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Hi all,

My husband and I, along with our three kids are due to move to NSW later this year and I'm currently looking at setting up an Aus bank account ready for renting etc.

We currently bank with Monzo and I'm not exaggerating when I say that this bank has changed how we spend money for the better. Everything is so clearly laid out, I like being able to organise money into pots and that money then becomes your unavailable funds that you can't touch unless you withdraw from your pot. You can also set up a bills pot that bills come directly out of so you don't need to worry about accidentally spending bills money and I like that all of these features are in one joint account.

Does anyone know of any banks in Aus that have these same features as I've been searching high and low and it's unclear. I'd rather not have to open multiple accounts (one for bills, one for spending, one for whatever etc.) as seeing everything compiled in one place really helps us to have financial clarity. If such a bank in Aus doesn't exist then fine, but I thought it'd be worth the ask.

Thanks in advance!

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You might want to take a look at Revolut.

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Not that I am aware of, but now you understand the discipline some banks do allow something similar or you can monitor a budget. 


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Thanks BendigoBoy,

I have looked into them but nothing stood out on their website. My husband, however, has just created a UK account with them and has discovered the "pockets" tool, which replaces Monzo's "pots" tool. You can also create a bills pocket with Revolut which is what i was after. Thanks for the pointer!

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Just be aware that Revolut doesn't have a banking licence in either the UK or Australia, so if you have large sums of money deposited with them they wouldn't be protected in the same way as if you were with for instance Nat West in the UK or WestPac in Australia.

Up has Savers which looks to be similar to the Monzo - Pots, Starling - Spaces feature

Edited by bluequay
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8 minutes ago, bluequay said:

Just be aware that Revolut doesn't have a banking licence in either the UK or Australia, so if you have large sums of money deposited with them they wouldn't be protected in the same way as if you were with for instance Nat West in the UK or WestPac in Australia.

Up has Savers which looks to be similar to the Monzo - Pots, Starling - Spaces feature

Thanks! I will look into this!

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14 hours ago, Lauren Lownsbrough said:

Hi all,

My husband and I, along with our three kids are due to move to NSW later this year and I'm currently looking at setting up an Aus bank account ready for renting etc.

We currently bank with Monzo and I'm not exaggerating when I say that this bank has changed how we spend money for the better. Everything is so clearly laid out, I like being able to organise money into pots and that money then becomes your unavailable funds that you can't touch unless you withdraw from your pot. You can also set up a bills pot that bills come directly out of so you don't need to worry about accidentally spending bills money and I like that all of these features are in one joint account.

Does anyone know of any banks in Aus that have these same features as I've been searching high and low and it's unclear. I'd rather not have to open multiple accounts (one for bills, one for spending, one for whatever etc.) as seeing everything compiled in one place really helps us to have financial clarity. If such a bank in Aus doesn't exist then fine, but I thought it'd be worth the ask.

Thanks in advance!

As no one else has mentioned UBank yet I'll give them a plug, as I've been with them for well over a decade without any issues. They're an online bank but are also a subsidiary of NAB, so you don't feel as though they'll disappear into a puff of smoke overnight. As you as long pay at least $200 into your account each month, you will (currently) get 5.1% interest on your savings, which is pretty hard to beat. They also have an app which I think will do most of things you'll want.

https://www.ubank.com.au/

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Australian Citizen since 2007 | Returned to the UK between 2008-2011 | QLD resident for over 20 years

All advice and opinions I provide on PomsInOz are solely my own and are general in nature. I am not a migration agent, accountant, tax expert or financial adviser, and my insights are no substitute for professional advice. I strongly encourage you to seek the guidance of qualified professionals for specific concerns. I do not assume any responsibility for actions taken based on the information provided in any of my posts, and if you choose to act on this information then you do so entirely at your own risk.

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We use up as our travel account because it doesn't charge overseas fees and almost every other AUS bank does.

It's pretty good and it has things similar to Monzo but not quite as good.

It's also wholly owned by Bendigo bank so it's a real bank not a money transfer system - Revolut - written by two Russians (hence why they are struggling to get their UK finance licence)

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Will deffo be looking into Up as well. I'd already pegged them but couldn't find much about their online banking tools to know if they were worth the try.

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On 03/02/2024 at 08:18, InnerVoice said:

As no one else has mentioned UBank yet I'll give them a plug, as I've been with them for well over a decade without any issues. They're an online bank but are also a subsidiary of NAB, so you don't feel as though they'll disappear into a puff of smoke overnight. As you as long pay at least $200 into your account each month, you will (currently) get 5.1% interest on your savings, which is pretty hard to beat. They also have an app which I think will do most of things you'll want.

https://www.ubank.com.au/

They are a well known bank used by scammers .

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8 hours ago, palaceboy1 said:

They are a well known bank used by scammers .

Say what?  More info please?

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9 hours ago, palaceboy1 said:

They are a well known bank used by scammers .

Could probably say the same about any of the Big 4

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23 minutes ago, BendigoBoy said:

Could probably say the same about any of the Big 4

If @palaceboy1 is referring to customers getting scam emails and text messages from banks, then yes, you are right.   Anyway, that's not scammers "using" the bank, that's scammers pretending to be the bank.  They can do that with any bank.

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Highly recommend Up, it's the closest neobank to Monzo that I've found. Although I use NAB for my primary bank accounts, I use Up for holidays due to not charging any overseas transaction fees and using the live exchange rate from Wise (FKA TransferWise).

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1 hour ago, Marisawright said:

Say what?  More info please?

I have a friend who has had her government ATO account hacked . The year end figures were altered and it triggered a AUS$3000.00 refund , the bank account was changed to UBank  (the ATO said that UBank were easy to set up accounts for scammers) .This happened last year . 


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5 hours ago, palaceboy1 said:

I have a friend who has had her government ATO account hacked . The year end figures were altered and it triggered a AUS$3000.00 refund , the bank account was changed to UBank  (the ATO said that UBank were easy to set up accounts for scammers) .This happened last year . 

Well that's a load of old rubbish.   Ubank requires the same identity to open an account as any other Australian bank.  Sounds like the ATO trying to divert attention from the fact that it was THEIR system that was hacked.    The bank account could've been at any bank. 

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7 hours ago, Marisawright said:

If @palaceboy1 is referring to customers getting scam emails and text messages from banks, then yes, you are right.   Anyway, that's not scammers "using" the bank, that's scammers pretending to be the bank.  They can do that with any bank.

Depends.  I'm literally playing pedant on the semantics: if the account is with the bank in question as well, then they are using it.

 


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2 hours ago, Marisawright said:

Well that's a load of old rubbish.   Ubank requires the same identity to open an account as any other Australian bank.  Sounds like the ATO trying to divert attention from the fact that it was THEIR system that was hacked.    The bank account could've been at any bank. 

Absolutely concur.  That change was made through ATO systems.  So either your friend wasn't taking adequate care of their credentials, or the ATO systems need to be tightened up.

Sad as it is, and as much as it pains me to say, I'd put money on the fault being at the "victim's" end for not setting up adequate security and data protection safeguards for their own benefit, rather than on the ATO.


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24 minutes ago, BendigoBoy said:

Absolutely concur.  That change was made through ATO systems.  So either your friend wasn't taking adequate care of their credentials, or the ATO systems need to be tightened up.

Sad as it is, and as much as it pains me to say, I'd put money on the fault being at the "victim's" end for not setting up adequate security and data protection safeguards for their own benefit, rather than on the ATO.

I find it strange that you are blaming the victim as the ATO figures were entered correctly by her employers accountants . They were later altered remotely and she only knew when the accountant asked her about the refund . So what more should she have done regarding adequate security and data protection safeguards . 


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5 hours ago, Marisawright said:

Well that's a load of old rubbish.   Ubank requires the same identity to open an account as any other Australian bank.  Sounds like the ATO trying to divert attention from the fact that it was THEIR system that was hacked.    The bank account could've been at any bank. 

But it wasn,t it was UBank and the ATO have many instances . Sorry you think it’s a lot of old rubbish it was meant to be informative 


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16 minutes ago, palaceboy1 said:

I find it strange that you are blaming the victim as the ATO figures were entered correctly by her employers accountants . They were later altered remotely and she only knew when the accountant asked her about the refund . So what more should she have done regarding adequate security and data protection safeguards . 

I didn't blame them. I simply gave a view of probabilities in my estimation and where I would lay a bet.

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On 06/02/2024 at 19:15, palaceboy1 said:

But it wasn,t it was UBank and the ATO have many instances . Sorry you think it’s a lot of old rubbish it was meant to be informative 

Even if we accept that it's easy for scammers to open accounts with UBank, that just means it's easy for the rest of us to open an account with UBank. It doesn't make it any easier for scammers to get their hands on our money.

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On 06/02/2024 at 20:15, palaceboy1 said:

But it wasn,t it was UBank and the ATO have many instances . 

How do you know the ATO have many instances?  Because one person on an email, or the end of a phone, said so (which was probably just an excuse)?  Or because you've seen an article or report?  

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On 06/02/2024 at 09:34, palaceboy1 said:

I have a friend who has had her government ATO account hacked . The year end figures were altered and it triggered a AUS$3000.00 refund , the bank account was changed to UBank  (the ATO said that UBank were easy to set up accounts for scammers) .This happened last year . 

The ATO would know better than to say that, it's defamation and if they really did say it NAB (UBank's owner) would have already sued them

More likely your friend made up the bit about the ATO saying this so they didn't feel so bad 

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