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best bank to use in Australia

Travel Forums Australia / New Zealand & The Pacific best bank to use in Australia

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1. Posted by jasonh2015 (Full Member 156 posts) 9y

Hi people, this is my first post. I was wondering if anyone can help me about banking in australia, ive heard they charge you to withdraw, and some you get 5 "free" withdrawals. i know HSBC are out there cause my friend banked with them when he went. I know citibank had a traveller account, but no longer do.

I just really need info on what people have found to be the best bank!


2. Posted by aharrold45 (Travel Guru 1281 posts) 9y

All the main banks ie ANZ, Commonwealth, Westpac and National Australia Bank are all about the same. I think I heard of a cheap deal with National Australia Bank charging a fee of $4.00 a month with a lot of free withdrawals, but not 100% sure on that. Anything under $5.00 a month for an account keeping fee is a good deal. I knwo that Ezy Bank (a Woolworths bank account) has no monthly account keeping fee and has unlimted free withdrawlas if you withdraw from a woolworths supermarket, but this is a very inconvenient way of doing things because it means that if you don't withdrawl using EFTPOS at the supermarket, you will get charged a fee every withdrawal. So paying the extra money for a Commonwealth Bank account, ANZ, Westpac or National bank would be worth it.

3. Posted by hmclehto (Full Member 142 posts) 9y

I've been living here (in Oz) since Jan and did my research and definately HSBC WAS THE BEST???!!!They have exactly that 5free withdrawals / month from any cashpoint, totally free if you use their cashpoints just pretty hard to find except in cities, but 5 withdrawals is plenty I think.
If you can spare $2000 when you're opening the account you will get online savings account free internet, free eftpost, bpay etc etc. Most of the other banks do charge you for these services. So you only have to put $2000 in and if you want take it out after opening. Most of the acounts charge you also if you have less than $500 in your acoount HSBC doesn't. Sounds like I'll get commission for this, but hate all the charges and this account won't charge me for anything so.....Good luck

[ Edit: Edited on Jul 19, 2007, at 3:24 AM by hmclehto ]

4. Posted by jasonh2015 (Full Member 156 posts) 9y

thanks for all the info, i think ill try hsbc, ive planning on going in Nov :)

5. Posted by aharrold45 (Travel Guru 1281 posts) 9y

I think it will depend on how you like to buy things and withdraw things as to if a HSBC account would be a good idea. Like if you want to make a lot of small purchases a HSBC account with only 5 free withdrawals would be crap and an ANZ account (I just got an add about an account with a $2 a month account keeping fee) would probably be best because the amount of ATMS is far greater. If you planned on travelling around to more remote places you'd have a next to no chance of finding a HSBS ATM but anywhere you find a supermarket you should be able to get cash out.

6. Posted by hmclehto (Full Member 142 posts) 9y

That exactly is the beauty that eftpost is totally free so you can get cash back anywhere in the country for free, no need for ATM's

7. Posted by Peter (Admin 5846 posts) 9y

I've had accounts with Commonwealth, NAB, ANZ (well, my wife did) and Westpac. And I can categorically say that they're all as bad as each other. Fees are outrageous in Australia - it is quite standard to cop around $6 a month just for having a fairly basic account. The only good banking institution I've dealt with here is ING, who has an excellent online savings account product. But they don't have regular accounts.

So, maybe HSBC is worth a try. The lack of ATMs would be my main concern, but by the sounds of it, they've found a way around it by removing EFTPOS fees. Incidentally, hmclehto, do those then count towards the 5 monthly withdrawals?

8. Posted by jasonh2015 (Full Member 156 posts) 9y

I think this is funny this whole fee's business, ive spent the last 3 months getting my o/d fee's off abby, now they have paid up, i'm now looking for a bank with less charges. I think whats the norm in Australia might happen to the UK. Thanks for all the advise, im planning on leaving the UK on Nov 1st. so just in time for summer. Its going to be strange, having summer at christmas but oh well :) Thanks for all the advise people, ive got a lot of stuff to look at now.

So just to recap, you dont get charged for "cash back" but you do after your 5 withdrawals? i've just read on commonwealths website cash bank counts as one withdrawal, unless i read it wrong?

[ Edit: Edited on Jul 20, 2007, at 2:43 AM by jasonh2015 ]

9. Posted by james (Travel Guru 4136 posts) 9y

Jason, forget all of this "5 withdrawals" crap.

You'll make 5 withdrawals before you know it, and life's way too short to remember what you withdrew, when you withdrew it, and when your 5 new ones start again.

Get an ANZ account, pay the $5 monthly fee, and you have unlimited withdrawals.

10. Posted by jasonh2015 (Full Member 156 posts) 9y

thanks James, i'll check there site out!