How to earn interest on AUD from the UK?

[Seventyseven7]

Here’s the dilemma. I currently live in the UK, next year I’ll be moving to Australia.

Currently the exchange rate is better than it’s been in a very long time, a rate I would be happy to take. I’ve exchanged some money and it’s sitting in my revolut in AUD.

However, I would like to start exchanging larger amounts (50k), whilst it’s a rate I’m happy with, but then I don’t want it to sit in my revolut earning no interest for a year. What’s the best thing to do in this situation? I already am at 3 10 month fixed saving accounts in the UK with max protection, so this is money currently sitting in current accounts/rubbish saving accounts in the UK doing nothing.

[OoopsVoss]

RBSI Jersey will pay you 4.2% 3month term. You might not meet the minimum size though. Even that's not great, but timezones are going to tax any rate here.

[Saleen836]

Can you not just open a bank account in Australia as you are moving there?

[Seventyseven7]

Saleen836 said:

Can you not just open a bank account in Australia as you are moving there?

I can’t find any bank that allows you to open an account before you become a resident and have ID showing that. If there is, I will open one?

[Saleen836]

Seventyseven7 said:

Saleen836 said:

Can you not just open a bank account in Australia as you are moving there?

I can’t find any bank that allows you to open an account before you become a resident and have ID showing that. If there is, I will open one?

This might be a usefull read......
https://www.thecurrencyshop.com.au/guides/how-to-o...

[Seventyseven7]

Saleen836 said:

Seventyseven7 said:

Saleen836 said:

Can you not just open a bank account in Australia as you are moving there?

I can’t find any bank that allows you to open an account before you become a resident and have ID showing that. If there is, I will open one?

This might be a usefull read......
https://www.thecurrencyshop.com.au/guides/how-to-o...

The key bit:

“Make sure you know your exact arrival date in Australia if you’re not here yet. In some cases you'll need to provide this date to the bank when you apply for an account.”

I know it’ll be in the next 12 months, but no idea when until the visa is granted.

[Saleen836]

Seventyseven7 said:

Saleen836 said:

Seventyseven7 said:

Saleen836 said:

Can you not just open a bank account in Australia as you are moving there?

I can’t find any bank that allows you to open an account before you become a resident and have ID showing that. If there is, I will open one?

This might be a usefull read......
https://www.thecurrencyshop.com.au/guides/how-to-o...

The key bit:

“Make sure you know your exact arrival date in Australia if you’re not here yet. In some cases you'll need to provide this date to the bank when you apply for an account.”

I know it’ll be in the next 12 months, but no idea when until the visa is granted.

I guess you could contact one of the banks, explain the situation and see what they say?