ABCDiamond

A new survey from "Fujitsu Consulting" on bank fees, shows:

Australians are paying hundreds of dollars more in bank fees each year than their British and US counterparts.

Australians pay on average $1,000 a year for banking services.
In the USA they pay $850 on average.
British pay on average $749.

So expect to pay about 33% more than you currently do, if you are average.
Or of course choose not to be average, shop around, and pay next to nothing

Story at: http://www.news.com.au/couriermail/m...015825,00.html

Swerv-o

So, basically what we all know already. I liked this line, which sums it up very concisely. Yet again, another example of the Australian government allowing big business to shaft the consumer:

"In the UK, the Government has stepped in to regulate fees to make sure they correspond to the costs to the bank, but there is no requirement for bank charges to bear any relationship to cost here,"

I also don't understand why so many Aussies suddenly get so defensive about being ripped off left and right by their banks. The concept of moving to a reduced fee bank seems alien to them - It's almost like they enjoy it.


S

ABCDiamond

I have to admit that I don't recall any Australians saying that they actually enjoying paying fees.
But I am aware that a number of them don't do much, or anything, to minimise their fees.

Most of us know that we can get banking facilities here without having to pay any fees, if we want to, but it seems that many Australians may not be aware of that, because it has always been normal to pay.

slipshot

I saw that report, but what was strange was that in the UK I never paid any fees for banking (had no car loans etc, just day to day stuff). Here I have top pay for the account, how many times I use the cash machine etc.

I know there are aways around it, but to get us started again, we went with this and thus the fees are 100% more than we paid in the UK.

Rip off Britain is not the only rip off country...

ABCDiamond

Maybe in the UK new migrants get caught and pay fees, because they aren't aware that they can do as you did ?

If the average cost in the UK is $749, then someone must be paying.

Just like some people in Australia pay, but, just like you when you were in the UK, I don't pay here in Australia

Rossi

Usually it's small businesses....... ya pay to put it in & you pay to take it out

ABCDiamond

Those figures are quoted as being for Households, not businesses.

A business will generally pay a lot more than those figures.

RobertC

I've heard that there is a 'fee culture' within Australian banks and we are just about to open accounts and move some money over there so would appreciate any tips for reducing or avoiding fees for normal day to day use.

Can anybody recommend any particular banks or account types or even ways of using banking services which reduce this as low as possible?

Any tips greatly appreciated

ABCDiamond

Credit CardBank AccountMy bank fees last year were:I never got that, back in the UK (Although I have heard that people in the UK now get paid for having credit cards, but it wasn't available when I was there)

Oh yes, I also got paid interest on my money in the HSBC account..

GaryVFR8

I work for a major bank and the amount of customers who just use other banks ATMS for balance checks and small withdrawals is amazing. Also you find some people are on old accounts paying the wrong fee structure, many a time I have explained how to save them money and even though none of there details will change they do not want to do it!!!! It's amazing the people over here and specially the young people don't care about it.
Gary

TandC23

Bank Account

Can you open this bank account and deposit money in it before you arrive in Australia?

ABCDiamond

Yes. The HSBC London office normally deal with it via your local UK branch staff.

This is the account I use: http://www.hsbc.com.au/personal/accounts/osa.html

The interest rate isn't as good as it used to be though

Mipik

There is another tip for dealing with HSBC if you have a bigger amount of money to start with.

Open Premier Account with them at home, than ask them to help you open an account in Australia (which will be a Premier Account as well = no limits on withdrawals from ATMs, no fees, better rates etc.) once you move your money here and let's say buy a house, downgrade the account back home to a standard.
You stay Premier in Oz without the need for keeping a high balance.

ABCDiamond

I just checked my balances, and saw that for every $10 in interest that I used to get a year ago, I now only get $2.50 !!