Is it true that banking fee on an account is 40AUD/Month?

[s_kates81]

I've heard that all banks in Australia charge 40AUD/month on any kind of bank account we have with them.Is it true?I think it's very strange.What If we just open an account and dont' deposit any money,or withdraw the money from ATM right away?how will they charge us?

[BFG-9000]

No, not all charge the same account keeping fees. The amount of the fee and whether you have to actually pay it depends on which account you choose and whether your company has corporate banking arangements.

Some banks have a grace period after opening the account where by if you do not deposit/transact then the account becomes inactive and you have to go through the hassles (and fees) of re-establishing/activating the account.

[cadmus]

yes, it depends on the type of account you have....if its your payroll account then there is no minimum balance and no fee....but if you go for a normal savings account then they generally give you two options...either go for a minimum balance account in which there is no fee...minimum balance is 5k AUD....and if you go for no minimumbalance then they charge you 40 AUD per month.....
Diffrent banks might have diff schemes...but these i know abt NBD and mashreq by personal experience

[s_kates81]

Thanks.But how will they charge us 40 AUD if there's no money in our account?Or will they charge it as soon as any transaction occurs?Do we get any interest of what we deposit?
minimum balance 5k means just for the time we open the account?or we always have to keep 5k in our account?we can't withdraw them?

[cadmus]

i m not sure abt the action if money is not there in your account...and yep that 5k shud always be there in your account its not one time...you have to maintain this minimum amount in your account...and if the amount goes below that....they charge you on this....this has'nt happened with me so cant say for sure...but this is wht generally banks do

[BFG-9000]

If you opened your account without a deposit and do not deposit within a certain period after opening the account becomes inactive - basically closed. If you deposit and use up the $$$ in your account and it comes time to debit the fee then the fee will still be debited and your account will be in a debit balance as oppose to credit balance - this practice does not differ with anywhere else in the world so unless you've never had a bank account this should not be new information.

[s_kates81]

in Thailand it's not practiced.There's no minimum amount with no montly fee.Tht's why I am surprised to know about the banking system in Australia

[BFG-9000]

Jing jing ror?

Actually with local Thai banks this is true but if you try other banks such as Citibank and HK bank you will find such account structures exists - just not popular nor competitive.

[s_kates81]

Jing jing ror?

Actually with local Thai banks this is true but if you try other banks such as Citibank and HK bank you will find such account structures exists - just not popular nor competitive.

ic.thanks.do u know thai language?

[Mayflower]

in ME bank, you should have a min. balance of 5000/- or if u dont choose that option and want a nil balance account, then u should pay 15AUD as service charge per month.
if you have a credit card, then u dont have to comply with the above two - u can maintain a zero balance account.

[BFG-9000]

ic.thanks.do u know thai language?

No probs, I'm Thai/Australian.

[sleepless.in.brisbane]

Each bank has its own terms...
For example, with HSBC, if you opt for the STATUS account (im thinking of going for that option), your salary must be 7,500+ per month, and you pay a fixed 70AUD/month to maintain the account
Other options are available..For example if you maintain 5,000AUD in your account, you wont pay any monthly fees..
Check these websites
www.hsbc.au
www.citibank.au

[Snype]

is it true that if i have an hsbc account in australia, I can transfer (wire) my funds to or from other HSBC branch around the world?

[BFG-9000]

If you meant 'wire' as in T/T thats available with any other bank out there. If you're asking whether your HSBC accounts would be linked globally its not applicable to all countries.