Grayling

Like many on here I moved quite a large sum of money last week (in fact I moved two seperate lots).

I know the money had arrived safely because I had checked my internet account online.

This morning I recieved a nice letter from Westpac informing me that my money had arrived and that they had DEDUCTED THEIR COMMISSION....WTF:curse:

I have just been charged for putting money in the bank:curse:

I have got used to being charged for every other little transaction but this is a new one on me.

I fully expect to have to pay an admission fee to go into the bank soon

G

northernbird

When I transferred my last Canadian Dollars from my Scotiabank account to my Natwest account I was charged by Natwest to receive the money. More than I was charged to send it from Canada in the first place. It isn't unique to Australia.

Notts_bloke

I am with Westpac. Another tip to save bank fees, when you are at an ATM/ Cash point use balance summary (which is free) feature rather than mini statement for which there is a charge.

The only real difference is that a mini statment shows you your last 5 transactions, which you normally can't tell what they relate to.

bridie

i would query it

i move cash every month into my ANZ account (via tranzfers) and i've never been charged by ANZ for it......

Safin

I thought part of the thing that ozforex and hifx etc offered was a guareentee of no receiving fees by the er ..receiving bank...

Grayling

I never said it was

It has never happened to me before though.

bridie

assuming the OP is referring to forex of course, could just be moving au$ from another account or something...

asprilla

That's because it works differently with Tranzfers....they are doing the international transfer bit, not you.

I just called CBA to find out if they charge fees or commissions on incoming funds. They have a $10 fee.

Grayling

It was a transfer of funds from the UK.

I had already paid fees at the other end.

G

asprilla

that's why companies like tranzfers are good. They remove these fees from the equation. Though I guess you do pay indirectly through the tranzfers commission, you just don't see it on your bank statements....

Normal international transfer :

Leaves your UK account - fees deducted
enters your Aus account - fees deducted


Tranzfers:
Leaves your UK account - no fees
Enters Tranzfers UK account - no fees
Leaves Tranzfers UK and enters Tranzfers Aus - Tranzfers pay the fees
Leaves Tranzfers Aus and enters your Aus account - no fees.

lovelyshine

Was it a telegraphic transfer? most banks charge to send and receive.

Grayling

Probably.

the amount of the fee is pretty trivial.....it is the principle.

G

bridie

yes, it is the principle..... but i agree with MA - use tranzfers next time, at least you know the fee is £7!!

theelliotts

I gather you mean you paid Au$ into your Westpac account. We're with Westpac and don't pay any charges/the monthly package fee. The couple of times they did charge us, I spoke to them and said that if they want to retain our custom..... which they did and no fees since. We have transferred from OzForex before with no Westpac charges and like you have just had another couple of large Au$ transfers go into our Westpac account. Expect to receive no charges and if they do, will certainly go in and speak to them!!

If they can get away with all these charges and people do not speak up - they will!!

Grayling

Indeed

I certainly intend to discuss it with them.

We have a lot of money in a Westpac savings account ....I won't even go into the rigmarole we had to go through to pick up our (already prearranged) credit cards from the local branch:curse:

I also have accounts with NAB and Commonwealth and my NAB account is free of charges.

I wonder how many others have had these fees deducted?

G