Australian banking recommendations?

If one were to hypothetically flee to economic exile in Australia what would be the best Australian bank to use?

Criteria would be-
a) won’t cost an arm and a leg
b) good access to atm and internet banking
c) good interaction with AIB for ease of transfers etc.
d) not c*nts to deal with

You’ll fit in well in australia.

They called them ‘punts’ because it rhymes with bank manager. :wink:

a)Banks in Australia do not compete with each other. They operate a cosy cartel and they’re all busy finding new and exotic ways to ream their captive market as hard as they can.

You will find yourself paying a lot more fees in Australia. For example all the banks will charge you $1.50 - $2.00 for withdrawing money at a competitors ATM, or if you use one of the petrol station/7Eleven ATMs. They are ruthless with their late feees, over limit fees etc.

I had a NAB account at one stage, and they charged me for receiving Australian dollars that were converted in Ireland and sent electronically. Thieving bastards.

news.com.au/business/money/s … 52,00.html

b) There are 4 main banks (NAB, ANZ, Commonwealth & Westpac). The first two are headquartered in Melbourne, the second two are in Sydney.

Because of the situation with the ATMs you probably want to pick the bank with the most conveniently located ATMs for your situation. It will be much of a muchness between the big four. They all have internet banking.

c) For international transfers you’ll need the name & address of the branch, the account number and the BSB (like our Sort Code). They’ll all be using SWIFT of something like that for international payments, so again it doesn’t really matter which bank you’re with.

You can transfer up to about 3,000 euro at a time through 24 hour banking for a flat fee of about 20 euro. If you wanted to transfer a larger amount you’ll have to deal with your branch, so it would be a good idea to set up some sort of authorisation mechanism with the FX person in your Irish branch before you go hightailing off to Australia. Then you’ll be able to phone your branch and initiate manual transfers when you have your Australian bank account and you need dosh to buy VB and meat pies.

I would recommend converting money to $AUD at source and remitting the $AUD amount rather than transferring Euros and getting it converted at the far end. You will get a better exchange rate and pay less commission by doing it that way.

d) They’re all pretty much the same I reckon.

I recently checked my commonwealth credit card balance on a card I hadn’t used in ages that I was planning on canceling.They had put an annual fee on it that I didn’t want to pay cos I didn’t have any Aussie $s. I called them up and they just calcelled the fee and the card no bother. So nice to deal with.

Saying that I would find one without any monthly fees or fees on EFTpos transactions.

regarding c) use xetrade ot transfermate to transfermoney

Eftpos is using your ATM card as a debit card. Like the Laser card in Ireland.

If you buy something in a shop or a supermarket and use eftpos to pay, you can ask for ‘cash out’. Then they’ll add $50 or $100 or whatever to the price of what you’re buying and give it to you as change.

Most transaction accounts give free eftpos, so you can draw money out that way without getting hit for non bank ATM fees.

Australia’s also lagging a bit behind the times with their credit cards. No chip & pin yet. They still use the magnetic stripe with signature for CC authorisation.

the chip and pin cards are out but alot of places still only work with signatures. I’m with anz myself, 6.25% access anytime interest and 8% 6 month term deposit. The fees are $5 a month for all general fees but the atm fees are a joke, luckily there is an atm and branch in the building I live in so its easy enough…

The internet banking is a bit of a joke, the login code is the number on your card and then you simply pick a password. Not the most secure by a long way so I have steered away from allowing transfers between other 3rd part accounts…

I have transferred money from AIB and it was straight forward - only took about 2 days also.

I’d reccomend anz, but definitely go for the one with convenience to atms depending on where you’re living - thats probably the main requirement…

Thanks for the info lads and ladies. Will check out all of those points.

I marvel at how electronic transfers take days, not seconds. Where is the money during the time it leaves one account and arrives at the other?

[Apologies for going off-topic.]

earning interest for somebody else :slight_smile:

Are Rabo any cheaper for IBAN transfers?