TeacherBen Posted November 25, 2013 Share Posted November 25, 2013 Hi guys, What's the best bank account to open for an expat? I'm looking for fee free if possible, or as low a fee as possible...with the possibility of over draft. Any help appreciated, Thanks teacherben Link to comment Share on other sites More sharing options...
boganbear Posted November 25, 2013 Share Posted November 25, 2013 Some banks do offer fee -ree accounts or fee -ree if you pay your wages into the account. If you want an overdraft you have to pay a monthly fee for it even if you do not use it. Overdrafts are not as common in Australia as in the Uk as the banks are better run and more cautious, so I would be amazed if a bank gave you one straight away. Link to comment Share on other sites More sharing options...
TeacherBen Posted November 25, 2013 Author Share Posted November 25, 2013 Thanks Bogan Bear. Do you know which are the best bank to be with? I have an HSBC account in the UK - what are they like in Oz?? Cheers Link to comment Share on other sites More sharing options...
Peach Posted November 25, 2013 Share Posted November 25, 2013 Do you know which are the best bank to be with? Sorry, but this is such a broad question. Which is the best bank to be with in the UK? Unless you need wealth management, I'd argue that anyone of them would do the job. Some people prefer X over Z, based on their experiences. But there is no such thing as 'Best Bank'. Link to comment Share on other sites More sharing options...
TeacherBen Posted November 25, 2013 Author Share Posted November 25, 2013 Fair enough Peach. Do you know what HSBC are like then? If I stay with them will this make transferring money to and from the UK cheaper? Link to comment Share on other sites More sharing options...
Peach Posted November 25, 2013 Share Posted November 25, 2013 Fair enough Peach. Do you know what HSBC are like then? If I stay with them will this make transferring money to and from the UK cheaper? TBH, when it comes up people normally say that HSBC has the smallest presence in Australia and the lowest number of ATMs. I would say you are better off going with one of the Aussie banks. In terms of transferring money, I would never use my bank - they all seem to charge fees (approx $20) for the privilege and offer a rubbish exchange rate. You are better off using a moneybroker, such as Moneycorp or Ozforex. I use http://www.xe.com which doesn't charge a fee for any transfer. Link to comment Share on other sites More sharing options...
Parley Posted November 25, 2013 Share Posted November 25, 2013 HSBC account holders can use Westpac, St George, Bank of Melbourne ATMs free of charge. There are only a handful of HSBC branches around though. I do have an HSBC account, not my main bank, but it is ok as can use Westpac ATMs as noted. The HSBC Internet Banking is a bit harder to use in my opinion than others I have tried. I would go with one of the major banks. Any of them will be fine. NAB is fee free with no conditions attached, the others are fee free if you deposit at least $2000 per month. Link to comment Share on other sites More sharing options...
Alan Collett Posted November 25, 2013 Share Posted November 25, 2013 Big 4 banks (presence across Australia): Commonwealth Bank of Australia, Westpac, NAB (who sponsor this site; also own Yorkshire Bank and Clydesdale in the UK), ANZ. 2nd tier (regional presence, most have a presence in the main cities as well): St George Bank/Bank of Melbourne (owned by Westpac), BankWest (owned by the CBA), Bank SA (Westpac linked - I think), Suncorp, Bank of Queensland, Bendigo Bank (mainly in Vic). You can open an account with the big 4 before you leave the UK through their UK migrant banking teams. As others have said, the HSBC isn't a mainstream bank here, and you'd probably have to pay for obtaining cash at an ATM. I'd enquire of the NAB first, given their association with this fine website. Best regards. Link to comment Share on other sites More sharing options...
boganbear Posted November 26, 2013 Share Posted November 26, 2013 My credit card is with HSBC as it is fee free but you can get a fee free card with Coles now. To be honest I find the service of HSBC here to be worse than in the UK and only seem to be interested in you if you are Chinese. I went to 2 different branches and was ignored by staff but they were pretty quick to serve Chinese customers ahead of me as soon as they walked in the door. I've found NAB to be pretty good but as with banks in the UK, if you got a group of people to discuss the major banks they will all say they are rubbish Link to comment Share on other sites More sharing options...
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