Bank charges

[mannum3]

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

[Ilya]

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

[DavidG]

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

[Chris Parks]

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.

[_fly_]

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.

[mannum3]

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

[cava]

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!

[Chris Parks]

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.

[Ilya]

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...

[Chris Parks]

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.

[Chief Tiff]

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 (http://www.hsbc.com.au/1/2/)

[_fly_]

you can always get a 28 degrees card
International Credit Card | No Currency Conversion Fees | 28 Degrees MasterCard (http://www.28degreescard.com.au/)

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.

[KevM]

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

Sent from my GT-I9300 using Tapatalk

[Chris Parks]

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

Sent from my GT-I9300 using Tapatalk

Link?

[KevM]

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 (http://www.28degreescard.com.au/faqs/cash-advance-fee.html).

[_fly_]

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

Sent from my GT-I9300 using Tapatalk

That's also why you load one up before you go, if you take money out and you have money in there, its not a cash advance, your just taking from your own money.
But check with them anyway.

[KevM]

That's also why you load one up before you go, if you take money out and you have money in there, its not a cash advance, your just taking from your own money.
But check with them anyway.

That all changes from 1st January. See the link I provided in my previous post or the relevant section is reproduced below.

Will I be charged a cash advance fee if my card has a positive balance?
Yes, you will still be charged a cash advance fee if you withdraw cash from your 28 Degrees MasterCard even if the card has a positive credit balance. We do not recommend that you load your card into credit as this is not the intended purpose of the card.

[_fly_]

That all changes from 1st January. See the link I provided in my previous post or the relevant section is reproduced below.

bugger, that may not have been their idea, but its what a hell of a lot of people did and used it for.

Although, 6 bucks for a 200 dollar withdrawl at a atm somewhere in europe is probably still better than the main banks versions of a travel card.

Although the original post was for purchases, and I guess its still ok for using and paying in whatever local currency you need to pay in.

[Gra]

As a bank employee, I give you the following rules

If you don't like the charges, talk to your bank and if they won't reverse them, go to another bank that will. If you only have one bank in your town, do you actually need to visit the bank? can you go electronic? How far is the next town? (honest question I really don't know)

[cava]

As an option, and it really could be out there, have you thought of using BitCoin? Apparently, it really is gaining traction and it's use is spreading.

Just for clarity, I have not used it and know little about it's mechanism, but am looking into it.