How do I reduce my bank charges?
Check out some tips below to reduce your bank fees.
1. Reduce the number of accounts you have
2. Check the fees and charges on your accounts
- This means for each type of transaction (e.g. transfers, ATM fees) and monthly fees (which for everyday banking and savings accounts for example should be $0.
3. Ask for a lower fee or interest rate
- Do your research, find a better interest rate or fee, then call up your bank and ask them to “do better”
4. Avoid overdrawing your account / always pay minimum repayments on credit cards
5. Understand overseas fees
- When you are travelling or buying from an overseas retailer, there are often foreign exchange /international transaction fees charged when making a purchase or getting money out of an ATM overseas. Know what these are and ask your bank for a travel card (or similar) beforehand.