Banking in Australia
#1
✡-CollDaisy-✡
Thread Starter
Joined: Mar 2012
Location: UK
Posts: 69
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)?
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)?
#2
BE Forum Addict
Joined: Oct 2011
Posts: 1,217
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..
Thats who I went with. Dead easy..
#3
✡-CollDaisy-✡
Thread Starter
Joined: Mar 2012
Location: UK
Posts: 69
Re: Banking in Australia
thats great thanks
#4
Forum Regular
Joined: Apr 2008
Location: Melbourne, Victoria
Posts: 33
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.
They also have a an ipad and iphone app which i find useful for tracking my account everyday.
#5
BE Forum Addict
Joined: Oct 2011
Posts: 1,217
Re: Banking in Australia
Yep! Iphone app is very useful!
#6
✡-CollDaisy-✡
Thread Starter
Joined: Mar 2012
Location: UK
Posts: 69
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) ?
#7
Forum Regular
Joined: Oct 2010
Location: Sydney, NSW
Posts: 50
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
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
#8
✡-CollDaisy-✡
Thread Starter
Joined: Mar 2012
Location: UK
Posts: 69
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?
#10
Re: Banking in Australia
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.
#11
BE Forum Addict
Joined: Oct 2011
Posts: 1,217
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
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
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.
#12
Forum Regular
Joined: Oct 2010
Location: Sydney, NSW
Posts: 50
Re: Banking in Australia
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!
#13
Re: Banking in Australia
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
#14
Just Joined
Joined: Aug 2012
Location: Buderim, Sunshine Coast, Qld.
Posts: 3
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.
There are branches everywhere and the most ATMs throughout Australia.
I've also got a FOREX account with them too. No complaints.
#15
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.
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.