sjn2003

I keep reading in many posts about the poor quality of Oz banks, but what are their specific problems?

Do I need to care about the number of branches or queues? In the UK I hardly ever have to enter a branch...or do they mess up so much that you are forever going in to sort out problems!? Would I need to do more over-the-counter transactions in Oz for some reason that I cannot think of? Obviously, there will getting the initial cash into the country but after that?

Or is there a problem using other banks' cash machines, or high usage charges that mean you would prefer to seek out your own bank?

Or is it just all to do with charges, and I will find out that I will get screwed by them all !! and I would be better off digging a big hole at the bottom of the garden

podgypossum

I think it is mainly the extortionate fees and charges at every opportunity.

I dont know why one of them, or a foreign bank, doesnt make the big leap and do away with a lot of it...they would be swamped with new customers!!.. then the rest would have to follow i guess.

Go Banana's !!

Why don't we set up an Expats.com Bank 'specially for us lot ??

Jill

Megalania

Last year I paid a total of $195 in bank charges and transaction taxes for all my accounts - $20 for all my personal accounts.

sjn2003

$20 sounds pretty good. Is this with an Oz bank? And is this not a deal because of your other, presumably business, accounts?

sjn2003

Hmmm. This I do not like. Got used to charges free banking in the UK.

What is the internet banking situation like? Can charges be reduced this way or are they just out to screw us ??

Megalania

Plod around in here

More particularly: Banking Fees (Personal Transaction Accounts)

sjn2003

Maybe there should be a poll - member thought most trustworthy to run the expats bank and not run off with all our money !!!!

podgypossum

ME me!!...i got a big mattress to shove it all under... i could do money laundering too, by rolling back and forth on it and ironing all the wads!

I wouldnt charge much

sjn2003

Hope you wouldn't use one of those damn aussie toploaders to launder my wod - the AUS$ x-rate is doing enough to shrink it on its own, without it being torn to shreds on a hot wash

Megalania

$A plastic - washes no problem.

OzTennis

If you find charges free banking there usually has to be a catch doesn't there eg lower interest rates? We have accounts in both the UK and Australia and I can't say charges have been an issue I've been aware of (but then again I know £1 = $2.36'ish so when I see charges in $'s I don't think £'s

BTW, anyone not happy with an Australian owned bank in Australia can choose a foreign owned bank such as HSBC, Ing, Citibank - I know you need a 'bricks and mortar' bank account with the latter 2 but this could be HSBC for anyone with such an aversion.

OzTennis

OzTennis

Trouble is if you ask to vote for favourite banker some might take it as cockney rhyming slang.

It's an interesting one though - for me Herman and Megs are probably 2 that spring to mind immediately (and I don't mean cockney rhyming slang). I know Herman works in that line, what about Megs?

OzTennis

Herman

My main issues with Aussie banks were the charges, the amount of time it took to get to speak to anyone on the phone, the constantly crashing website (Commonwealth), the incompetence and arrogance of those I did eventually get to speak to etc etc.
An example - I was talked into meeting a Commonwealth Bank mortgage advisor when we were thinking about buying an investment property out there. On the phone I explained that I was a temporary resident and I had a fairly complex expat tax equalisation set up with my employer, which meant I may not get the benefit of negative gearing, so I needed to speak to an expert advisor about that before beginning the mortgage selection procedure. No problem they said, "all our experts are used to complex expat tax issues". So I staggered across town in searing heat in my lunch hour to meet this "expert", who turned out to be a heavily hair-gelled, 20 year old wide boy whose after shave could have peeled paint from 20 yards. My first question to him was a test - I asked him if I needed to consider FIRB rules when buying an investment property as I was a foreigner and a temporary resident. He said "No mate, thats not a problem as you are English", at which point I stood up, said "Lets not waste any more of either of our time" and promptly left. I really should have known better. The next day they had the cheek to phone me, a customer with a considerable bank balance at their institution, and have an aggressive go at me for wasting the advisors time! I closed our account immediately and moved to HSBC.

sjn2003

A cautionary tale for all of us. You obviously know your tatties from your onions when it comes to this banking lark.

Is it just complex stuff that they cannot handle? Or, are the Oz banks to be avoided at all costs?

By the way, you are our no. 1 nomination to open the Expats Bank Sounds like it could be something you could knock together in your lunch hour !!