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IS IT THAT EASY??

Travel Forums Australia / New Zealand & The Pacific IS IT THAT EASY??

1. Posted by DONNA OZ (Budding Member 26 posts) 11y

hey guys i was wondering if i would be able to forward all my details to an australian bank and then simply get the account activated when i arrive.. is it as simple as that or not???

2. Posted by Sam I Am (Admin 5588 posts) 11y

I've never heard of anyone doing that... but it might be possible. I think you'd have to have a pretty good relationship with the bank though which is unlikely...

There's not much difference with just waiting till you arrive and opening the account then either though.

3. Posted by DONNA OZ (Budding Member 26 posts) 11y

I thought it was a bit bizarre myself, but i went into sta travel and they told me they could set me up with a bank account for £20, so i was jus wondering if anyone else has done it instead of giving those robbers £20.. they probably hav loads of contacts thats why they can do it!! no harm in trying..

4. Posted by SabrinaG (Budding Member 12 posts) 11y

Yeah ya can open an account before ya head with ANZ Bank. If you go onto there web site and follow the directions to opening an account theres a section that ya can print off and send off to them while your still here. Then then send ya back you account no. and ya can lodge funds in before ya head. The only account you can set up with them this way though is one which charges you $5 a month for all your transactions etc. Dont know if thats a good deal or not?!

5. Posted by DONNA OZ (Budding Member 26 posts) 11y

cheers folks, that was the bank i was thinking about joining neway!! thats a real good idea getting ur money lodged bfore you go it means you have any worries about ur money be stolen or lost, its all gonna be safe in a bank.. thanks a million guys..

6. Posted by Sam I Am (Admin 5588 posts) 11y

That sounds an awful lot like the citibank account so I checked their site and that's right... I don't like paying for a bank account, especially since they make so much money off you other ways already. When on top of that, the bank has very few atms in Australia, it probably means paying quite a bit per withdrawal in Australia as you'll have to pay for withdrawing from host terminals. I've also heard that transferring money from overseas onto this account gets you slapped with some pretty high charges ! There's been a few posts about the citibank account in general in the past, check the forum search function to get a bit more insight there!

7. Posted by majito (Respected Member 442 posts) 11y

You have to face facts about Australian banks compared to other banks around the world - THEY CHARGE HIGHER FEES. No matter where you go: Citibank, ANZ, Commonwealth Bank.....they will all charge minimum monthly fees, or transaction fees. You pay .60cents or $1.00 per-transaction for taking your money out of their bank. Fact is, if you have a low-balance transaction account you ain't worth much to them at all. And yes they make massively obscene fat profits, but not off travellers transaction accounts. They make it off big fat obscene borrowers.

Tips and Tricks????????
Carry all your cash around in a big bag over your shoulder and save...oh.....$20.00 a month in transaction fees. Not a good idea?
Ok: Use an Australian bank that has hundreds of its own ATM machines and branches. Like St George Bank. Avoid human contact in banks though, it will cost you up to $2.00 per-transaction. Money always has to leave somewhere and arrive somewhere so find the cheapest way to do that. Come prepared with a credit card and a few dollars then open the account when you get here. Then transfer what you need.

8. Posted by james (Travel Guru 4136 posts) 11y

In Australia there used to be people who robbed banks, but now it's the banks that rob the people.

I bank with the ANZ bank, and they have ATMs pretty much everywhere. they charge me $5 per month. I just received my interest statement for the financial year, and I received 1 CENT in interest. Can you believe it?

Needless to say, I have my mortgage, credit card and other investments with non bank lenders.

9. Posted by vicks (Full Member 88 posts) 11y

Donna,
ANZ bank is a really good bank to have an account with. The $5 charge is good compared to other banks - and it includes unlimited ANZ ATM, EFTPOS and internet withdrawals and tranfers. If you are going to NZ, you can use it there too. I don't know what it is like in other countries, but $5 a month is not much in Australia. Hope this helps.
Vic