Working in Australia… U.K. bank ideas?

Geranium44

Hi my son will be working in Australia next month for up to 6months and my question is what would he need to do to be able to access his Santander account when over there? He’s required to open an Oz bank account but for ad hoc drawing on his U.K. funds, how would that work? Many thanks. 

Westin

Have him check the charges that Santander levy for withdrawals and use of cards in Australia.

I would suggest he applies in advance for a Halifax Clarity Card for one of the cheapest overseas credit card spending and sets up a direct debit (from his Santander current account) to pay the balance off in full each month.

Also consider a separate Starling account for a secondary bank account and cheap withdrawals and spending overseas.   You can then also potentially top up funds from the UK for him if necessary.

Look at wise.com for general money transfers. He may also be able to set up an Australian account for incoming payments via Wise.

xzibit

I’d suggest using a wise account to transfer between the two. 

I’d recommend researching the accounts as it’s common for banks to charge monthly fees on some accounts depending on amounts paid in etc. Credit union accounts are often free. 

He should try and get a TFN as soon as possible to avoid paying more tax than necessary on the interest. 

tightauldgit

Geranium44 said:

Hi my son will be working in Australia next month for up to 6months and my question is what would he need to do to be able to access his Santander account when over there? He’s required to open an Oz bank account but for ad hoc drawing on his U.K. funds, how would that work? Many thanks. 

If it's just getting access to cash then withdraw it from an ATM over there - there are fees etc to be considered but that's probably going to be the easiest way in the short term for ad hoc access. Just make sure the card doesn't expire while he's away. 

As others said the best way is probably to get a fee free credit card set up and pay that off in full out of the Santander account. If he's working then I would imagine his earnings locally would cover anything that NEEDS to be paid in cash?

Geranium44

Thanks everyone super helpful. I’ve already added my son as an additional clarity card holder. The opening of a Wise account sounds sensible although I’m not clear why that is any more use than my son’s Santander account? Is it free of charges when overseas?

Geranium44

Or starling account? What’s the benefit of this please? Thx

Westin

Wise would allow you (or him) to transfer money between GBP > AUS at a very competitive exchange rate with low handling fees.  I am sure far far cheaper than Santander can offer.  He can also open a AUS$ dollar account so any earnings in Australia route there.   They do also offer a paid debit card if he wanted to use that as a secondary account and draw out from ATM's or pay with card in shops etc. Cost is I think £5.   More info here. https://wise.com/

Starling might be good for low cost every day spend when out in Australia.  Normally good FX rates and fee free withdrawals from some ATM's.