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Bankwest is a division of Commonwealth Bank that is centred around Western Australia. In this guide we’ll explore what you need to do to close your Bankwest accounts if what they offer just doesn’t suit you anymore. We’ll also let you know how Wise can help you with your banking needs.
|💸 Looking for a stress-free international account, with your very own AUD account details?|
🚨 Here’s a few things you might need to take care of before closing your Bankwest account.
Withdraw any remaining balance by transferring the funds to another account or withdrawing it in cash. If you need to transfer the funds to an overseas account you’ll likely find it’s cheaper if you do it via a Wise money transfer. If you don’t want to send the money overseas straight away you can store it in a Wise Multi currency account, which supports over 40 different currencies.
Make sure you’ve updated or cancelled any services or transactions linked to the account. This could include things like direct debit payments, personal loans, mortgages, credit cards or financial investments.
If you want to keep the account’s financial records, download them through your Bankwest Online Banking portal. After you cancel your account, you’ll lose access to your online banking which can make getting those records a little trickier.
Bankwest gives you a few different options for how to contact them to close your account.¹
- Message through the Bankwest App
- Message through your Bankwest Online Banking
- Call 13 17 19
- Visit a branch in person
Before you contact Bankwest, it’s a good idea to have your account information handy as they’ll likely ask you some questions to verify your identity and the account details.
Depending on how your Bankwest joint account was originally set up, you may need the permission of both parties to close the account. During the joint account set up, you can select who is authorised to perform key functions, including closing the account).²
The process for closing a Bankwest credit card is slightly different. You can do it through your Bankwest Online Banking or using the Bankwest App.³
To close a Bankwest credit card through Bankwest Online Banking you need to follow these steps.³
- Log into your online portal
- Select the card you want to cancel from your account list
- Click ‘see more account details’
- Press on ‘Close account’
Here’s what you need to do to close a Bankwest credit card using the Bankwest app.³
- Login to the app
- Go to the bottom menu and choose “Accounts”
- Navigate to the ‘Manage’ tab
- Tap on ‘Close account’
Keep in mind that you’ll still need to pay off any outstanding balance, fees or interest after you close your Bankwest credit card account. The account will then be completely closed 30 days after you’ve paid in full.³
The easiest way to close your Bankwest account from overseas is to use the Bankwest App or Bankwest Online Banking. You can also try calling their overseas number for personal assistance.
If you don’t deposit or withdraw any funds in over seven years, Bankwest will consider your account inactive. Once your account is deemed inactive Bankwest will close it and issue a closing statement. What happens to the remaining funds depends on the balance.⁴
- For balances of less than $500, Bankwest holds the funds until contacted by the account holders
- For balances of more than $500, the funds are sent to the Australian Securities and Investment Commission (ASIC)
No direct fees for closing a bank account are mentioned on the Bankwest fee schedule. However, be aware that there may be indirect fees for things like withdrawing your balance or sending money to another local or foreign bank account.
|Read more: Bankwest International Transfer|
- Message through the Bankwest App or Bankwest Online Banking
- Visit a branch in person
- Call 13 17 19 from within Australia
- Call +61 8 9449 2840 from overseas
Before you close your Bankwest account, it's also a good idea to think about which financial provider you want to use instead. You could go with a traditional bank again, like NAB, CommBank, Westpac or ANZ — or you can give Wise a go.
Wise offers international payment services as well as a smart and flexible Multi-Currency account. If you’re looking for an alternative to traditional banks, which also cuts the costs of sending money overseas, Wise is for you.
Your multi-currency account can hold 40+ currencies, receive fee free payments using your very own AUD account details, send money to 80 countries, always using the real exchange rate — with a low and transparent fee.
You can also have a debit card to spend with at home and avoid foreign transaction fees while abroad.
If you’re looking to move your balance from your Bankwest account abroad, you can use our pricing calculator to have an idea of how much you get to save with Wise.
- Bankwest - How do I close my account?
- Bankwest - How do I apply for a joint account?
- Bankwest - How do I close my credit card?
- Bankwest - What happens to my money if my account is inactive?
Sources checked on: 10 January 2021
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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