Australian Bank Account
May 12th 2014, 6:53 pm
#1
Just Joined
Thread Starter
Joined: Dec 2013
Posts: 15
Australian Bank Account
Hello everybody,
I want to ask about Australian Banking System. Which bank and which type of account is better for immigrants?
Please also mention about hidden charges etc, if any.
I want to ask about Australian Banking System. Which bank and which type of account is better for immigrants?
Please also mention about hidden charges etc, if any.
May 12th 2014, 10:14 pm
#2
BE Forum Addict
Joined: Jan 2014
Posts: 1,695
Re: Australian Bank Account
Hi Muz,
I'll be interested in the replies too, I'm sure someone will reply soon.
May 14th 2014, 2:02 am
#3
Forum Regular
Joined: Oct 2009
Location: Melbourne, Australia
Posts: 253
Re: Australian Bank Account
this is quite a useful website for comparing bank accounts:
http://www.canstar.com.au/
Current accounts are called transaction or cheque accounts here.
I use Citibank (Citibank Plus transaction account to be precise) for which there are no monthly fees and you can use ATM's without fee that are part of the Westpac banking group (Westpac, Bank of Melbourne, St George and BankSA) and I've been very happy with them. I was persuaded by the fact that I had used Citibank in the UK. although the set-up here is a different legal entity and my credit history was not transferred.
Be aware that you don't receive any interest on credit balances with Citibank Plus though, whereas someone like Bankwest pays interest on credit balances (3.00% I think) as long as you pay AUD 2,000 into the account monthly (their Hero account). Citibank also have a very limited branch network, so if having a local branch close by is important, they may not be for you. I only bank electronically and they have acouple of branches in Melbourne so no issue for me.
The concept of 'free' banking is not as established in Australia as I found to be the case in the UK, but ask yourself if it is really free if you aren't receiving interest on a credit balance!
May 14th 2014, 10:41 am
#4
Concierge
Joined: Jan 2013
Location: Western Australia
Posts: 21,139
Re: Australian Bank Account
there are numerous banks and types of accounts, all with different features. The best account for me might be absolutely wrong for you. As well as the site already mentioned there are lots of othes that allow you to compare. Just type 'compare Australian bank accounts into Google. Happy reading
May 14th 2014, 12:50 pm
#5
BE Forum Addict
Joined: Jan 2014
Posts: 1,695
Re: Australian Bank Account
Hi both,
this is quite a useful website for comparing bank accounts:
http://www.canstar.com.au/
Current accounts are called transaction or cheque accounts here.
I use Citibank (Citibank Plus transaction account to be precise) for which there are no monthly fees and you can use ATM's without fee that are part of the Westpac banking group (Westpac, Bank of Melbourne, St George and BankSA) and I've been very happy with them. I was persuaded by the fact that I had used Citibank in the UK. although the set-up here is a different legal entity and my credit history was not transferred.
Be aware that you don't receive any interest on credit balances with Citibank Plus though, whereas someone like Bankwest pays interest on credit balances (3.00% I think) as long as you pay AUD 2,000 into the account monthly (their Hero account). Citibank also have a very limited branch network, so if having a local branch close by is important, they may not be for you. I only bank electronically and they have acouple of branches in Melbourne so no issue for me.
The concept of 'free' banking is not as established in Australia as I found to be the case in the UK, but ask yourself if it is really free if you aren't receiving interest on a credit balance!
this is quite a useful website for comparing bank accounts:
http://www.canstar.com.au/
Current accounts are called transaction or cheque accounts here.
I use Citibank (Citibank Plus transaction account to be precise) for which there are no monthly fees and you can use ATM's without fee that are part of the Westpac banking group (Westpac, Bank of Melbourne, St George and BankSA) and I've been very happy with them. I was persuaded by the fact that I had used Citibank in the UK. although the set-up here is a different legal entity and my credit history was not transferred.
Be aware that you don't receive any interest on credit balances with Citibank Plus though, whereas someone like Bankwest pays interest on credit balances (3.00% I think) as long as you pay AUD 2,000 into the account monthly (their Hero account). Citibank also have a very limited branch network, so if having a local branch close by is important, they may not be for you. I only bank electronically and they have acouple of branches in Melbourne so no issue for me.
The concept of 'free' banking is not as established in Australia as I found to be the case in the UK, but ask yourself if it is really free if you aren't receiving interest on a credit balance!
Thanks for taking the time to write that.
