How the NPP will revolutionise personal banking
Ever wanted to pay your bill with emojis? The New Payments Platform is slowly rolling out across Australia, and it’s going to revolutionise the way we bank.
The Xinja bank account is an everyday transaction account with zero ATM fees, zero account fees and no currency conversion fees.
Xinja Bank Account
Over 3,400 RediATMs
Minimum opening amount
Internet banking Facility
Min. deposit for fee free
Min. age restrictions
Max. age restrictions
Free counter transactions
Daily ATM withdrawal limit
Joint application available
Interest Calculation Frequency
Interest payment frequency
Min. balance to activate rate
Account Keeping Fees
Cheque dishonour fee
Internet transaction fee
Counter deposit fee
Counter withdrawal fee
Foreign transaction fee
Phone transaction fee
ATM withdrawal fee
Overseas eftpos fee
Network bank atm fee waiver
Overseas atm withdrawal fee
Other bank atm withdrawal fee
Over 13,000 ATMs customers can use in Australia with no ATM fees
Cashback$100 Bonus for new HSBC customers and 2% cashback (upto AUD 50/month) on tap and pay (payWave, Apple Pay and Google Pay) for purchases under $100.
There are few better ways for a child to learn about money management than through savings. And there’s a plethora of bank accounts designed specifically for young people and children.
A bank account for a child can be opened online, over the phone or in a branch in a few easy steps. The minimum age a child can open a bank account for themselves usually ranges between 12 and 14.
If the child is too young to open the account, you can do it for them as their legal parent or guardian.
To do this, you would need to be over 18, have an Australian residential address and currently reside in Australia (or have proof of residency).
You would also need to provide:
Depending on the bank account, you might be able to choose what level of access the child has to their bank account (online and via the phone).
The good news for savvy young folks like you wanting to take charge of your finances is that there are many bank accounts available for under-18s.
For bank accounts that require you to be 18 or older, you’ll have to rope in a parent or guardian to open the account for you.
Otherwise, you can apply by yourself online or at the branch of the bank, credit union or building society that has the account you would like to open.
If applying online, you might be asked for a form of identification. For under-18s, this could be a Medicare card you’re listed on, your birth certificate and/or your current home address.
In most cases, you can verify your identity online (at the time of applying) or at the branch afterwards.
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.
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.
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.
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.
Yes, Centrelink can access your bank account, but only if you give them a reason to. Centrelink uses data-matching software with other federal government agencies to help it crack down on welfare cheats.
This is why it’s important to give true and matching information to all government agencies.
For example, if you report to Centrelink your annual income is $25,000, but at tax time you report your income as $50,000 with the ATO, it’s likely you’ll be ‘red flagged’.
At this point, Centrelink can legally request that your bank hand over your personal bank account details, to review your finances.
In most cases, Centrelink does not have the authority to take money out of your account. You will usually be given written notice to repay the debt.
However, Centrelink can also reduce your benefits until you’ve paid back what you owe. In extreme cases, Centrelink can garnish your wages and assets (including money in your bank account) until your debt is repaid.
One of the easiest banking tasks in the world is depositing money. You can even deposit money into someone else’s bank account if you wish.
The basic information you need to deposit money into a third-party bank account is:
Including the name of the financial institution isn’t necessary – particularly with online banking – because the BSB will identify this for you.
A handy tip is to record yourself (or add a personal message) in the transaction description or reference. This will show up on the recipients account, letting them know who’s paid them the money.