British Expats - Westpac $5 Charge?

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- - Westpac $5 Charge? (https://britishexpats.com/forum/australia-54/westpac-%245-charge-407091/)

Re: Westpac $5 Charge?

I did the same. Opened the westpac account with the Maxi I account from the UK. Had to put $2500 in normal account or would incur $5 charge. I was told that they 'shouldn't' charge an overdrawn fee because of this. You cannot transfer between accounts or do any banking until you actually activate your account with all the documentation.

In the end I did two transfers (never keen on giving companies money for nothing).

Re: Westpac $5 Charge?

i didnt get charged anything while I was not in the country, I could pay in but not withdraw until i had visited the branch. Why dont u put enough in the Westpac one to cover the $5 a month for the next while and then put the bulk of your money in the savings account

Re: Westpac $5 Charge?

I have a westpac one account, a savings account, A rocket repay mortgage account and a maxi direct savings account.
When the account was first opened but not used the monthly fee was charged and it soon built up, they just cancelled it as i had not been using the account.
Just let them know when you get here.
Di

Re: Westpac $5 Charge?

Quote:

Originally Posted by Tiff Couch

Hello!

Westpac Fees explained:

If your average account balance is over $2500 in the main ( ie transaction account) account no fee will be charged.

If you deposit all your funds into the savings accounts but the balance on your main account remains at zero you will be charged the $5 fee.
Your account will go into debit by $5 but you will not be charged an extra fee for having gone into debit.

If you wish to avoid fees I suggest you deposit $2500 into your main account and then deposit the remainder into your high interest savings account.

For more information on the Westpac One Package visit the website:

http://www.westpac.com.au/internet/p...rseas+accounts

Cheers

Nice to see one of the main banks, and one of their employees, being proactive and answering a few questions in a widely read forum. :)

Re: Westpac $5 Charge?

Quote:

Originally Posted by Tiff Couch

Thats fine, thats all I needed to know.

I dont mind the $5 fee but I just wanted to make sure that we wouldn't be charged for being overdrawn before we got to Oz to open the accounts proper.

I'll just put all of our funds in to the Maxi Direct account then until we get there.

Do you work for Westpac by any chance?

Thanks Tiffany.

Re: Westpac $5 Charge?

Thanks for your replies guys.

I think Tiffany has cleared the matter up by saying that I wont get charged a further fee for being overdrawn, it will only be the $5 monthly fee which is deducted.

This means I can just make one transfer of our money in to the Maxi Direct account and then put funds in the main One account when we get there.

I also think it works out better to keep the $2500 in the Maxi Direct account and let Westpac charge you the $5 fee on the main account as your $2500 will make more than $5 interest per month if its in the Maxi Direct account, so you're better paying the fee on the One account and taking the interest on the other.

:D