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Thread: Bank charges

  1. #1
    Join Date
    Apr 2010
    Location
    Murray Lands SA
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    0

    Default Bank charges

    Hi All

    I have bought several items at the market place recently.

    Some I paid with PayPal without a problem, however transferring cash from Bank X to Bank Y costs $$ $5.40.

    When you buy a low cost item, pay for postage and bank charges, its no longer worthwhile.

    Any thoughts??

    Cheers Barry

  2. #2
    Join Date
    Aug 2008
    Location
    Canberra
    Posts
    5

    Default

    I suppose this must strongly depend on bank and your account type... I was never charged for the direct transfer to other banks.

  3. #3
    Join Date
    Aug 2003
    Location
    Conder, ACT
    Age
    74
    Posts
    2,803

    Default

    Never paid for an internet bank to bank but you will pay for a counter transaction.

  4. #4
    Join Date
    Jun 2005
    Location
    Helensburgh
    Posts
    432

    Default

    Any international money transaction cops a fee no matter how it is done. Plastic, DD, no matter what the method you cop it in the neck and it can run into hundreds as it did for me at times.
    CHRIS

  5. #5
    Join Date
    Apr 2011
    Location
    Dandenong, Vic
    Posts
    59

    Default

    Quote Originally Posted by DavidG View Post
    Never paid for an internet bank to bank but you will pay for a counter transaction.
    Never paid anything either unless it was for international transfers.

  6. #6
    Join Date
    Apr 2010
    Location
    Murray Lands SA
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    0

    Default Thanks

    Thanks for the replies.
    I live in a 1 bank town, To transfer money from Bank Z branch 99 to Bank X branch 22, the bank here wants identification, 2 forms to fill out, I am not "washing money".
    Internet Banking may be the answer.

    Cheers Barry

  7. #7
    Join Date
    Dec 2010
    Location
    Mornington Peninsula
    Posts
    97

    Default

    Quote Originally Posted by mannum3 View Post
    Thanks for the replies.
    I live in a 1 bank town, To transfer money from Bank Z branch 99 to Bank X branch 22, the bank here wants identification, 2 forms to fill out, I am not "washing money".
    Internet Banking may be the answer.

    Cheers Barry
    Change banks and do the internet thing!

  8. #8
    Join Date
    Jun 2005
    Location
    Helensburgh
    Posts
    432

    Default

    You always pay, whether by internet or not. Have a look at your statements as it is usually a separate charge. It is like the exchange rate, the rate is published for the day and every time you buy the bank takes a percentage of that rate as a fee, you never get the published rate, it is not possible even if you use an internet transfer service like PayPal you still pay as they take a percentage. If anyone can come up with a free system please let me know as I have paid a lot of money in transfer fees using all the above methods.
    CHRIS

  9. #9
    Join Date
    Aug 2008
    Location
    Canberra
    Posts
    5

    Default

    I thought we are talking about transfers within Australia. I can just say that using internet banking for transfers within Australia I am most certainly not paying any fees. For international purchases I prefer to use a credit card that does not have currency conversion fee - this saves 3% if we compare this to credit cards from all major banks. If credit card is not an option with international seller, then there will be a fee involved...

  10. #10
    Join Date
    Jun 2005
    Location
    Helensburgh
    Posts
    432

    Default

    My apologies if that is the case. But my comments still stand, most people think that buying offshore does not incur bank charges and they don't look closely to see if it did. I think the most painless way for everyone but there are charges is Paypal. What I like is I can pay for it after the sale which is a bit like a layby. The one click shopping is so easy as well, a bit of a trap if you like spending money like me.
    CHRIS

  11. #11
    Join Date
    Jun 2010
    Location
    Bundaberg
    Age
    51
    Posts
    99

    Default

    Quote Originally Posted by mannum3 View Post
    Thanks for the replies.
    I live in a 1 bank town, To transfer money from Bank Z branch 99 to Bank X branch 22, the bank here wants identification, 2 forms to fill out, I am not "washing money".
    Internet Banking may be the answer.

    Cheers Barry
    Hi Barry;

    I can highly recommend HSBC. I've been with them for the best part of 15 years and have never paid a cent for any form of banking fees other than international money transfers. I have two accounts; one in the UK and one over here. I love the way Aussie banks advertise that "their fees are the lowest"; I prefer to not pay any fees at all.

    It is purely an internet banking system and their security exceeds anything offered by the Aussie banks I've looked at. Just to look at your account you need a username, two passwords and be able to answer a couple of questions; to actually DO anything in your account you again need a username, one password and an electronic dongle that gives you a randomly generated number you have to type in. After you've switched it on and entered a PIN first.

    If you're interested click HERE

  12. #12
    Join Date
    Apr 2011
    Location
    Dandenong, Vic
    Posts
    59

    Default

    you can always get a 28 degrees card
    International Credit Card | No Currency Conversion Fees | 28 Degrees MasterCard

    They do make the exchange at the daily rate.

    When you travel get one for yourself and do not put money on it, to pay hotels etc, so Std CC.
    And get the misses one and do put money on it for shop purchases, restaurants.
    You load it up in Aussie dollars and they do bank rate conversion to whatever you buy.

    No international fees, no yearly fee, no currency conversion fees.

    My niece got the comm bank version, apart from your first load up the future ones have a fee and a lousy rate as well.
    And you need to specify how many pounds, how many euro's etc. with the 28 degrees, its holds one currency $A and gets converted when its spent.

  13. #13
    Join Date
    Apr 2002
    Location
    Margate Tasmania
    Posts
    41

    Default

    Make sure tou read the rule changes that apply to cash withdrawals from 1st January!

    Sent from my GT-I9300 using Tapatalk
    Kev

  14. #14
    Join Date
    Jun 2005
    Location
    Helensburgh
    Posts
    432

    Default

    Quote Originally Posted by KevM View Post
    Make sure tou read the rule changes that apply to cash withdrawals from 1st January!

    Sent from my GT-I9300 using Tapatalk
    Link?
    CHRIS

  15. #15
    Join Date
    Apr 2002
    Location
    Margate Tasmania
    Posts
    41

    Default

    Quote Originally Posted by Chris Parks View Post
    Link?
    I was replying to the previous post regarding the 28 degrees credit card. I have used one for the past 3 years when travelling internationally and by putting it in credit I was able to withdraw cash at ATM's across 9 different countries without incurring transaction fees and getting the full exchange rate on the day.

    This fantastic way of obtaining cash at no extra cost will disappear on 1st January. Read about the 28 degrees Card changes to charges here.
    Kev

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