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General What bank is good for us moving from the UK to Adelaide?

Sarah H

Wanderer
Messages
35
Points
8
MSA
2017-05-29
Skill
149212
SC
489 SS SA
Point
70
EOI
2017-05-31
Inv.
2017-07-26
App.
2017-08-10
CO
2017-08-21
PCC
2017-09-15
HC
2017-09-04
Grant
2018-03-17
Hi

I am not sure what Bank account to open. We'll be on a 489 State Sponsored but planning to turn it into an 887 permanent.

There are many to choose from, but I have also heard that some offer better currency rates/transfer rates.

Any help would be appreciated.

Thanks
 
MSA
2017-05-29
Skill
149212
SC
489 SS SA
Point
70
EOI
2017-05-31
Inv.
2017-07-26
App.
2017-08-10
CO
2017-08-21
PCC
2017-09-15
HC
2017-09-04
Grant
2018-03-17

Dileep

Moderator
Staff member
Messages
1,887
Points
113
MSA
2017-04-27
Skill
233512
SC
189
Point
75
EOI
2017-12-29
Inv.
2018-01-03
App.
2018-01-16
CO
2018-06-26
PCC
2017-12-13
HC
2018-01-21
Grant
2018-09-18
IED
2018-12-10
That's a good discussion which has been missing in the forum. Hope to see some good responses.
 
MSA
2017-04-27
Skill
233512
SC
189
Point
75
EOI
2017-12-29
Inv.
2018-01-03
App.
2018-01-16
CO
2018-06-26
PCC
2017-12-13
HC
2018-01-21
Grant
2018-09-18
IED
2018-12-10

MysticRiver

Administrator
Staff member
Messages
15,203
Points
113
I don't know why, but I have seen a majority of new immigrants use CBA. However, I think their exchange rate is not a good one, also they have addition transaction fees for overseas transactions or foreign currency transactions which I personally despise. The good side is, they are the biggest, have a very active customer support, lots of ATM, and a very good mobile app. However, with the recent development when 4 big banks (CBA, ANZ, NAB, and Westpac) remove inter-banking ATM transaction fees, a number of ATM boots is not an additional benefit anymore.

In my personal experience, difference banks are better for different purposes. For example, if you are a frequent traveller, CitiBank is a must because they offer 0% transaction fee and maintain MasterCard exchange rate (which is always better than any bank's individual rate) when you use their card overseas (transaction or cash withdrawal). If you are concerned about exchange rates for bank transfer from your home country, or the interest rates, you should visit different bank's website to find the one that suits you the best. If you are not bothered by those, CBA is a stable and popular choice.

In general, almost everyone here hold accounts with multiple banks to serve in different purposes.
 

Mymon

Regular
Messages
246
Points
43
MSA
2017-11-15
Skill
261313
SC
489
Point
75
EOI
2017-11-29
Inv.
2017-12-26
App.
2018-01-28
CO
2018-05-08
PCC
2018-02-14
HC
2018-02-20
Grant
2018-08-13
IED
2018-11-16
My friend in Aus advised me to open an account in NAB since their service is better and they dont charge account maintainace fee etc
 
MSA
2017-11-15
Skill
261313
SC
489
Point
75
EOI
2017-11-29
Inv.
2017-12-26
App.
2018-01-28
CO
2018-05-08
PCC
2018-02-14
HC
2018-02-20
Grant
2018-08-13
IED
2018-11-16
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