Just had a thought about trying to avoid bank charges in Australia and wondered this.....

Do Australian shops such as Supermarkets offer cash back like they do in the UK? If they do isnt this a good way of avoiding cash point machine charges if your bank is lacking in them where you live?

yeah you can get cash out when in shops, but not all shops do it (all the major supermarkets do). Other thing to remember is that with most accounts you only get a limited number of EFTPOS transactions.

. Other thing to remember is that with most accounts you only get a limited number of EFTPOS transactions. [/QUOTE]


Whats a EFTPOS transaction, is it the same as `Switch` and how many is a limited number?

Whats a EFTPOS transaction, is it the same as `Switch` and how many is a limited number? [/QUOTE]

EFTPOS = Electronic Funds Transfer Point Of Sale

Basically when you use your card to pay in the shops instead of cash, we call it EFTPOS.

The number you get depends on what account you use with what bank. I think I get 10 EFTPOS transactions and 5 ATM (Automatic Teller Machine or Cashpoint) transactions for my $5/Month account fees... that's with Commonwealth Bank anyway...

EFTPOS = Electronic Funds Transfer Point Of Sale

Basically when you use your card to pay in the shops instead of cash, we call it EFTPOS.

The number you get depends on what account you use with what bank. I think I get 10 EFTPOS transactions and 5 ATM (Automatic Teller Machine or Cashpoint) transactions for my $5/Month account fees... that's with Commonwealth Bank anyway... [/QUOTE]


I see, very similsr to `switch`.

Bloodyhell I have been known to use 10 transactions in a day...looks like I am buggered then!!

If you're a heavy user, you're probably best to get a credit card with a 60 or 90 day interest free period and just pay the bill in full each time you get it. You don't get transaction fees on credit cards, can make as many as you want! Only catch is that retaillers are allowed to charge you a transaction fee for their costs incurred if you use a credit card (I've only been done once - and it was 3% of the total - so for my $400 transaction I got a $12 fee.

I just draw my pay each fortnight from the ATM and live off cash... I find it much easier to control myself that way!

Take a look at HSBC'S Online Savings Account here .
You can open it whilst in the UK. I have, and my money's sitting there now awaiting my arrival.

From HSBC site...
"Here is what you get:

A high 4.50% p.a. interest rate
Fee-free internet banking options
Unlimited HSBC ATM transactions
Five free ATM transactions per month, at any bank ATM
Free BPAY bill payments, EFTPOS and GiroPost access
Free Telephone Banking access
Cheque book option
Instant access to withdrawals
Interest calculated daily and paid monthly
No minimum balance after opening
Link to your online broking, managed funds or margin lending accounts"

Cheers for that. Will definately open an account in the near future, $2000 is a bit steep to open it with though..........

nice info can it be used as a regular account once in oz

I will be using the HSBC acccount just like any UK current account. Off the top of my head, I can't think of any facilities that are lacking.....