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Old Jul 4th 2008, 3:47 pm   #1
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Default How does Westpac compare to other banks?

I was put in touch with Westpac after speaking with HiFX about funds transfers.

Is Westpac a decent bank to do business with? Were heading [hopefully] to Melbourne so it would be important that they have enough branches/ATMs/etc there.

Are there other banks that I should be considering or is Westpac reputable?

- CDM
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Old Jul 4th 2008, 3:51 pm   #2
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Smile Re: How does Westpac compare to other banks?

I was told by my agent that they are a save bank and i maybe wrong but they're a goverment bank, Were opening an account with them next week.
Interest rates 7.05%
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Old Jul 4th 2008, 3:53 pm   #3
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Default Re: How does Westpac compare to other banks?

Quote:
Originally Posted by CDM View Post
I was put in touch with Westpac after speaking with HiFX about funds transfers.

Is Westpac a decent bank to do business with? Were heading [hopefully] to Melbourne so it would be important that they have enough branches/ATMs/etc there.

Are there other banks that I should be considering or is Westpac reputable?

- CDM
They're fine - one of the biggest banks in Aus. Some have had bad experiences but who hasn't with banks? Certainly they wont being under with your hard earned wonga.

We use them and are happy
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Old Jul 4th 2008, 9:00 pm   #4
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Default Re: How does Westpac compare to other banks?

Quote:
Originally Posted by CDM View Post
I was put in touch with Westpac after speaking with HiFX about funds transfers.

Is Westpac a decent bank to do business with? Were heading [hopefully] to Melbourne so it would be important that they have enough branches/ATMs/etc there.

Are there other banks that I should be considering or is Westpac reputable?

- CDM
Very happy with them. Never experienced any probs.
Good telephone banking service and can transfer funds easily over the net.
Went overdrawn once and expected a hefty fee - never got anything!
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Old Jul 4th 2008, 9:26 pm   #5
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Default Re: How does Westpac compare to other banks?

They are the same as every other bank..

Offer the same services and products, however they go out of their way for customer service. Its KPI for the new CEO Gail Kelly, they are also about to take over St George, and become the biggest bank in Australia.

They have the No.1 Internet Banking program as well.

Unfortunately there is no government bank left in Australia, the last one was Commonwealth Bank. All Banks are now privately owned (shares).

All the banks are looking for deposits as they are running out of money to lend apart from Wesptac and Commonwealth.

Both these banks are AA Credit Rated so your money should be safe enough, however not even credit funds are guaranteed in Australia.

Those that have large deposits before coming over, there are special deals, send me a PM and I can help you

Nick
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Last edited by nick72; Jul 4th 2008 at 9:28 pm.
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Old Jul 4th 2008, 9:28 pm   #6
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Default Re: How does Westpac compare to other banks?

Quote:
Originally Posted by nick72 View Post
They are the same as every other bank..

Offer the same services and products, however they go out of their way for customer service. Its KPI for the new CEO Gail Kelly, they are also about to take over St George, and become the biggest bank in Australia.

They have the No.1 Internet Banking program as well.

Those that have large deposits before coming over, there are special deals, send me a PM and I can help you

Nick
mornin nick i havnt seen you on here in a while
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Old Jul 4th 2008, 11:38 pm   #7
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Default Re: How does Westpac compare to other banks?

Quote:
Originally Posted by CDM View Post
I was put in touch with Westpac after speaking with HiFX about funds transfers.

Is Westpac a decent bank to do business with? Were heading [hopefully] to Melbourne so it would be important that they have enough branches/ATMs/etc there.

Are there other banks that I should be considering or is Westpac reputable?

- CDM
CDM

We are with Westpac and for a bank they do have sufficient ATM's and branches throughout Melbourne and NZ.

The new CEO is proposing a takeover of St George so it will become a very large bank - not too sure if that will be good or bad for us the customer.

At any rate you can move banks easily so go with Westpac and once here keep you options open.

2 points to remember:
- All banks are there to make money - where they get the money bank fees, higher interest rates depends on your personal circumstances and requirements.
- Grumblings you will hear about banks usually come from individual dealings ie customer to individual bank operative. Discount these individual problems unless you start to see a common theme. (ie its a particular bank with a culture encouraging staff to p##s off its customers)
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Old Jul 5th 2008, 10:26 am   #8
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Default Re: How does Westpac compare to other banks?

Although I'm not likely to move to Australia for about a year, I opened an account at the Westpac Rosanna branch in Melbourne recently while on a reccie.

I have to say I was very impressed with the customer service. They were very helpful and friendly, and opening an account was easy. They made sure I had my cards before returning to the UK, and sorted out my PIN numbers for me at the branch. They also sorted me out with passwords for internet banking. So far so good!
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Old Jul 5th 2008, 10:31 am   #9
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Default Re: How does Westpac compare to other banks?

Thanks to all the replies. Just wanted a sanity check really and all the responses have helped enormously.

I've been in touch with Westpac here in London and I'm going to open an account shortly. I rather like their no-strings-attached 7% interest they're offering on their savings account - that's better than I'm getting with my UK ISA at 6.5% for 6 months (with strings attached) so I might end up sending some money through HiFX to get the account off the ground.

Also woth mentioning - since I was referred through HiFX (a foreign currency/funds transfer company for those not familiar), the AU$5/month maintenance fee is being waived - although they also waive this fee is you maintain a minimum balance of AU$3,000.

My only gripe with Westpac at this point is that their glossy brochures tell all about their credit card products, for example, but leave out the most important pieces of information - interest rates, fees and charges. Why bother the customer with such mundane minutia?!

- CDM
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Old Jul 6th 2008, 1:57 am   #10
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Default Re: How does Westpac compare to other banks?

Quote:
Originally Posted by CDM View Post
Thanks to all the replies. Just wanted a sanity check really and all the responses have helped enormously.

I've been in touch with Westpac here in London and I'm going to open an account shortly. I rather like their no-strings-attached 7% interest they're offering on their savings account - that's better than I'm getting with my UK ISA at 6.5% for 6 months (with strings attached) so I might end up sending some money through HiFX to get the account off the ground.

Also woth mentioning - since I was referred through HiFX (a foreign currency/funds transfer company for those not familiar), the AU$5/month maintenance fee is being waived - although they also waive this fee is you maintain a minimum balance of AU$3,000.

My only gripe with Westpac at this point is that their glossy brochures tell all about their credit card products, for example, but leave out the most important pieces of information - interest rates, fees and charges. Why bother the customer with such mundane minutia?!

- CDM
Yes you'll get 7% but there will be tax payable. If you're not yet resident in Aus and therefore have no tax file number this is taken at the marginal rate I think - check witholding tax on the ATO website.

Regarding their credit cards, the rates will be on the website would have thought. Their Altitude cards won best credit card product in Aud I believe. Just make sure you pay them off each month!
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Old Jul 6th 2008, 4:10 am   #11
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Default Re: How does Westpac compare to other banks?

Quote:
Originally Posted by CDM View Post
Thanks to all the replies. Just wanted a sanity check really and all the responses have helped enormously.

I've been in touch with Westpac here in London and I'm going to open an account shortly. I rather like their no-strings-attached 7% interest they're offering on their savings account - that's better than I'm getting with my UK ISA at 6.5% for 6 months (with strings attached) so I might end up sending some money through HiFX to get the account off the ground.
- CDM
Dont forget base rates here are higher than the UK. You can easily get more than Westpac are quoting for an online savings account.

This link compares online savings rates for Victoria. The highest rate is 8.25% for the remainder of the year with bankwest plus there are many paying more than Westpac.

infochoice link
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Old Jul 6th 2008, 4:32 am   #12
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Wink Re: How does Westpac compare to other banks?

Quote:
All the banks are looking for deposits as they are running out of money to lend apart from Wesptac and Commonwealth.???????????
Westpac and ANZ have taken the biggest losses from US subprime meltdown.

Commonwealth is the biggest home lender
National (NAB) is the biggest business lender and is the only Bank
providing fee free service if you are a shareholder.(+ other benefits such as
discounts on loans,waiving of document fees etc)

Another option is CitiBank which offers free use on any ATM in Australia if
you pay your wage into them ($30000 min. )

All Banks have good points, the only difference is local service.
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Old Jul 6th 2008, 5:35 am   #13
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Default Re: How does Westpac compare to other banks?

BankWest - around 8.5% special interest at the moment thats on term deposits. BUt at call accounts give in excess of 8%...
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Old Jul 6th 2008, 6:11 am   #14
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Default Re: How does Westpac compare to other banks?

Westpac have been ok with us.

Only problem I have with them is that each time I go to the branch they ask me to fill out a load of questions …. do I have a super , do I own my own house etc etc .. they ask for your phone number and some bank sales person rings you up hassling you.

I hate sales people trying to sell me anything nowadays. If I want something I will ask :curse:

I'm sure it's the same for all banks but it really bugs me !
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Old Jul 7th 2008, 7:45 am   #15
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Default Re: How does Westpac compare to other banks?

Quote:
Originally Posted by mulben View Post
Quote:
All the banks are looking for deposits as they are running out of money to lend apart from Wesptac and Commonwealth.???????????
Westpac and ANZ have taken the biggest losses from US subprime meltdown.

Commonwealth is the biggest home lender
National (NAB) is the biggest business lender and is the only Bank
providing fee free service if you are a shareholder.(+ other benefits such as
discounts on loans,waiving of document fees etc)

Another option is CitiBank which offers free use on any ATM in Australia if
you pay your wage into them ($30000 min. )

All Banks have good points, the only difference is local service.
On what basis do you say that Westpac and Anz have taken the biggest losses from the subprime market.

Westpac will be the biggest home lender once the merger with St George goes through..

Westpac also offers the same as NAB in terms of shareholders benefits.

Commonwealth has more than double of any other banks deposits, therefore enabling them to stay proactive in the market place.

As the poster states its all down to local service, choose who you want to bank with from the service you are given.

Remember I am not backing any bank in particular here, its all about personal choice, I notice the other poster has spent lots of time giving NAB a rap, well here in QLD they are useless !

I would pick any other bank apart from NAB - their service is appalling, once they have your business. Yes I am speaking from personal experience too !

Nick
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Last edited by nick72; Jul 7th 2008 at 7:49 am.
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