Hi

I'm looking into getting a bank account opened for when we arrive in Oz. I thought Eftpos and Debit cards were one and the same thing but apparently not. Can anyone tell me the difference?

I am already a customer with HSBC International but they only have 2 branches in Perth and don't have an account with a debit card option. Do I need one?

Thanks for any info

Galba

You need a card. EFTPOS.... electronic funds transfer point of sale is the machine that you swipe your card at the shop.

Ultimately both have the same effect, they take money directly out of your bank account.

Debit cards are based on VISA so you can use in any shop (and online and on phone) that accepts VISA. You cannot use EFTPOS online or over the phone.

Arguably VISA debit cards are probbably less secure given that most retailers seem to care little about confirming signatures.

Many places charge for use of credit cards these days (including QANTAS and Telstra for example) so using a VISA debit card may cost you more.

And just to add to everyone else' comments. Daily Limit on EFTPOS - $1,000, whereas the only limit on a Debit Card is up to available funds in your account.

So all I should need would be an EFTPOS and a Credit card? Are the ATM's and EFTPOS cards the same card?

Galba

Yes. I have a single card that does everything - it's a Visa Credit Card and an EFTPOS card for use in ATMs and in shops.

I've just changed my bank account and now have a Visa Debit card, it acts like a switch card in the UK as the others have said you can use it online so long as you have funds in your account as it takes it directly from your account as opposed to a normal visa card.

The difference being is if you use it as an Eftpos card you get offered certain options i.e. Cheque, Savings or Debit. If I'm using it as I would an Eftpos card I would choose savings but as a debit card I would use it as Debit the difference being as a debit card I would be charged different fees. Sounds very silly but welcome to the Aussie way of banking and the weird world of fees!

Which bank?

The EFTPOS card is also used in ATMs. You may use your EFTPOS card to get cash out from many retailers usually at a lower cost than your bank may charge you for using an ATM. If you use a different bank's ATM, for example, you will be charged $1.50.

Yes. (Commonwealth Bank).

Also to add that you cant seem to get cashback from a debit card, but can from efpos. And our bank does not include debit tansactionw when calculating your usage for the month. Sounds confusing I know but some accounts will allow you a certain amount of withdraws from their machines free each month, but mine does not count visa debit as one of these therefore getting it free all the time. I only use it as an efpos when needing cash out.

I was with the Commonwealth but they dont offer visa debit cards as of yet. We have now an account with newcastle perm which doesnt have that many cash machines around.

I know this is as clear as mud, but you will get used to it.

Jo

Thanks everyone - I've been online and downloaded a Westpac application form. The choice account seems to have everything, cheque, Mastercard debit, eftpos and online banking for $5.00 a month. Just going to use it to get started and if we don't like it change once we're there.

To whoever posted the link to the bank account comparison website - thank you!

Galba

Not true, we had ours set at $2000, I think it depends on the bank.

Jo

You can ask any bank to up the daily limit

Not true. HSBC do offer a Visa debit card, but they don't like to advertise it for some reason. Just phone customer services or Email them from your account and ask for an application form. The debit card will follow shortly after.

S