$5*
Monthly
$0
Over 3,000 Westpac Group ATMs
Visa
Pros
Cons
Minimum opening amount $1 | Internet banking Facility |
Minimum balance | App |
Min. deposit for fee free $2k | Branch Access |
Min. age restrictions 18 years old | Overdraft Facility |
Max. age restrictions N/A | Free counter transactions N/A |
Linked Account | Daily ATM withdrawal limit $2,000 |
Joint application available | Interest Calculation Frequency |
Cheque services | Interest payment frequency |
ATM access | Min. balance to activate rate |
EFTPOS Facility |
Account Keeping Fees $5* Monthly | Cheque dishonour fee $5 |
Internet transaction fee $0 | Counter deposit fee $0 |
EFTPOS Fee $0 | Counter withdrawal fee $0 |
Cheque fee $0 | Foreign transaction fee 3% |
Phone transaction fee $0 | ATM withdrawal fee $0 |
Overseas eftpos fee | Network bank atm fee waiver $0 |
Overseas atm withdrawal fee $0 | Other bank atm withdrawal fee |
Transferring money from PayPal to an Australian bank account is simple. Just follow these three steps:
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Once you’ve made the transfer request, it can’t be withdrawn.
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.
Deleting your bank account from PayPal is a simple three-step process:
You can close a bank account with pending transactions. But after the account is closed, any incoming transactions will be declined by your (old) bank.
The best way to ensure this doesn’t occur is to either wait to close your account until all pending transactions are complete, or contact the creditor and supply them with alternate bank details.
If you’re unsure whether you have any scheduled transactions, you can speak to a banking representative over the phone or via online support.
In most cases, your bank withholds the amount owing for pending transactions (such as online purchases).
Because the pending amount is deducted from your bank balance, you can close your bank account and the purchase will be honoured.
Opening a bank account online is a simple process and only takes between five to 10 minutes to complete. To get started you will need a computer or smartphone with internet access.
Information to have available when you’re ready to apply is:
In some cases, you might be asked to provide employment details. If you’re not able to verify your identity online, most financial institutions let you provide this in the branch at a later date.
There are some types of bank account that you can apply for only in a branch. However, most bank accounts can be applied for conveniently online.
There are some instances when the government can take money from your bank account. This generally occurs in situations where you have an outstanding government debt.
Before it can take money from your bank account, the government authority owed money would first need to issue a garnishee notice.
A garnishee notice is issued by the government agency (such as Centrelink or the ATO) to a third party that holds money for you or owes you money.
To take money from your bank account, your bank would be issued with the garnishee notice requiring it to pay ‘your money’ to the requesting agency to satisfy the debt.
Once you’ve compared bank accounts and found the right one, the process of opening a bank account online is quite simple and can be done in around 10 minutes.
To set up a bank account online, you’ll need to prove your identity and provide an approved form of ID as well as your tax file number (TFN).
If you’re a new customer of the bank, you’ll need to verify your identity and potentially upload documents before you can complete your online application.
Once your ID has been verified and you’ve set up your bank account online, you should receive your bank cards in the mail along with your PIN and any other account details.