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Bank Accounts and using Transfers.com ????

Travel Forums Australia / New Zealand & The Pacific Bank Accounts and using Transfers.com ????

1. Posted by Liz83 (Budding Member 10 posts) 5y

Hiya

I fly out to melbourne on 9th aug alone and I am just trying to sort out a bank account and to be honest I haven't got a clue.

So far I am looking at either the NAB classic banking account, HSBC day to day account or Commonwealth. NAB and HSBC are free but dont seem to have as many branches but commonwealth is $4 a month but unlimited access. Was just wondering if anyone has any advice?
Also, someone mentioned about using Tranzfers.com to transfer money into bank as apparently it offers better rates than the banks but I haven't a clue how all this works so if anyone does, the advice would be appreciated.

Lizzy xx

2. Posted by angelleaf (Budding Member 11 posts) 5y

Hi Lizzy,

The banks in Australia (and like most plces around the globe it seems) are out to make lots of money off you.

I am Australian. I find that ANZ and Commonwealth have the most ATMs available. There's also Westpac too. I wouldn't go with NAB. They are expensive in my experience.
But there are lots of unbranded ATMs in and around the place that will charge you a fee to use them.

All the banks have internet banking services that should be fine for you to use to transfer your money around, as i'm not aware of fees being charged for this.

I hope this helps a little bit.

3. Posted by bex76 (Moderator 3713 posts) 5y

Tranzfers.com is really easy to use - you just register and then you can transfer money as often as you like; it's always the same fee, regardless of the amount you are transferring. You transfer it to Transzfers' bank account and they then transfer to the bank account you have specified. The whole process only takes a few days and you are kept updated via email throughout.

4. Posted by Liz83 (Budding Member 10 posts) 5y

Hi Angelleaf and Bex :)

Thank you for help. Australian banks do seem to be out to take money..oh well guess its just pick one and forget about the charges. Good to know that tranzfers is easy & that other people have used it.

Lizzy xx

Post 5 was removed by a moderator
6. Posted by xjessie007 (Budding Member 22 posts) 5y

I think the cheapest way to transfer money when on travel is to use a credit card, you can withdraw from any ATM in the world.

7. Posted by bex76 (Moderator 3713 posts) 5y

Quoting xjessie007

I think the cheapest way to transfer money when on travel is to use a credit card, you can withdraw from any ATM in the world.

The easiest but probably not the cheapest - as discussed above, most banks and credit cards will sting you for charges when drawing out money overseas, and on a credit card you may get charged a cash advance fee too.

8. Posted by xjessie007 (Budding Member 22 posts) 5y

Quoting bex76

Quoting xjessie007

I think the cheapest way to transfer money when on travel is to use a credit card, you can withdraw from any ATM in the world.

The easiest but probably not the cheapest - as discussed above, most banks and credit cards will sting you for charges when drawing out money overseas, and on a credit card you may get charged a cash advance fee too.

I have experience with a few credit card purchases abroad. Perhaps it depends on the credit card company... I was charged only currency conversion fee, that was all. I can't remember how much it was, but I remember it was not so bad.

9. Posted by wanderer82 (Full Member 111 posts) 5y

Go with Commonwealth or ANZ if you can. They have far more ATMs than anyone else.

Also don't be scared off by the small monthly account keeping fees. Usually as part of the deal you''ll get a certain number of free withdrawals each month. If you draw cash out of a rival banks' ATM you'll have to pay around $5 each time.