# Opening Bank Account



## sathyanril (Apr 28, 2010)

Hi All,

I have recently moved to Aus..(perth).. I am basically from India... Just like to know which is the best (cheap) bank to open an account and also like to know how to transfer money from Aus to India at best exchange rates....

Pls help me...

Sathyan


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## Cnf (Mar 17, 2010)

At the moment I would select Commonwealth Bank - both from personal and professional experience.


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## Dolly (Feb 17, 2008)

There are no such thing as 'cheap' banks :lol:

Dolly


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## abhiria (Jul 31, 2008)

sathyanril said:


> Hi All,
> 
> I have recently moved to Aus..(perth).. I am basically from India... Just like to know which is the best (cheap) bank to open an account and also like to know how to transfer money from Aus to India at best exchange rates....
> 
> ...


I would recommend NAB classic Banking. You get a visa Debit card with no monthly fees and no minimum balance req. NAB - NAB Classic Banking

You can also choose the color of your debit card  (I prefer the black one) Anyway yeah you can also link an iSaver account with 6 % interest rate.

To send money to India you can use ICICI money2 India https://m2inet.icicibank.co.in/m2iNet/m2iNetLoginForm.jsp

I have used it twice without any issue and delay and good conversion rate as well

Regards,
Ab


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## Ozaspirant (Jun 27, 2009)

abhiria said:


> I would recommend NAB classic Banking. You get a visa Debit card with no monthly fees and no minimum balance req. NAB - NAB Classic Banking
> 
> You can also choose the color of your debit card  (I prefer the black one) Anyway yeah you can also link an iSaver account with 6 % interest rate.
> 
> ...



I am right now in India but I have opened up a bank account with NAB through online , 

Regarding money transfer there are several banks allows to remit money from foreign account to Indian banks , You can use any of the Citi, HDFC, Axis , ICICI etc to remit the money from Aussie bank to India , all you need to do is provide Aussie bank and Indian bank details , they will take 3 days to authorize your request in the process of verification they deposit small amount say !$ to your Aussie account and with draw the same , after that you can initiate the money transfer , exchange rates will be given at their portals but you need to choose one of the remittance partner by looking at the exchange rates and their commission for money transfer , transfer will normally take 5 working days


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## The Brit in Aus (Apr 25, 2009)

I also agree that the NAB Classic Bank account is probably best.

No account fees, therefore can't be any cheaper.


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## RishiRiddhi (Jun 19, 2010)

Ozaspirant said:


> I am right now in India but I have opened up a bank account with NAB through online ,
> 
> Regarding money transfer there are several banks allows to remit money from foreign account to Indian banks , You can use any of the Citi, HDFC, Axis , ICICI etc to remit the money from Aussie bank to India , all you need to do is provide Aussie bank and Indian bank details , they will take 3 days to authorize your request in the process of verification they deposit small amount say !$ to your Aussie account and with draw the same , after that you can initiate the money transfer , exchange rates will be given at their portals but you need to choose one of the remittance partner by looking at the exchange rates and their commission for money transfer , transfer will normally take 5 working days


Sorry. Aspirant.. Did I read that you opened up a bank account with NAB online from India..? 

I would be of interest to know more on this - if you could do that. Didnt they ask your residential proofs and all..? 

Please share a bit more on this.

Rishi


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## barneybags (Jun 17, 2010)

*Bank Account Opening*

Hi... Do you know if there are any restrictions with opening an online bank account if you have PR status but have not yet moved over?


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## cbsquirrel (Apr 3, 2010)

I also opened an account with NAB. They allowed me to open it and transfer money in while I was still overseas, but I couldn't withdraw until I physically arrived and showed proof of identity. It should be the same for any immigrant.

One word of caution: I made the mistake of opening a joint account, even though my husband will not arrive for a couple of months. Once I got here, I found out that you have to have both parties present to withdraw money (I didn't find this out until I went to withdraw money for my rental bond!). So if your spouse is not planning on arriving right away, it may be best to open an account in your name and add him/her later.


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## RishiRiddhi (Jun 19, 2010)

cbsquirrel said:


> I also opened an account with NAB. They allowed me to open it and transfer money in while I was still overseas, but I couldn't withdraw until I physically arrived and showed proof of identity. It should be the same for any immigrant.
> 
> One word of caution: I made the mistake of opening a joint account, even though my husband will not arrive for a couple of months. Once I got here, I found out that you have to have both parties present to withdraw money (I didn't find this out until I went to withdraw money for my rental bond!). So if your spouse is not planning on arriving right away, it may be best to open an account in your name and add him/her later.


That was a nice tip cvsquirrel.

Btw, are these account works city specific / branch specific or you can operate from any branch and city? We are yet in the process to finalise the city. Any advise is appreciated.

Rushi


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## cbsquirrel (Apr 3, 2010)

Honestly, I don't know. I planned on moving to Sydney from the start, so it wasn't an issue for me. I think probably you need to know what city you're moving to, because they sent me an e-mail telling me which branch to go to in Sydney (there's one main one handling immigrant accounts).

Since the application is online, you could always give it a go and then cancel if you need to put info you don't have. I only applied for a bank account a week or two before I arrived, so you really don't need to do it very far in advance.

P.S. If you apply online with NAB, select "student" in the beginning when they determine what application you need. This sets you up with the bank account that doesn't have checking fees. If you select migrant or PR or whatever the other option is, they try to set you up with an account that charges checking account fees. In the end, they don't care what your status is as long as you have money, so it really doesn't matter.


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## The Brit in Aus (Apr 25, 2009)

RishiRiddhi said:


> Btw, are these account works city specific / branch specific or you can operate from any branch and city? We are yet in the process to finalise the city. Any advise is appreciated.
> 
> Rushi


Bank accounts are national. You just change branch if needed.
eg: We banked with one bank in NSW, but moved to QLD. We kept the same accounts, but changed local branch.

I still have one account based in NSW, but access it via Internet banking, so never need to go to the branch.

The bank will need to know which branch to send the cards etc to, and for you to identify yourself, but I am sure that can be changed if you change destination.


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## RishiRiddhi (Jun 19, 2010)

cbsquirrel said:


> Honestly, I don't know. I planned on moving to Sydney from the start, so it wasn't an issue for me. I think probably you need to know what city you're moving to, because they sent me an e-mail telling me which branch to go to in Sydney (there's one main one handling immigrant accounts).
> 
> Since the application is online, you could always give it a go and then cancel if you need to put info you don't have. I only applied for a bank account a week or two before I arrived, so you really don't need to do it very far in advance.
> 
> P.S. If you apply online with NAB, select "student" in the beginning when they determine what application you need. This sets you up with the bank account that doesn't have checking fees. If you select migrant or PR or whatever the other option is, they try to set you up with an account that charges checking account fees. In the end, they don't care what your status is as long as you have money, so it really doesn't matter.


Thanks cbsquirrel for a nice hint!  

You are right, I will need to finalise the city first! but its a relief to know that process wont take much time. 



The Brit in Aus said:


> Bank accounts are national. You just change branch if needed.
> eg: We banked with one bank in NSW, but moved to QLD. We kept the same accounts, but changed local branch.
> 
> I still have one account based in NSW, but access it via Internet banking, so never need to go to the branch.
> ...


Thanks Brit for the prompt one! I handle my bank account in India quite samewise no matter where I am in need to use bank - I can go to any of the branch and ask for help / any service. But to open an account they ask me to provide residence in perticular city!! 

Thanks for the guidance. 

Rushi


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