Monday, November 14, 2011
Which bank is better for an overseas student in Australia?
Which bank is better for an overseas student in Australia?
I am wondering if someone can tell me if Commonwealth or National Bank in Australia is better than the other? I've been doing some research online and they look similar in terms of what they offer. I was told that Commonwealth has to mail my atm card to me and will not let me pick up my card from the bank directly, which I don't really like. Does anyone know anything about National? Which one would you suggest? and why? I will be in Melbourne. What are some of the smaller banks you speak of?
Melbourne - 4 Answers
Random Answers, Critics, Comments, Opinions :
1 :
They are all very similar and will offer you similar benefits - security is the key and how each bank manages this for you is important. Cards are normally sent to you as part of their security control.
2 :
I personally wouldn't bank with any of the 'big four'. All of Australia's banks are absolutely safe so that isn't anything you need to be concerned about and you'll find that the smaller banks have more personal and better service and generally offer better fees and conditions so make sure you include them in your comparison. Most of the smaller banks have more branches and ATMs in one or two states - what state will you be in? EDIT: The Bendigo Bank (which is also allied with Suncorp) would be worth looking at and so would the Bank of Queensland which has a good presence in Melbourne and its suburbs and a very large number of ATMs. At the BofQ, if your ATM card dies, you can go into any branch and get a new one over the counter and you can also get statements over the counter for no charge - try doing that at one of the big 4.
3 :
All of the big four, ANZ, Commonwealth, Westpac and NAB are very similar. Pick the one with ATMs or a branch close to where you will be living and/or studying. All universities have bank branches within them so find out which are available where you are. The big four have ATMs everywhere. You can use your card in any ATM but it will cost you at least $2 to use one that is not your bank's. The smaller banks are fine for some people but they would really be unsuitable for an overseas student here.
4 :
If you are dealing with overseas foreign electronic transfers, choose Bendigo. My experience with NAB is they have been obstructionist and intrusive, asking unnecessary questions and on one occesion actually losing a transfer. Commonwealth, especially in the inner suburbs are good, but they do post cards and that seems to be no problem. It is to establish that you live where you claim to live. Westpac are not so hot either. The smaller community banks really go the extra mile and they are pleasant to deal with. They have permanent staff, so you get to know who you are dealing with.
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