In this guide

  • Our verdict
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • FAQ
  • Your reviews
  • Ask a question
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Bankwest Qantas Transaction Account

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Bankwest Qantas Transaction Account

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Fee Free Deposit
$2,000
Account keeping fee
$6
ATM withdrawal fee
$0
Overseas ATM withdrawal fee
$0

Our verdict

New or existing Qantas frequent flyer members can add points to their Qantas account everyday of the year.

If you’re collecting Qantas points this account could help you do just that. It acts like a standard everyday transaction account, but you’ll also earn Qantas points each time you make a purchase, and also when you withdraw cash from an overseas ATM. Just make sure you’re not overspending for the sake of collecting points.

You’ll also earn 0.3 points for each $100 you have in your account per day (credited once a month and capped at balances of $50,000). Plus, you’ll get free membership to the Qantas Frequent Flyer program, which is usually $99.50 to join.

However, there is a $6 monthly account fee for this account unless you can deposit $2,000 a month. So if you can’t meet the monthly deposit condition, the money you pay in account fees could cancel out the benefit you’re getting in Qantas points.

Pros

  • Earn Qantas Points on eligible purchases and your daily account balance
  • No monthly account keeping fee when you deposit at least $2,000 into your account each month
  • Pay no overseas ATM withdrawal fees charged by Bankwest
  • Access to CommBank and Bankwest ATM networks
  • Free Qantas frequent flyer membership
  • Optional Platinum debit MasterCard
  • 24/7 Access to your funds

Cons

  • You must deposit at least $2,000 into your account each month for no monthly account fees

In this guide

  • Our verdict
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • FAQ
  • Your reviews
  • Ask a question

Details

Key details

Product Name Bankwest Qantas Transaction Account
Monthly account fee $6
Card access Mastercard
Own network ATM fee $0
International transaction fee 0%
Monthly deposit required to waive account fee $2,000
Contactless Payments Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay

Eligibility

Minimum Age 18
Joint account availability Yes
Minimum opening deposit N/A

Key features

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Earning Qantas Points

3 Qantas points for eligible purchases

Every time you use your Debit Mastercard to make an eligible purchase, 3 Qantas points are added to your Qantas Frequent Flyer account.

Ineligible purchases include (but are not limited to): cheques, BPAY payments, cash-out transactions at merchants, interest charges, bank fees and charges, foreign exchange purchases, government charges, etc.

5 Qantas points for overseas ATM withdrawals

Withdrawals made from overseas ATMs will earn you 5 Qantas points. Note that foreign transactions may apply.

0.3 Qantas points per day per $100 in your bank account

For every $100 you have in your account, you will earn 0.3 Qantas points per day. These points are credited at the end of each month. This is capped at $50,000 (you won't earn points on balances above this).

$0 Monthly account fee if you deposit $2,000 that month

If you are able to make monthly deposits totalling $2,000, there is no monthly fee. If that obligation is not met by the last business day of the month, a $6 fee will be charged to the account on the first business day of the following month.

Linked Debit Mastercard

For easy access to your money, the account comes with a Bankwest Platinum Debit Mastercard that can be used wherever Mastercard is accepted. The purchase price is drawn straight from your account, rather than you having to pay interest charges on a credit card purchase. You'll pay no international transaction fees and no overseas ATM fees with this debit card, however the international ATM operator may charge its own fee.

Free ATM withdrawals using the Bankwest ATM network Australia wide

You won't pay ATM fees at major bank ATMs nationwide.

Using your debit card overseas to withdraw money

Bankwest will not charge you an overseas ATM withdrawal fee, but you may be charged by the ATM operator.

No foreign transaction fees

Bankwest will not charge you an international transaction fee on any transaction that takes place in a currency other than AUD. This includes when shopping online from overseas retailer.

In-branch transactions

Electronic, cheque and withdrawals made inside of a Bankwest branch are free of charge.

24/7 Access to your accounts

You have complete access to your money around the clock using online, mobile and phone banking.

Earn up to 0.01% interest on your everyday balance

You are paid interest monthly on the first business day of each month at a rate of 0.01% of the calculated daily balance. You can also link this account with a Bankwest savings account to earn more interest.

Joint accounts

You may not hold more than one of these accounts at the same time. For accounts opening with you and your partner, the Qantas Points can be split equally between account owners.


How to apply

If after comparing this everyday account you find it has all the features you want, you can apply online.

Eligibility

Make a quick note of the following eligibility requirements first to ensure that your application will be accepted:

  • Your age. Qantas Transaction account holders must be at least 18 years of age.
  • Your residency. You must have a valid Australian residential address and be residing in Australia at the time of application.

FAQ

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Alison Finder

Editor

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Jan

June 09, 2019

What payments are defined as business related expenses?


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Charisse Finder

June 10, 2019

Hi Jan,


Thanks for reaching out to Finder.


As per Bankwest’s definition of terms, business related expenses means those purchases that are not made for personal, domestic or household purposes.


I hope this helps.


Cheers,

Charisse


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peter

June 05, 2019

Am I correct in assuming that proving I deposit at least $4000 per month into my account that I am eligible for a platinum card with no monthly fee regardless of what I use the card for (i.e. non eligible purchases)?


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Nikki Angco

June 06, 2019

Hi Peter,


Thanks for your inquiry!


Yes, that is correct. To be able to maintain the Platinum status, you need to deposit at least $4,000 per month. You’ll get a 24/7 Platinum concierge service as well as Worldwide Purchase Security Protection and Extended Warranty.


As for the NO MONTHLY FEE – you must be able to make monthly deposits totalling $2,000. If that obligation is not met by the last business day of the month, a $6 fee will be charged to the account on the first business day of the following month.


Also, take note that eligible purchases are charged to the card excluding cheques, BPAY, cash out transactions, interest charges, bank fees and charges, foreign exchange, government charges, business expenses, etc. For a full list, please refer to the Product Disclosure Statement available of the card on their website.


Hope this helps!


Best,

Nikki


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Fred

January 07, 2019

What is business related transactions mean?


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John Basanes Finder

January 08, 2019

Hi Fred,


Thank you for reaching out to finder.


Business Related Expenses means those purchases that are not made for personal, domestic or household purposes. Hope this helps!


Cheers,

Reggie


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Jesse

June 20, 2017

If I use my card to pay standard bills like rent, power and general purchases like clothes or presents, do I accure points? Does that change if it’s a joint account? Thanks, Jesse


Avatar

Jonathan

June 20, 2017

Hi Jesse!


Qantas Points are accrued on all eligible purchases made using your Card. Qantas Points are not accrued on:

• cheques;

• BPAY® payments;

• cash-out transactions at any merchant;

• payments from the Account made without your Card (eg payments to another bank account using the “pay anyone” function);

• interest charges;

• bank fees and charges;

• transactions we decide are disputed due to being fraudulent or which involve an abuse of your Account or any Card;

• foreign exchange purchases;

• a withdrawal of cash at an ATM which is not processed by MasterCard® as a ‘cross border’ transaction;

• travelers’ cheques;

• all purchases for gaming or gambling transactions including gambling chip purchases and online gambling purchases;

• Government charges (other than GST payable in connection with the purchase of goods or services on which you accrue Points);

• Business Related Expenses; and

• any other transactions which from time to time may be excluded by us.


Hope this helps.


Cheers,

Jonathan


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Ion

February 26, 2017

Hello,

What is your commission and fees for currency exchange when the card is used overseas? Thank you


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Anndy Lou Finder

February 26, 2017

Hi Ion,


Thanks for your question.


Please note that we are finder.com.au, a financial comparison and information website that helps consumers make better decisions. We are not Bankwest.


Nevertheless, when you use your card overseas to withdraw money, Bankwest will not charge you an overseas ATM withdrawal fee, but third party ATM operators in that country may.


When you use your card to make purchases in other currencies other than AUD, a foreign transaction fee of 2.95% applies.


Cheers,

Anndy


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