Can't buy me love; Aussies spend $23 million on Valentine's Day

Can't buy me love; Aussies spend $23 million on Valentine's Day

Last Valentine’s Day, Aussies spent over $23 million dollars on romance, with millennials putting other generations to shame with how much they’re willing to spend on love.

Figures released by Commonwealth Bank (CBA) show that Australians spent $13.6 million on dinner, $7 million on drinks and $3.2 million on flowers last Valentine’s day. This is 60 per cent higher than the average spending figures for these items compared to “an average Tuesday” last February.

Commonwealth Bank General Manager, Everyday Banking and Payments, Michael Baumann, said “with spend on Valentine’s Day rising 15 per cent on 2016, it’s clear that love doesn’t come cheap anymore.

“Aussies looking to treat their partner with dinner, drinks and flowers should expect to splash out around $136 on the big day.”

Roses are red, violets are blue…

CBA also found that romantic Aussies were spending almost double on a bouquet of flowers ($61) than on dinner ($32). We also spent 66 per cent more at a florist for Valentine’s Day in 2017 than for 2016.

In fact, it appears we’re gravitating towards cheaper eats over fancy food, with the average Valentine’s Day dinner bill falling to $32 in 2017 from $44 in 2016.

For those staying in, alcohol sales on Valentine’s Day were also reported to have increased 8 per cent year-on-year.

Young love: millennials are “putting their parents to shame”

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CBA also found that the “most romantic” group are those aged 26-35, accounting for 38 per cent of all florist spend and 36 of all restaurant spend. This was followed by 18-25 year olds, taking up 20 per cent of restaurant spending.

It appears Valentine’s Day participation tapers off the older Aussies get. Those aged 36-45 made up 21 per cent of florist spending, 46-55 year olds made up 13 per cent, 56-65 year olds make up 7 per cent and for those over 66 account for only 3 per cent for florist spending.

Although the over 66 group aren’t as involved in the romantic celebrations, it appears when they do Valentine’s Day they “do so in style”, spending $206 on flowers, drinks and dinner.

“Younger couples aged 18 to 25 spend a more conservative $101 on average,” explained Mr Baumann.

“Overall, men spend more than women, buying up 83 per cent of all flowers purchased on Valentine’s Day, and footing 70 per cent of all restaurant bills.”

How to do Valentine’s Day on a budget:

CBA’s top tips for Valentine’s Day:

  • Beat the crowds by ordering your flowers ahead online and dining out on 13 February – far fewer Aussies dine out the day before.
  • Dining out on the cheap is in, so don’t be afraid to pick an affordable favourite.
  • With the cost of dinner, drinks, flowers, and the ride home to think about, set yourself a budget and stick to it.

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What do I need to open bank accounts online?

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:

  • Identification (such as driver’s licence, birth certificate, passport, proof-of-age card)
  • Tax file number
  • Residential address, email and a contact number

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.

How do you change your account name on NAB banking?

Changing the name on your NAB bank account is straightforward, as long as you have the right documents.

If you’ve just got married, divorced or legally changed your name, here’s what you need:

  • Married – a marriage certificate
  • Divorced –your ‘decree nisi’
  • Legal name change –your legal name change certificate

You can take either the original document, or a certified copy, into a NAB branch, where it needs to be sighted by a bank employee and a copy taken.

Your NAB bank account name will be updated immediately. New debit, ATM and credit cards with your updated name will also need to be issued. These usually take between five to 10 working days to be posted out to you. Your existing cards will keep working until you activate your new ones.

If you haven’t legally changed your name, but just want to change your account nicknames, you can log onto NAB and do it through the Settings/Mailbox menu.

How long does it take to open a bank account?

The length of time it takes to open a bank account varies, depending on whether you want to open it online or in person.

Online

Most banks and credit unions have simple online applications that usually take no more than 10 minutes to fill out. It can be especially fast if you have your identification documents like your driver’s licence and passport handy. Sometimes you will instantly be approved and the bank account opened. However, depending on the financial institution, it may take a day or so to be processed and your account number issued. Your account information and ATM or debit card will then be mailed to you, which usually takes between five to 10 days.

In person

If you decide to go into a branch or office to open a bank account, it may take about half an hour. Make sure you bring your identification documents with you. Also book an appointment if you can, otherwise you might be forced to wait in line. Sometimes your ATM or debit card will be issued on the spot, otherwise you’ll need to wait for one to arrive by mail, which usually takes between five to 10 days.

How do I close a bank account?

Closing a bank account is one of those tasks that’s easy to put in the too-hard basket. There are quite a few steps involved, some which may require you to hang on the phone for a while.  

Here’s a handy checklist of items to tick off, so the job gets done quicker. If you don’t do your banking online, the following steps can also be done at a branch.   

  • Cancel any scheduled or recurring payments
  • Update your direct debit details (such as loan repayments) with creditors
  • Export your payee address book (to keep a record of saved third-party bank account details)
  • Transfer the balance of your account (to the new bank account)
  • Close your account online, or by calling the bank or visiting a branch

Can I open a bank account in another country?

Despite having a bad rap for facilitating tax evasion, it is possible and legal to open a bank account in another country, also known as an ‘offshore account’.

Some people choose to open a bank account in another country to invest overseas, for higher interest-earning potential or to access foreign banking services.

The process for opening an offshore bank account differs depending on the financial institution and country in which you’re opening the account.

Typically, you will need to provide identification such as a passport, a local bank statement and a signed declaration proving the source of the money being used to open your account. Usually, deposits into offshore accounts can be made by international money transfer.

How can I wire money to a bank account?

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.

How do I open a bank account for a baby?

If you’ve just welcome a new baby into the world, congratulations. Opening a bank account for your child can be a wonderful first gift.

Before you can open your child an account, you’ll need to have a birth certificate or passport for your baby.

As the parent or guardian, you’ll also be listed as a joint holder on the account. This means you’ll need to have proof of your identification and address (a driver’s licence, passport, birth certificate or Medicare Card).

Many banks and credit unions offer baby banks accounts. Usually, you can apply online; otherwise you can head into a local branch or office with your documents.

Can I set up a bank account online?

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.

How can I deposit cash into my 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.

How do I open a new bank account?

There are a number of ways to open a new bank account – online, over the phone or in the branch. The trick is to decide what type of bank account you want beforehand.

It might sound like a simple enough task, but there are literally hundreds of bank accounts to choose from. And each offer their own banking features and benefits.

A comparison site like RateCity can help you work out what bank account product matches your needs.

Once you’ve made up your mind what you want, it’s advisable to have the following information ready for the application process.

  • A couple of forms of identification (such as driver’s licence, Medicare card, passport)
  • Tax file number
  • Residential address, contact phone number and email (though email is not essential)

Can the government take your money from your bank account?

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.

Can I find my bank account number online?

Yes, you can find your bank account number by logging into your online banking and clicking on the relevant account.

Can I start a bank account online?

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.

Can foreigners open bank accounts in Australia?

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.