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Australian Bank Account, worth opening?

southampton
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122 posts
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Australian Bank Account, worth opening?

Hi All,

Visiting family for five weeks soon in Perth and looking into how to manage our money.

Seems what ever way you do it, there are charges being taken from you in one form or another.

So an idea, not sure how feasible it would be, is if I opened up an Australian bank account before we arrived, transferred our funds into it from the Uk, use it while we are over there, then close it down when we return to Uk.

Any thoughts?

Thanks.

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Perth
Perth
Greater Perth, Australia
23 replies to this topic
South Pacific
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for Hobart, Tasmania
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21. Re: Australian Bank Account, worth opening?

I don't think we should expect travellers to worry about exchange rates. It's only the little notice on the ATM screen - "We are about to charge you $2 for this transaction" - that matters. The percentage impost on the total transaction value is invisible. Not inconsequential: just invisible.

Oldham, United...
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for Alvor
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1,456 posts
208 reviews
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22. Re: Australian Bank Account, worth opening?

Again, comparable.

Toronto, Canada
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974 posts
93 reviews
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23. Re: Australian Bank Account, worth opening?

Good idea cliffsouthampton. Using that card will save you at least part of the 2-3% foreign transaction fee charged on most debit and credit cards (added on top of the FX conversion rate), and keep your expenditures for this trip separate.

The $2 or $3 cash withdrawal fee you may pay using your other debit card is minor compared to the hundreds you will save on the 0% transaction fee. Not to say the FX conversion rate would be great (probably inflated) but hopefully there is a slimmer margin on their spread for this card, and you end up at the end of the day in a better financial position using it.

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