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Which bank to go with in Australia?

Travel Forums Australia / New Zealand & The Pacific Which bank to go with in Australia?

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1. Posted by Chris N (Budding Member 18 posts) 5y

Chris N has indicated that this thread is about Australia

Hey, I've been in Sydney since Sat and I'm looking to get a bank account to transfer money over. The friend that's putting me up suggest St. George who she is with just now but I've heard that it's a bit more tricky to withdraw money in Asia with them, that's not a huge problem though.

I've also heard that most banks charge you for having an account with them and for withdrawing money. Is there any that don't and is there any banks I should avoid. I'll also be travelling to other states so would like there to be branches all over Oz.

Thanks kindly.
Chris

2. Posted by andy11 (Full Member 136 posts) 5y

I seem to remember being happy with the Comm bank of Australia, i don't reremmeber any bank charges but this was a couple of years ago now.

3. Posted by iloveoz (Budding Member 7 posts) 5y

I had Commonwealth (well, technically my account is still open) and was happy with them. The main reason I went with them was at the time they supposedly had the most ATMs. Don't know if this is still true. Unfortunately, they charge about $4 to keep your account, but when I looked into it last year, it seemed that most of the banks were about the same as far as fees, etc.

4. Posted by jasonh2015 (Full Member 142 posts) 5y

I was with commonweath, and they are the best. I paid $8AUD a month and had unlimited withdrawels. But only with their cash machines. But from what i could tell, comm bank had the most ATM's. They even waved he commission on my Amex travellers cheques.

5. Posted by Sander (Moderator 4421 posts) 5y

Quoting jasonh2015

I was with commonweath, and they are the best. I paid $8AUD a month and had unlimited withdrawels. But only with their cash machines.

ANZ gives you that for $5/month. As does Westpac. And NAB even seems to allow you ATM withdrawals at non-NAB ATMs for $4/month.

(Personally I went with an ANZ account which gave you 5 free ATM withdrawals a month (plus unlimited eftpos) for free, and stuck to just withdrawing a large wad of cash once a week, totally avoiding giving the bank any of my money at all. Unfortunately they cancelled that type of account a while ago, and I don't think anything similar exists at the moment.)

6. Posted by Pinny (Budding Member 18 posts) 5y

I think Commonwealth Bank are best for Australia as they have the most ATMs and are everywhere...my account gives quite a lot of "free" transactions for $5 monthly account keeping fee. Have never had any trouble withdrawing from the account when overseas but of course you then pay an ATM fee for those overseas transactions (but way cheaper than traveller's cheques etc.)
Best of luck!

7. Posted by Chris N (Budding Member 18 posts) 5y

hey guys, thanks for the replies.

I went into both Commonwealth & St. George. Commonwealth has the most banks along but St.George and Westpak are now joined together so have the most ATM's in the country. Also St. George don't do fees if you put in more than $2k a month which I'll hopefully do when I get a job. It's also unlimited withdrawels from ATMs so they won me over.

Feel bad going against everyone here though!

Chris

8. Posted by Kimi88 (Budding Member 35 posts) 5y

If it helps.. im going to go with commonwealth... lol =)

9. Posted by Lane Cove (Budding Member 53 posts) 5y

Hey everyone.
I bank with HSBC (Hong Kong & Shanghai Bank) here in Sydney. No account keeping fees but not too many branches.
They have a branch near us at Lane Cove (It's at the Macquarie centre. Same place where BigW is: to buy camping gear) But I never go into a branch anyway. Once your account is set up you don't need them.
Best part? No ATM withdrawal fees and you can use Westpac ATMs for no charge too.
No minimum deposit, either.
Take care with the bank you choose: New bank rules from March 1st 2009 means using other bank ATMs will usually cost you at least $2.00 every use. Even to check your balance.
Cheers,
Keith

10. Posted by mojorob (Moderator 1044 posts) 5y

Quoting Lane Cove

Take care with the bank you choose: New bank rules from March 1st 2009 means using other bank ATMs will usually cost you at least $2.00 every use. Even to check your balance.

The bank you choose to be a customer of isn't so much the issue with this, it's the ATM you choose to take money from as it is the operator of that machine who decides how much to charge.

However, the good part of these regulations is that the ATM has to show how much it will charge you as a fee and ask for your confirmation to go ahead.