# Best Bank Account to Open



## smelf1 (Jul 18, 2010)

Hi all,

Just a quick one,

What is the best bank account to open in Oz from Ireland, we fly out on the 1st April and wanted to move cash into a new Oz bank account.

I am taking a few months off to travel so we will not be putting salary etc into the account until we settle down. What is the best account to open and one that will not charge me for not putting in a set amount each month.

Thanks
Smelf1


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## Jinxy (Dec 4, 2011)

smelf1 said:


> Hi all,
> 
> Just a quick one,
> 
> ...


Hi, sorry for hijacking your thread but I am also moving to Oz, Darwin in June and would like to open a first time account. I am unsure of which bank to go with and what account to ask for. I suppose a straight forward current account would do.
Thanks


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## Buccaneer Joe (Mar 21, 2012)

They all seem to have different fee structures and minimums on either deposits or balances to qualify for the free accounts. My wife is a full time student so we opened an account with Commonwealth Bank and so far there have been no surprise charges. Suncorp Bank seems to have the lowest exchange fees for converting foreign currency. When you get here check out the details at a couple different banks to make sure the services you use most aren't going to rack up charges. Setting the accounts up is pretty standard, you will need multiple points of ID. Passport, foreign drivers license, other credit cards or bank cards. Many of your traditional banking services can be performed online or with your phone.

Cheers,

Joe


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## KimMii (Apr 29, 2010)

I'd recommend staying well away from the "big four" as they're referred to...
Westpac
Commonwealth
ANZ
NAB

The Bank of Queensland is a good bank...and they're Australia wide. Each branch is OWNED by the Manager/s so you get personal service, and you're not charged for going into the branch (unlike the big four banks...visiting a branch and having 'service' actually incurs a fee)


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## smelf1 (Jul 18, 2010)

Hi Kimii,

Thanks for the reply, i will be transfering a chunk of cash while in Ireland and once i land in Oz i will be starting in Sydney and moving about.

I have heard about hidden charges in regards to ATM machines and banks, is this true?


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## KimMii (Apr 29, 2010)

smelf1 said:


> Hi Kimii,
> 
> Thanks for the reply, i will be transfering a chunk of cash while in Ireland and once i land in Oz i will be starting in Sydney and moving about.
> 
> I have heard about hidden charges in regards to ATM machines and banks, is this true?


Yes that is true actually...banks like Bank of Queensland and Bendigo Bank have accounts where you pay $5 a month 'flat fee' for all withdrawals etc...the only other charge you incur is generally using a "non bank" ATM...so if you have a Bendigo Bank account and use a Westpac ATM you are charged $2 per transaction. EFT (using the machines at a supermarket cashier) don't incur such charges and you can usually withdraw cash from them...I used to 'avoid' charges by always withdrawing a couple hundred dollars even when I was only spending $50 or $60 in a supermarket!


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## happ (Jul 22, 2011)

Anybody seeking advice on banks to open an account with, if has chosen a bank, could you please share your feedback... 

Thanks!
Happ!


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## atsurti (May 20, 2011)

happ said:


> Anybody seeking advice on banks to open an account with, if has chosen a bank, could you please share your feedback...
> 
> Thanks!
> Happ!


I have opened a migrant account with NAB. I have fixed an appointment with them after I reach there to get the account activated and get my cards etc.

The response by email from them has been always quite quick. I hope they don't charge me for visiting the bank as someone has posted earlier.


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## oz_sg10 (Aug 31, 2010)

atsurti said:


> I have opened a migrant account with NAB. I have fixed an appointment with them after I reach there to get the account activated and get my cards etc.
> 
> The response by email from them has been always quite quick. I hope they don't charge me for visiting the bank as someone has posted earlier.


NAB does not charge anything - not even if you dont deposit anything into your account for some months unlike Westpac (im not sure about Combank and ANZ). They dont charge you for visiting the branch either - I have visited the branch a no of times and was never charged.


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## happ (Jul 22, 2011)

Cool.. Have you already transferred the funds?? how did that work out? charged for it?

Happ!



atsurti said:


> I have opened a migrant account with NAB. I have fixed an appointment with them after I reach there to get the account activated and get my cards etc.
> 
> The response by email from them has been always quite quick. I hope they don't charge me for visiting the bank as someone has posted earlier.


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## atsurti (May 20, 2011)

happ said:


> Cool.. Have you already transferred the funds?? how did that work out? charged for it?
> 
> Happ!


I did the transfer through a local forex agent. He transferred money directly from his account in Australia (probably he has a tie-up with someone in Oz) into my NAB account. He took INR from me. Took a little more than what was showing up on xe.com.


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## happ (Jul 22, 2011)

Hmm... so you wouldnt be charged anything at NAB for transferring the amount..?? Thats is okay i guess..

Am going through there migrant bank account page and I might have some more questions for you 

Thanks for helping out!
Happ!



atsurti said:


> I did the transfer through a local forex agent. He transferred money directly from his account in Australia (probably he has a tie-up with someone in Oz) into my NAB account. He took INR from me. Took a little more than what was showing up on xe.com.


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## AussieFemmeInFrance (Oct 31, 2011)

GO with one of the big four. Nab, westpac, commonwealth, anz. I'm with westpac.
These big four have a lot of ATMs around oz, so you will have access to your money easily.


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## happ (Jul 22, 2011)

*Quick question*: Did you open a NAB classic banking account??



atsurti said:


> I did the transfer through a local forex agent. He transferred money directly from his account in Australia (probably he has a tie-up with someone in Oz) into my NAB account. He took INR from me. Took a little more than what was showing up on xe.com.


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## JBY (May 17, 2011)

I haven't opened a bank account yet, I'm a strong believer of smaller community based banks, rather than mega banks, but so far i guess NAB is the best choice for new immigrants, having been rated the safest bank in australia and one of the safest banks in the world. So they are not exposed to many bad international debts. Plus they have packages designed to immigrants, for example you can open an account while you are overseas!

Maybe once i'm there i'll be able to learn more about smaller community banks.


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## pawinder_gupta (Nov 20, 2011)

*NAB online application*

I tried opening a bank account with NAB using their online application. I do not have Australian phone number or address. And these are mandatory fields in the application. Please suggest, if there is some way to file the application with Overseas details.





atsurti said:


> I did the transfer through a local forex agent. He transferred money directly from his account in Australia (probably he has a tie-up with someone in Oz) into my NAB account. He took INR from me. Took a little more than what was showing up on xe.com.


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## atsurti (May 20, 2011)

pawinder_gupta said:


> I tried opening a bank account with NAB using their online application. I do not have Australian phone number or address. And these are mandatory fields in the application. Please suggest, if there is some way to file the application with Overseas details.


Use this link on NAB.

Moving to Australia - NAB


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## pawinder_gupta (Nov 20, 2011)

Thanks a lot. I was able to submit the application using the link.





atsurti said:


> Use this link on NAB.
> 
> Moving to Australia - NAB


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## anmolpuri (May 12, 2012)

Hello all,
I checked the fees and charges on NAB website. I was surprised to see that they charge for even ATM withdrawals.
Which bank should I open an account in where I do not have to pay these minimum balances charges and charges for every petty transaction like withdrawal from the ATM?

Thanks
Anmol


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## happ (Jul 22, 2011)

What charges did you look at?? can you post the link??



anmolpuri said:


> Hello all,
> I checked the fees and charges on NAB website. I was surprised to see that they charge for even ATM withdrawals.
> Which bank should I open an account in where I do not have to pay these minimum balances charges and charges for every petty transaction like withdrawal from the ATM?
> 
> ...


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## anmolpuri (May 12, 2012)

My bad, I guess that was for international cash withdrawal. The link for the fees and charges is : 
Personal banking fees and charges - NAB


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## twister292 (Mar 25, 2011)

I detailed my experience with the banks in this post some time ago...I hope it's helpful again.


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