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Advice on setting up a bank account in Oz


Guest Money Saving Oz

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Guest Money Saving Oz

Hi

 

I originally posted similar info to another thread but Julie 495 said I should post it as a separate thread, so here's an edited version.

 

Opening a bank account in Oz

 

My first bit of advice is, if you can, wait until you move to Oz. Why?

 

1) It gives you a chance to decide which bank is right for you. For example many banks charge ATM fees if you use a competitors ATM. Therefore you don't want to open a bank account if they don't have an ATM by your new work/home.

 

2) Opening an account when over here is so much easier - all you need to go is walk into a branch with your passport (that is all the ID you need - I know I worked in a bank) and they will open one whilst you wait. This saves you trying to open one in the UK and trying to contract Aussie banks in London, etc. If you've got money you're waiting to transfer from a UK account, you can always deposit a UK cheque although this can take a few weeks to clear. If you need the money quickly then you'll need to give your UK bank the full details of your new Oz account and they can wire it to you - but ask your UK bank what the procedure is for wiring money before you leave the UK.

 

3) Tax File Number - you do NOT need one to open a new Aussie account - although you are recommended to give it to them when you get it (as the Australian Tax Office (ATO) can take a few weeks to provide you one).

 

Further info on Aussie banks:

 

Be aware that many Aussie banks charge account fees & ATM fees - this comes as quite a shock for those coming from the UK. However there is some good news - more and more banks are NOT charging any account fees.

 

For example, ING have just launched a completely fee free bank account that will not charge any fees for ATM or electronic banking. It's called the Orange Everyday account.Orange Everyday

and it's giving the banks a run for their money. There are plenty of other accounts that don't charge fees, especially if you deposit a salary into them. SO NEVER OPEN AN ACCOUNT THAT CHARGES YOU ACCOUNT FEES.

Alternatively there are heaps of other accounts that offer fee free banking.

 

The major banks - ANZ, CBA, Westpac, NAB and St George (owned by Westpac) all have a major retail high street presence. But you should also consider credit unions. These offer much more personalised services and much cheaper fees. The credit unions also allow you to use any NAB ATM so they have one of the biggest fee-free ATM networks in Oz

 

Whatever you decide on, just remember that Aussies, like Poms, love bank bashing so you're unlikely to hear too many good things about them!

 

Hope this is of use - You'll love Oz!

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Guest sh7t man no way

hsbc not a bad bank---they have outlets in all the big cities in aus----they will have all you cards waiting for you when arriving in aus,plus your pin numbers ---this will help if you dont have a fixed address.some aus banks are part of some uk banks,but for some reason they like to keep it a secret.worth shoping around.we were in aus 5 years ago on holiday and opened a nab account,we used a friends address for corrospondance.hope this helps.

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1) It gives you a chance to decide which bank is right for you. For example many banks charge ATM fees if you use a competitors ATM. Therefore you don't want to open a bank account if they don't have an ATM by your new work/home.

 

 

It is actually the other way round now. A cashpoint will charge you if the card you enter into the machine is not one of theirs, so using banks like HSBC that don't have a big high Street presence can work out expensive.

 

The ING account looks OK but they only refund your cashpoint fees if you take out $200 or more at a time.

 

I like the look of the Bankwest account as as long as you pay in $2k a month they will refund all the ATM fees charge by the big banks for using their cashpoints

 

Personally we found it really easy to open an account from the UK. We did the ID check here when we arrived and picked up our cashpoint cards at the same time but had the account details in advance to get money transferred (via a specialist money exchange co as they give better rates than the banks).

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Guest Money Saving Oz
It is actually the other way round now. A cashpoint will charge you if the card you enter into the machine is not one of theirs, so using banks like HSBC that don't have a big high Street presence can work out expensive.

 

The ING account looks OK but they only refund your cashpoint fees if you take out $200 or more at a time.

 

I like the look of the Bankwest account as as long as you pay in $2k a month they will refund all the ATM fees charge by the big banks for using their cashpoints

 

Personally we found it really easy to open an account from the UK. We did the ID check here when we arrived and picked up our cashpoint cards at the same time but had the account details in advance to get money transferred (via a specialist money exchange co as they give better rates than the banks).

 

Thanks Spotty dog - yes you are right - it's actually the ATM owner that charges the fee (but ultimately it's you the consumer who has to pay the fee of approx $2).

 

The BankWest account you opened is a good account as it gives you fee free banking and pays 2.5% interest on your balance. But as you said you must deposit a minimum of $2k per month into it - if you don't do this they'll make you transfer to another account. There are a number of other banks who offer a similar fee-free account if you deposit a monthly salary into it, so always ask the bank about this. I know St George do.

 

If you can't deposit $2k per month into your account, HSBC have their online savings account. You have to make a one off $2k deposit for this (but there are no ongoing deposit requirements) and they don't charge any ongoing account fees.

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  • 1 month later...
Guest Money Saving Oz

Good news - since this was posted in September this year a number of banks have started to remove their bank fees.

All of the big four banks in Oz (ANZ, Westpac, NAB and CBA) have reduced their fees in some ways.

For example NAB have removed all their banking fees on just about every personal account.

 

So the key thing to remember for anyone coming out to OZ, no matter which bank, building society or credit union you choose, do not open it if they charge you account keeping fees! There are many accounts that now don't charge you anything.

 

Adam

Bank Accounts - Money Saving Master

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