AaronS Posted August 11, 2011 Share Posted August 11, 2011 What would be a coupel of the larger banks in Oz? Need to get an account set up soon. We will need to be able to do electronic payment of all bills. Any suggestions? Link to comment Share on other sites More sharing options...
pintpot Posted August 11, 2011 Share Posted August 11, 2011 I have just been through this process and looked closely at all the banks Big ones are Westpac, Commonwealth, ANZ, NAB, St.George - or at least they're the ones I looked at NAB worked best for us. I was initially sceptical because they are quite heavily promoted on here, but their accounts could be set up in a very similar way to the way we do it in the UK to manage our money, their fees were good (particularly on foreign exchange/transfers), and their migrant banking service people were very helpful. When I put the application in, the accounts were set up in less than 12 hours which is a good start. Their savings rates did seem a tad lower than some, but it was worth it to me to get t he account structure right. Note most Aussie banks charge monthly fees to manage accounts unless you pay in a particular amount per month. With NAB we could set up one Gold account (fee payable, but waived if you pay enough in, so that's where the salary will go) that offers very good forex/foreign use deals, and separate Classic current accounts that don't attract any fees, plus as many savings accounts as we like - all managed online. Works for us, to replicate that structure with anyone else we'd be paying $20 a month+, even if they could do it (and most couldn't) Link to comment Share on other sites More sharing options...
MARYROSE02 Posted August 11, 2011 Share Posted August 11, 2011 Google - 'Australia banks' Link to comment Share on other sites More sharing options...
AaronS Posted August 11, 2011 Author Share Posted August 11, 2011 I have just been through this process and looked closely at all the banks Big ones are Westpac, Commonwealth, ANZ, NAB, St.George - or at least they're the ones I looked at NAB worked best for us. I was initially sceptical because they are quite heavily promoted on here, but their accounts could be set up in a very similar way to the way we do it in the UK to manage our money, their fees were good (particularly on foreign exchange/transfers), and their migrant banking service people were very helpful. When I put the application in, the accounts were set up in less than 12 hours which is a good start. Their savings rates did seem a tad lower than some, but it was worth it to me to get t he account structure right. Note most Aussie banks charge monthly fees to manage accounts unless you pay in a particular amount per month. With NAB we could set up one Gold account (fee payable, but waived if you pay enough in, so that's where the salary will go) that offers very good forex/foreign use deals, and separate Classic current accounts that don't attract any fees, plus as many savings accounts as we like - all managed online. Works for us, to replicate that structure with anyone else we'd be paying $20 a month+, even if they could do it (and most couldn't) thanks for the response....info from a personal experience is what I was really looking for....more than being told to google something. :wink: Link to comment Share on other sites More sharing options...
Oz 4 sure Posted August 11, 2011 Share Posted August 11, 2011 Hi AaronS, I am on the same boat. I didn't make my decision yet, but I found that the commonwealth bank has ATM machines and branches everywhere on the map. That's an important point and the commonwealth bank wins it. I'm still reading about fees and rates of savings. That will be very hard comparison. I noticed that it totally depends on the conditions of the individual how much savings does the person has, receiving a salary yet, is going to transfer money, is there a plan for home investment, what kind of credit cards are needed and so on. About waiving the monthly fee, I was wondering if it is possible to withdraw then deposit the needed amount of money in order to get rid of the monthly fee. That is until an employment and a salary is available. Also, it is possible to keep the money in a saving account for a monthly plan and the fee will be covered eventually. It is a fixed minor fee anyways and I don't see a big deal about it. The commonwealth bank doesn't offer the highest rate on savings, and that's why I'm a little confused. I still don't know how I will use the money once I land in Melbourne. And whether I'll be able to put saving on a long term plan. Most probably, I'll go with the commonwealth bank for now. But, I'll try to take it slow and search for more information. I still have time until next month Wish you find the best for your circumstances. Good luck. Link to comment Share on other sites More sharing options...
Guest rex123 Posted August 22, 2011 Share Posted August 22, 2011 Hi AaronS, I am on the same boat. I didn't make my decision yet, but I found that the commonwealth bank has ATM machines and branches everywhere on the map. That's an important point and the commonwealth bank wins it. I'm still reading about fees and rates of savings. That will be very hard comparison. I noticed that it totally depends on the conditions of the individual how much savings does the person has, receiving a salary yet, is going to transfer money, is there a plan for home investment, what kind of credit cards are needed and so on. About waiving the monthly fee, I was wondering if it is possible to withdraw then deposit the needed amount of money in order to get rid of the monthly fee. That is until an employment and a salary is available. Also, it is possible to keep the money in a saving account for a monthly plan and the fee will be covered eventually. It is a fixed minor fee anyways and I don't see a big deal about it. The commonwealth bank doesn't offer the highest rate on savings, and that's why I'm a little confused. I still don't know how I will use the money once I land in Melbourne. And whether I'll be able to put saving on a long term plan. Most probably, I'll go with the commonwealth bank for now. But, I'll try to take it slow and search for more information. I still have time until next month Wish you find the best for your circumstances. Good luck. HiOz, Did u book the flight tickets???? Iam planningtomove on next feb......willanychanges will affect our granted visa? Rex Link to comment Share on other sites More sharing options...
Oz 4 sure Posted August 22, 2011 Share Posted August 22, 2011 HiOz, Did u book the flight tickets???? Iam planningtomove on next feb......willanychanges will affect our granted visa? Rex Hi Rex, I just sent you a message Link to comment Share on other sites More sharing options...
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