Guest TenaciousRichie Posted June 9, 2009 Share Posted June 9, 2009 Hello folks, We have recently arrived in Australia and are looking to open a bank account. So far I have been shocked by the criminal fees that are charged for having a everyday (transactional) account. It seems to me that all Ozzie banks are in cahoots. Maybe it's some kind of evil cartel? Does anyone have any reccomendations of which bank to go with? Which is the best the best of a bad bunch? Thanks, Tenae and Rich:wacko: Link to comment Share on other sites More sharing options...
Guest proud2beaussie Posted June 9, 2009 Share Posted June 9, 2009 There are plenty of low fee transaction accounts available and there are internet comparison sites that can help you choose. The fees that banks charge are quite high here but if you shop around it's not difficult to find a good deal,the important thing is to stick to your monthly transaction limit and not to use atm's and eftpos excessively,that's when the fees really start to add up. Much better to withdraw enough cash to pay for purchases etc than to use the card in lots of stores. Be aware that Aussie banks are just like UK banks if you have a dishonoured cheque or direct debit-they charge like wounded bulls for those ! Link to comment Share on other sites More sharing options...
Guest Bob Tonnor Posted June 11, 2009 Share Posted June 11, 2009 Well im afraid to tell you that yes they are some sort of evil cartel and they are in cahoots, they are also rude and supply basically no service. Welcome to Australia, have you tried tracking down any of the credit unions? Some are pretty good and you may end up being able to get an half decent mortgage rate once you become a member of one, and at the very least they are not banks. Check out this link concerning dodgy bank fees, it might save you some cash one day. CHOICE - Unfair bank penalty fees Bob Link to comment Share on other sites More sharing options...
Guest JoanneHattersley Posted June 11, 2009 Share Posted June 11, 2009 Bankwest! No bank charges whatsoever! Link to comment Share on other sites More sharing options...
Mike@Bonbeach Posted June 11, 2009 Share Posted June 11, 2009 Try the Commonwealth. We have a Streamline account for receiving wages,pensions,paying Direct Debits, and normal withdrawals from ATM's etc. Unfortunately it pays no interest so you need to juggle the amount in it to keep the balance low but to make sure there is sufficient to pay DD's etc. Any surplus I put in the Commonwealths NetBankSaver account which pays somewhere about 3.5% interest. We do all our bill paying through BPay from the Streamline account and we pay no charges whatsoever. Mike Link to comment Share on other sites More sharing options...
welsh in oz Posted June 15, 2009 Share Posted June 15, 2009 HSBC dont charge but I know they dont have a huge number of branches. Link to comment Share on other sites More sharing options...
Guest ABCDiamond Posted June 16, 2009 Share Posted June 16, 2009 HSBC dont charge but I know they dont have a huge number of branches. But HSBC account holders can also use any of Westpacs ATM's for no charge. Almost all the banks do options with no monthly fees, if you have your wages deposited directly to the account, or if you have a mortgage with them. Some credit cards also give you a cash back based on your spending, so they effectively pay you each year instead of you paying them. Fee free banking is actually very common, once you get to know the local system. Link to comment Share on other sites More sharing options...
Mongrel Posted June 16, 2009 Share Posted June 16, 2009 Try the Commonwealth. We have a Streamline account for receiving wages,pensions,paying Direct Debits, and normal withdrawals from ATM's etc. Unfortunately it pays no interest so you need to juggle the amount in it to keep the balance low but to make sure there is sufficient to pay DD's etc. Any surplus I put in the Commonwealths NetBankSaver account which pays somewhere about 3.5% interest. We do all our bill paying through BPay from the Streamline account and we pay no charges whatsoever.Mike We are with the cba and thay charge $6 a month, beware of direct debits here you have no control over them wotso ever ,you cant stop it Link to comment Share on other sites More sharing options...
Guest cazbeckham Posted June 16, 2009 Share Posted June 16, 2009 BANKWEST - no charges. We have a zero transaction account with them as well as a savings account and I also have a business bank account with them. They are soooooo helpful and whenever a large amount has been taken from the account due to something we have purchased they are on the phone to us within the hour to make sure that it was us that made the specific transaction (wouldn't get that in the uk). So Bankwest for me everytime............................ oh it was on special recommendation from my Daughter Johatts. Thanks Joanne Link to comment Share on other sites More sharing options...
Mongrel Posted June 16, 2009 Share Posted June 16, 2009 BANKWEST - no charges. We have a zero transaction account with them as well as a savings account and I also have a business bank account with them.They are soooooo helpful and whenever a large amount has been taken from the account due to something we have purchased they are on the phone to us within the hour to make sure that it was us that made the specific transaction (wouldn't get that in the uk). So Bankwest for me everytime............................ oh it was on special recommendation from my Daughter Johatts. Thanks Joanne The CBA havent stuck their claws in yet ,expected next fiscal year Link to comment Share on other sites More sharing options...
Guest ABCDiamond Posted June 16, 2009 Share Posted June 16, 2009 We are with the cba and thay charge $6 a month, beware of direct debits here you have no control over them wotso ever ,you cant stop it You can cancel a direct debit that is linked to your bank account with the merchant or with the bank where your account is held. You do not have to go to the merchant before you go to your bank or vice versa. If you instruct your bank to cancel the direct debit they must make sure that no more payments under the direct debit are debited from your account. Your bank must also forward your cancellation instruction to the merchant's sponsor financial institution who must then make sure that the merchant cancels your direct debit. Banks' obligations regarding direct debits are set out in the Code of Banking Practice. That is a government regulation from http://www.fido.asic.gov.au Link to comment Share on other sites More sharing options...
Mike@Bonbeach Posted June 17, 2009 Share Posted June 17, 2009 We are with the cba and thay charge $6 a month, beware of direct debits here you have no control over them wotso ever ,you cant stop it Hi Yorkshirepom There are no charges with either the Streamline account or the NetBankSaver (I don't pay anything), and I don't think I have a special arrangement. Mike Link to comment Share on other sites More sharing options...
Mongrel Posted June 17, 2009 Share Posted June 17, 2009 Hi YorkshirepomThere are no charges with either the Streamline account or the NetBankSaver (I don't pay anything), and I don't think I have a special arrangement. Mike Hi Mate not prying but you must have a good balance lol think its min $20k to qualify ,if this not so I `m gona kick ass lol Link to comment Share on other sites More sharing options...
Guest ABCDiamond Posted June 17, 2009 Share Posted June 17, 2009 With Commonwealth Bank, no fees are charged if you have a $50,000 balance relationship, this includes Loans etc. With Westpac no fees if $2,000 or more is deposited to the account in the month. Source: Australian Banks Link to comment Share on other sites More sharing options...
Mongrel Posted June 17, 2009 Share Posted June 17, 2009 With Commonwealth Bank, no fees are charged if you have a $50,000 balance relationship, this includes Loans etc. With Westpac no fees if $2,000 or more is deposited to the account in the month. Source: Australian Banks so if I borrow 30 k I get no charges must look into this Link to comment Share on other sites More sharing options...
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