Home – New Forums Money matters Which is the best international bank?

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  • #991355
    sean83
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    I completed the NEIS program last year, and my business has been growing ever since, I run an online shop and although my business is based in Australia, I sell to an American market, and use American suppliers.

    I am a Brit expat, and plan on traveling back and forth from UK and Australia, I’m currently with NAB, but I’m thinking if my business is Australian and I sell in the US, and will spending some time back in the UK then I should probably get a bank more suited to my needs.

    It would save me having to use travel credit cards all the time or sending money bank and forth from an Aussie bank account to a UK account.

    I was thinking HSBC or some bank like this, could anyone give any advice?

    Thanks

    #1181162
    MCP
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    Work out what facilities you want from your bank – e.g credit limits, foreign currency accounts, hedging options etc etc. Then go to 3 or 4 banks and see who offers the cheapest services. If you are unsure of what services you need then find a TRUSTWORTHY financial broker. Many brokers get paid commissions so be careful who you choose as most will be looking to maximise their income at your expense.

    If you are trading in the US and UK then most of the big banks will be able to help you. I have found the NAB foreign currency accounts to be expensive compared to the ANZ but then the NAB have lower start-up fees so it pays to shop around as different banks will have discounts for different services. With the current low interest rates all banks are scrambling to get hold of your money so don’t be afraid to ask for discounts on rates and fees.

    regards,
    Marco

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