# Banking



## sbach (Oct 7, 2008)

Hi,

I'm moving to Melbourne at the end of the year and am wondering which banks provide the best options for basic checking/savings accounts with debit card. I don't like fees, but live by my debit, so are there any accounts that allow me to withdraw and pay with plastic quite a bit without incurring charges? Any suggestions would be much appreciated!

Thanks!


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## Tiffani (Dec 4, 2007)

NAB allows you to have a Visa Debit (don't be fooled by other banks who try to give you an EFTPOS card and tell you it's the exact same as a Visa Debit card because it's not) as part of their general checking account. There is no limit on debit card usage or ATM usage, and if you deposit more than a certain amount each month (I think it's $3500 for the classic banking) then the $5 monthly fee is waived.


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## kaz101 (Nov 29, 2007)

Hi sbach, 

There are lots of comparison websites for Australian banks such as:

Bank Account Comparison & Information: Compare Credit Cards with Money Buddy
InfoChoice Banking - Compare Credit Cards, Home Loans, Low-Doc Loans, Personal Loans, Savings Accounts, Debentures, Mortgages
Bank Account 4u? Compare and Apply for Australian Bank Accounts
Bank Accounts - Compare & Open A Bank Account Online

Obviously check on the bank account website itself that the info is accurate just in case the website is incorrect / not been updated. 

Regards,
Karen


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## Halo (May 8, 2008)

With the CREDIT crunch and all that - Stay with one of the Big 4

PS All these poxy banks changes for CC's (100-300/year) - most waiver debit card transaction fee's if you have X amount in your account.


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## kaz101 (Nov 29, 2007)

Halo said:


> With the CREDIT crunch and all that - Stay with one of the Big 4
> 
> PS All these poxy banks changes for CC's (100-300/year) - most waiver debit card transaction fee's if you have X amount in your account.


The banks in Australia work differently from the ones in the UK and USA. In the UK and USA there is something called fractional reserve banking - it means that the bank doesn't have to have the assets to back up the loan, but only needs assets of 8% of the loan it's lending out. In Australia the banks have to have all the assets of the money being lent out which is why we don't have bank account insurance but do have a lot of stability. I looked into this last year when we were looking at how much money to put in bank accounts. 

You don't need to be with the big 4, and they aren't always friendly to newcomers, on the other hand I wouldn't go with anyone I hadn't looked into either...

Regards,
Karen


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## sbach (Oct 7, 2008)

Thanks all. I read up on NAB and it sounds like just what I would need. Further to that, though, are credit unions in Australia as good as they are in the US? As in better than banks.

sarah


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## mwinga (Oct 6, 2008)

*banks - aus*

have a look at the website of the COMMONWEALTH bank - oldest and very reputable bank.....





sbach said:


> Hi,
> 
> I'm moving to Melbourne at the end of the year and am wondering which banks provide the best options for basic checking/savings accounts with debit card. I don't like fees, but live by my debit, so are there any accounts that allow me to withdraw and pay with plastic quite a bit without incurring charges? Any suggestions would be much appreciated!
> 
> Thanks!


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## amaslam (Sep 25, 2008)

Before I moved from the US I opened an account with HSBC in Australia. They have a 100 point id check and I went to the local HSBC in the US and got that done. Then I transferred some US$ and converted it to AU$ and put it into the new AU$ account. When I got here I had my working debit/ATM card and was good to go.



sbach said:


> Hi,
> 
> I'm moving to Melbourne at the end of the year and am wondering which banks provide the best options for basic checking/savings accounts with debit card. I don't like fees, but live by my debit, so are there any accounts that allow me to withdraw and pay with plastic quite a bit without incurring charges? Any suggestions would be much appreciated!
> 
> Thanks!


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## ozthedream (Dec 31, 2010)

amaslam said:


> Before I moved from the US I opened an account with HSBC in Australia. They have a 100 point id check and I went to the local HSBC in the US and got that done. Then I transferred some US$ and converted it to AU$ and put it into the new AU$ account. When I got here I had my working debit/ATM card and was good to go.


dear Amaslam 

can we do the same from India - open a bank account in oz banks & transfer INR after converting to AU$. Seems NAB is well recommended for newbees. 

any other advise on this funds transfer. 

cheers


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## twister292 (Mar 25, 2011)

I have experience of banking with 3 of the 4 major banks here...

As such, the level of service is not hugely different between CBA (Commonwealth), ANZ and NAB...

ANZ has their account called "Access Advantage"...fee is $5 a month (waived if your gross holdings with ANZ are more than AU$50,000), and includes unlimited online transactions, unlimited ATM and debit card transactions as well.

Commonwealth has 2 account options for everyday banking; they have an account called "Complete Access" which has a service fee of $6 a month, which includes unlimited transactions through the attached debit master card, or through the ATMs or branch tellers. The lighter version of this account is a "Smart Access" which will charge you fees if you make branch teller-assisted transactions, but has its account fee reduced to $4 per month. In both cases you can have the fee waived if you deposit more than AU$2000 per calendar month into the account, or have more than AU$50,000 held with CBA.

NAB does it's "Classic Banking" account which has no account service fee, and comes with an attached Visa Debit card. There is a withdrawal limit of a maximum of AU$1,000 per day through ATMs, but there is no quantitative limit on the number of transactions allowed in a day. There are no fees for branch-assisted transactions either. NAB also has a more "upmarket" account called "Gold banking", which costs $10 a month, waived if you deposit more than $5000 into the account every month.

Commonwealth also has a subsidiary named BankWest, primarily operating in WA.

As a rule of thumb, Banks in Australia are not allowed to charge you for using others' ATMs. However, the ATM operator can charge you. (E.g. using an ANZ card in a CBA ATM will mean that ANZ cannot charge you an ATM fee, but CBA can since they are the operators of the machine).

All banks have online-access only savings accounts with varying names (ANZ calls it "Online Saver", CBA calls it "NetBank Saver", NAB calls it "iSaver"), which can be accessed online only, and pay you interest on the balance held in the account, usually at a rate equal to the RBA overnight rate (currently 4.75%).

NAB also has an online-only branchless bank called UBank, which primary deals with savings accounts yielding high interest.

I dont recomment HSBC or Citibank for Australia because if you need branch services, you could end up in a fix...their electronic services (online, ATM) are good but branch presence is very sparse. HSBC and CitiBank use WestPac's network of ATMs (which includes Westpac, St George, BankSA) which is quite wide, but their branches are far and few.


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## Consultant_786 (Jun 6, 2011)

Hello Twister292,

I am relocating to Melbourne from London U.K , I was told that Westpac is a good bank to go with? But in the various blogs here I have not really heard much of Westpac? 
Also my credit here in the U.K is not good I mean (Very bad!!) when I open an account in Melbourne say with Westpac or NAB will that cause a problem?? I have heard that in Australia my credit score will start from zero anyway but will they link my U.K credit history also? 

regards


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## Zultan (Aug 4, 2009)

I really don't understand why people so much attention to the current account they're going to get in Australia? I mean how often do they switch banks in their home county for a better deal or service - rarely I imagine. For me NAB seems a no brainer, you can open it offshore and there are no monthly fees. If you don't like it change it later on.

Consultant_786 - Your credit score will not follow you to Australia and you start with a clean sheet. The UK data protection laws make it illegal for the international banks to share any information they have about you across country borders.


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## lazybones1978 (Jul 14, 2011)

mriphone,

hello!! is it about off shore banking you're asking on how to register? NAB offers migration banking that you open an account before entering Australia with conditions of course. First you must ensure you're in Australia within 12 months of opening your account, you must have a proof of identification (of course) and it's online.

There are 5 steps to open an account for more details their website is National Australia Bank - NAB


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## twister292 (Mar 25, 2011)

Consultant_786 said:


> Hello Twister292,
> 
> I am relocating to Melbourne from London U.K , I was told that Westpac is a good bank to go with? But in the various blogs here I have not really heard much of Westpac?
> Also my credit here in the U.K is not good I mean (Very bad!!) when I open an account in Melbourne say with Westpac or NAB will that cause a problem?? I have heard that in Australia my credit score will start from zero anyway but will they link my U.K credit history also?
> ...


There is no "credit score" in Australia. Your credit file stores a history of credit applications, defaults and clearances on arrears.

Westpac is not a bad bank at all. As I mentioned before, for everyday banking they're all more or less similar in levels of service. 

Your UK credit file would not be carried over, but if you try applying for too many lines of credit too quickly, it will be seen as a negative sign on your credit file.


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## Consultant_786 (Jun 6, 2011)

Thanks Twister,

I see you are originally from Pakistan. Me to  abit of a mixed bag. . . originally from Pakistan, been living for many many years in U.K, now ! have had enough , looking at moving to Australia Melbourne in the field of Management Consultancy (Project Manager role for various Financial institutions). 

I have sooooo many questions which I have started on a seperate tread : New Australian Bank Account. 
Where I have also asked about car insurance, buying a car , Australian drivers licence. 

I currently have 6 points on my drivers license for driving not insuranced. My yearly insurance lapsed and I accepted my new policy which in the fine print did not allow me to drive 3rd party cars. Didnt help that my friends car I was driving did not have insurance. So I got 6 points and a motoring offence on my 10 year clean license!!! Is there a link between U.K license and Australian license? Will I have to declare it for the Australian Car insurance also?

regards


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## twister292 (Mar 25, 2011)

Consultant_786 said:


> Thanks Twister,
> 
> I see you are originally from Pakistan. Me to  abit of a mixed bag. . . originally from Pakistan, been living for many many years in U.K, now ! have had enough , looking at moving to Australia Melbourne in the field of Management Consultancy (Project Manager role for various Financial institutions).
> 
> ...


If you have a currently valid UK License, VicRoads will convert it to an Australian License upfront without requiring you to take the tests. Demerit points from overseas don't normally carry over.

Australian insurers maintain a domestic rating, but I am not 100% certain whether declaration of overseas faults would be required.


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## Smint (Aug 16, 2011)

Hi,
I'm going to Australia for a year to make working holidays so I won't have a fixed address/residence or an Australian ID. I want a debit card and a bank account for my salaries though. At St George's (I suppose that is a reknown Australian bank) for instance it says "Visa Debit Cards are available on application to Australian residents over 18 years of age. Approved customers only" (concerning the debit card).
Can I still get a debit card, preferably visa? If so, who offers that at good conditions? Maybe in connection with a bank account or with interests paid on the balance of the bank account or the debit card account. Here in Germany you get much better interests on the visa account balance (2-4%) than on bank accounts (less than 1).


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