RichardH Posted September 7, 2012 Report Share Posted September 7, 2012 My inlaws come to Australia from time to time and use their SA credit card for purchases and drawing cash.I would like them to open an Australian bank account with the following features:Low or no transaction fees.A debit card.Reasonable ATM access.Internet access.They are non resident and would transfer their holiday allowance into it from South Africa and hopefully be able to take advantage of the very rare moments when the rand strengthens... So far it only looks like NAB can do this.What do other people use and how have they gone about it?Thanks!RegardsRichard Quote Link to comment Share on other sites More sharing options...
Short&Tall Posted September 7, 2012 Report Share Posted September 7, 2012 Looking forward to hearing the options - my mum is visiting soon.We use NAB for our banking and very happy with them - they are the only bank I know without charges (unless you are making regular payments into it). Never had a problem finding and ATM.Just a reminder if they transfer some holiday allowance over they will not be able to get it back or have access to it until they have visited NAB.Also I think you need to have a ticket for the holiday allowance - the other option to look at if the rates start looking good and they want to send something is the overseas investment option (I don't know enough to comment on that though - but if I remember correctly we sent some early with this). Quote Link to comment Share on other sites More sharing options...
miraclebabycaw Posted September 11, 2012 Report Share Posted September 11, 2012 I know you can't believe everything you see on tv and especially not on Border Security but there was a guy on there the other night who had the same thing. he was coming for 2 months on a tourist visa but had an Australian bank card. They decided he was there to work and refused him entry. I suppose it might depend on how old your parents are and if they are still working age. Also I guess if they are they could get letters from their companies saying that they hadn't resigned.That being said they could also in the interim open a CFC account in South Africa where they could put money into AUD if the exchange rate was good. I think then that this money could be then loaded to a travel wallet in the AUD already, but I am not 100% sure of this.The other alternative is perhaps to send the money to you as a gift each time and you put it in a separate account for them but don't know if that is feasible. Quote Link to comment Share on other sites More sharing options...
SaraJane Posted September 13, 2012 Report Share Posted September 13, 2012 Hi there. I came across this site the other day. I work for Westpac in Western Australia. An account can be opened in Australia for new arrivals in the country. If your parents take their passport in to the bank as soon as they arrive, a 'migrant' style transaction account can be opened. This will waive the monthly fee for the first year. They will also have access to the Westpac/St George ATMs in Australia. There are fees and charges for using the card overseas. You can look this up on the website to see which banks have an alliance to waive the access fee. This will leave the foreign exchange fee. I hope that this helps. Feel free to contact me if you have any other queries. Quote Link to comment Share on other sites More sharing options...
Gerhardk Posted September 24, 2012 Report Share Posted September 24, 2012 Using a SA credit card in Australia is possibly one the most expensive options, the exchange rate is really bad.Have you considered them transferring the money to your account using one of the foreign allowances and using say Exchange4free? You can withdraw the cash or open a saving account linked to your name. Any interest will be for your accout (tax purposes). Just keep proper records, I read that ATO can ask questions about deposits into your account. So bank charges will be minimal. Quote Link to comment Share on other sites More sharing options...
RichtB Posted October 19, 2012 Report Share Posted October 19, 2012 We opened a bank account during our visit in 2007. At that time, if you opened the account within 6 weeks of arrival, our passports as a means of identification, is all that is required. Since then we have transferred funds to this account making use of what we were officially allowed to transfer from RSA.This account was used to pay for the various visa charges, birthday presents for children and grandchildren, spending money when visiting etc. Currently this account is used as the "container" to receive the funds we are currently transferring prior to our departure next week. Getting as much of our funds to Aus as we can - irrespective of exchange rate as a bird in the hand is worth two in the bush I think. Quote Link to comment Share on other sites More sharing options...
RichardH Posted October 20, 2012 Author Report Share Posted October 20, 2012 We opened a bank account during our visit in 2007. At that time, if you opened the account within 6 weeks of arrival, our passports as a means of identification, is all that is required. Since then we have transferred funds to this account making use of what we were officially allowed to transfer from RSA.This account was used to pay for the various visa charges, birthday presents for children and grandchildren, spending money when visiting etc. Currently this account is used as the "container" to receive the funds we are currently transferring prior to our departure next week. Getting as much of our funds to Aus as we can - irrespective of exchange rate as a bird in the hand is worth two in the bush I think.Thanks RichtB. What bank did you use and what type of account was it? Quote Link to comment Share on other sites More sharing options...
RichtB Posted October 21, 2012 Report Share Posted October 21, 2012 Hi RichardH,It is a Deeming Account at Westpac. The consultant assisting us recommended the account after we explained what we will be using the account for. Visit their website, it contains more detail on this and other accounts. Why not check out other banks to see what they have available. Quote Link to comment Share on other sites More sharing options...
Gizmo Posted October 21, 2012 Report Share Posted October 21, 2012 There are no exchange controls here. So any Joe Soap from any country can walk in to any bank in Aus and open a bank account. All you need is identification - passport is best.I know that at ANZ and Commonwealth Bank if you explain that you are a non-resident here they work it so that you don't pay any tax on the interest. Quote Link to comment Share on other sites More sharing options...
RichardH Posted October 21, 2012 Author Report Share Posted October 21, 2012 Thanks for all the replies. I will try and go with ANZ when the parents are next here so they can hedge against the terrible exchange rate Quote Link to comment Share on other sites More sharing options...
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