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Banking in Australia

Banking in Australia

Old Jul 12th 2012, 7:35 am
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Default Banking in Australia

I am coming to Australia in Feb 2013....I have been advised it would be best to open a bank account before going.

Which bank is the most commonly used in Australia?...are there credentials for opening the account?
(my way of thinking is I want to start putting money into it now)?
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Old Jul 12th 2012, 9:01 am
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Default Re: Banking in Australia

NAB.. You can open an account online with them and start depositing money. You cant take the money out until you arrive in OZ and verify the account with identification..

Thats who I went with. Dead easy..
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Old Jul 12th 2012, 9:26 am
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Default Re: Banking in Australia

thats great thanks
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Old Jul 12th 2012, 9:57 am
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Default Re: Banking in Australia

I'm with NAB too, seem decent enough and the classic account has no account keeping fees, and is also linked to an online savings account.

They also have a an ipad and iphone app which i find useful for tracking my account everyday.
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Old Jul 12th 2012, 11:41 am
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Default Re: Banking in Australia

Originally Posted by feed_cantona
I'm with NAB too, seem decent enough and the classic account has no account keeping fees, and is also linked to an online savings account.

They also have a an ipad and iphone app which i find useful for tracking my account everyday.
Yep! Iphone app is very useful!
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Old Jul 13th 2012, 7:45 am
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Default Re: Banking in Australia

hmmm... someone else has suggested Westpac?...due to convenience as apparently they are widely used throughout Australia? (incase I'm moving around) ?
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Old Jul 13th 2012, 7:46 am
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Default Re: Banking in Australia

I set up a NAB before I got here and opened when I got here, dead easy. The online banking and apps are decent, too. Classic has no fees etc as all have mentioned.

Once you've lived here for a while, you'll see which one's best for you. For me, the fact that there seem to be much fewer NAB ATMs meant I was easily spending $30 a month in ATM fees (I rarely do cashout (cashback) because I only go to the supermarket once per week and don't have/need a car) so having access to free ATMs is important for me. That, and free international transactions. Branch access isn't important to me. It took living here for a bit to see how I use the account and NAB isn't for me..

So, I'm in the process of transferring to a Zero account with Bankwest (free ATM access at Westpac, CBA, NAB, ANZ and Bankwest) means I'll save myself some cash. I also opened a Citibank (no-fees) current account for the free international transactions.

Good luck

LP
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Old Jul 13th 2012, 7:53 am
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Default Re: Banking in Australia

ahh yes I will definately need to transfer money to my english account so could do with an account with no fees for doing that. So you think Citibank is a good one to use for that yeh?
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Old Jul 13th 2012, 8:08 am
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Default Re: Banking in Australia

commonwealth bank has the most atm's that's why i use bankwest.
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Old Jul 13th 2012, 8:21 am
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Default Re: Banking in Australia

Originally Posted by colldaisy
ahh yes I will definately need to transfer money to my english account so could do with an account with no fees for doing that. So you think Citibank is a good one to use for that yeh?
I just broke up with NAB after their announcement of changes to Gold banking & exceptionally patronising way of communicating them!

Opened a Citibank plus account...free ATM withdrawals at Westpac, St George and some others in Aus and no fees charged for ATM withdrawals overseas. No account keeping fee either.
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Old Jul 13th 2012, 8:58 am
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Default Re: Banking in Australia

Originally Posted by litepurple
I set up a NAB before I got here and opened when I got here, dead easy. The online banking and apps are decent, too. Classic has no fees etc as all have mentioned.

Once you've lived here for a while, you'll see which one's best for you. For me, the fact that there seem to be much fewer NAB ATMs meant I was easily spending $30 a month in ATM fees (I rarely do cashout (cashback) because I only go to the supermarket once per week and don't have/need a car) so having access to free ATMs is important for me. That, and free international transactions. Branch access isn't important to me. It took living here for a bit to see how I use the account and NAB isn't for me..

So, I'm in the process of transferring to a Zero account with Bankwest (free ATM access at Westpac, CBA, NAB, ANZ and Bankwest) means I'll save myself some cash. I also opened a Citibank (no-fees) current account for the free international transactions.

Good luck

LP
You must take cash out 15 times a month??

Once every 2 days!! Why not take more out??

If I get cash out I get enough to last at least a week or so.
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Old Jul 13th 2012, 9:27 am
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Default Re: Banking in Australia

Originally Posted by Tramps_mate
You must take cash out 15 times a month??

Once every 2 days!! Why not take more out??

If I get cash out I get enough to last at least a week or so.
Lol, yes. Sometimes I need it for work, plus if i end up going out impromptu I'm not very organised, in fact I try to choose options that don't penalise me for being disorganised. And Bankwest suits that need. To each their own!
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Old Jul 13th 2012, 1:14 pm
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Default Re: Banking in Australia

Originally Posted by colldaisy
ahh yes I will definately need to transfer money to my english account so could do with an account with no fees for doing that. So you think Citibank is a good one to use for that yeh?
Better off using a dedicated foreign exchange company for tansfers over £1000. Better rates than the bank and nil or nominal fees. Just opened a UKFOREX account for that purpose
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Old Aug 4th 2012, 12:06 am
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Default Re: Banking in Australia

I opened a Commonwealth Bank account through their branch in the UK. They set me up with branch acccess etc and cards/internet/phone banking were all ready and waiting when we arrived.

There are branches everywhere and the most ATMs throughout Australia.

I've also got a FOREX account with them too. No complaints.
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Old Aug 4th 2012, 12:53 am
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Default Re: Banking in Australia

I personally don't see the need to open an account before arriving in Oz because it's so easy to open one when you arrive and you will have more options than doing it pre-arrival.

I personally like the BankWest everyday transaction account, it offers ~4%pa interest at $0 monthly fee and free access to the parent company's ATM network (Commonwealth Bank) which is the largest ATM network in Oz.

For high interest savings, I recommend UBank which can be set up online once you have an existing account. Currently 5.71% pa if you set up an auto savings plan of $200 per month. can transfer money online anytime.
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