Wanderer Returns Posted October 7, 2014 Share Posted October 7, 2014 Hi, please can anyone recommend an Australian (current) account that doesn't have a monthly fee? I'm currently with the Commonwealth and they charge $4/month if your wages ($2,000/month) aren't going in there (which they won't be once we move back to the UK). Many thanks, Mart. Link to comment Share on other sites More sharing options...
Guest Posted October 7, 2014 Share Posted October 7, 2014 Westpac Classic - online banking is good, can have UK address and mobile number (for security SMS) Link to comment Share on other sites More sharing options...
canadianaussie Posted October 7, 2014 Share Posted October 7, 2014 Westpac Classic - online banking is good, can have UK address and mobile number (for security SMS) Really?? I have the same account and they get charged $5/month..and its non-negotiable as per their customer service manager! Ugh. Link to comment Share on other sites More sharing options...
peterc1983 Posted October 7, 2014 Share Posted October 7, 2014 NAB don't charge fees.. only trouble was with the security code to activate online banking. It doesn't arrive to your phone if with certain UK mobile operators .. on the other hand, since it's 'read-only', you can only check your balance anyway until you arrive in Oz. Link to comment Share on other sites More sharing options...
Marisawright Posted October 8, 2014 Share Posted October 8, 2014 Hi, please can anyone recommend an Australian (current) account that doesn't have a monthly fee? I'm currently with the Commonwealth and they charge $4/month if your wages ($2,000/month) aren't going in there (which they won't be once we move back to the UK). Many thanks, Mart. We've just opened accounts with Citibank for the same reason. Their Citibank Plus account is fee-free, and more importantly, international withdrawals and transfers are also free. Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted October 8, 2014 Share Posted October 8, 2014 I think 99% of them charge or have a minimum monthly amount that needs crediting in to your account. The only one that I know that doesn't is NAB Link to comment Share on other sites More sharing options...
Marisawright Posted October 8, 2014 Share Posted October 8, 2014 Citibank doesn't. Link to comment Share on other sites More sharing options...
melon Posted October 16, 2014 Share Posted October 16, 2014 ME Bank's online current account is also free with no minimum balance. Currently they cannot do foreign money transfers over the net so not recommended for that reason Link to comment Share on other sites More sharing options...
AJ Posted October 16, 2014 Share Posted October 16, 2014 Hi, please can anyone recommend an Australian (current) account that doesn't have a monthly fee? I'm currently with the Commonwealth and they charge $4/month if your wages ($2,000/month) aren't going in there (which they won't be once we move back to the UK). Many thanks, Mart. Its not exactly a fortune is it, the price of a coffee, I dont know if any of the banks are completely free Link to comment Share on other sites More sharing options...
sharron pickett Posted October 16, 2014 Share Posted October 16, 2014 We've had our account with NAB for 1 1/2 years. 1 year before we arrived here and never paid a penny. I can defo recommend them. Link to comment Share on other sites More sharing options...
Marisawright Posted October 16, 2014 Share Posted October 16, 2014 I know I sound like a broken record, but Citibank is. Link to comment Share on other sites More sharing options...
Parley Posted October 16, 2014 Share Posted October 16, 2014 NAB is the best option being one of the major Australian banks and the only one that is fee free with no conditions. Link to comment Share on other sites More sharing options...
Marisawright Posted October 16, 2014 Share Posted October 16, 2014 NAB is the best option being one of the major Australian banks and the only one that is fee free with no conditions. I don't know what being "one of the major banks" has to do with anything? The smaller banks have exactly the same government guarantee on deposits as the larger ones - and their other services are often cheaper, because the Big Four have such a dominance they don't have to try all that hard. Link to comment Share on other sites More sharing options...
MovingtoTasmania Posted October 16, 2014 Share Posted October 16, 2014 I don't know what being "one of the major banks" has to do with anything? The smaller banks have exactly the same government guarantee on deposits as the larger ones - and their other services are often cheaper, because the Big Four have such a dominance they don't have to try all that hard. @Marisawright I was listening. Are Citibank really good then? Link to comment Share on other sites More sharing options...
Parley Posted October 16, 2014 Share Posted October 16, 2014 Of course there is nothing wrong with having more than 1 account if they are both fee free. But I would go with a major bank as my main account. Obvious advantages in the huge volume of their ATM's available. Also if you are likely to want a mortgage, NAB in particular has had the lowest mortgage rate of the majors for many years. Link to comment Share on other sites More sharing options...
Marisawright Posted October 16, 2014 Share Posted October 16, 2014 Of course there is nothing wrong with having more than 1 account if they are both fee free.But I would go with a major bank as my main account. Obvious advantages in the huge volume of their ATM's available. Also if you are likely to want a mortgage, NAB in particular has had the lowest mortgage rate of the majors for many years. Many of the smaller banks allow you to use other ATM's at no cost now, so their coverage is actually wider than the big four! As for mortgages - the smaller lenders nearly always have better rates than the Big Four, too. Another advantage - if you go with an international bank like HSBC or Citibank, they have branches in the UK too and interbank transfers between the two countries are cheap. I used to work in the mortgage industry. People make the mistake of thinking they are less secure than the big four banks, but in fact the smaller lenders are subject to far more stringent rules than the banks so in many ways, their mortgages are more secure. Link to comment Share on other sites More sharing options...
MARYROSE02 Posted October 17, 2014 Share Posted October 17, 2014 I'm sure I saw an advert for one - come to think of it - it wasn't free of monthly fees, but if you put $1,000 per month into your account, you get free withdrawals at any ATM. Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted October 17, 2014 Share Posted October 17, 2014 I know I sound like a broken record, but Citibank is. I hope you are on commission :wink: Link to comment Share on other sites More sharing options...
Cez Posted October 17, 2014 Share Posted October 17, 2014 I second Marisa - I've been with citibank for over four years and have never paid fees. You'll need one time passwords for online banking, but if you ring the helpline and ask for a hard token, they'll send you a nifty banking token so you don't need to use your phone at all. Failing that, I've just opened an account with ubank who have a better interest rate. I believe this is fee free but charges more for overseas transactions than citibank. Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted October 17, 2014 Share Posted October 17, 2014 I second Marisa - I've been with citibank for over four years and have never paid fees. You'll need one time passwords for online banking, but if you ring the helpline and ask for a hard token, they'll send you a nifty banking token so you don't need to use your phone at all. Failing that, I've just opened an account with ubank who have a better interest rate. I believe this is fee free but charges more for overseas transactions than citibank. They only have one bank in all of Queensland, and I think two in Victoria. I remember one of our members used them and it was nightmares as they had problems and had to keep going in to the branch as they wouldn't do anything online so it was a 4 hour trip every time they went to the bank. People may not like the Big 4 banks but at least you have a bank in every town if needed. Link to comment Share on other sites More sharing options...
Cez Posted October 17, 2014 Share Posted October 17, 2014 I only need to use an actual branch for the occasional depositing of cheques and cash. In these cases you can use Auspost outlets, which are pretty prolific. I went into my local post office earlier to deposit some cash, easy. Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted October 17, 2014 Share Posted October 17, 2014 They only have one bank in all of Queensland, and I think two in Victoria. I remember one of our members used them and it was nightmares as they had problems and had to keep going in to the branch as they wouldn't do anything online so it was a 4 hour trip every time they went to the bank.People may not like the Big 4 banks but at least you have a bank in every town if needed. Just checked they have 3 in Victoria but two are in the CBD so for those down on the South East Coast or the West it's still a long trip here are the locations of branches for anyone who is interested http://www.citibank.com.au/aus/static/contactus_findus.htm Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted October 17, 2014 Share Posted October 17, 2014 I only need to use an actual branch for the occasional depositing of cheques and cash. In these cases you can use Auspost outlets, which are pretty prolific. I went into my local post office earlier to deposit some cash, easy. I still prefer a bank I can physically get to if needed. I suppose we are all different. Link to comment Share on other sites More sharing options...
Guest Posted October 17, 2014 Share Posted October 17, 2014 If you have a job, ING Direct is basically a no brainer just for the lack of atm fees. It is the only one where every ATM in Australia is free. Unless you physically like going into a bank, which in 2014 I find utterly pointless. Also 2% back on Paywave purchases. Citibank would probably be my 2nd choice Link to comment Share on other sites More sharing options...
Marisawright Posted October 17, 2014 Share Posted October 17, 2014 I'm sure I saw an advert for one - come to think of it - it wasn't free of monthly fees, but if you put $1,000 per month into your account, you get free withdrawals at any ATM. That's ING Direct. They used to be completely fee free, but they're now requiring you to pay $1,000 per month to get fee free. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.