on 11-12-2017 12:21 AM
I am incoming International student who will be starting the semester at Curtin University in Feb 2018. I would like to check if I could open the accounts online now from Singapore?
The accounts I am looking at is a transaction account for everyday banking; and a HeroSaver account. May I check if this $200 savings/month can be done via intra-account and still enjoy the bonus interests? i.e. perform funds transfer from my daily Transaction account to the HeroSaver account? Any online charges?
In addition, what are the charges incurred when I wire the funds from Singapore to BankWest?
Are there any other charges for daily banking/withdrawal/transaction in Australia when using BankWest ATM cards?
Should i require the funds in the HeroSaver account, am I allowed to withdraw using my ATM card without any charge?
For your advice, thank you.
on 11-12-2017 10:42 AM
Hi @rollingbeans, while you can certainly apply for the accounts online, we do need to view your photo ID in store to open the account fully. So you would need to wait until you arrive in Australia to complete the opening of the accounts.
You can certainly transfer the $200 per month from another Bankwest account to meet the monthly requirement.
If you transfer funds from overseas into our accounts there is a $10 inward payment order fee per transaction received.
There are no fees charged by Bankwest for using your card within Australia for this account, however some other banks may charge you to use their ATM's with your Bankwest card.
There is no fee to withdraw funds from the Hero Saver, however if you do make a withdrawal you would not receive any bonus interest for that month.
on 13-12-2017 01:14 AM
Hi, in other words I can still open my account from overseas now and continue to enjoy the same interest rates? That being said, I can only access the funds after I have verified my photo ID at your store, right?
For the $10 inward payment order fee chargeable per transaction, does it also apply if the funds transferred from overseas are in AUD currency? Apart from the $10 fees, any other intermediary bank charges involved? Any limit to how much funds can be transferred per transaction?
on 13-12-2017 08:48 AM
The account will not be opened until we have viewed your ID in store, so you while you can certainly provide your details now we can not open the account or have you deposit funds into it until you arrive in Australia @rollingbeans.
The $10 Inward Payment Order Fee is charged for any funds received from overseas, regardless of the currency they are sent in.
In regards to intermediary bank charges, in some cases it may be necessary for the banks involved to utilise the services of a 'correspondent' bank to assist in the transfer. As banks do not hold offices in every country, it is necessary to establish reciprocal agreements with a representative bank that may assist in getting the funds transferred successfully to their destination.
If a correspondent bank is needed for assistance in the transfer, they are entitled to charge a fee for their services.
Other bank charges and fees are unknown to us, and therefore this could mean that you may receive a lesser amount in your account than what the sender had originally sent. Other bank fees and agent fees are unknown to us, and therefore out of our control.
You can view our frequently asked questions about International Money Transfers here. Thanks.
on 18-12-2017 02:04 PM
Great, thanks for the information. May I clarify that whether to use a correspondent bank in the funds transfers, it is dependent on the agreements between the transferring and receiving banks? In that case, would you be able to advise if any correspondent bank is required for funds transfer between DBS/POSB Singapore and BankWest? If yes, what are the charges? Thanks.
on 18-12-2017 03:09 PM
This isn't something we would be able to advise I'm sorry @rollingbeans, as we don't have access to that information. We would send the funds to the international bank as requested, however we'd only be aware of the requirement for the use of a correspondent bank once the payment arrives. We would need to process a trace on the transfer, which we can do at your request, however please note that there may be a fee for this. Thank you.
a month ago
Thank you for the clarification. Last question - are the bonus interest rates of the saving accounts and all applicable to Non-residents of Australia? For full-time tetiary students studying in Australia.
3 weeks ago