Judes2308

I know migrant banking has been spoken about on previous threads, but I've narrowed it down to the above 2 and just want some clarification.

Both Westpac and Commonwealth will arrange to open an account for you prior to your arrival in Australia. Fee wise, the differences are as follows:

Westpac - Can open an Westpac One account, which comprises a savings account and a current account. One monthly fee of $5, no additional transaction charges.

Commonwealth - They also charge $5.........but presumably this is per account so if I want to open a savings and current account this would cost me $10 ? And do they levy additional charges per transaction (I can't seem to find out from their website....too many pages to trawl through). I know about the 'relationship' thing that will be going up to $50k shortly.

When we get to Oz we may shop around for cheaper deals, but just want to get something set up before we go.

Thanks

Judy

Milo

We arranged our money to be converted into AUD with the commonwealth bank about 3 months before we came to Australia. Can't speak for westpac but I would imagine they are all much the same. All I know is we have had an excellent dealing with both the London and Sydney branch of the commonwealth bank.

Milo

Ansy

I would recommend you choose Westpac. This is coz commonwealth bank(CBA) adds little extra charges that add up. I have been banking with them for a while. Until, I recently ditched my CBA accounts and opened an everyday banking and transaction account that charges a basic $5.00 with no extra charges for other transaction. CBA was charging me 50 cents for writing each check, 50 cents for evry transaction(I think every transaction over 10 transactions in a month to include ATM, EFT, EFTPOS, counter transactions etc) including the basic $5.00 fee per month. In total, I used to end up paying at least $20.00 for using my account with them. Also, the Savings Account with CBA did not have as good an interest as other banks.

I, personally find my ANZ account better coz I pay a standard $5.00 per month for my ATM, EFT, EFTPOS transactions without any extra charges

Ansy

In addition, opening a bank account as a new migrant is fairly straightforward. They will just ask for your travel document/passport to verify that you are indeed a new migrant and you get an account. After you get your tax file number etc, all you do is inform your bank of it. I opened my bank account 2 days after my arrival in Aus

Hafan

I am with Westpac and have been pleased with them I have a wespac one account and it works great - internet banking is very good and have not had any extra charges above the $5 - would recomend them.

bondipom

The new CBA website was launched with headlines about the extra charges. Westpac may even waive the $5 a month if you have $50,000 or a mortgage. Speak to a bank manager. I left Westpac when their charges were much higher and am glad to see they are slowly changing their ways. I cannot believe they used to charge to setup a recurring payment online.

SuperSeagulls

I think I am going for Westpac..........

SS

Judes2308

Thanks very much for your replies. Looks like it's going to be Westpac.

Judy