Who to bank with?

[TheMullers]

Hey guys.

Just a quick one. Which banks would you recommend for migrants wanting to open an count via SA? We want to open an account and start transferring money via Exchane4Free.

Was looking at Westpac but seems they need to send documents that will need to be signed. And with our outstanding postal staff here I am more than doubtful.

Recommendations on ones with the least amount of hassles and paperwork. We have PR if that makes a difference.

Thanks!

[TanyaVDWesthuizen]

Hi guys,

I previously posted these details as well.

You can use any bank in Australia to transfer funds from SA to OZ .

Have a look at :

ANZ Bank

NAB Bank

Commonwealth Bank.

[monsta]

Really, all the banks are pretty terrible. The only difference is some have special offers that you might be interested in...

For example, CITI bank has a credit card with very low charges when used overseas. So, if you want to buy off Amazon.com its great.

ING direct is the direct bank of Anz. They don't have branches, but they do have cheaper fees. You can also use any ATM in Australia without fees.

[MrandMrsK]

We went with Commonwealth Bank. I have not compared them with any other bank, but they were exceptionally helpful when we arrived, easy to open and change accounts and very approachable and accommodating. No fees in the first year (I dont think we are paying fees on our everyday accounts now either). I would recommend them as a great place to start. It also seems easy to change banks if you want to at a later date

[Pell]

I took the advice of the kind people on this forum and opened an account with Westpac, very quick and easy (it took me all of 10 minutes to apply and then another 10 minutes on the phone to set up online banking to view the account):

http://www.westpac.com.au/personal-banking/bank-accounts/transaction/migrants-expats/?from=leftnav

This account is specially tailored for migrants and expats. You can transfer money into it from SA, but you cannot transact on it until you are in Australia when all you need to do is go into a branch and they will identify you and activate your account. This is of course for security purposes.

[4viljoens]

Also opened a Westpac account online. It was really quick and easy. We will start transferring funds as soon as possible. I have one question though, If we opened the account in both our names (Mr & Mrs) do we both have to be present when we activate the account and pick up the cards? My husband will go to Brisbane 2 months before us and he will need to use the account.

Edited November 11, 2014 by 4viljoens

[TheMullers]

Hi 4 Viljoens. I am not sure what is the policy with Westpac but this is NAB's policy on the matter.

"Withdrawals can only be made on a joint account once BOTH parties have fulfilled the identification requirements. If both parties are arriving in Australia at different times, individual sole accounts may be more suitable."

Perhaps you guys should consider another account only for him. Just to be safe.

[Rosa1035]

I opened an account with Westpac recently, was very simple and easy to do online. As Pell says, a few mins on the phone will get your account activated so that you can create an online profile in order to view your account, and initiate deposits.

They mailed me my welcome pack, and when I mentioned to them that I would more than likely never receive it (due to the postal strike) they did email me some more details, including how to 'identity check' your account from SA, so that you have full access to all services. They then recommended that you contact your branch a week before you intend to arrive, and they will be able to arrange your card, so you just walk in and collect.

How do I complete my identity check?

You have 2 options to complete your identity check:

1. Provide a Certified Copy Certificate

- Print and complete the Certified Copy Certificate, available at westpac.com.au/movingtoaustralia-identitycheck

- Complete and sign the Customer Account Opening form

You can then choose to:

- Post these forms and any verified identity documents to the Westpac branch in Australia you selected when opening your account

- Take the forms and identity documents to your local overseas Westpac branch, if available.

Important: Please check any local requirements you must meet in your current location in order to have your identity verified for setting up Australian accounts in this way.

2. If it's more convenient to complete these steps after arriving in Australia, you can do so at any Westpac branch in Australia.

To find the address of Westpac branches in Australia and overseas, visit movingtoaustralia.westpac.com.au/contact-us

4viljoens - perhaps contact the branch you opened your account at, and see whether they would be happy for you both to do your identity check from SA, and then your hubby just collect the card when he arrives? Not sure whether the rules are the same on joint accounts.

[TheMullers]

Thanks for the input everyone!

[MyTimeNow]

I went with NAB because their bank charges seemed cheaper. What was also important to me was how many ATMs they had in Canberra, where I'll be going. NAB has many more than some of the other big Oz banks I checked out. I like convenience (read lazy ), and don't want to be wondering around searching for an ATM, like one would with Capitec in SA.

Oh, and NAB were also quick and easy to open the account, and very helpful sending all welcome and account details immediately so I could start depositing money

Edited November 12, 2014 by CandiceW

[Tiermelk]

I`ll chime in as well - We went with NAB as the accounts were easy to open as new migrants. But I am currently busy moving over to IngDirect, you can withdraw cash at any ATM for "free" (It`s not really free but they refund you the cost) also their normal VISA debit card as a 2% refund on all paywave purchases under $100 (Like the credit cards where you earn points). Their "savings Maximiser" account also has a much better interest rates than the big banks.

More here: http://forums.whirlpool.net.au/archive/1335996

[Maligso]

My 2 cents - We opened an account each with Commonwealth last week. I went online to do it but noticed their banks to walk in and verify yourself on the list of options did not suit me as I was going to Coffs Harbour and these were all far away. This list was of banks specializing in migrants. I emailed them and explain and no problem I get a phone call and easy as pie we open it over the phone and I get email confirmation same day from Commonwealth Bank in Coffs. I have just done a transfer today via FX Capital to both our accounts so will confirm with Commonwealth on Tues to check it arrived! Exciting stuff ... feel like we have a small toe in Oz once that money arrives!

[nedine8]

"We want to open an account and start transferring money via Exchane4Free"

Hallo,

Is it really worth it to use "'Exchange4free"'? Sound to good to be true?

[Bob]

Yeah.

I think there are advantages with not using a bank to transfer large amounts of money from one country to another.

I travel around Britain and Europe each year and transfer around $20 000 to my bank in England using Ozforex, a foreign exchange in Sydney.

My local bank would give me around GBP 10,500. I'd transfer around GBP 10,800 using Ozforex . . . . a 300 quid difference!

Of course, you need to have a bank account in the country you are transferring funds to, which in my case is a Barclays Bank account in the U.K.

Banks, most times, give little and take much.

[monsta]

Yep. Banks are terribly inefficient. I heard a story of a guy who wanted a refund on an international transfer. He got his money back but not the fees. Apparently the fees were split up amoungst several companies, so it would be nearly impossible to get them back. It turns out his cash was passed between several forwarding companies.

Credit cards are another area of complete inefficiency. Why should they take 4%? PayPal doesn't. If VISA just improved security even slightly, they could drop the fees considerably.

[Riekie]

We started out with Westpac 10 years ago and we're still with them. The big 4 banks are much of a muchness: Westpac, ANZ, Commonweatlh (CBA) and NAB. Bankwest is also another big bank to consider. With online banking getting increasingly more popular, there are more options where you don't actually ever have to go into a bank office for any reason (and they don't have any outlets/offices) such as ebank accounts - everything is done online. Some banks have no branches at all but only a "head office" located in the major cities - such as ING. It honestly does not matter where you have your bank account - they're all equally good & bad across the board. In Australia, bank loyalty is also not as big as it is in South Africa. Many people have their accounts allover the show: their transaction account with one bank, their credit card with another, their mortgage with a 3rd one.... People shop around for the best deals and chop & change all the time to get the better deal. Many banks offer credit cards where they take over your existing balance for 0% interest. Other banks offer interest free periods or lower rates. I'd recommend you start off with one of the bigger banks until you get here and then make up your mind about where you want your various accounts. It's not going to make much of a difference in the bigger scheme of things for you at this moment. Westpac worked very well for us in that regard but like I said, there are many options.

[Eva]

We joined Commonwealth whilst still in RSA and have stayed with them. When we needed a mortgage they were really helpful and gave us a fantastic rate. But we have Commonwealth Bank where we are and it was no trouble popping in the day we arrived at signing whatever needed signing. As Riekie said, the big 4 are all much the same.

[Mark Strathmore]

We opened a joint account with Commonwealth bank whilst we were in Melbourne over Dec / Jan. What a breeze: A lady with an iPad greeted us at the entrance of the branch, took some details and had us in front of a banker immediately. Less than 30 min to open the account.

My heart sank when they said: "we'll post you your cards." We all know in SA that "post" is another word for "never." It was something like Dec 27th, and I was thinking that there would be no way the post would reach us prior to heading back to SA. I almost fell over when the cards arrived a few days later! Simply activated them via the Commonwealth app and we were all done.

Now I just have to figure out how to get funds into the Commonwealth account from my bank here in SA.