Oz bank charges
May 4th 2005, 11:29 pm
#1
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Joined: Sep 2004
Location: From Bradford to Brisbane
Posts: 773
Oz bank charges
Thought I'd have a rant about Australia's ridiculous bank-charges.
You have to pay for practically everything, as if it's a priviledge to let someone invest your money for their own financial gain.
Reading through the list of bank charges I noticed that just about one of the only free transactions is the paying of said bank fees - cheers bank manager fella!
Thinking about stashing all my money in a brown envelpe under the matress. might even be cheaper just to keep using our UK account.
You have to pay for practically everything, as if it's a priviledge to let someone invest your money for their own financial gain.
Reading through the list of bank charges I noticed that just about one of the only free transactions is the paying of said bank fees - cheers bank manager fella!
Thinking about stashing all my money in a brown envelpe under the matress. might even be cheaper just to keep using our UK account.
May 4th 2005, 11:36 pm
#2
Forum Regular
Joined: Mar 2003
Location: Brisbane
Posts: 169
Re: Oz bank charges
Originally Posted by matt-and-jenny
Thought I'd have a rant about Australia's ridiculous bank-charges.
You have to pay for practically everything, as if it's a priviledge to let someone invest your money for their own financial gain.
Reading through the list of bank charges I noticed that just about one of the only free transactions is the paying of said bank fees - cheers bank manager fella!
Thinking about stashing all my money in a brown envelpe under the matress. might even be cheaper just to keep using our UK account.
You have to pay for practically everything, as if it's a priviledge to let someone invest your money for their own financial gain.
Reading through the list of bank charges I noticed that just about one of the only free transactions is the paying of said bank fees - cheers bank manager fella!
Thinking about stashing all my money in a brown envelpe under the matress. might even be cheaper just to keep using our UK account.
http://www.national.com.au/Personal_...0,,735,00.html click on flat monthly fees
Some of the other banks also offer similar schemes. I'm personally with CBA but I've got them to reduce some of their charges.
Cheers
GLR
May 4th 2005, 11:41 pm
#3
High in the Dandenongs
Joined: Apr 2003
Location: Listening to Puffing Billy
Posts: 9,183
Re: Oz bank charges
or try
www.hsbc.com.au
www.ingdirect.com.au
www.virginmoney.com.au
All of the above are totally fee free
www.hsbc.com.au
www.ingdirect.com.au
www.virginmoney.com.au
All of the above are totally fee free
May 5th 2005, 12:04 am
#4
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Posts: n/a
Re: Oz bank charges
Originally Posted by matt-and-jenny
Thought I'd have a rant about Australia's ridiculous bank-charges.
You have to pay for practically everything, as if it's a priviledge to let someone invest your money for their own financial gain.
Reading through the list of bank charges I noticed that just about one of the only free transactions is the paying of said bank fees - cheers bank manager fella!
Thinking about stashing all my money in a brown envelpe under the matress. might even be cheaper just to keep using our UK account.
You have to pay for practically everything, as if it's a priviledge to let someone invest your money for their own financial gain.
Reading through the list of bank charges I noticed that just about one of the only free transactions is the paying of said bank fees - cheers bank manager fella!
Thinking about stashing all my money in a brown envelpe under the matress. might even be cheaper just to keep using our UK account.
It would be interesting to be able to compare all the banks fees for each persons individual banking habits, it may give a better indication of bank costs.
With HSBC I can do 5 withdrawals per month from any banks ATM, and unlimited withrawals and deposits from any Post Office, and not pay any fees whatsoever.
Another option to get a FEE FREE account, is that if you have a mortgage, you can often link that to an everyday account with no fees.
However...... even then, most banks will still charge a fee ($1.50/$2.00) if you use another Banks ATM, unlike HSBC
May 5th 2005, 12:09 am
#5
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Posts: n/a
Re: Oz bank charges
the sensibile thing is to just get around it, pay for everything on EFTPOS even if its a small amount, and get your cash float for your wallet on EFTPOS.
Can't say I notice the bank charges. They are everywhere in some shape or form. One thing is certain: taxes are all certain in life.
Badge
Can't say I notice the bank charges. They are everywhere in some shape or form. One thing is certain: taxes are all certain in life.
Badge
May 5th 2005, 12:30 am
#6
Joined: Aug 2003
Posts: 11,149
Re: Oz bank charges
Originally Posted by Badge
the sensibile thing is to just get around it, pay for everything on EFTPOS even if its a small amount, and get your cash float for your wallet on EFTPOS.
Can't say I notice the bank charges. They are everywhere in some shape or form. One thing is certain: taxes are all certain in life.
Badge
Can't say I notice the bank charges. They are everywhere in some shape or form. One thing is certain: taxes are all certain in life.
Badge
Commonwealth Bank users are also in for a heap of new charges for using the new online services.
I use the 3 outlined by hevs and pay minimal charges. Moving from westpac to HSBC made me 300 - 400 a year better off.
May 5th 2005, 12:57 am
#7
I don't re Member
Joined: May 2004
Location: Termite Country (Tanah Merah)
Posts: 1,372
Re: Oz bank charges
I am with the National. Have a mortgage with them and as such pay no fees whatsoever for anything! Including using other ATMs.
As much as England was mostly free banking when I left 10 years ago, other countries I have lived there is none so this is great.
Andrew
As much as England was mostly free banking when I left 10 years ago, other countries I have lived there is none so this is great.
Andrew
May 5th 2005, 1:00 am
#8
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Posts: n/a
Re: Oz bank charges
Originally Posted by bondipom
Sadly Eftpos is counted as a transaction by the big 4 and it attracts a charge. Paying by credit card maybe what you meant.
Commonwealth Bank users are also in for a heap of new charges for using the new online services.
I use the 3 outlined by hevs and pay minimal charges. Moving from westpac to HSBC made me 300 - 400 a year better off.
Commonwealth Bank users are also in for a heap of new charges for using the new online services.
I use the 3 outlined by hevs and pay minimal charges. Moving from westpac to HSBC made me 300 - 400 a year better off.
I have an account with HSBC but had language problems with the staff in a branch too far away just when you need them in person and they didn't understand basic finance terminology so we moved away once we didn't need their high interest account. If I was working directly in the CBD they might have become an option again.
badge
May 5th 2005, 1:08 am
#9
Joined: Aug 2003
Posts: 11,149
Re: Oz bank charges
Originally Posted by Badge
I get a fair few free ones a month so we never seem to cop them too much.
I have an account with HSBC but had language problems with the staff in a branch too far away just when you need them in person and they didn't understand basic finance terminology so we moved away once we didn't need their high interest account. If I was working directly in the CBD they might have become an option again.
badge
I have an account with HSBC but had language problems with the staff in a branch too far away just when you need them in person and they didn't understand basic finance terminology so we moved away once we didn't need their high interest account. If I was working directly in the CBD they might have become an option again.
badge
May 5th 2005, 1:58 am
#10
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Re: Oz bank charges
A report at this web site Flick Your Bank says the following:
Credit unions were clearly the best at keeping their customers satisfied, compared with all other institutions. Customers liked their credit union for low fees and good customer service across all three financial products.
On the other hand, respondents dealing with the four biggest banks (ANZ, COMMONWEALTH, NATIONAL and WESTPAC) were less happy across all three product areas, particularly for bank accounts and credit cards. Customers of the Big Four and other banks were also significantly more likely to have made a complaint than credit union customers.
Disappointingly, even when respondents were unhappy with their financial institution, they seemed reluctant to change their transaction account and credit card.
Credit unions were clearly the best at keeping their customers satisfied, compared with all other institutions. Customers liked their credit union for low fees and good customer service across all three financial products.
On the other hand, respondents dealing with the four biggest banks (ANZ, COMMONWEALTH, NATIONAL and WESTPAC) were less happy across all three product areas, particularly for bank accounts and credit cards. Customers of the Big Four and other banks were also significantly more likely to have made a complaint than credit union customers.
Disappointingly, even when respondents were unhappy with their financial institution, they seemed reluctant to change their transaction account and credit card.
May 5th 2005, 2:13 am
#11
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Joined: Jan 2004
Location: Sydney
Posts: 118
Re: Oz bank charges
Try using St George, they offer a MultiAccess card which acts like a credit card but comes directly from funds in your bank account. No charges for EFTPOS purchases, only for ATM withdrawels (I think you're allowed 4 free ATM transactions a month). With a bit of careful planning we've been with them 4 months and haven't paid a cent in charges so far.
I don't know how widespread their branch network is but they are pretty common throughout NSW.
We also had problems with HSBC. Staff lack knowledge of how their own banking system works and outside of the Sydney CBD branches are very hard to find. Call centre staff are obviously based offshore, their English was heavily accented and at times was impossible to understand. They also refer what would appear to be very simple queries to their supervisor, who is invariably unavailable and will ring you back some days later. In a word they were HOPELESS !
I don't know how widespread their branch network is but they are pretty common throughout NSW.
We also had problems with HSBC. Staff lack knowledge of how their own banking system works and outside of the Sydney CBD branches are very hard to find. Call centre staff are obviously based offshore, their English was heavily accented and at times was impossible to understand. They also refer what would appear to be very simple queries to their supervisor, who is invariably unavailable and will ring you back some days later. In a word they were HOPELESS !
May 5th 2005, 2:17 am
#12
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Re: Oz bank charges
Originally Posted by jerzy
Try using St George, they offer a MultiAccess card which acts like a credit card but comes directly from funds in your bank account. No charges for EFTPOS purchases, only for ATM withdrawels (I think you're allowed 4 free ATM transactions a month). With a bit of careful planning we've been with them 4 months and haven't paid a cent in charges so far.
I don't know how widespread their branch network is but they are pretty common throughout NSW.
We also had problems with HSBC. Staff lack knowledge of how their own banking system works and outside of the Sydney CBD branches are very hard to find. Call centre staff are obviously based offshore, their English was heavily accented and at times was impossible to understand. They also refer what would appear to be very simple queries to their supervisor, who is invariably unavailable and will ring you back some days later. In a word they were HOPELESS !
I don't know how widespread their branch network is but they are pretty common throughout NSW.
We also had problems with HSBC. Staff lack knowledge of how their own banking system works and outside of the Sydney CBD branches are very hard to find. Call centre staff are obviously based offshore, their English was heavily accented and at times was impossible to understand. They also refer what would appear to be very simple queries to their supervisor, who is invariably unavailable and will ring you back some days later. In a word they were HOPELESS !
Badge
May 5th 2005, 2:23 am
#13
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Posts: n/a
Re: Oz bank charges
Originally Posted by jerzy
We also had problems with HSBC. Staff lack knowledge of how their own banking system works and outside of the Sydney CBD branches are very hard to find. Call centre staff are obviously based offshore, their English was heavily accented and at times was impossible to understand. They also refer what would appear to be very simple queries to their supervisor, who is invariably unavailable and will ring you back some days later. In a word they were HOPELESS !
As we don't deal with the bank other than internet, we have no problems, but we also have a St George account, and are pretty happy with them also. Not many branches in QLD, but again not really required.
For anyone that doesn't know.. HSBC = Hong Kong and Shanghai Banking Corporation.
May 5th 2005, 2:27 am
#14
Forum Regular
Joined: Jan 2004
Location: Sydney
Posts: 118
Re: Oz bank charges
Forgot to mention that there are no charges for internet transactions either, so pay your bills online, use BPAY, I work for them, it'll keep me in a job 
May 5th 2005, 2:50 am
#15
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Joined: Sep 2004
Location: From Bradford to Brisbane
Posts: 773
Re: Oz bank charges
cheers for all the advice.
Must admit we have'nt really had a lok into alternative accounts (we are with Commonwealth).
Don't think there are many branches of HSBC and the like around here.
Our main gripe is that there are charges for internet banking with our account. We pay them for doing it ourselves!
We'll have to have a shop-around.
One good thing though: We had gone overdrawn on our accounts that we had left 'dormant' from the last time we were in oz, due to bank charges accruing even though we were'nt using the accounts. Our bank manager said we could pay them off, or if we just left them they would get written off and it woul'dnt affect our credit rating, so we did the latter and got our debts written off.
Must admit we have'nt really had a lok into alternative accounts (we are with Commonwealth).
Don't think there are many branches of HSBC and the like around here.
Our main gripe is that there are charges for internet banking with our account. We pay them for doing it ourselves!
We'll have to have a shop-around.
One good thing though: We had gone overdrawn on our accounts that we had left 'dormant' from the last time we were in oz, due to bank charges accruing even though we were'nt using the accounts. Our bank manager said we could pay them off, or if we just left them they would get written off and it woul'dnt affect our credit rating, so we did the latter and got our debts written off.