When you meet the minimum monthly deposit requirement each month for your Express Freedom transaction account, you will pay no monthly service fees. In addition, you get flexibility in shopping with a Visa debit card that can be used to make purchases in multiple ways without any added cost to you. No service fees plus no transaction fees equals a bank account that manages your money like cash.
BoM will waive the monthly account service fee when you deposit $1,000+ by the last business day of every month, otherwise a $3 p/m fee will apply.
What are the features of this bank account?
The Express Freedom transaction bank account has a lot to offer for the Australian who doesn’t like to pay multiple bank fees:
$0 Account keeping fee if you deposit at least $1,000 that month
If you are able to deposit a total of $1,000 or more by the last business day of the month you will not be charged the nominal $3 a month account service fee.
Linked Visa debit card
Upon opening a Bank of Melbourne Express Freedom transaction bank account you will be issued a Visa debit card that is linked directly to it.
Unlimited ATM access to the Westpac network
There are over 3,000 Bank of Melbourne, St.George, BankSA and Westpac banks around Australia where you can withdraw money from your account using the Visa debit card for free.
Internet and phone banking with the Express Freedom transaction account is free of charge along with any Visa debit transaction in Australia. There is free internet, mobile and phone banking, as well as free direct debit.
Withdrawing money overseas?
If you withdraw from an ATM within Bank of Melbourne's Global ATM alliance you won't be charged an overseas ATM fee, though an international transaction fee is still charged. A list of these are provided below.
If you use your linked Visa debit card to withdraw cash at an overseas ATM that is not within Bank of Melbourne's Global ATM alliance, you will be charged $5 for the transaction. Other charges may also apply depending on the institution.
Global ATM partners
|New Zealand||Westpac NZ|
|Solomon Islands, Papua New Guinea, Tonga, Samoa, Cook Islands, Vanuatu, Fiji||Westpac Pacific Banking|
|Italy, France||BNP Paribas|
|Poland, Spain, Germany||Deutsche Bank|
|Zimbabwe, Zambia, Uganda, Tanzania, Seychelles, Mauritius, Kenya, Ghana, Botswana||Barclays Bank|
|UK, Portugal and Gibraltar||Barclays Bank|
|USA||Bank of America|
|China||Bank of Nanjing|
|Canada, Chile, Mexico, Peru, Caribbean, Jamaica||Scotiabank|
3% International transaction fee
If your transaction requires conversion of a foreign currency to the Australian dollar, you will be charged 3.00% of the Australian dollar amount. This may also include online shopping if a currency conversion is required.
- $0 Overseas ATM withdrawl fee (conditions apply)
- Free internet and phone banking access
- Free transaction fees for everyday banking
- Deposit requirement is fairly low
- Flat service fee of $3 if deposit is below $1,000 each month
- International transaction fees still apply
How do you apply for the Bank of Melbourne Express Freedom Transaction Bank Account?
If after comparing the Bank of Melbourne’s Express Freedom transaction bank account with other similar products from other banks you find that this offers you exactly what you need, you can apply for an account online by clicking ‘go to site’.
Eligibility to apply online
You should check first to make sure that you meet their eligibility requirements listed here:
- Age requirement. In order to open an Express Freedom transaction bank account you will need to have reached your 18th birthday. If you are a student or under 18 look into the Complete Freedom Student account from Bank of Melbourne.
- Residency requirements. Only Australian residents with a valid residential address within Australia are able to open an everyday account with the Bank of Melbourne
- United States citizens. Citizens of the United States (US) who are residents of Australia may open an account, but are required to disclose their citizenship. This is a part of an agreement made between the US and Australian governments.
- Opening deposit. You can open an Express Freedom account with $1.
Documentation for your online application
Once you are sure that you can meet these eligibility requirements, you can gather the following documentation and continue with the application process:
- Your identification documents. If you are already a Bank of Melbourne customer, you will be able to complete the application online using a passport or driver’s licence. New customers will need to visit a branch in order to complete the identification verification process in person.
- Contact details. Not only will you be asked for a valid residential address in Australia, but you will also need to be able to supply a working email address in order for the Bank of Melbourne to send you important information about your account.
- Account number. Existing Bank of Melbourne customers will be asked for the account number associated with the other products that they have open.
What happens after my application is submitted?
With your documentation readily available, filling out your online application should take no more than five minutes. Once submitted, it will take approximately two business days for your account to be opened. At this time you will also be issued your Visa debit card for easy access to your money.
Can I cancel the account at any time?
You may close the BoM Express Freedom Transaction bank account at any time. You can do this by speaking to a customer service representative at the BoM.