Thursday, August 6, 2009

So what do I do with it?

I have an international cheque for about $30 AUD. If I bank it, I lose $10 so I don't want to bank it with my usual institution - but have no idea how else to get the $$. Suggestions?

Also - said banking institution now has (a) monthly fees $5/month (b) debit visa fee $2/month (c) bpay fee $0.50/each and (d) transfer fee $0.25/each, and I want to move away from this. I don't mind paying one fee but I feel completely SCREWED as a student to be wearing a LOT of fees.


Georgie said...

Is it an international bank draft? If so, if it's in Australian dollars I don't think the bank should charge you. I worked for Westpac and while we charged a fee like that for any foreign currency transaction, a bank draft is guaranteed funds, in AU$ and should be able to be deposited with the normal 3-day clearance. But tellers did often get confused because it was from a foreign bank, and quote the fee.

It was four years ago that I worked for them though, and other banks may differ even if Westpac's policy hasn't changed. Or I could be remembering wrong, heh.

Anonymous said...

Wow, that is ridiculous!! Maybe banking is different in Australia because of regulations or whatnot, but I can do every one of those things that you mentioned for free. No fees whatsoever, and no minimum balance either.

I would laugh in the face of any bank that tried to charge me any one of those fees, let alone all four. Good lord.

Anonymous said...

Not sure what bank you're with but Bank SA has a Freedom Student Account which has bugger all fees and is just awesome. Most banks are happy to either offer you the same rates as another one (to keep your business) if you bring them the info. Or if you want to change banks the new one is usually extremely helpful!

As for the check- do you have a PayPal account you use? Maybe you can put it in there? Not sure if you can put cheques into PayPal, but just a thought. =) Good luck hun!!

ophelia tudeaux said...

If it's in GBP see if I can cash it for you?