September 21, 2017

5 Ways to save money on bank fees

If you’re wondering how to save money on bank fees then these tips will give you a good place to start.

Do it online

Online banking is convenient, easy and best of all free. Branches cost banks money to run, so if you use one you will pay for in fees. Do your transfers, applications, and transactions online where you do not pay fees and can even get discounts or deals for doing so.

Only use free ATMs

If you do need hard cash for some reason only withdraw from somewhere that is free. Use your own banks ATM network or get cash out with an eftpos transaction at a supermarket. Never use independent ATMs in ‘premium’ locations like pubs as they charge you a fortune.

Don’t pay for points

Read and understand the terms and conditions of credit cards before you get one and use it. Don’t get sucked in to fancy points schemes or personal ‘concierge’ services. If you will not pay your debt off every month, or even worse will miss payments, the benefits will never cover the cost of annual fees, missed payment charges, and interest.

Don’t pay the bank for you holiday

If you like a regular overseas holiday, then look at getting a debit card that has no foreign transaction fees or large currency conversion spreads. You will still have to pay a fee to the ATM provider overseas but you won’t get whacked with a foreign currency transaction fee. These cards are also a great way to save on bank fees if you make frequent purchases from overseas online retailers.

To save money on bank fees is simple and generally only take a bit of negotiation with your current bank. However, if their not will to help you out then go somewhere that will.

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