Banking Smartly: Reduce your banking fees in Australia

Many of us may not know if we do not maintain minimum balance and transition in our bank account bank will charge banking fee in Australia.

Any person who is involved with finance activities needs to have a bank account in Australia. You will be surprised to know that when in Australia, many employers want your bank account details right away as any payment for products or services provided is done only through the bank and no other mode. So a person needs to have a bank account. Having said that, there comes some charges that one has to bear. These may be maintenance charges of bank, ATM usage, notification charges and so on. This all just adds up to the cost of using a bank account. But if you use the services smartly, you can actually reduce these charges significantly. Here are some tips to do so:

Choose your bank wisely

Before choosing the bank, always compare the services provided by it with other banks on points like interest rate provided, what benefits and rewards you are getting and so on. Make sure you get to know all the possible charges

Using ATM

Did you know that if you use your bank’s ATM then the charges are very less as compared to using some other bank’s ATM machine and in some cases, you are not charged at all? Hence always make it a point to use your bank’s ATM machine. If in case that is not available to a place near you, you should calculate the expenses that you think you would incur in near future and take out enough money to meet them. This would reduce the number of visits.

In addition to this be a smart shopper and withdraw money from EFTPOS while shopping.

Read Also: Setting-up Bank Account in Australia

Make use of internet banking

Rather than going down to the bank for checking your account balance, make use of the internet and check it there. Most banks provide this service for free and also it is time-saving and more convenient.

Make sure you have a balance in your account.

If you draw a debit on your account with an insufficient balance then you may be fined. Try to avoid such situations and always make sure you have a balance in your account. This will help you in avoiding overdrawn and dishonour fees. Also, this will increase your credit score and you can avail low-cost services later on with your bank. Include all these tips and you will see a difference in your account balance. Money saved is equivalent to money earned.

For international students, you can verify your status as a student while opening your bank account so bank will give you waiver on banking fee in Australia,

 

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