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Aussies fork out half a billion in ATM fees
Australians are being urged to use their ATM cards wisely after RateCity.com.au analysis of RBA figures shows that collectively we forked out an estimated $548 million in avoidable ATM fees in the past year. ATM fees can be avoided by taking out money when using EFTPOS at the supermarket or the service station or switching to an account that has no ATM fees.
Footy means big marks, big goals – and big business
Australia’s economy will soon get an injection of several hundred million dollars, with another AFL season about to get underway.
Phone payment technology: how it works and is it secure?
Smartphones are now a fundamental part of most people's lives. They take our photos, help us catch a train on time and tell us when it's going to rain. Now, they even pay for things.Phone payment options have been launched by major banks around the country and are rapidly evolving to become more and more convenient. For many people, the main barrier to ditching the wallet in favour of this technology is concerns around security, but with more stringent checks and balances than credit cards, security is fast-disappearing as a roadblock for many Australians.
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Transferring money from PayPal to an Australian bank account is simple. Just follow these three steps:
- Go to your Wallet
- Click ‘Transfer Money’
- Follow the instructions
The money will take three to seven business days to reach your bank account.
Once you’ve made the transfer request, it can’t be withdrawn.
Yes, Australian bank accounts are frozen when someone dies. If you want to close the account of somebody who has died, you might have to provide proof of death and a copy of the will. You might also have to prove your relationship to the deceased person.
If you have a joint bank account with somebody who has died, you will generally be entitled to all the money in the account. Again, you might have to provide proof of death if you want to change the bank account from a joint account to a one-person account.
If you’re under 18 and you want to open an Australian bank account, you will need your passport or birth certificate. (Some lenders might require just a Medicare card or driver’s licence.) You can apply online or at a branch. If you’re 13 or under, you will probably need a parent to accompany you to a branch.
Unfortunately, there’s no definitive answer to the question of which bank is best for business accounts. That’s because ‘best’ will differ from customer to customer, depending on their unique circumstances. These include not only your company’s financial position, but also its size, its age and the sector in which it operates. Another factor to consider is what features you want in a bank account. Your business may require different features than another business; and your business may require different features tomorrow than it does today.
The best thing to do is to thoroughly research the market before opening a business account. And when you do open an account, you should reassess your options every year or two, because the market moves quickly. A particular bank might offer the best account today, but be surpassed by one or several rivals tomorrow.
Many Australian lenders allow foreigners to open bank accounts in Australia. Often, this can be done before you arrive in the country – with no Australian address required. When you get to Australia, you can pick up your debit card, using your passport as identification.
Yes, you can find your bank account number by logging into your online banking and clicking on the relevant account.
You don’t need a bank account to send or receive money through PayPal. However, you do need a bank account if you want to withdraw money from your PayPal account.
Most Australia-based lenders will allow you to set up a bank account online. Requirements vary from lender to lender, but you will probably need to provide a passport or birth certificate, as well as a driver’s licence, Medicare card or another form of secondary ID.
Yes, most lenders that operate in Australia will let you set up a bank account online. The process is usually simple and takes five to 10 minutes. You will probably need to provide a passport or birth certificate, as well as a driver’s licence, Medicare card or another form of secondary identification. Requirements differ from lender to lender, so some institutions might ask for more or different forms of ID.
Yes. Some payday lenders are willing to transfer loans to prepaid debit cards instead of bank accounts.
Yes, you can open a bank account at 16, or even younger. If you’re 13 or under, you will probably need a parent to accompany you to a branch.
You don’t need a bank account to sell on eBay. But if you don’t have a bank account, you must provide either a credit card or debit card.
To get a credit card, you need to show proof of income, which will almost certainly require you to have a bank account.
The traditional way to deposit cash into your bank account is to go to a branch and give it to a teller. These days, many banks will allow you to make deposits through an ATM as well.
You can wire money to an Australian bank account either through your own bank or by using a money transfer company such as Western Union or MoneyGram. Either way, you’ll need the other person’s name, BSB number and account number. If you use a money transfer company, you might also need to provide the recipient’s address for large payments.
You can cash a cheque without a bank account if you visit the bank that issued the cheque. For example, if somebody sends you a cheque from Bank X (as written on the cheque) and you visit Bank X, it’s likely that Bank X will let you cash the cheque – provided the person who wrote the cheque has enough money in their account. Bank X would probably charge you a fee for the service.
Checking your bank account balance online is a simple process. Once you’ve logged in to your online banking, clock on the relevant account and the balance should be visible.