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How to minimise fees on your transaction account

How to minimise fees on your transaction account

A guide to some of the most common fees charged on transaction accounts.

Most transaction accounts have fees and charges you may have to pay at certain points in time or when you make a certain type of transaction. Knowing some of the most common fees and charges can help you minimise how much you pay.

Keep in mind the list below isn’t a definitive list of fees you may be charged. If you want the full list take a look at your account terms and conditions.

Bank account fees

  • Account fees: Most bank accounts come with a monthly fee – but you may be exempt if you make a minimum deposit every month. You may also be eligible for an exemption (fee waiver) if you’re a student or pensioner.
  • ATM fees: Most withdrawals from ATMs are free, but you may be charged if you use privately owned ATMs e.g. ones in bars or service stations. 
  • Dishonour fee: Charged when you don’t have enough available funds to make a scheduled or cheque payment. 
  • Overdrawing approval fee: An overdraw feature may allow you to temporarily overdraw your account, but you may get charged a daily fee and interest.
  • Assisted withdrawals: You may be charged a fee for branch, agency and telephone assisted withdrawals.

Overseas fees

Whether you’re travelling or shopping online with an international retailer, you may be charged an international transaction fee when you make a purchase or withdraw funds from an international ATM.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.