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Posted by Heather --Previous Message--
on 10/11/2007, 7:00 am, in reply to "Banking in Australia"
71.98.91.58
: My husband and I are relocating to Sydney and
: are looking to switch to a new bank. We are
: considering doing a CitiBank or Bank of
: America b/c they are both in the States and
: in Australia, but aren't sure if we should
: do that to get there and then open up an
: account at a local bank as well...? And if
: it's easy to use a CitiBank or Bank of
: America easily there - currency is
: translated etc...? Any suggestions would be
: much appreciated!!
:
We tried to do this when we came and it did not work at all. We specifically set up an account at Citibank in the US, and the Australian branch looked at us like we were nuts when we suggested that they were the same entity and we should be able to access our money.
So basically, we keep accounts in both countries and we do a wire transfer from the US bank to the Australian one when necessary. If you're getting paid in the US, you can access cash through an ATM in Australia. Just make sure your US bank doesn't charge you additional fees for using a foreign ATM. We use a credit union in the US. They charge a 1% currency conversion fee, but no other ATM charges. Feel free to email me if I can be of any further help with all this.
The move probably seems overwhelming, but it's a great experience.
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