# money



## keri (Apr 23, 2010)

how do you reccomend i take my money to australia?
shall i leave all my funds in my british account and just take my card over with me and visit a aussie bank to get a aussie account made and transfer all my brit money into the acc?
will they guide me through the process?
how long will it take to transfer?
or take half cash or?

the most convenient way please

sorry if i have worded it badly
thankyou dearly in advance


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## Wanderer (Jun 16, 2007)

keri said:


> how do you reccomend i take my money to australia?
> shall i leave all my funds in my british account and just take my card over with me and visit a aussie bank to get a aussie account made and transfer all my brit money into the acc?
> will they guide me through the process?
> how long will it take to transfer?
> ...


With a few of our major banks, The ANZ, Commonwealth, National and Westpac you can open an account online and put your money into it before you leave.
ANZ - Travel and foreign exchange - Foreign Currency Rates & Currency Converter is one site , Home Page - Commonwealth Bank Group another.
When you arrive you just pick up your card and you'll have access tio your money straight away.
Alternately, you can wait until you get here and open an account and then do what is called a telegraphic transfer or you may be able to do it online yourself.
Go into your own bank and ask if that facility is available from them, what they may call either a Swift Code - Find Swift Codes | Bank BIC Code: Australian Bank Swift BIC Codes or just IBN - International Banking Number, you may need to ask for someone knowledgeable about international banking but with the IBN of your home account bank and likewise an account you open for Australia, transfers are easy done online.
If you're not too sure about doing it yourself, pop into an Aussie bank branch at home if you can or get an account opened and your own bank ought to be able to help with the transfer.


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## keri (Apr 23, 2010)

or shall i just take my british card with me and use it in the atms over there? do they accept it and whats the average fee?
ive realised there is no point in transfering all the ufnds over to aussie bank.


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## Wanderer (Jun 16, 2007)

keri said:


> or shall i just take my british card with me and use it in the atms over there? do they accept it and whats the average fee?
> ive realised there is no point in transfering all the ufnds over to aussie bank.


If your British account card has a Maestro or Cirrus symbol on it, it ought to be OK, but check with your bank and it'll be them that sets the fees for you to do an international withdrawal.
I expect you'll find it somewhere around 2-3% and some banks might have something like $5 + 2% up to $500 and that can in fact up the % for if for instance you withdraw in $200 ammounts, you'll pay $9 which is 4.5%
It'll come down to how much you're concerned about a couple of hundred $$$ the bank having instead of you and doing the maths.
Like say you had $5000 in an account back home you kept drawing out in $200 lots and based on the $5 + 2% you'll pay $9 x 25 = $225 to the bank or doing it in $500 lots it'll be better @ $15 x 10 = $150.
If you set up an Australian account, you should be able to get the transfer done for about $30-40, maybe a bit more depending on your bank and you could find that the Australian bank fees will be about $5/month admin fee plus about $2/withdrawal though that can be less with some accounts.
With a WHV and working you'll want an Aussie account anyway to have pay paid into.


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