CSK Posted February 17, 2016 Report Share Posted February 17, 2016 Good day, I know that this topic has been discussed previously but i have some questions on opening a bank account in Australia while we're still in South Africa. I want to start putting away money before we make the big move! Every bit helps! 1. Can i open an account while i'm still in SA? 2. Any suggestions on which bank to use? 3. How do i transfer money into this account, do i use paypal for example, or do you do it through your current bank? 4. I assume that you can only open a savings account. 5. Do you need to be in Aus to access the funds? Is there a time limit on the account before you need to use it? I don't want to use the wrong method and pay more that I need to... Quote Link to comment Share on other sites More sharing options...
SDTCPT Posted February 17, 2016 Report Share Posted February 17, 2016 Hi CSK, Here is my experience with opening a bank account: 1) Opened an account online with NAB (at the time they were the only bank allowing you to open an account up to 12 months before you arrive) 2) Have not heard really bad things about any of the Aus banks. I chose NAB for the reason stated above. My BIL, who is in Aus for the last 4 years bank with Commonwealth Bank and he is happy with them... Some banks will have more ATMs, better perks, better mobile/online banking, have a look at their websites and pick your poison. 3) Because RSA controls forex investments and payments you need to work through an authorised broker (bank or forex company). I chose to us FX Capital as they got good reviews on the forum and thus far my experience with them has also been good. Also I believe you get a bit better exchange rate with the forex company vs the bank (but don't quote me on that) 4) I opened only a current account for myself (like an idiot I did not tick the right boxes), but opened both a current and savings account for my wife a couple of days ago. 5) For NAB (and I assume most of the other banks) you need to be identified by a branch in Aus before you can transact on the account (you can send as much money over before you arrive as you want but can't access it). I think if I remember correctly NAB's accounts go dormant if there is no transactions for 12 months (can't remember what they said when I askes them about it) Hope this helps Quote Link to comment Share on other sites More sharing options...
RedPanda Posted February 17, 2016 Report Share Posted February 17, 2016 @CSK We've also done it... 1) You most certainly can. The time before arriving in Aus differs between the banks. 2) We used CommBank, no trouble. But you can only open it 3 months before you pitch up at a bank branch to be ID'ed 3) Thus far we have used FNB to transfer money to CommBank. You make a beneficiary... (their phone help is fantastic with assisting you while you fill the online forms). BUT for our next transfer we will contact FX Capital and get a quote from them. We were just too paranoid to do it from the start. 4) Hmm...not sure? (we opened a transactional account and a saving-type account. And we opted for a joint account, since the Aussie idea of a joint account allows each person to manage the account as though they were the sole user. So either partner can change limits or add accounts or do whatever, you don't need both people to be there together. [They do notify the other person immediately of any changes made]) 5) I'm not sure. Certainly the cards were only active after we pitched up at a branch, but I don't know about electronic transfers. Also, if you have questions like these, ask the banks directly. They are very helpful. Three days after we opened our accounts online, we each received a call from the CommBank overseas accounts 'manager'? asking us if the information is correct, if we are happy with what we have, if we have any questions? And this was in the middle of our morning, very convenient, and totally at the bank's cost. It was also during this phone call that they explained to us how their joint accounts work, and at the end of the call they changed the accounts that we had created. It was such a pleasant change from dealing with the South African banks were you almost always need to go to a branch to change anything. Quote Link to comment Share on other sites More sharing options...
monsta Posted February 17, 2016 Report Share Posted February 17, 2016 Have you seen the commbank share price? They are sure collecting their share of bank charges. Its been pointed out to you that only certain banks really deal with migrants well. But when you get here, you really need to do some research on lower cost banks and especially your super fund choice (if you need an Aussie pension). I was paying $5 per month on my old bank account in fees. Now I get $10 per month in rebates paid back to me at my new bank. When it comes to retirement or a home loan , saving an extra 1% on fees could leave you better off by thousands. Quote Link to comment Share on other sites More sharing options...
GandTash Posted February 23, 2016 Report Share Posted February 23, 2016 We used NAB and they have a migrant banking option where you can open your account online from SA, you cannot touch any money transferred into the accounts until you arrive and present yourself with passport at the branch. Quote Link to comment Share on other sites More sharing options...
HermanLJ Posted February 23, 2016 Report Share Posted February 23, 2016 Hi @GandTash, Did you have to present proof of residence (ie your Aussie address) as well when you picked up your cards? The reason why I'm asking is because I inquired a while back with ANZ and they said you have to provide it. In my opinion it seems kind of ridiculous to ask for that when you've just landed. Quote Link to comment Share on other sites More sharing options...
Mara Posted February 23, 2016 Report Share Posted February 23, 2016 @HermanLJ although it may be ridiculous to you when the bank requires your local address, but it is part of their rules... The chances are, you are staying with family, or in furnished accommodation. So, it does not really matter which address you give them, you can change it as soon as you have a permanent address. It is not really proof of address, it is more a case of just and address. When you register with Medicare, they will also want an address from you, here you have to be careful, because they will be sending out the medicare card to you, so it must be an address where this will reach you. 1 Quote Link to comment Share on other sites More sharing options...
CSK Posted February 24, 2016 Author Report Share Posted February 24, 2016 Hi everyone, Thank you for the feedback, i really appreciate it! We're still in the beginning phase, IELTS done but still have to do the skills assessment through the Institute of Chartered Accountants. I know, still a very long road It would have been great if we could have a bank account way in advance so that i can deposit my management incentive into it as well as monthly contributions. Every bit helps! Quote Link to comment Share on other sites More sharing options...
GandTash Posted February 29, 2016 Report Share Posted February 29, 2016 On 2/23/2016 at 11:48 PM, HermanLJ said: Hi @GandTash, Did you have to present proof of residence (ie your Aussie address) as well when you picked up your cards? The reason why I'm asking is because I inquired a while back with ANZ and they said you have to provide it. In my opinion it seems kind of ridiculous to ask for that when you've just landed. Hi HermanLJ, Sorry for the late reply, at NAB we didn't need to provide any proof of residence, we just gave our temp Airbnb address and they were happy, it was a quick in and out - I cant vouch for any of the other banks though. Quote Link to comment Share on other sites More sharing options...
dlmonnink Posted March 9, 2016 Report Share Posted March 9, 2016 (edited) Opened an immigrant Choice account with Westpac online, was quick and easy and as long as you are immigrating within 12 months you can open it. Also first year is free saving $60 dollars ($5 x 12). I've decided to courier my identification documents to England to get my identification check done before I arrive. If you don't do this then when you arrive at the bank you must produce identification documents and then wait 7 days to receive your card. Needed certified copies of passport and certified copy or rates & taxes account. Also had to send proof of certifier details form basically for whoever certifies the docs they need to fill that out and then a general terms & conditions form I had to sign as well. Sent using PostNet for R350 - arrived there in 2 days. I transferred my money across to the account using FX Capital (tanya@forexcapital.co.za). Cost was R250 and then roughly 10c-11c on top of exchange rate depending. You will need to fill out some documents and send certified copies of some documents for FICA etc. Took a few days to set up a transfer account this side and then took about 4-5 days for transfer funds and for it to reflect on the Aus side. I would recommend starting the process at least 2 weeks before you leave just in case. What I like to do is keep a scan of all my certified docs on hand just so I can get most things done fairly quickly or have them available when asked for them; makes things go a lot quicker. I keep certified copies of ID Book, ID Card, Passport, Drivers License, Proof Of Residence, Qualifications and related Transcripts, Birth Certificate and Unabridged Birth Certificate, IELTS Results and Matric Certificate. Edited March 9, 2016 by dlmonnink 3 Quote Link to comment Share on other sites More sharing options...
RedPanda Posted March 9, 2016 Report Share Posted March 9, 2016 On 2/24/2016 at 10:30 AM, CSK said: It would have been great if we could have a bank account way in advance so that i can deposit my management incentive into it as well as monthly contributions. Every bit helps! You might want to think carefully about sending money over monthly, since you will be charged a fee per transaction. Perhaps save up a few months, and send, save up, send... I know it's scary with the rand pretending it's made of lead, but usually it won't make a big difference on smaller amounts if the exchange rate drops a few cent to the AUD. Also, RSA has very good interest rates, because of the risk, so perhaps you can find some account with a decent interest rate while you collect a few months savings to send over? 2 Quote Link to comment Share on other sites More sharing options...
GaanBos Posted March 16, 2016 Report Share Posted March 16, 2016 Thank you for all the information. So, what is your opinion, what Bank has the lowest fees? Or is this an unfair question? Quote Link to comment Share on other sites More sharing options...
Peterthe1 Posted March 16, 2016 Report Share Posted March 16, 2016 We opened a Joint NAB account (this includes 2 Personal current accounts with savings accounts and 2 Credit card accounts). There's no charges on any of the accounts. Most banks offer these sort of deals. The interest on the savings accounts are very low. Here savings accounts normally pay low interest. Have a look for an online savings account, these normally pay a higher interest rate. Otherwise invest money diffidently. Quote Link to comment Share on other sites More sharing options...
GaanBos Posted March 17, 2016 Report Share Posted March 17, 2016 Thank you for all the input! Quote Link to comment Share on other sites More sharing options...
CyberJoe Posted March 19, 2016 Report Share Posted March 19, 2016 We also chose NAB, was recommended by family in Aus and since they give you 12 months before you have to be there, it felt like the more flexible option. @Peterthe1 how long did you wait for your NAB account to be activated? Will phone them on Monday to find out what is going on but we did the online application on Wednesday and so far have not heard anything from them. Quote Link to comment Share on other sites More sharing options...
Peterthe1 Posted March 19, 2016 Report Share Posted March 19, 2016 We opened our accounts on arrival here and were able to use them immediately. I was on PR though and my partner is Australian which obviously would make applying easier. Quote Link to comment Share on other sites More sharing options...
DeepFriedMatt Posted March 21, 2016 Report Share Posted March 21, 2016 On 19 March 2016 at 7:35 AM, CyberJoe said: We also chose NAB, was recommended by family in Aus and since they give you 12 months before you have to be there, it felt like the more flexible option. @Peterthe1 how long did you wait for your NAB account to be activated? Will phone them on Monday to find out what is going on but we did the online application on Wednesday and so far have not heard anything from them. @CyberJoe We applied online with NAB on Tuesday morning (SA time) and received an email with confirmation the account was opened on Friday. Then on Sunday got a second email with details for using online banking. So you should be sorted very soon! Quote Link to comment Share on other sites More sharing options...
CyberJoe Posted March 21, 2016 Report Share Posted March 21, 2016 Thank you @DeepFriedMatt! We received the first email this morning and it mentioned the second email will follow in two days. Now on to the next step of actually transferring the money over. With the way the rand in currently fluctuating, a day could cost you a couple of thousand rand so I am seriously nervous! Quote Link to comment Share on other sites More sharing options...
JackoFam Posted March 22, 2016 Report Share Posted March 22, 2016 I know how you feel @CyberJoe. Following the ups and downs of the rand at the moment is nauseating . Quote Link to comment Share on other sites More sharing options...
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