue this way in Oz.

I'll be going on an LSD soon and want to transfer some money into the acount before I leave. In Oz I'll have to 'activate' it, obviously without my husband there. Will this be a problem?

At this stage Commonwealth Bank looks like the bank of our choice. Perhaps SuzMurphy can help me here?

Hi Milo

It isn't a problem, as we just opened our Commonwealth Streamline account online and in both our names. I'm just not sure about the ID verification by only one person. We chose the option "only one signature needed", so either my husband or I can sign - 2 signatures not needed. They post the forms to us here in SA. We did the ID verification here at ABSA, and posted it back to them. No problem so far.

Denise

[milo]

Thanks Denise,

We'll be opening our account soon. Will let you know how it all works.

[Ready2go]

Hi guys,

I opened our accounts yesterday on the net with Commonwealth. We have also always had a joint account - however hubby is going over 3 Oct and I am only arriving 25 Nov, they tell me that you have to both be present to activate the account - after that you can have one signatory etc.

Commonwealth phoned me this morning to give me the details of the accounts and said i can deposit money into the account.

Now I am so nervous about doing this - my SA mentality tells me to go slow !!! Does anyone know how i can actually verify that I indeed have this account ???

[Goldie]

We were also nervous, so while we were still in SA, we got a friend here to deposit $50 into the account here to allow the $4 a month fee to go off. We felt a bit better when she successfully made the deposit. As our visa took a while longer than expected, we started receiving bank statements whilst still in SA. We were then confident once the visa came to do a direct transfer of our funds into the account. Just make sure you have some $$ in cash though, as in some areas the banks aren't open on a Sat, so if you arrived over a weekend you could find yourself stuck. We received our cards after about a week of going into the bank and sorting out all the details. In the mean time, you can draw from inside the bank.

Candice

[No Worries Mate]

I also opened a Commonwealth account. I chose the Cash Investment account as it gives higher interest rates. I thn used Treasury One to do the transfer. (500k). They gave a much better rate than both STD and Absa did. It took about 5 days to reflect in the Oz account...phoned the toll free commonwealth number and they confirmed the balance. Did panic for those 5 days though!

Also did the verification of ID here at FNB and then sent forms back to the Aus branch. They are now going to send me my card and pin which will allow Internet banking while still in SA.

A

[AllisonW]

This sounds like a really good service.

[Guest Vermeulens]

I would like to list my experience for those interested as a tip.

1. I opened a joint account with NAB (National Australia Bank) using internet whilst in South Africa- this was easy

2. We used a friends' address in Oz - I suggest you use your rental address, it is fairly easy to change when you move out.

3. We transfered money using Standard Bank whilst in SA .... make sure you have the bank in Oz's physical address, we did not know that, so we had to go back the day later. Make sure you have your passport and flight details.

4. They mailed only information brochures, but no cards etc, as I mistakenly thought they would do

5. We validated our account by showing our passports as soon as we arrived. We spent more than an hour in the bank!

6. Then only the bank cards was sent to the postal address provided. They are not willing to issue the cards over the counter - unlike South Africa, they recon it is safer to mail them?

7. I did not know that we should have oredered debit cards (16 digits like credit cards) and not only ATM cards, because you can use those to pay groceries etc. The ATM cards are useless except for the withdrawal of cash

8. I did not know that we need a ATM bank card as proof of existance that we have an account in Oz before we could open a boradband internet account. So we had to wait for those cards in the mail

9. Use the bank letters as proof of your address, you will need that around every corner. they don't call it FICA, but it is the same validation process.

10. When I wanted to pay my rent, I did not know I had to go into the bank and activate "transfers to other banks". I thought by telling the teller on the very first day that we want to use internet banking, that information would be suffucient to enable me to continue with my banking .... did not know I had to go back to the bank several times

11. Before we could use internet banking, we had to register and use telephone banking.

12 . I paid hefty bank charges on the South African side to Standard Bank for the transfer, which was expected, of course, BUT to my supprise, NAB charges $8 for each international depositreceived in the account?

Hope this helps so other people do not burn their fingers the way I did!

Em

[Terence.H]

What if you have more than 500,000 to get out of SA? I dont want to be stuck with open bank accounts here with money still in them if it can be helped.

Can I transfer 500,000 and withdraw the remaining available money in cash, then exchange that cash once in OZ?

Can you transfer all or most of your available money to a visa or mastercard and just leave with that? then close that debit card from OZ once you have set up a local card?

Hope someone can clear this up for me.

Thanks in advance

[Karen-in-Brisbane]

I know someone who went to UK and she said she put her SA money into an SA credit card and would use the card over there to pay expenses etc.... Is this viable and cost effective????

[Olkabolka]

I also opened a Commonwealth account. I chose the Cash Investment account as it gives higher interest rates. I thn used Treasury One to do the transfer. (500k). They gave a much better rate than both STD and Absa did. It took about 5 days to reflect in the Oz account...phoned the toll free commonwealth number and they confirmed the balance. Did panic for those 5 days though!

Also did the verification of ID here at FNB and then sent forms back to the Aus branch. They are now going to send me my card and pin which will allow Internet banking while still in SA.

A

Hubby also opened an account at Commonwealth, and then uses treasury One to do the transfer. First a little bit, to see if it really does happen (we are so used so fraud in South Africa!), and when the money was that side, he send some more. We will again use them to transfer our money of our house as soon as it is finalised, we found them great, and also it's an easy process.

[Sharon H]

Hi Guys

Does anyone know how it works in terms of allowances? As a family you are allowed to take R4m tax free if you are immigrating. You are also allowed a travel allowance of R500k per adult p.a. when you go and visit .By opening a bank account in Aus and making transfers into it prior to leaving what allocation does that come out of and does anybody pick that up? (ie. sars or the banks)

Confused!!

[huffnpuff]

I opened an account online with Commonwealth Bank last week, today I received phone call from a lady who left a message with a South African toll free number, and a reference number. I dialled the number and sure enough, it rings through to Commonwealth Bank in Sydney. I quoted my reference number, and the lady asked me some security questions and then confirmed that my account had been opened, she gave me the Bank code (it checks out with one on the website) and the bank swift code, and my account number. She said I could transfer any time, and when I arrive in Sydney at the Martin Place branch they will give me my ATM card over the counter. I asked if they would not be posting it to an address, she said no because they are a special unit dealing with SA, and give the card to you when you come in.

She also gave me the name and number of a lady in the branch who will be dealing with my account, and said to call her an hour before I arrive so they can get things ready for me so I don't have to wait too long when I get there.

Having Lived here for so long and knowing or having heard of the many scams around, every part of me is suspicious, I don't trust anybody anymore (sad in a way), but this seems fair dinkum!

[niemeerhier]

What if you have more than 500,000 to get out of SA? I dont want to be stuck with open bank accounts here with money still in them if it can be helped.

Can I transfer 500,000 and withdraw the remaining available money in cash, then exchange that cash once in OZ?

Can you transfer all or most of your available money to a visa or mastercard and just leave with that? then close that debit card from OZ once you have set up a local card?

Hope someone can clear this up for me.

Thanks in advance

Don't know if you got your answer but I have started studying the SARS foreign exchange manual and it seems you can apply for transfer of up to R4 million from an Authorized dealer (which I believe includes all major banks) which will then release the funds after getting a clearance certificate from SARS. If you have just a bit above this value you could simply wait until next year to have the balance transferred.

Edited November 17, 2008 by Trekker

[STIENA]

Can I use my current SA credit card just like that in Australia, how does it get paid or do I link the two accounts

[zorba]

Can I use my current SA credit card just like that in Australia, how does it get paid or do I link the two accounts

We use our SA and Botswana credit cards here, they work perfectly. We "loaded" both with cash and swiped like crazy when we got here, buying furniture, paying setup costs, even bought my car from the credit card.

But if you draw cash at the ATM your daily limit still applies (converted to $) and you are charged a hefty withdrawal fee, so it's not a good idea to draw cash. Also if you shop at a store you cannot get "cash out" like you can with a debit card - doesn't work on credit cards even though it's your own money in there.

Check expiry dates on all your cards before you come over, and increase the limits on your debit and credit cards if you plan to draw cash out.

zorba

[Titus]

Does anyone know how it works in terms of allowances? As a family you are allowed to take R4m tax free if you are immigrating. You are also allowed a travel allowance of R500k per adult p.a. when you go and visit .By opening a bank account in Aus and making transfers into it prior to leaving what allocation does that come out of and does anybody pick that up? (ie. sars or the banks)

Hi Guys

I have a slightly off topic question that's related to the above post. The difference is that everybody else keeps referring to the R500k travel allowance and R2m tax free amount if your immigrating...

We have family that are also considering immigrating and keep asking me money questions that I have no answers to. The problem they have is they would like to take in excess of R15m over to Aus. How would that work? what limits are there? is it possible?

Anybody have some helpful info or links to posts that might answer my question? Haven't had much luck in finding related posts yet....

Thanks in advance...

[GTrotter]

I posted this a while ago but it should still be valid I can't recall any regs being changed recently. Depending on the size of the family let's assume two adults and two children you can get the money out in the following way:

Travel allowance ZAR 2 320 000

Foreign Investment Allowance ZAR 4 000 000

Emigration Allowance ZAR 4 000 000

Emigration Allowance (10% SARB Levy) ZAR 4 680 000

Hope it helps.

Rgds

Depending on how much you want to take out you have a few options. (In most other countries you can just phone up your bank and ask them to transfer your money anywhere but here it is a bit more difficult).

1) Once you booked your tickets you can use your travel allowance. R500k per adult and 160k per child and ask your bank to transfer the money to your aussie bank account.

Plus

2) If this is not enough you can use your Foreign Investment allowance (Section O of the regs). This is 2 Mil per adult. You need to get SARS (Tax clearance). Pretty simple if your tax affairs are up to date. DO NOT write emigration on on the application just foreign cash investment or something else. This will make your life much easier

Plus

3) There is the usual emigration allowance 4 mil per family (Section T of the regs). For this one you will have to fill out all kinds of forms with SARB and they will block your accounts meaning money can only be used for purposes set out in the regs.

Plus

4) You can take out money in excess of the 4 million but there is a 10% attached to this transfer.

Bear in mind if you go over on a temporary visa you have not yet emigrated and will probably only be able to use option 1 & 2.

There is lots of reading on the SARB website

http://www.reservebank.co.za/

Click on exchange control -> exchange control manual.

[sysie]

I have opened a Commonwealth account, and have the details now...

Can I create a beneficary on my SA internet banking and then do a internet transfer to my Aus account ? ?

Going into the bank initially and doing a transfer is easy enough.... but what if I want to do more transfers from a SA account to my Aus account while I am in Aus ? ? ?

Please help ???

[GTrotter]

No not in SA unfortunately.

You'll need to use one of the allowances above. If you booked your tickets the travel allowance in the easiest otherwise you'll have to ask your bank to help you with a Tax clearance certificate from SARS and use your Foreign investment allowance.

Treasury One who advertises on the forum, apparently is quite helpful and reasonably priced can help you. Otherwise ask your bank to help you to do a wire transfer.

Edited May 7, 2009 by GTrotter