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Bankers ..... good ones by the looks of things .... not like the ones we have in the UK

We've just got our Migrant Banking account set up and the forms all signed ready to return to the bank and then we can move the cash for our holiday/reconnaissance trip.

I emailed 3 Australian banks, NAB, Commbank, and ANZ, and sat back and waited.

NAB replied within hours with a detailed email on how to set up an account etc.
Commbank replied a couple of days later with a very detailed but demanding form
ANZ eventually replied a couple of weeks later with an apologetic email but by then we'd already done the deed.

NAB got the business for a few reasons:

a) I have an account with the Clydesdale Bank which they own
b) in all the phone calls I had with them asking annoying questions they were seriously helpful and friendly
c) everything they've said they would do they've done and in the timescale quoted.
d) we're getting the wholesale exchange rate even though we're only transferring a few thousand pounds for now

The forms will be with them by Monday at the latest and the funds will move to Oz, we already know which branch and which contacts we need in Melbourne to go and get our waiting ATM cards.

Over the last few weeks I've been waiting on something going wrong but so far so good.

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Comment by John on March 3, 2009 at 16:26
Hehe, yes, we will do that when we are ready to move the proceeds of any house sale.
Comment by Robin Haynes on March 3, 2009 at 15:40
No comment apart from 'use a currency broker!' :-)
Comment by John on March 2, 2009 at 9:59
Mmmm, bankers not as good as I thought. Didn't get the full wholesale rate, and the money was changed when the $ was low the other week but that was my fault.

Trying to get our bank meeting in Melbourne organised is a bit of a joke, had an email from an employee a few weeks back and we got our appointment sorted out, then last week we got an email from our migrant banker in Melbourne offering us the original appointment date that we had rejected but we are now back to the date/time we originally arranged. *sigh* banks???
Comment by John on February 17, 2009 at 9:55
Thats better than what I got yesterday. Probably should have waited for the inflation figures to come out but thems the breaks. Given the amount we were moving there wasn't a huge difference in the amount. When we are ready to move the money from the house sale I'll get a few quotes before moving it.
Comment by Robin Haynes on February 17, 2009 at 9:44
Hi John, depends on what deals we have going through, but it would be at least $2.18, if not $2.19. UK inflation data has just come out positive too so the interbank rate is back up to $2.22 which means we can sell above $2.20 at the moment.

Hope that's a useful comparison! We're at www.currencyindex.co.uk if you need more info.
Comment by John on February 17, 2009 at 9:41
Assuming a base exchange rate of $2.20 what would you transfer the cash at? Say £2000 for example.
Comment by Robin Haynes on February 16, 2009 at 11:45
Hi John, sounds like a good service, however do check the 'wholesale' exchange rate because you can often do better than that by using a currency broker in the UK - we'd be happy to get you a quote at Currency Index.
Comment by BJ on February 12, 2009 at 7:52
Thanks John, good info.

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