Bank of Melbourne Concession Transaction Account

This is an everyday bank account for Australian concession card holders with no monthly account fees to worry about.

Australians who have been issued a Commonwealth Government Health Concession card or Senior’s card can make their banking requirements simpler with the Bank of Melbourne Concession Transaction Bank Account. This account has been specially designed with no account keeping fees, low transaction fees and easy accessibility in order to help manage your money easily.

Alison Banney

Last Updated Dec 29, 2020

Account keeping fee

ATM withdrawal fee

Overseas ATM withdrawal fee

Overseas transaction fee

of transaction value

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Details

Product Name	Bank of Melbourne Concession
Monthly account fee	$0
Card access	Visa
ATM Withdrawal Fee	$0
International ATM Fee	$5 + 3%
International transaction fee	3%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Google Pay, Apple Pay, Samsung Pay

Joint account availability	Yes
Minimum opening deposit	$1

Pros

Unlimited free staff-assisted transactions
$$0 monthly account service fee
Access ATMs around the world for free within the Westpac Global ATM Alliance

Cons

There is a 3.0% foreign currency conversion fee
There is a $5 overseas cash withdrawal fee
Strict eligibility criteria applies for this account

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This is an everyday bank account for concession card holders with no monthly account keeping fees and no deposit conditions to meet. To be eligible for this account you need to have a Commonwealth Government Health Concession Card or a Senior's Card.

You’ll pay no ATM withdrawals fees at all Westpac Group ATMs (including Bank of Melbourne, BankSA and St.George) as well as ANZ, NAB and CommBank ATMs in Australia. You can also access 50,000+ ATMs overseas for free through the Global ATM Alliance. However, ATMs outside of the network will attract a withdrawal fee, so check the ATM screen before going through with the withdrawal to see if a fee will be charged.

If you’re not a concession card holder, you can take a look at the Bank of Melbourne Complete Freedom Transaction Account instead. It’s got most of the same benefits and features as this account, although there is a monthly deposit condition to meet in order to avoid the monthly fee.

Key features

No monthly fees

There are no monthly account service fees for this account.

Easy accessibility

You are able to access your account online, over the phone and through an ATM network.

Linked Visa debit card

When you open a Concession Transaction Bank Account you will be issued a Visa debit card which can be used online or in-store, wherever Visa is accepted. Be advised that there is an $8,000 daily spending limit for the card.

Access ATMs for free in Australia and overseas

Free cash withdrawals of up to $1,000 daily can be made at any Bank of Melbourne, BankSA, Westpac, or St.George ATM . That totals over 3,000 ATMs around Australia, plus up to 50,000 globally through the Westpac ATM Alliance. If you use an ATM overseas outside of the network, a $5 fee applies, plus any additional fees charged by the issuing financial institution.

Free staff-assisted transactions

You are allowed an unlimited number of free staff-assisted transactions at any Bank of Melbourne branch, or over the phone.

Mobile banking available

Bank of Melbourne has an app that can be downloaded for free onto iPhone or Android devices. This gives you the same access to your account that online banking does, along with the ability of making ATM withdrawals without the use of your debit card.

No minimum balance requirements

You are not required to maintain any minimum balance to keep your account open.

Foreign currency conversion fee of 3%

Any transaction that requires Bank of Melbourne to convert currency to the Australian dollar will incur a charge of 3% of the Australian dollar amount.

Must be a concession card holder

You must either have a Commonwealth Government Health Concession Card or Senior's card to qualify for this account.

How to apply

Eligibility

If this account sounds like an ideal way for you to manage your money, you will need to apply either over the phone or at your local Bank of Melbourne branch. Before making that call or trip however, you should check to make sure that you are eligible for the account:

Minimum age. While there is no age requirement, you do need to hold a Commonwealth Government Health Concession card or Senior's card to qualify.
Residency requirements. Applicants must be permanent residents of Australia with a residential address.

Depository requirements. You will be required to make a deposit of at least $1 to open the account.

Documentation needed

Identification. The Bank of Melbourne will need to verify your identity using a photo ID. This could be with your passport or an Australian driver's licence.
Other identification. You will also have to have available your Commonwealth Government Health Concession or Senior's card.
Contact details. Your full name, date of birth, physical address and email address will all be asked for when applying.

What happens after I submit my application?

An account specialist will assist you in preparing the application and setting up your account once your eligibility and identity have been confirmed. Once your account has been opened, you will be issued a welcome pack along with your Visa debit card in order to be able to access your money when you need it.

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Bank of Melbourne Concession Transaction Account