How to avoid bank fees

Choose a bank account that suits your banking needs

It’s important to check the different bank accounts on offer to see which is more suitable for you. Some accounts charge flat monthly fees for all electronic and manual transactions, while others are ‘pay as
you go’ for each transaction. Make sure you know the fees associated with using services provided by
your bank, such as those related to accounts, transactions or overseas purchases.

Ask about your eligibility for a fee free account

You may be entitled to apply if you’re aged under 18, or you’re a full-time tertiary student, or if you hold
a Super Gold Card.

Reduce the number of bank accounts you have

If you’ve got multiple accounts you may be charged monthly fees on each account. Consolidate or link
your accounts to stop extra fees. This will also help you keep better track of your money.

Use your own bank’s automatic teller machines

Withdraw cash from your bank’s ATM to avoid fees from different bank or operator ATMs. Call your
bank or check your banking app to find the nearest ATM to you.

Pay and withdraw cash using EFTPOS

To avoid paying excess withdrawal fees, use EFTPOS where possible to withdraw cash while you are
making a purchase. This is most popular at supermarkets.

Use internet banking or mobile banking apps

Most banks offer fee-free access for transactions conducted online or on smartphone and tablet mobile
banking apps, including viewing and printing account statements, transferring money and paying bills.

Register for telephone banking

If mobile banking is not for you, you can conduct most of your banking over the phone without paying
any fees depending on the type of account you have. Some transactions may incur a fee.

Keep track of your account balances

Regularly check your account to make sure you have sufficient funds to cover withdrawals and direct
debits to avoid overdrawing your account and paying fees. Set up SMS or email alerts when your
account reaches a certain balance to help you manage your money.

Check your statements regularly

Review every account statement you receive and keep an eye on the fees you’re paying. Be aware of
how much your bank account costs and think about how you might minimise those costs.

Check global alliances

Before going overseas, check with your bank what network or global alliance it has with overseas
providers to avoid additional fees at branches and ATMs.

Tips to minimise ATM fees

  • Use your own bank’s ATMs.
  • Contact your bank or search online to find the ATM nearest to your home, workplace or places you
    frequently visit.
  • Where possible, make your payments online, or via mobile banking apps or telephone banking, to
    help limit your cash withdrawals. At the same time, you can check your account balance.
  • Ensure you don’t authorise a transaction that is too costly. In a foreign ATM transaction, remember
    the screen will disclose the ATM operator fee, and it is your choice to pay it or cancel the
    transaction.
  • Consider using EFTPOS to get cash out when making a purchase, such as at a supermarket.
  • Avoid using your credit card to withdraw cash, as you are likely to incur cash advance fees and
    interest charges.
  • If you frequently use an ATM which does not belong to your bank, consider making larger
    withdrawals so that you incur fewer ATM fees.