"Royc" wrote in
news:r_sAf.5118$wl.3331@text.news.blueyonder.co.uk:
>
> wrote in message
> news:1137593252.750111.283000@g14g2000cwa.googlegroups.com...
> Hi,
>
> I will be travelling to Australia with £2000 (approx $A 4500) in my UK
> bank account.
>
> How would I go about transferring money over?
>
> What things should I look for when choosing a bank (eg. transfer
> charges)? Any recommendations?
>
> Do I need a Oz account for working in the country?
>
> Any other tips?
>
> Cheers
>
> Burnsy
>
>
> i found the easest way, is to open a nationwide account here in the
> uk, they dont charge commission on atm withdrawals in ozz, & and also
> pay decent interest.
>
> roy
>
>
>
I thought it might be useful to fill in some background information...
Banking in Australia is dominated by the 'big four', namely the
Commonwealth Bank, Westpac, National Australia Bank and Westpac. All of
these are represented nationally: you will find a branch in all capital
cities, major towns, regional shopping centres etc. etc. Australia Post
is also an agent for the Commonwealth, so you will never be far from a
branch.
In my experience, they are all much of a muchness: they charge account
keeping fees, pay little or no interest, prefer you to use ATM/internet
banking/EFTPOS rather than use branches. Fees apply to all transactions
and little or no interest is paid on deposits. (You can get your fees
waived if you have a mortgage or lots of money with them ... unlikely to
apply here!)
Next down there are the 'second tier' banks: the two biggest are St
George and the Bendigo Bank. They may be an option, although could be
difficult to find in far away places (e.g. St George is massive in NSW,
but branches can be as rare as hens teeth in other states). On the other
hand, the Bendigo has become well known for opening branches in small
towns/communities that have lost their bank, and they don't mind in-
person transactions. I do my banking with the Bendigo and find them very
friendly and much less 'robotic' than the big 4. Their fees are
reasonable (especially if you get a Visa 'debit' card from them) and most
are rebated anyway.
Finally, there are the regionals and the credit unions. They are pretty
much restricted to one state (e.g. Bank West in WA, Adelaide Bank in SA).
You may find that fees are much lower in these institutions, and if you
are staying in one place, they may be cheaper and more convenient.
I would also say that you will need an Australian bank account if you are
staying any time and doing any formal work. You might still get paid in
cash "out of the till" if you are working in a cafe, but anything more
than that will probably be direct bank debit these days.
All banks should be able to do inter-bank transfers for something in the
vicinity of $50 (from memory). I'd suggest you contact your bank at home
and find out if they have a 'preferred' partner bank.
Oh yes, the number 1 trick is always use the ATM of your own bank. Other
banks' ATMs will accept your card and give you money, but you will be
slugged with a fee for using a 'foreign' ATM.
HTH
R.
--
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