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Transaction accounts

If you want to save on ATM and account-keeping fees, compare transaction accounts to find out which one works best for you.

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Shirley Liu

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Name Monthly fee Govt. Guarantee Own network ATM fee Card type
HSBC Everyday Global Account
Finder AwardApple Pay Google Pay10 Currencies
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Go to siteMore Info
Earn 2% cashback on tap and pay purchases.


MyState Bank Glide Account
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Go to siteMore Info
St.George Complete Freedom Account
Apple Pay Google Pay Samsung Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Go to siteMore Info
Suncorp Everyday Options Account
Apple Pay Google Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Go to siteMore Info
Westpac Choice
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay Digital Card
Monthly fee
$5
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
Go to siteMore Info
Up Everyday Account
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
Go to siteMore Info
Great Southern Bank Everyday Edge Account
Apple Pay Google Pay Samsung Pay
Monthly fee
$0
Government Guarantee
Own network ATM fee
$0
Card type
Visa
Go to siteMore Info
Bendigo Bank Everyday Account
Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay
Monthly fee
$6
Government Guarantee
Own network ATM fee
$0
Card type
Mastercard
Go to siteMore Info
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What is a transaction account?

Transaction accounts (also known as bank accounts) are used for your everyday spending like paying bills, buying groceries and making deposits into other accounts. They're used for your day-to-day transactions, and come with a debit card that you can use in stores, online or at ATMs.

Promoted
Bank account offer
HSBC Everyday Global Account
Promoted
$0
monthly fee
$0
ATM withdrawal fee
  • Apple Pay, Google Pay
  • Monthly fees: $0

HSBC Everyday Global Account

The HSBC Everyday Global Account is one of the best bank accounts for travelling as it has no account keeping fees, no international transaction fees and access to free ATMs around the world. You can hold up to 10 different currencies in the one account, which allows you to top up on a currency while the exchange rate is good, then spend in that local currency while you're overseas. Plus, earn 2% cashback on tap and pay purchases (T&Cs apply).
Go to site More info
Go to site More info
The HSBC Everyday Global Account is one of the best bank accounts for travelling as it has no account keeping fees, no international transaction fees and access to free ATMs around the world. You can hold up to 10 different currencies in the one account, which allows you to top up on a currency while the exchange rate is good, then spend in that local currency while you're overseas. Plus, earn 2% cashback on tap and pay purchases (T&Cs apply).
Rates accurate as at: December 10th, 2023 Learn about our information service

How does a transaction account work?

Although transaction accounts differ between banks, they all serve the same basic purpose: to provide you with various, easy ways of accessing your money. You can use your linked debit card to access the money in your transaction account to make purchases in shops, through branch or ATM withdrawals and online purchases. You can use your transaction account to:

  • Make deposits
  • Make bill payments
  • Transfer money between your own accounts and to others' accounts
  • Withdraw cash from ATMs
  • Make purchases at EFTPOS terminals, online and via PayPal
  • Make purchases overseas or use overseas ATMs
  • Set up automatic payments for things like rent or mortgage payments

Transaction account fees

There are a number of fees and charges you could be faced with when using your transaction account. This dpends on the type of transaction account you have, and how you use it. Some of the main fees include:

  • Account keeping fees: Some transaction accounts charge these monthly, and they can range from $4-$10 or even more
  • ATM withdrawal fees: Some transactin accounts will charge a fee when you use your debit card to withdraw cash from an ATM
  • International fees: Some transaction accounts charge an international transaction fee (usually around 3.5%) when you use your account to make purchases overseas
  • Transaction fees: Some banks will charge extra if you make transactions in a branch, such as depositing money
  • Overdrawn fee: If you withdraw more money than what's available in your transaction account, you may be charged a fee
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    How do I compare everyday transaction accounts?

    Here are some things to consider when comparing the features.

    • Options for accessing your cash. A traditional transaction account will allow for teller-assisted services at a branch and over the phone, while more and more banks are now providing their customers with online banking services as well. Online banking will allow you to view your account, make payments and transfers and set up for recurring monthly payments right from your computer. Also check to see if there is a mobile app available that will make the online bank feature even more convenient.
    • What are the monthly fees and charges? Compare monthly account keeping fees along with individual transaction fees. For example, some banks will allow for unlimited transactions at the branch, while others may add a fee if you conduct a transaction with a teller’s assistance.
    • Debit card and ATM networks.Look at the ATM network of the bank to check how many you will have access to for free. Check if there is a fee for withdrawing cash at an ATM outside of your banks network. Many banks today will allow anyone to use their ATMs for free, but some still do charge you for this.
  • Extra features.Some transaction accounts offer Apple Pay or Google Pay so you can make contactless purchases with your phone, while others even offer wearable devices instead of a debit card. Some banking apps offer spending tips and savings tools too, to help you manage your spending.
    • International transactions. Larger banks with an international presence can provide you with certain services while overseas, including cash withdrawals at an ATM. Check the fees for international money transfers, overseas purchases and currency conversion when looking at different transaction accounts.

    How do I compare banks?

    There are several features to consider when weighing up the pros and cons of banks, including:

    • The products and services a bank offers
    • The bank’s fees for the transactions you’re likely to conduct regularly
    • The ease of use of its internet banking platform
    • Whether or not it has a mobile app
    • Its branch network and whether it has locations convenient to you
    • Its customer support options
    • How long it has been in business
    • Its reputation among friends, family and other consumers
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    Thinking about using your transaction account overseas or for online shopping?

    Look for an account that can be accessed from overseas and also charges minimal fees when you withdraw funds abroad. Ubank, HSBC, RaboBank, ING and a range of other providers offer online bank accounts that are worth considering; however, keep in mind that you may need an Australian phone number in order to be able to perform certain transactions.

    Why should I get a transaction account?

    • Easy money management. A transaction account gives you a secure place to deposit your pay and other income and then easily manage the way in which it is being spent from one place.
    • Make purchases anywhere.You have practically unlimited means of making purchases and withdrawals using the money in your transaction account; online, in shops and restaurants, at ATMs both overseas and at home.
    • Convenience. If you choose a transaction account that has online banking and a mobile banking app, you will be able to see your balance daily and manage your spending wherever you are.
    • Access cash easily. With your linked debit card, you can withdraw your money at an ATM or self-serve checkout if you need access to cash.

    What are the risks involved with transaction accounts?

    There are a few things to be mindful of when using your transaction account:

    • Fees. Don’t only look for a monthly fee, but check to see how much you are charged for ATM transactions, overseas purchases and teller assistance in branch.
    • Minimum deposits. Some accounts do not require a minimum balance while with others you will have to meet a monthly minimum deposit requirement.
    • Transaction restrictions. In some cases you are only allowed a certain number of transactions with a feature, such as ATM withdrawals or teller assistance, before you begin incurring fees for them (this is more common in business transaction accounts).
    • Online purchases. Be sure that you understand the fees for purchases made overseas, as in some cases this will relate to online purchases as well. You may be charged extra for making an online purchase originating from abroad or have to pay a percentage of the cost for converting the currency.

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    6 Responses

      Default Gravatar
      RhondaMarch 25, 2022

      I am looking to move from ING and looking for a comparable company that doesn’t charge a monthly fee or ATM transactions nor overseas ATM fees

      Reply
      Default Gravatar
      PamMarch 27, 2019

      Hi am looking to have my uk pension into a bank account monthly in Australia. My existing bank wants to charge me $12 a month for this. Is there a bank that does this free.

      Reply
        AvatarFinder
        JeniMarch 30, 2019Finder

        Hi Pam,

        Thank you for getting in touch with Finder.

        You may consider opening a global account like the HSBC Global account or Citi Currency Global account. If you have a super account, you may transfer your UK pension to my super especially if your super is registered in the UK as a Qualifying Recognised Overseas Pension Scheme (QROPS). You may also contact the ATO to find out other options regarding your UK pension and to avoid future fees.

        I hope this helps.

        Thank you and have a wonderful day!

        Cheers,
        Jeni

        Reply
      Default Gravatar
      juneSeptember 13, 2015

      Can I use any atm while overseas for free.

      Reply
        AvatarFinder
        ShirleySeptember 14, 2015Finder

        Hi June,

        Thanks for your question.

        This is a possibility with the Citibank Plus Transaction account and the Westpac Choice account if you use certain ATMs. You may also compare debit cards for overseas travel.

        You can also find a comparison of travel friendly credit cards, prepaid cards and travel cards by reading our travel money guide. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you travel.

        Cheers,
        Shirley

        Reply
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