*Paul*

May 4 2007, 10:03 AM

To give you all some feed back about what it's like not to go the Westpac route - we transferred through HiFX but didn't arrange a bank account until we got here - Aussie bank charges can be horrific and you really need to do your shopping very carefully. Bear in mind that how we went about it all was more than a couple of years ago and the only offer of an Aussie account at that time was from the Commonwealth Bank of Australia.

In the first week here we shopped around, picking up brochures and reading them carefully to get the best deal. IT IS VERY CONFUSING - I won't deny. In the end we went with NAB (National Australia Bank) and made the transaction from overseas. We needed to apply for a tax file number otherwise we would be on what's called an emergency tax code - something like 60% or more, I can't remember exactly. You won't have a tax file number as a migrant who has already opened an account until you get here, I would imagine. Getting one is straight forward as it can be done on line - we used a library internet service - took 5 mins. Supplied the details on opening the account and the tax rate looked much more favourable.

Now, such is the competition between banks that charges do fluctuate and we are no longer with NAB. However, the ability to open an account in advance is, I would say, a definite advantage. After all, they'll be expecting you, and that's very comforting.

Paul.