# Australian bank account in canada



## miska999 (Mar 29, 2012)

Are there any banks in australia that have affiliates in Canada, thus reducing any crazy transaction fees ? Or should I just open a Canadian bank account ?


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## belcher (Feb 26, 2012)

miska999 said:


> Are there any banks in australia that have affiliates in Canada, thus reducing any crazy transaction fees ? Or should I just open a Canadian bank account ?


There are worldwide banks, like hsbc and others. Typically you should just open a canadian bank account.

As for transfering your money over from aus to canada, never use the banks they charge too much.

Companies like oz forex or even pay pal are cheaper.

And if you set up an international "travelers" credit card or somthin simmilar you can spend your aussie dollars and use iternet banking to pay it off that day/week and avoid the interest charges.

Look into the world banks offering expat accounts


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## JimJams (Jan 11, 2010)

I have opened a Canadian and Australian bank account from here in the UK with HSBC. I have had my debit cards delivered to me here in the UK, could have had a credit card but needed local addresses and also have my internet banking set up. I am a Premier customer so I am able to connect all my account up and freely transfer money between all the accounts. My account setup also cost me nothing, but only cos I am a Premier customer, otherwise it would have cost £100.

HSBC in the UK charge £17 to transfer money to an international account.

I wouldn't use Paypal, their exchange rates will be lower than you get from the bank. Also not sure if there are any other transaction fees involved...

Problem with the international credit cards will generally be the fees involved per transaction, they soon mount up!

Visa Europe (rate HSBC UK charge on their debit cards)
Exchange rates

If you have a Paypal account you can check their rates
https://www.paypal.com/webapps/helpcenter/article/?currentIssueID=12900&m=SRE

OzForex rates look god so you should check them out too. You should probably open up a Canadian account anyway, gives you somewhere to transfer your money into and a local debit card to make your purchases.


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## belcher (Feb 26, 2012)

JimJams said:


> I have opened a Canadian and Australian bank account from here in the UK with HSBC. I have had my debit cards delivered to me here in the UK, could have had a credit card but needed local addresses and also have my internet banking set up. I am a Premier customer so I am able to connect all my account up and freely transfer money between all the accounts. My account setup also cost me nothing, but only cos I am a Premier customer, otherwise it would have cost £100.
> 
> HSBC in the UK charge £17 to transfer money to an international account.
> 
> ...


With the cedit cards it pays to shop around, some of the premium cards save you money, higher anual fee no transaction fees.

Paypal can be a good option depending on the amount of money, as they all depend on the amount you wish to transfer each time.

I personally like the hsbc, even if its an account you only use forcertain cercumstances


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## JimJams (Jan 11, 2010)

belcher said:


> With the cedit cards it pays to shop around, some of the premium cards save you money, higher anual fee no transaction fees.
> 
> Paypal can be a good option depending on the amount of money, as they all depend on the amount you wish to transfer each time.
> 
> I personally like the hsbc, even if its an account you only use forcertain cercumstances


Yes, after I wrote that I did come back to think that it really depends on how much you are transferring and if it is smaller amounts then definitely worth considering Paypal due to the fact there is no transaction fee.

How long are you going to Canada for and how much money are you going to transfer across.


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## jacq1101 (Apr 28, 2012)

You can't get around the transaction fees ... I use ozforex and if you set up a regular payment, they don't charge you the $15 transaction fee just the foreign exchange fee.


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## JimJams (Jan 11, 2010)

HSBC have branches worldwide. I have accounts in UK, Canada and Australia but transfers are only transaction fee if you have a certain level of account.

I have a Premier account so there are no transfer fees, my accounts are all linked online and they opened the account for me from the UK without any charges... but the Premier account is their top tier account so not everyone will be eligible for all the benefits...


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## jawnbc (Apr 28, 2012)

We use HSBC as well. But their Canadian operations aren't nearly as good service-wise as the Aussie, UK or Hong Kong divisions. So we do most of our daily banking in Vancouver with VanCity credit union. Who are awesome EXCEPT for international banking.


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## JimJams (Jan 11, 2010)

Well I'm back out to Canada in a few weeks for several months... most likely I will be opening a local account too (I heard it is very easy, almost same day) and then using my HSBC account to do the international transfer part between my HSBC accounts...

I didn't find nearly as many HSBC branches in Montreal (or most of USA), but there was a local and ATM on nearly every corner in town.


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## Guest (Sep 5, 2012)

I opened a Canadian Bank account when I arrived. I also still hold my Australian bank accounts too. I have tried many ways to get Canadian $ back to Australia and have found Western Union to be the best, however this means that I send Aussie $ in cash to family members who collect the money in Australia once I give them the money control number upon me sending from Canada, its instant and there is a fee involved of course. Perhaps this is an option?


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## grega711 (Nov 21, 2011)

*Western Union vs The Banks*



missmeals said:


> I opened a Canadian Bank account when I arrived. I also still hold my Australian bank accounts too. I have tried many ways to get Canadian $ back to Australia and have found Western Union to be the best, however this means that I send Aussie $ in cash to family members who collect the money in Australia once I give them the money control number upon me sending from Canada, its instant and there is a fee involved of course. Perhaps this is an option?


I might be wrong, but I thought Western Union was the most expensive way to transfer money. Some internet sites might be the cheapest way. I forget the names now. Try googling for "money transfer international". But compare bank charges and exchange rates against what you are paying now using Western Union. I'll bet you find even the banks are cheaper. Good luck


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## Canuck_Sens (Nov 16, 2010)

I am as well a premier customer and hold accounts in us, Canada and other countries. Although there is a big convenience in connecting accounts and transfer funds, I find hsbc's exchange rates pretty bad. They bite a lot. PayPal is awful a total rip off in rates, western union too.

You could try xe.com they may fare better, but honestly aus/cad is not traded much


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## belcher (Feb 26, 2012)

ozforex is decent for rates, but you should really be looking at the way you manage your finances and be sending money back and forth a minimal amount


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