Each year Bank Australia conducts a review to gauge whether its fee structure is transparent, properly accounts for the costs incurred by the bank and is commercially competitive.
As a result of this recent review the bank is making the following changes, effective 1 September 2016:
- In response to higher charges by Australia Post, the bank will increase the fees it levies to deliver a card or personal identification number to an international address.
- To encourage customers to adopt more efficient and cost effective methods of funds transfer, such as internet banking, the bank will:
- Increase the fees associated with issuing international bank drafts and bank cheques;
- Apply a fee each time a customer wishes to deposit a foreign currency cheque; and
- Decrease the cost of conducting an online telegraphic transfer.
- In order to increase fee clarity and commercial competitiveness for its multi-currency cash passport products, the bank is dropping its percentage of sale calculation approach and adopting a flat fee.
- To cover high costs for a small volume of transactions, the bank is applying a fee of $10 to transactions to convert foreign notes to Australia dollars.
Details of the new and changed fees are outlined in the table below.
If you have any questions relating to the new or changed fees please contact the bank on 132 888.
|Delivery of card or PIN to international address||$10||$15||$5|
|International bank drafts||$20||$30||$10|
|Foreign currency cheque deposit||$0||$10||$10|
|Telegraphic transfer-staff assisted||$30||$30||Nil|
|Multi-currency cash passport card-initial load||$10 or 1%||$10||flat fee|
|Multi-currency cash passport card-reload (staff assisted)||$10 or 1%||$10||flat fee|
|Foreign cash order-staff assisted||$8 or 1%||$10||flat fee|
|Foreign cash re-purchase||$0||$10||$10|