Aussies - which bank are you with?

R

reelin

New member
Jun 24, 2011
10
0
0
I started doing some affiliate stuff a few months ago, and now have a few cheques to cash in.
But it seems all the banks are absolute rip-offs when it comes to cashing these cheques - so where do you deposit your money, and how much do they charge?

NAB - $10 per cheque, they said they could probably do it $10 for a bunch of cheques
Westpac - $25 per cheque
Commbank - around 11-25
ANZ - $50!!!! Plus charges!!!

Any suggestions?
 


NAB seems like your best bet? Otherwise it's like a $30 fee for using intl/swift transfer.

What's $10 on a 10k cheque?! :D
 
Pretty sure ANZ doesn't charge $50. Last time I got an international cheque cashed with them it was around $20, but that was around 2 years ago.

Your best bet is to get an international transfer done, it costs around $30 but most affiliate networks will eat this $30 as long as you're meeting whatever their minimum requirements.

If you've got a whole bunch of $50 and $100 cheques, I'd suggest consolidating and focusing on one or two networks maximum. Or just get them to pay you via paypal.
 
Mate are you sure Westpac charges $25/cheque? As far as I am aware on my Choice account there are no fee's for depositing a cheque.

Mind showing me where you found that information??
 
I know Commonwealth is about $10 and that includes unlimited cheques from the same bank.
 
the $xx you pay to cash the cheque is not all you are paying. look up the exchange rates for incoming wires and you'll probably find you are losing more than 5% of the total value as well

the 'big 4' and most australian banks suck at anything to do with international banking
 
thuxen, thanks will look into that!
any ideas as to how much it would cost to deposit cheques into those accounts?
I get all my affiliate payments as cheques sadly.
 
Apart from all the good advice already here about getting USD accounts/wires/consolidating networks, try increasing the minimum payout number if you can so you don't have to worry about bank fees as much.
 
reelin said:
thuxen, thanks will look into that!
any ideas as to how much it would cost to deposit cheques into those accounts?
I get all my affiliate payments as cheques sadly.
Click to expand...

From memory citibank and HSBC have free international cheques for USD accounts (it's not really considered an international cheque anymore).

You do need to keep a balance of over $10k USD in the account for both HSBC and citibank to be eligible for their USD accounts, otherwise you get raped in fees.

Most of the big banks also offer multi currency accounts, but you'll need to be a business customer with them (they also usually require a minimum deposit OR a minimum account length with them).
 
Im with -
Commonwealth Bank
Westpac
ANZ

IMO commbank is the best, on second place it has to be ANZ last but not least Westpac. Westpac is as good as ANZ IMO.
 
You must log in or register to reply here.
Top Bottom