Australian Banks - where do you put your money?

TasBurrfoot

What bank are you currently using and why?

ANZ, Commonwealth, Westpac and NAB - these are the so-called Big 4 amongst the banks in Australia but where do you place your money?

Thanks everyone...

JClem

Currently, husband and I both have an account with NAB kasi nun nasa Manila kami sya pinakamadali i-open online from Manila. Ok din kasi sya walang monthly fee but interest earning is low. I've heard ok daw ang Westpac, though meron syang monthly fee pero mataas daw interest earning. I might open an account with Westpac cause we don't want to keep our funds in just one bank in case it closes due to bankcruptcy.

TotoyOZresident

St. george

LittleBoyBlue

ano may pinakamaraming ATM na available?

TotoyOZresident

ano may pinakamaraming ATM na available?

Pansin ko Commonwealth ang mas marami na ATM machine second Westpac then ANZ. Every Shop naman lahat ng banks may ATM machine. Di naman problema kung saan ang may ATM importante may sasakyan ka para madali mo maapunta ang ATM machine.

LokiJr

Ano mga binubuksan niyong account diyan sa Australia? Ordinary cash account? May nakasubok na sa inyo nung term deposits nila? Parang antataas kasi ng interest hehe

TasBurrfoot

We opened and deposited most of our money in Commonwealth Bank's Goal Saver Account - it is currently paying at 4.9% provided that your account will increase (excluding interest) by A$200 at the end of each month.

http://www.commbank.com.au/personal/accounts/savings-accounts/goalsaver/rates-fees.aspx

LokiJr

Yung 4.9% is that fixed or subject siya sa rba changes?

hotshot

sorry double post...

hotshot

We opened and deposited most of our money in Commonwealth Bank's Goal Saver Account - it is currently paying at 4.9% provided that your account will increase (excluding interest) by A$200 at the end of each month.

http://www.commbank.com.au/personal/accounts/savings-accounts/goalsaver/rates-fees.aspx

tanong ko lang po...so na-try nyo na mag fund transfer from DBS/POSB to Commonwealth account? magkano po yung charges?

TasBurrfoot

@hotshot - 5 AUD boss...

Cleon

@psychoboy, Bai kahit anong amount $5 charge?
Kaya lang ang exchange ratefrom SGD to AUD di ba lugi kapag big bills na compared sa black market?

hotshot

@hotshot - 5 AUD boss...

5 AUD is yung bank fee?

then dagdag pa yung 20SGD Cable/Telex Charge and the 5 or 10SGD na Handling Commission?

TasBurrfoot

We opened

@psychoboy, Bai kahit anong amount $5 charge?
Kaya lang ang exchange ratefrom SGD to AUD di ba lugi kapag big bills na compared sa black market?

@cleon - ang sabi is 5 to 11 AUD daw... ok na rin ito at least nasa banko na ang baon namin and it is earning interest na rin.

am not sure how competitive are the rates versus getting physical bills. feeling ko di masyado malayo eh.

TasBurrfoot

@hotshot - 5 AUD boss...

5 AUD is yung bank fee?

then dagdag pa yung 20SGD Cable/Telex Charge and the 5 or 10SGD na Handling Commission?

yes boss...

5AUD - bank charge for receiving (sent 10k, 5aud pa rin charge)
5/10 sgd for handling and 20 sgd for cable charge

hotshot

@hotshot - 5 AUD boss...

5 AUD is yung bank fee?

then dagdag pa yung 20SGD Cable/Telex Charge and the 5 or 10SGD na Handling Commission?

yes boss...

5AUD - bank charge for receiving (sent 10k, 5aud pa rin charge)
5/10 sgd for handling and 20 sgd for cable charge

thanks!

pahabol na questions. sorry ha. hehehe

yung Goal Saver Account ng Commonwealth...walang monthly fee...am i right? pero kelangan mo sya i-link sa isang Transaction Account....tapos yun ang may monthly fee na either 4 or 6AUD per month?

TasBurrfoot

@hotshot - 5 AUD boss...

5 AUD is yung bank fee?

then dagdag pa yung 20SGD Cable/Telex Charge and the 5 or 10SGD na Handling Commission?

yes boss...

5AUD - bank charge for receiving (sent 10k, 5aud pa rin charge)
5/10 sgd for handling and 20 sgd for cable charge

thanks!

pahabol na questions. sorry ha. hehehe

yung Goal Saver Account ng Commonwealth...walang monthly fee...am i right? pero kelangan mo sya i-link sa isang Transaction Account....tapos yun ang may monthly fee na either 4 or 6AUD per month?

Isang account lang ito @hotshot - this is my sole banking account sa Commonwealth...

May fee ata ito if you make more than 1 withdrawal per month. But for now since matutulog pera ko dito for 4 months before we migrate, I don't look at this muna. In due time cguro, I will open another account naman and it will be for daily usage for me and my wife.

LokiJr

Meron ba silang account diyan na waived yung monthly fees pag bihira mo lang galawin yung account? $4-6 a month is a big thing in the long run e hehe

tuts1914

Kami din sa Commonwealth Bank nag-open, and same as pyschoboy Goal Saver Account din. Pero maganda din that you have their Everyday account kase that includes a Debit/ATM card. Yung Goal saver kase walang card so tama lang yun pang save tlga. According to them for the "Everyday" account may $4 charge monthly but you can avoid that if may papasok na at least $2000 monthly, which is kaya nman esp kpag nagwowork ka na. Ang goal saver alam ko wala naman monthly fee.

LokiJr

$2,000 monthly?? malaki a...might as well put that amount in superannuation mas malaki pa itutubo niyang pera hehe

hotshot

$2,000 monthly?? malaki a...might as well put that amount in superannuation mas malaki pa itutubo niyang pera hehe

magkano po ba ang interest sa super account?

hotshot

@LokiJr - NAB at Citibank everyday accounts walang monthly fee kahit walang pumapasok na minimum account every month

@hotshot depende kung gano kagaling ang super provider mo and risk level na pinili mo. same lang as kung pano ka nagiinvest ng bonds and stocks

aaahhh...di ko pa kasi naaaral yang super. hehe

dito kasi sa sg...yung mga perang pumapasok sa CPF account...pwedeng dun lang pera mo at kumikita ng interest (kahit di mo na iinvest). so parang bank account lang pero controlled ng gobyerno at mataas ang interest compared to the banks.

LokiJr

@hotshot kung hindi mo naman kailangan yung pera mas ok itago sa super na lang...15% lang ang taxation ng lahat ng pinapasok mo dun tapos ikaw bahala sa allocation niya (cash, bonds, shares, properties)

hotshot

@hotshot kung hindi mo naman kailangan yung pera mas ok itago sa super na lang...15% lang ang taxation ng lahat ng pinapasok mo dun tapos ikaw bahala sa allocation niya (cash, bonds, shares, properties)

aaahhh...taxable pala ang pera sa super. yan ang mga bagay na di ko alam. now i know! dito kasi sa SG...yung mga pera namin sa CPF ay tax free. so lumalabas na savings pa sya kasi yung employee contribution ay di kasama sa computation ng tax. hehe

makapagsimula na ngang magbasa about super. thanks!

LokiJr

Kung after-tax money pinasok mo sa super mo (after tax as in yung net income mo sa suweldo) then hindi na taxed yung pinasok mo...

Magiging taxable (15%) yung contributions mo kung...
1) nagpasok ka ng after tax money sa super pero nagfile ka ng tax deduction sa ITR
2) nag salary sacrifice ka etc..

Metaform

Hi guys. Advisable din bang mag-open ng bank account yung dependent kahit hindi sya magtatrabaho?

LokiJr

@Metaform Pag may excess cash kayo, I don't see anything wrong with it. Ang isa pang massuggest ko, pa-open mo siya ng superannuation account kahit hindi nagttrabaho. Ang gawin mo dun, magcontribute ka sa account niya and you will get as much as 30% back as tax offset

bmc_cpu

Hi Guys. Saan po mas mataas rate magpalit to AUD from USD or PhP? Pilipinas or OZ?
Parang nakikita ko po kasi ang mahal sa OZ ng palitan ng PhP to AUD. Pwede din kaya dito sa Pilipinas magpapalit ng USD to AUD? Thanks po.

LokiJr

May nakasubok na ba sa inyo ng U Bank or RAMS? Pansin ko mas competitive rates nila

TasBurrfoot

Hi Guys. Saan po mas mataas rate magpalit to AUD from USD or PhP? Pilipinas or OZ?
Parang nakikita ko po kasi ang mahal sa OZ ng palitan ng PhP to AUD. Pwede din kaya dito sa Pilipinas magpapalit ng USD to AUD? Thanks po.

Here in the Philippines, I have never seen anyone doing a an exchange between 2 quote currencies (in this matter, AUD and USD)

It will always be converted first to the base currency in Pinas which is the PHP then converted again into the currency your want; for this instance:

(1) USD converted into PHP (may loss ka na dito due to commission/spread from money changer)
(2) PHP converted AGAIN into AUD (another round of loss ulit ka dito)

So, in essence - yeah technically pwede ka magpalit from USD to AUD but I would reckon it would still be cheaper to exchange your USD sa Australia na mismo so the conversion will be direct.

Hope this helps you! Cheers...

bmc_cpu

@psychoboy Thanks po. Actually yan din plano ko. Pero for my PhP fund, dito ko na siguro sa Pilipinas papa exchange to AUD, chineck ko kasi sa NAB parang ang taas ng selling rate nila from Php to AUD.

By the way, para sa lahat din ng taga OZ tong question na to:
1. Anong bank ang mas maganda for first-time migrants to open an account with, wherein yung purpose mo lang talaga is to have an account at walang extrang charges, maging dormant man yung account mo whatsoever?