Looking to Transfer From CBA (to Macquarie or Citibank)

LDubsys on 19/12/2018 - 14:15
Last edited 19/12/2018 - 14:30 by 1 other user

Hey guys, I'm currently with commbank for my regular account (0% interest, 3% international transaction fee, $4 a month fee) and savings account (fee free, only 0.4% interest) and I've realised I'm getting a complete bum deal.

I've done some research in to banks that offer international transaction fee free debit cards (citibank and macquarie) and banks that have decent savings accounts with reasonable interest rates.

With commonwealth i can call pretty much any time and get somebody who can instantly deal with any issue i have and it's dealt with pretty damn quick. and I guess I have the worry of if i go for a fee free bank with a better interest rate I might have a harder time getting any issues dealt with quickly / efficiently.

I guess the tl;dr of this whole post would be:

Does anybody with macquarie or citibank have any issues with them as a regular use bank? neither have a branch anywhere near me so I'd be dealing with them via phone if anything required contact.

edit: i guess ING Orange Everyday also looks like a valid option

Financial Bank Account

Related Stores

Commonwealth Bank
Commonwealth Bank
Citibank Australia
Citibank Australia
ING
ING
Macquarie Bank
Macquarie Bank

Comments

  • Baysew on 19/12/2018 - 14:21
    +1

    If you aren't ready to change, close CBA and open a NAB account, same as CBA but without monthly fee. Also open a Citibank (or Macquarie or both) for no international fee transactions. Once you have tested the waters, you can decide from there.

    • [Deactivated] on 19/12/2018 - 17:45

      DO NOT OPEN A NAB ACCOUNT! Worst customer service I’ve ever had and god help you if you ever have a problem with them, they will blame you before even looking into it!

      • Baysew on 20/12/2018 - 10:52
        +1

        Nice try, CBA retention team.

  • darkblueslider on 19/12/2018 - 14:24
    +4

    I've banked with CBA, Citibank and ING. I can't recommend the ING Orange Everyday enough, provided you can deposit $1k a month, and make 5 purchases on your debit card.

  • pantsparty on 19/12/2018 - 14:26

    I use Macquarie - they are good. The only issue I have had is a lack of branches when I needed to bank a physical cheque - I am sure they have ways to do this but they certainly don't have many branches (if any). Other than that they are good - free withdrawals from all ATMs (even the ones in convenience stores and RSL's which charge you a fee)

  • dcep on 19/12/2018 - 14:42

    citibank got global currency account + able to link account from other countries

  • Edeena on 19/12/2018 - 14:49

    Close CBA and open a NAB, then open Macquarie/ING/Citibank, deposit money to NAB then transfer to your other accounts. That's what I'm doing, used to have the exact same account as you with CBA too! NAB -> ING transfer always instant so really useful. Not sure when Macquarie/Citibank will implement the NPP, but should be soon next year. NAB -> Macquarie is actually quite quick without NPP, if I transfer in the morning, the money will be there the same day.

  • p-plater on 19/12/2018 - 15:33

    Have macquarie, never had issues, user friendly app too
    From my experience with calling, i got through super quick (not sure if due to platinum debit acc) and the staff were friendly and efficient.
    True that theres no physical bank but i think the no intl transcation & atm (domestic) fees are great features of the acc
    I predominantly just use it for withdrawals, online shopping & travel.
    Bankwest for savings (as i pref a physical bank opposed to ING, mebank etc)

  • FirstWizard on 19/12/2018 - 16:57

    Hmm. I dunno why people "switch" banks. I have accounts in a few different banks and have automatic transfers setup within them to avoid fees.

    Each bank has pros and cons and between the 5 different banks, I'm managing to avail myself with best of all the features.

    • Daabido on 19/12/2018 - 17:22

      Would you like to elaborate on the pros and cons? I can only think of no fees and international no transaction fees as benefits.

      • FirstWizard on 20/12/2018 - 09:59

        Commbank -> Cardless deposit for cash, coin, and cheques. Quite a number of ATMs that supports this. Level of NPP integration is atrocious. via app only. But they claim they're in front of technology. BS!
        Easy to settle CommSec purchases, as it's instant between Commbank transaction and CommSec Cash account.
        $2000/mo deposit to avoid fees.

        ING Everyday -> no foreign transaction fee. Fee-free ATM/ATM fee rebates worldwide (I travel often, this is good when travelling) Full NPP integration. High-interest rate. 2.8% or less—-> 1.7% after tax
        $1000/mo deposit + x5 card transactions to get perks

        NAB transaction -> no fee transaction account with no hoops. Only use it to make Poli payments. Transfer in the exact amount and use it to pay, so there's no risk if Auspost database gets f'ed up. Supports NPP for instant transfers. any email address/multiple addresses can be registered as in PayIDs, not just the primary email. (I can also set up my work email address as the PayID, but I don't want this to be my primary address for bank notices)

        Bankwest Qantas transaction-> High-interest rate in Qantas points. 1 point is usually between 1-5cent(s) if used for flights.
        The account earns 144 points per year for every $100 that mulls in the account.
        That's a monetary value of 1.44% to 7.2% return and it's tax-FREE!
        +5 points per transaction. Supports NPP.
        $2000/mo deposit to avoid fees.

        ANZ transaction -> Can be used to settle my ANZ credit card instantly (any time of the day).
        Came in handy when I had a transaction classified as a cash advance and I wanted to settle immediately.
        When sending bank transfers you can edit the sender name that appears in the from field of the recipient.
        I find it funny to repay my friends for dinner/lunch with things like Description: "Refund" — from: "Your drug dealer"
        $2000/mo deposit to avoid fees.

        I have standing instructions with the banks starting 2nd of the month for $2000 to roam from:

        ING savings->ING txn ->CommBank ->ANZ -> Bankwest -> ING Savings

        The cycle happens automatically and in about a week and a half the money is back in my ING savings (I had to tweak the timing to cater for weekends and public holidays. max Osko transfer amount is $1000, so this goes down the slow route)

        • Associatedrandom12 @ Commonwealth Bank on 25/12/2018 - 21:15
          +2

          " I find it funny to repay my friends for dinner/lunch with things like Description: "Refund" — from: "Your drug dealer" "

          You may find that at some point, you will get calls from their AML department (or you will be reported for suspicious matters. It probably doesn't bother you if you are truly 'innocent', but you still shouldn't really be playing games). Banks do sometimes have transaction monitoring algorithms that flag certain words associated with crime and terrorism in the transaction instruction - e.g. 'Explosives', 'Weapons', 'Drugs', 'Bribe' (just to make sure the bank picks up 'obvious' cases of criminal behaviour).

          Even if you are not involved with crime or terrorism, you should not really be screwing around with things like this.

  • Associatedrandom12 @ Commonwealth Bank on 25/12/2018 - 17:54

    ING is pretty great. You can get away with the 5 card purchases each month by making 5 x 1c transactions, and then spend the rest of the money on a no annual fee rewards credit card (like one directly from Amex - given the big 4 banks crap rewards cards).

    Big 4 Banks are a rip off. They rely on idiots to just keep their accounts from high school, and not look around.

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