Bank accounts

**maxxangel** · 16-09-2007, 11:13 AM

Another question that has probably already been asked. I know you have to pay a monthly fee for bank accounts in Oz, but do you have to pay for savings accounts as well? I've had mixed information on this.

Also, any advice on the best ways for opening accounts before going would be appreciated. We are with HSBC and they have been advertising help with making the move to another country. However, they want to charge you £100 per account you set up abroad. Just wondering if this is the average cost incurred.

Cara

**hedgehog** · 16-09-2007, 11:28 AM

My account with Westpac was easy to set up from the uk, once here u goto nearest branch with id etc to activate it. My account is for wages to go into so its a basic uk cheque type account although they call it a savings acount here, and it costs $5 a month which is not too bad.

You buy any thing here with a card and they ask if its saving, cheque or credit and you have to tell them, in uk it sorted automaticaly according to the card you use. It got me thinking on the first few attempts as I was not sure it took 3 tries at an ATM to find what type my account was and there were only 3 options, why do you allways leave the right one to last?

**graham** · 16-09-2007, 12:02 PM

I would wait until you get to Oz to open an account, HSBC online account has a min opening balance of $2000 but you dont have to keep that amount in there after opening, there is no monthly fee and you can use an HSBC cash machine free unlimited transactions but only 5 free transactions from other banks ATMs per month. EFTPOS is also nil charge, however HSBC does not have branches everywhere like the UK. Take a look at InfoChoice | Home then look at the banking sector then the compare accounts sector. If you dont write cheques then it shouldnt cost you anything using the HSBC online and as most places like the UK accept EFTPOS your debit card is the thing to use and they pay you interest, open it when in Oz and that £100 stays in your pocket.

**GoodersGang** · 16-09-2007, 12:40 PM

Hi

I have opened an account with commonwealth bank. I also looked at ANZ & WestPac. A friend in Oz told me they have most ATM machines so can keep that cost down. I went on the website, left my information and was telephoned during the day. Account opened few days later and another call to give me my details. They can even open an account here in the UK and transfer sterling accross to your oz account. I thought this was all very easy and another headache out the way!!!!

Good Luck,

Gooders and the gang

**maxxangel** · 16-09-2007, 08:37 PM

Originally Posted by GoodersGang

Hi

I have opened an account with commonwealth bank. I also looked at ANZ & WestPac. A friend in Oz told me they have most ATM machines so can keep that cost down. I went on the website, left my information and was telephoned during the day. Account opened few days later and another call to give me my details. They can even open an account here in the UK and transfer sterling accross to your oz account. I thought this was all very easy and another headache out the way!!!!

Good Luck,

Gooders and the gang

Do they charge you to do transfers and are there any other fees to be aware of?

**maxxangel** · 16-09-2007, 08:41 PM

Originally Posted by hedgehog

My account with Westpac was easy to set up from the uk, once here u goto nearest branch with id etc to activate it. My account is for wages to go into so its a basic uk cheque type account although they call it a savings acount here, and it costs $5 a month which is not too bad.

You buy any thing here with a card and they ask if its saving, cheque or credit and you have to tell them, in uk it sorted automaticaly according to the card you use. It got me thinking on the first few attempts as I was not sure it took 3 tries at an ATM to find what type my account was and there were only 3 options, why do you allways leave the right one to last?

Okay, that sounds confusing.

So do they actually have savings accounts which earn interest in the same way we do here, or do they charge for them there? We will be wanting to transfer our money from the sale of our house and were hoping to find some sort of savings account for it to sit in until we can put it on a house.

**GoodersGang** · 17-09-2007, 05:35 AM

Hi

I have an everyday account for my wages. They have different options and an adviser will ring you to discuss these. Have you checked out the website www.commbank.com.au ?

Regards

Steve

**Rachel83** · 17-09-2007, 05:47 AM

Hi
Yes they do have savings accounts too, but some cheque accounts can be called savings which is confusing you're right! I'm with the NAB (National Australia Bank) and have two accounts with them. My current account (which I had the option of naming 'cheque' or 'savings' for the purpose of card transactions, I opted for cheque so I didn't confuse myself!), costs me $3 per month with unlimited withdrawals from NAB ATMs and free EFTPOS etc. My savings account does not have a monthly charge, I think this is because it is only accessible via internet and telephone banking. This is fine because it's easy to transfer money from my cheque account to my savings account and then back again if I need it on the internet.
I also have a credit card with NAB, if you wish you can link your current account to your credit card and access both accounts through the same card. So if you go to pay for something in a shop with your credit card, they will ask 'cheque, savings or credit' so you have the option of putting it on to your credit or current account. In effect it's quite handy because you only have to carry one card around, but it does take a bit of getting used to. The other difference is if you pay by debit you use a pin number, but if you pay by credit you sign.
Hope this helps and doesn't confuse things further! It's not as complicated as it all sounds once you get used to it :)

**ali** · 17-09-2007, 08:23 AM

We opened a westpac account from uk too. We too thought our account was a cheque account when actually it's a savings one.

Ali

**uktrav** · 17-09-2007, 09:46 AM

As an Australian about to move home from the UK with my English wife, here are some tips I can pass on about bank accounts in Australia:

Have a look at credit unions: i have been a member of a credit union for nearly 20 years and have NEVER paid a fee, either a monthly account keeping fee or transaction fee
With credit unions you are a member, not an account holder. Depending on the credit union they usually ask for a membership fee (currently $10 at a number of credit unions) which is fully refundable should you choose to close your account.
Credit unions are fully government guaranteed so your money is safe
Historically they have grown out of the banking needs for large groups of workers, ie: teachers, police and large companies like BHP all have credit unions which are open for people to join that might have any conenction with these organisations
You dont need a cheque book: again you will only get charged for this (inc a government debits tax charge) for the luxury of having a chq account. there is nothing you cant do banking wise in Australia with the combination of debit card, credit card, online banking and tools like direct debits, bpay and payment options at aussie post offices.
credit unions offer all the usual account types: savings, current, term deposit, mortgages, etc etc

hope this helps some people
ps - I dont work for a credit union!!