Pension Transfers are not the most exciting part of emigrating to Australia, it certainly won’t have you jumping for joy like when you finally get you visa in your hand, but when you realise that what you could save on tax by having correct, timely advise could be more than all your other emigration costs put together you’ll realise it’s time to think very seriously about making the most of transferring your UK pension to Australia.

Darion Pohl, a pension transfer specialist and director of Prism Xpat, revealed to me 7 common pitfalls that many UK migrants make when considering transferring their UK pension to Australia.

I must point out that any tips and information in this article is general in nature, is information only and should not in anyway be construed as being financial advice. Each person’s financial situation will be different and you should seek professional advice from a cross border pensions specialist to determine the best way to act.

#1 Taking a Tax Free Lump Sum from their UK pension

For retirees planning to settle in Australia and planning to take a tax free lump sum from their UK pension to help them set-up life in Australia there may be a risk of having to pay high rates of tax in Australia, up to 46.5%, on the remainder annuity payments from the UK pension scheme.

#2 Not realising Pensions cannot be transferred out

Once a UK Pension is transferred to Australia it’s difficult, if not impossible to transfer it back out again. You need to consider which country you intend retiring in when deciding on whether transferring your pension to Australia is the right option.

Remember, up to 1 in 8 UK Migrants return from Australia to live back in the UK in the first two years of emigrating, which is both emotionally and financially costly there and then but could also be potentially disastrous in the long term if they’ve brought across a UK pension and cannot transfer it out.

#3 Not fully understanding Australian Job offers

There is a requirement for Australian employers to contribute 9% of your salary to a Superannuation fund. In some job adverts or contracts of employments the base salary is quoted inclusive of this contribution and in some it is quoted exclusive of this. This has a huge impact on the actual ‘take-home’ portion of your salary. Many new migrants don’t realise this, get caught out and end up disappointed.

#4 Not realising that the UK State Pension fund entitlement is fixed.

If you’re entitled to a UK State Pension and migrate to Australia then your entitlement is fixed and does not go up in line with inflation or any other increase.

#5 Thinking it’s all bad news

Stock market crashes, credit-crunch, interest rate rises, higher cost of living, property prices falling. It all seems doom and gloom! It’s not all bad news though, if you plan early and get the correct advise you can save huge amounts in tax and still be in an excellent financial position for starting a new life in Australia.

#6 Getting caught out Doing It Yourself

Some people try to save money by handling their pension transfers themselves. By not having the right knowledge of the UK and Australian tax systems and understanding which UK pensions can be transferred to Australia they often end up in a worse financial state and risk paying a 55% rate of tax if they transfer their UK pension into a non-approved Super fund in Australia.

#7 Getting the wrong advice

It is estimated three are 8 different pension tax systems in the UK. Many of these differ from those in Australia. Without getting advice from both the Australian and UK sides in any analysis of what you should do, you are only getting a small part of the story and missing out on many opportunities. Speak to someone who understands each of these tax systems in the two countries and can give the best advice

Author: Neal Gourley

Related Posts

1. Top 10 Tips – Moving Your UK Pension to Australia
2. Lots of people moving to Western Australia – Where will they all go?
3. Shipping Goods to Australia – Moving From the UK to Australia
4. Another way in which moving to Australia can upset your parents
5. How to avoid the age loading fee on your private medical insurance

If you’re emigrating to Australia from the UK you’ll probably be worried about getting your visa, passing the medicals, figuring out where to live and getting a job. Rightfully so, but there’s one step that far too many Brits think about too late or even worse, not at all and this could be costing them Tens of Thousands of pounds!

Pensions are not the most thing to talk about but I was lucky enough to talk to Darion Pohl of Prism Xpat. Darion has many years and countless qualification in the area of UK to Australia pension transfers and he made the whole area interesting and understandable and when he talked about the huge amount of money that many Brits emigrating to Australia can save is they make the right financial decisions then I became really excited!

He revealed to me 10 essential tips that every Brit planning to emigrate to Oz should seriously consider.

Prior to commencing, I must point out that any tips and information in this article is general in nature, is information only and should in anyway be construed as being financial advice. Each person’s financial situation will be different and you should seek professional advice from a cross border pensions specialist to determine the best way to act.

#1 Remember – Your pension is an investment for your retirement!

Remember that you are generally unable to access your pension funds until you have reached retirement age. Whilst being a very tax efficient savings vehicle, pension funds are locked in for long term savings. You can’t normally use your pension funds for present day expenses such as deposit for a house, school fees, buying a car.

#2 – Not all pensions can be transferred to Australia from the UK.UK State pensions cannot be transferred to Oz and there are requirements that personal pensions need to reach if they can be transferred to Australia.

#3 – A pension transfer from the UK to Australia is not always in your best interest

Research by PrismXpat has shown that, after considering the UK and Australian tax effect, up to 30% of schemes should not be transferred. By making a transfer, you are forgoing precious benefits such as fund penalties, insurances and Guaranteed Annuity.

Exchange rate differences, poor fund growth with t he dip in share market, as well as tax exemptions on your visa type also need to be considered as they can turn the decision one way or the other.

#4 Start Early

A 6 months time limit applies for many people to have their pensions transferred over to Australia. Anytime beyond this can create an excess tax liability for you. In reality the process can take 9 months or longer complete.

This means you should contact a pension transfer specialist at least 3-6 months before your departure date. By dealing with a specialist company with a strong UK base, a significant amount of time will be saved in chasing up pension schemes. This can be very difficult if you try to do this from Australia due to time zone differences.

#5 Keep your pension company informed.

A simple but important one that’s often overlooked. Let your pension companies know your change of address so they can continue to contact you after you have left the UK

#6 Get Your Paperwork Sorted

The wheels of the UK Department of Work and Pensions grind very slowly so get your paperwork completed to know what your UK state pension entitlement is before you leave.

#7 Your Visa type can affect Pension Fund

Some visa classes have tax exemptions that can have a dramatic effect on the value of your UK pension on transfer to Australia. Contact a cross border Pension Transfer specialist BEFORE making your final visa choice to see if there are any tax benefits available to you. This is particularly worthwhile if you pension fund is worth more than £30k.

#8 Make sure you’re getting correct advise from ‘both sides of the fence’

Your Financial Advisor in the UK may be excellent but how well do they know the Australian tax system? For peace of mind, make sure that you seek advice from a specialist with knowledge of both the UK and Australian tax and pension systems. Be wary of any adviser who offers to assist you with this work if they only have UK based qualifications or only have Australian based qualifications.

Transferring your pension from the UK to Australia can save you a significant amount of tax, in many cases over 30% of the fund value. This is due to the differences in the UK and Australian systems

#9 There are limits on what can and can’t be transferred

Many People with pension funds exceeding $150,000 or $450,000 will not be able to have their pensions transferred to Australia without incurring a large tax liability. There opportunities to benefit from strategic advice from the UK side in these cases which a cross border pension transfer specialist can advise you on.

#10 Get Advise Early & Consider the Big Picture!Whilst substantial opportunities exist for Australians with UK pensions to save tax, there are even more opportunities if you begin your financial planning long before you leave the UK and take into account all your savings & investments.

Author : Neal Gourley

Related Posts

1. 7 Common Pitfalls To Avoid When Moving Your Pension To Australia
2. Lots of people moving to Western Australia – Where will they all go?
3. Shipping Goods to Australia – Moving From the UK to Australia
4. Eleven Tips to Help You Safely Transport Your Pet to Australia
5. Another way in which moving to Australia can upset your parents

Shipping your car to Australia can be tedious and complicated, but if you have the right car, it can be very rewarding. You must make sure that you not only have enough money for the necessary storage and transportation, but can cover the cost of duties and taxes. There are many ways that you can simplify the process, and it begins with knowing the correct legal procedures.

Before shipping your vehicle, it is imperative that you get a Vehicle Import Approval (VIA) from the Australian Department of Infrastructure, Transport, Regional Development and Local Government, who can be contacted at infrastructure.gov.au.

As implied by its name, the VIA will give you permission to ship your new car into Australia. Obtaining a VIA is absolutely essential, and failure to do so may result in the car being exported or destroyed at your expense. Next, make sure that you pay the necessary duties and taxes, including the Goods and Service Tax and the Luxury Car Tax (should this apply to your car). Once this step is completed, you can begin transporting the vehicle.

The next step is to make sure that you have declared your car to customs. You can either obtain the necessary documents online or at a Customs counter. If you plan on declaring your vehicle online, go to the ato.gov.au (Australian Tax Office) website. Once all the necessary fees have been paid (including, but not limited to duties and taxes,) you will be issued an authority to deal (ATD) which will allow you to use the car for home consumption.

Your car will be put in quarantine while it is being inspected. To find out more about this process, go to Australian Quarantine and Inspection Service (AQIS) website and contact the port that the car is being shipped to. AQIS will arrange an inspection to make sure that your car is clean & does not violate any terms of the Australian import rules (you will have to pay for any cleaning that the vehicle might require.)

Before importing your car, make sure you get an insurance quote. You can even buy imported car insurance; before shipping to ensure that the vehicle has all the necessary documents for use. Having proper insurance is essential, and you should make sure that you find imported car insurance that is both affordable and reliable.

Author: Ted Brumby

Related Posts

1. Am I Shipping Goods to Australia That Will Be Quarantined?
2. Shipping Goods to Australia – Moving From the UK to Australia
3. Shipping our goods to Australia – First quote received
4. Taking your furniture to Australia

This article sets out in simple terms the main Australian visas that are available to a working holiday traveller in Australia. This is not meant to be an exhaustive list but a useful summary giving guidance on some key visa options.

Understanding your options The first step is to categorise each visa. Determine whether the visa is an independent visa option, obtainable by the applicant alone? Or does the visa require the sponsorship of an employer, spouse, family member or state body for the visa to be granted?

Then work out whether the visa is a visa to remain in Australia permanently or temporarily.

Once you have categorised the visas in this way you can then look at the rights that attach to each visa to see whether the visa will help you achieve your goals in coming to or remaining in Australia, e.g. does the visa allow me to work, part time or full time, for who, doing what? Can I study? Can I live anywhere etc?

Categorising visas in this way will allow you to work out the best visa option for you depending on your goals and personal circumstances. What options are then available will vary depending on your skills, work experience, qualifications, financial resources and / or whether you are able to gain the support of a sponsor to back you in your application.

Independent Permanent Migration – subclass 175

General skilled Migration – The points test.

A permanent residency (permanent residency) visa is the most beneficial visa to apply for as it allows you to remain permanently in Australia to live, work and study and to gain Australian citizenship.

To be eligible for permanent residence you will need to have formal qualifications and at least 12 months work experience in your trade or profession in the 24 months immediately before your application is lodged. Before you lodge your application you will need to have your qualifications and / or skills positively assessed by a designated assessing body and achieve 120 points to satisfy the points test for this visa.

Points are awarded to an applicant on the basis of, among other things, professional qualifications, work experience, age, English language ability and time working in Australia. Calculating your points accurately and categorising your occupation correctly is the key to successfully applying for this visa. An error in either of these areas often leads to the visa being refused and the applicant, rather than gaining permanent residency, having to leave Australia.

With this visa you can live and work anywhere in Australia and are not tied to a sponsor or employer.

If you seek permanent residency and do not score sufficient points to emigrate independently, then regional sponsored migration may be an option that you explore after your working holiday visa expires.

Sponsored Permanent Migration

General Skilled Migration with Sponsorship – subclass 176 visa and subclass 475 visa

Again, you must have qualifications and work experience to be eligible for permanent sponsored migration on the basis of points. However, you will either need less points, or gain points for being sponsored, to achieve permanent residency through this visa stream.

Being sponsored usually means you have to live and work for 2 years (as a standard rule) in an area related to your sponsor. For example if you are sponsored by a family member, you will have to live in the town or city they live, if you are sponsored by a state government, you will have to live in that state.

Remember parts of regional Australia are some of the most beautiful parts of Australia and offer great lifestyles and opportunities for people that emigrate through this visa stream.

Your immigration lawyer or migration agent should be able to assist in obtaining state sponsorship or you can apply directly to each state usually through their websites.

After you have spent the 2 years working and living in the designated area, you will then be able to gain an unconditional permanent residence visa to move and live anywhere you wish in Australia.

Sponsored Temporary

Sponsored Working Visa – Subclass 457 visa

If permanent residency is not available to you at this stage, then a temporary working visa may allow you to live and work in Australia until another permanent residence option opens up for you.

If you can’t satisfy the points test but have qualifications, work experience and an employer willing to sponsor you, then this may be the most suitable visa for you.

If granted this visa, you will have to work for the sponsoring employer for the period of the visa (usually 4 years) or until the employer ends your employment or withdraws their sponsorship or both. If this occurs, then you will usually be given some time to find new employment and a new sponsor to support you to apply for a new subclass 457 visa. However, without a sponsor you will not be able to remain in Australia on this visa.

There are two distinct stages to this visa application. Firstly, the employer applies for approval as a sponsor and when approved, nominates your for the visa. You then make an application for the visa in the nominated occupation.

To be eligible you must have qualifications and work experience relevant to the occupation in which you have been nominated. You must also satisfy the relevant English language requirement – either by being from an English speaking country or sitting an IELTS exam.

For your employer to be approved as a sponsor they must employ Australian citizens or permanent residents (at least 2 as a general rule), have good financials and be able to prove it and a good training record or commitment to training,

Very new businesses will find it a little more difficult to gain approval to sponsor employees but certainly not impossible with a well drafted and complete application.

There are a number of benefits that flow from being sponsored on a temporary working visa, subclass 457.

After 2 years on this visa and 12 months with an employer, your employer can nominate you directly for permanent residence – subclass 856 visa. Once granted, you have no obligation to remain with the employer and can move on to work anywhere. This is why employers often prefer to keep employees on a subclass 457 visa to retain control of their services, rather than helping them get permanent residence and losing them to another employer offering more money or better conditions.

Also, after working in Australia full time on this visa for at least 12 months, you will be eligible for 10 Australian work experience points, which may give you enough points to apply for permanent residency independently. You may also gain points in other areas due to the passage of time and changes in your circumstances.

Independent Temporary

Student Visas – Rights to Study Full Time and Work Part Time.

If you have no skills or qualifications, or can’t find an employer sponsor, or wish to strive for a new career, student visas are a very good, and may be your only, visa option to consider if you are on a working holiday subclass 417 visa.

Student visas are a good option because international students, after satisfying the ‘2-year Australian study’ requirement, are eligible to apply for permanent residence. They will still have to satisfy the points test but if they do not have enough points, they are able to apply for a temporary 18-month work visa for the goal of gaining further points from Australian work experience, then pass the points test and ultimately apply for permanent residence.

UK, Ireland, Canada and USA passport holders, which are all level 1 countries, can apply for a student visa in Australia while on a working holiday visa whereas most other passport holders will have to leave Australia to apply. Countries are given a level (or grading) according to the perceived risk a prospective student from a particular country has of breaching student visa conditions.

A student visa allows you to study full time and work 20 hours per week during semester, 40 hours per week during holiday periods and term breaks. The key to this visa option is, if your goal is permanent residence, to pick a course of study that when completed allows you to apply for a permanent visa with an occupational qualification that will -

a) Give you enough points in your circumstances to satisfy the relevant points test, and b) Offers strong employment opportunities either in Australia or your home country or both.

Any good Australian immigration lawyer should be able to give you this kind of direction when choosing your course of study.

Spouse Visas – Sponsored Temporary to PermanentMarried, De facto and Same Sex Couples – subclass 820 / 801 visa, subclass 826 / 814

If you have been in a relationship with an Australian citizen, permanent resident or eligible New Zealander, and have lived with them for at least 12 months then you will be eligible to apply for a spouse visa on the basis of your de facto relationship. Same sex couples can also apply for an interdependency visa. The Department of Immigration is very inflexible on this point and if you do not have 12 months living together as de facto partners then you will not be eligible.

If you are married, you can apply on the basis of being married.

If granted the visa, you will initially be given a 2-year temporary visa. After 2 years, if the relationship is still ongoing and your partner still sponsors you, you will be eligible for a permanent residence visa.

The challenge to successfully applying for this visa is being able to prove your relationship is genuine and that you have lived together for at least 12 months immediately before the date of your application. This is best achieved by providing a large bundle of documents as evidence including, phone records, emails, leases, household bills, photos, etc. This can be hard if you have been travelling all over Australia, living in variety of places and arrangements, paying cash for everything with very little by way of a paper trail. Without this paper trail, you stand little chance of success.

In this case, and if you have no other options, you can consider applying for a prospective marriage visa (sublcass 300) or getting married. Remember though, simply being married does not guarantee you that the visa will be granted.

The ultimate problem with spouse visas is if the relationship ends before you gain permanent residency so does your right to hold the visa and remain in Australia on the basis of your de facto or spouse relationship.

Extending your work holiday visa by 12 months – second subclass 417 working holiday visa

Most working holidaymakers are eligible to extend their visa for a further 12-month stay in Australia.

This is achieved by working for 3 months (88 days) in regional Australia (designated post code areas) in a specified occupation or employment. It is now wrong now to use the term ’seasonal work’ as the list of occupations available to work in to be eligible for extending your visa is now far broader.

The current list of specified work can be found at http://www.immi.gov.au/visitors/working-holiday/417/specified-work.htm.

The current postcode list can be found at http://www.immi.gov.au/visitors/working-holiday/417/postcodes.htm.

The great benefit from achieving the 12-month extension, apart from seeing more of Australia, is that it gives you further time to develop other visa options to stay in Australia.

Remember though, if you want to extend, don’t leave it to late. You must find work, allow for periods where you can’t work of can’t find work and you must complete your 3-months and apply for your extension of your working holiday visa before your first subclass 417 visa expires. Otherwise, the opportunity to get the 2nd year on your visa is lost.

Author: Stewart Coulson

Related Posts

1. Work Travel Australia – Working Holiday Visa
2. Changes to Australian Working Holiday Visa programme
3. Australian Visas Tourist and Family Related Visits
4. Australian Visas – An Overview
5. Occupations removed from the temporary business Australian visa (subclass 457) program

We had a really useful entry posted by one of our forum members which I think is really worth sharing on the main pages of getting down under.

Following this advice could save you quite a bit of your hard earned money once you finally make it down under so the entry is worth a read.

I’ve included the full text of the entry below. Thanks for your input Marilyn

OK… you’ve spent countless hours doing the research, you’ve spent days filling out form after form, and you’ve spent MONTHS on end waiting (OH the awful waiting) and now you’ve finally got that wonderful visa!!

Well… here is a little tip bit to help you on the process after you land.

Chances are, you will want to get private medical insurance.

When you get your Medicare Card, KEEP the letter it comes attached to.

A few days later, you will get a letter from the Department of Health and Ageing, KEEP this letter too!!

Private medical insurance companies charge a premium if you have not had, and maintained, private medical insurance prior to your 30th birthday. They charge 2% per year for every year over 30.

Thus a 40 year old will pay 20% more than the standard policy rate, and a 50 year old will pay 40% more, the loading charge tops out at 70% for a 65 year old.

BUT… as new immigrants, we are exempt from this loading charge as long as we take out private medical insurance within 12 months of becoming eligible for Medicare.

Proving to the insurance companies that they are NOT allowed to charge us that premium is not easy, as I am finding out. That is why I’m telling everyone I know to keep these various forms and letters and to get insurance within the time limit.

Insurance companies do not know the exceptions that apply to new immigrants. In fact, MOST companies do not know of the various exceptions that apply to new immigrants.

Doing the research to get the visa is NOT the end of the job. We MUST keep educating ourselves so that we are not taken advantage of.

No one does it intentionally; they simply do not know that there are separate rules for new immigrants in some cases. It is OUR job to know what rules apply to us and to have PROOF of those rules and to have the documentation to comply with them.

When you decide what company and what policy you want to purchase, take the time to call them on the phone. They should ask you to fax in a variety of documents; amongst these are the ones I mentioned above.

You see, you have 12 months from the day you get your Medicare Card to take out a private medical insurance policy without being charged the 2% loading fee. That is 2% of the base policy price for every year you’re over 30 years of age. That means that someone who’s 40 is paying 20% more than someone who’s 30.

Related Posts

1. Australian Private Medical Insurance and qualifying periods
2. Front loading your Medicals and Police Checks
3. Medical Forms now available to download from the DIMA Website
4. Australian Spouse Visas – 12 Costly Misconceptions to Avoid
5. 7 Common Pitfalls To Avoid When Moving Your Pension To Australia

Where do I start is one of the most common questions asked by many of those looking to start a new life down under.

The answer to this question is usually decide which Visa option you’ll utilise to get yourself here, however there are so many visa options available for wannabee Aussies that deciding which one is the most suitable is often one of the trickiest parts of the whole process.

The process may now be a slightly more straight forward one as the Australian Department of Immigration has introduced a new tool to help guide users through the tricky process of choosing the most appropriate visa path.

The “Visa Wizard” is designed to help you find the Australian visa most likely to meet your specific circumstances and having had a play around with the wizard this morning it appears to be a pretty useful and user friendly tool

To begin with the wizard asks 5 key questions:

1) Why do you want an Australian visa?
2) What is the country of nationality on your passport?
3) Where do you expect to be when you apply for a visa?
4) What is your date of birth?
5) How long do you intend to stay in Australia?

Additional questions will then be asked based on your responses to these first five with each question designed to further narrow down the number of Visa’s that would be appropriate to your circumstances.

It’s all pretty good stuff but use the wizard as a guide only.

James Gordon, a registered Migration agent and regular poster on our forums commented:

It is a good ‘General’ guide,but does not take into account all the questions you would like answered! To ‘fine tune’ all your visa pathways your really must undertake a detailed assessment of your circumstances . The wizard is a helpful tool, but use it as a means of narrowing down options to particular visa groups. Do not rule out other visa groups because the questioning may not have fitted your personal circumstances! Treat it as a starting point upon which to build..

Valid points all round but it’s great to see that the DIAC are trying to make the process that little bit more straight forward. I commend them on taking this initiative.  

Link: Click Here to view the Visa Wizard (web page opens in new window).

Related Posts

1. Time for someone to start Kindergarten!
2. Making the decision and where to start
3. Australian Visa – Students’ Visa
4. Australian Visa Timeline Forum
5. Australia Visa and New Zealand Visa Processing

When migrating to Australia your country of Origin can have a significant impact on the speed in which your Visa application is processed. The Australian Department of immigration classify certain countries as either  a  low risk  or high risk country.

If your country is a high risk country then it’s nothing to be offended about. The factors which make your country of origin a low or high risk country are not really understood either.

As the Electronic Travel Authority (ETA) Visa list is utilised It’s been suggested that high risk countries are those whose citizens have an historic high rate of visa over staying in Australia, whilst low risk countries are those countries whose citizens are good boys and girls and normally leave before their visas have expired.

If your country falls into the high risk category then additional checks will be undertaken prior to your visa being approved and different service levels are applied by the department for the time to process your application.

Trawling through our forums I see that folks often struggle to ascertain whether or not their country of origin is classed as a high or low risk country. Finding the answer to this question is a little easier then you might have thought.

In the eyes of the Australian Immigration department Low risk countries are ETA eligible. High risk countries are those not on the ETA list.

At time of typing the current low risk countries  are:

Andorra
Austria
Belgium
Brunei
Canada
Denmark
Finland
France
Germany
Greece
Hong Kong SAR
Iceland
Ireland
Italy
Japan
Liechtenstein
Luxembourg
Malaysia
Malta
Monaco
Netherlands
Norway
Portugal
San Marino
Singapore
South Korea
Spain
Sweden
Switzerland
United Kingdom
United States Of America
Vatican City

If your country isn’t listed here then it means your living in a high risk country i’m afraid. To be absolutely sure though  I’d suggest that you check the ETA site for the most current list.

You see. not that hard is it

Related Posts

1. Is Australia a Racist Country?
2. First time buyers going rural to avoid high property prices
3. Australian Visas Tourist and Family Related Visits
4. Australia Visa Requirements
5. Migration quotas under threat by terrorists

How can you open an Australian bank account from outside Australia?‘ is one of the more common questions asked on our forums

It makes sense that you have some Australian cash waiting for you once you arrive down under but how exactly do you go about opening an Australian Bank account when you’re not physically there.

Within this article we’ll try and provide you with some helpful hints, tips and links to enable you to do just this

As well as opening an Australian Bank account from the UK, a large portion of this article should also prove useful for those of you looking to move to Australia from other countries.

If you have first hand experience of opening an Australian Bank account from outside of Australia, please help us build on the usefulness of this article by posting a comment at the end of the article, detailing your own experiences.

From our own research, it appears that the folks over at Westpac appear to do a half decent job when it comes to providing easy banking facilities for new or wannabe migrants.

With this in mind we’ll base a large part of this article around opening a migrant account with Westpac.

Please keep in mind that this should not be seen as an endorsement of Westpacks services (we personally opened an account with Bankwest when we arrived in Perth and have been happy with Bankwest so far).

However as a starter for ten the Westpac account seems to tick quite a few boxes and you can always change to a different bank once you arrive down under.

How long before you get to Australia should you open a bank account?

I guess the answer to this question is really open to personal preferences. When we moved to Australia we didn’t have an Australian Bank account until we got here. We did however have UK bank cards linked to Visa which enabled us to basically utilise any ATM (displaying a Visa logo) for a nominal fee of £1.50 per transaction.

Obviously each time we used our cards we withdrew the largest amount we could to minimise the impact of this fee, and after we’d been in Australia for a couple of weeks we opened bank accounts of our own.

If you’re looking to open a bank account before moving to Australia, I’d suggest that you allow at least 4 weeks for everything to be processed for you. Although most of the process associated with opening a new account can be done over the telephone. There will still be forms which need to be signed and/or authenticated which might take a little time when being sent to you from Australia.

Do you need permanent residency to open an Australian Bank Account?

The answer to this question is no, however in reality, opening an Australian Bank account from outside of Australia can be pretty difficult. Don’t despair however, the information further down in this article will help.

If you get an opportunity to visit Australia before you get your visa’s then this could be a prime time to open a new bank account.

The news on the grapevine is that both ANZ and Westpac are happy to provide folks visiting Australia with banking facilities. Normally the cards are delivered directly to the branch for collection with further correspondence/cards etc being posted directly to the UK once the final paper work is completed.

Check out the links at the end of this article to see if either of these banks have branches in the location of where you’ll be visiting.

So how do I open a bank account from outside Australian?

Ok Ok, we’re getting there!

There are a number of banks offering Migrant Banking facilities, however one of the more popular banks for new migrants is Westpac.

The Westpac account offers online access from the UK. However you will only be able to pay monies into the account (and not withdraw) until you have been identified, either in Australia or via the acceptable referee method as further on in this article.

This is an important point as it means if you haven’t been identified you can’t get back the monies you’ve put in until you’re in Australia!

It’s probably worthwhile therefore not to put you’re life’s savings into your new Westpac account just yet!

Opening the account:

The account can be opened over the telephone. Simply phone Westpac on +61 2 9293 927 and the Westpac reps will run through the whole process with you (note this call terminates in Australia so check your call rates first!)

At the end of this process the Westpac rep will confirm your sort codes (or BSB Code as they call them here in Australia) and account number which will enable you to transfer money into the account.

They will also ask you which branch you want to collect your card/s from once in Australia

Remember, if it is a joint account, you will both need to be present to speak to the Westpac operator.

Identification is by turning up at your nominated branch once in Australia. They may also tell you that you cannot register for internet banking until you have been identified. It seems however that this is not the case with quite a few folks being able to register for internet banking before going through this identification process.

That’s it – jobs done, you now have Westpac bank accounts that you can pay money into.

When you arrive in Australia and go to the bank with your passport etc, (see Westpac site for documents required to confirm identity), you will get your cards and the account will be fully active.

After you have phoned to set the account up, they will send you a pack in the post. This will probably take 10 days or so to come through. The pack will include a form called, ‘Identification by an acceptable referee’.

This is a form that you can use if you desperately want to activate your account for withdrawals before you enter Australia.

An acceptable referee in the UK is someone that has personally known you for over 12 months, and works for a bank, and has the authority to open international accounts. Yes I know. Pretty hard to come by huh?

The form allows you to activate your account from the UK, allowing you to withdraw, as well as pay in money.

You can pay into your Westpac account by using the sort code, (BSB code), and account number that they gave you on the phone when you applied.

You can also check your balance by telephone or internet banking from the UK – see below.

Getting access to on-line banking:

Once you have phoned and opened an account, give it a few days and phone them again, this time on the telephone banking number – +61 1300 655 505 – ask them to register you for telephone banking.

They will ask you for one of your account numbers.

They will then give you an 8 digit customer number and a 3 digit ID number. These are what you use when you call telephone banking to check that your payments have gone it.

Then, ask them for a temporary password for on-line banking.

If it is a joint account, you will both need to speak to the advisor as you will have different customer and ID numbers, and your own temporary password. Just ask the operator if you can pass the phone over to your partner if you have a joint account.

Once you have your temporary password, you can go to Westpac online and click to ‘log-in’ to internet banking – (do not click on register for on-line banking – go straight to log-in), you will enter your 8 digit customer number and your temporary password.

The site will then ask you to choose a new password, along with a few other questions, and then voila – you have access to your Westpac account on-line.

Again, you should both do this if it is a joint account. You will both access the same account, but have your own unique log in number and password.

Once on-line, you can add all of your other on-line accounts to it, so you can see your whole financial situation at a glance from one access page.

Useful info/links (Links open in new window)

WestPac Migrant Banking: www.westpac.com.au/migrantbanking/

Westpac’s London switchboard: (020) 7621 7000

There is also an email address:
ukmigrantbanking@westpac.com.au

Postal address:
Migrant Banking, Level 2
63 St Mary Axe
London EC3A 8LE

It’s not all about Westpac though – The NAB offer Migrant banking to:

Check out there website www.nabgroup.com/migrantbanking/ for more information or

ANZ Banks website at: http://www.anz.com/

Please remember, this article will be made more useful if you have your own experiences opening an Australian Bank Account from outside of Australia.

If you have your own experiences, please post a comment.

Cheers

Mark

Related Posts

1. Australian Exchange rate trends becoming a waiting game
2. Australian Student Visa Applicants to face tougher screening process
3. Australian property boom kicks off 2010
4. Australian Salary Survey – How much could you earn in 2009
5. Current Australian Immigration processing lead time as of August 2008

Not so long ago I wrote a post which gave an overview of the IELTS Exam.

IELTS or the International English Language Testing System measures a persons ability to communicate in English across all four language skills – listening, reading, writing and speaking – a key requirement for folks who intend to study, work and generally live in Australia.

Although a written post is always going to prove useful, I thought I’d also include a Video which I found on Youtube which some of you folks may also enjoy watching.

There’s actually a ton of stuff on Youtube which I think might be of interest or of use to visitors to our site so as I find them I’ll add them for you to review  

I hope you find the Video of use, please let me know if you’d like to see similar resources added to the site

Related Posts

1. IELTS – An Overview of the International English Language Testing System
2. Additional IELTS tests for student visa holders with visas ceasing 15 March 2009
3. Australia’s new language requirements – An easy ride for Brits?
4. Getting Down under Gets translated
5. Changes to the general skilled migration program effective today

Australian Migration Agents and whether or not to utilise one as part of your migration process is a question that will be at the forefront of many people’s minds when they decide that they want to make a better life for themselves down under.

Where the hell do you start is often the very first question though and having a migration agent guide you through the complexities of moving to Australia might be seen as a must have for some.

Although when we made our own move down under we organised everything ourselves, for some the Australian Migration agent path may be a preferred option.

What is important though is that if you go down this path then you are strongly advised to use a Migration Agent that is registered.

Outside of Australia not all agents are registered. If they are not registered they are not accountable. Some call themselves Migration consultants or similar!

Back in October I wrote about a paper I’d read which detailed some of the antics of some of the more dodgy migration agents out there. It’s fair to say that you need to be careful when choosing your agent as choosing a bad one will waste both your time and your money!

So, if you’re looking for a Migration Agent how do you find an agent who’s officially recognised and registered?

Let me introduce you to the Migration Agents Registration Authority Website.

From the site:

The Register of Migration Agents provides a comprehensive list of individuals who are registered with the Migration Agents Registration Authority to provide immigration assistance.

In Australia, only those registered with the Migration Agents Registration Authority (and listed on the Register of Migration Agents) can provide immigration assistance, except where an exemption is provided for by the Migration Act 1958 and or the Migration Agents Regulations 1998.

A company or business cannot be registered, only an individual can.

The Register of Migration Agents is a public record of all registered migration agents under the scheme. The online version is provided for your convenience.

I’ve had a good dig around the site and to be honest it’s pretty good.

It provides the option to Search the Register for registered agents using various criteria such as their name, company name, registration number etc.

You can also search for agents by country.

Another pretty nifty feature is you can search for those Migration agents whose registration has recently lapsed.

The site also displays the dodgy agents who have been sanctioned or crossed off the list.

All in all this is a very valuable resource and should be one of your first ports of call if the Migration agent route is the right route for you.

Related Posts

1. New body to regulate migration agents announced
2. Why should or shouldn’t I use a migration agent?
3. Migration Agents – Taking the rough with the smooth?
4. Migration Agents – Migrant numbers need to increase to support infrastructure projects
5. Renting in Perth – Agents asking for lots of rent up front