Closing a Revolut Australia account
No longer utilising your Revolut account? Or perhaps you’re planning to switch to an alternative provider for your international finances? No matter your...
If you’re looking to close your St George account and move on to a new provider, you’ll want to make sure you follow the process properly to help the transition go smoothly.
To help out we’ve created this handy guide with details on how to close a St George account, what the fees are and any extra things you should do. We’ll also introduce you to Wise in case it can help make the change to a new provider easier.
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To start off you’ll need to get your account prepared for closure. Here’s some of the things you might need to do during this process.
If you’re relocating overseas and need to send your money to a foreign bank account it’s a good idea to double check the fees St George charges and compare it to a money transfer specialist like Wise to see which is the best value.
Once your account is ready for closure you can head into your local branch and ask for the account to be closed.¹ You’ll need to take one of these forms of identification with you.³
Alternatively, most accounts can also be closed over the phone.¹
If you have a joint account that requires two or more account holders to provide approval you’ll need to visit a branch together to be able to close the account.³
To close your credit card account you can choose from four different methods.⁴
Certain accounts can be closed over the phone so if you’re overseas you can just call the banks international number to try to organise the closure.²
Alternatively, if you have a personal savings or transactions account that’s solely in your name you can request to close it online through your Internet Banking or the St George app.³
At St George your account can be deemed inactive if it meets one of these conditions.¹
If you’re in the first situation St George can close the account without notifying you. In the second situation they will try to notify you, but can close the account and transfer any unclaimed money to the Australian government.
St George ask that you return any bank cards, unused cheques or passbooks for the account that you’ve closed.¹
They also suggest that you cancel any direct debits or regular transfers and notify the merchant of your new details.¹ This is because even with a closed account you remain liable for any amount not processed to your account and any direct debits that are submitted, unless the direct debit was cancelled. St George can take those funds from other accounts you hold with them.
To find out more about closing your St George account you can reach out to them directly.
There are no fees for actually closing your St George account, but you may face some when it comes to withdrawing your balance. As an example, there’s a $10 fee if you want your final disbursement as a cheque.²
When you empty your St George account you’ll either need to withdraw it in cash or find a new financial service that can store it. This could be another mainstreet Australian bank, an overseas bank or an online electronic money service provider.
If your future is taking you outside of Australia you can use Wise to send money to an overseas bank account. Your money is exchanged using the mid market exchange rate for the cost of a small, transparent fee.
If you’re looking for a flexible account that is great for daily spending in Australia and overseas, the Wise Account is worth a look.
The Wise Account can be opened for free and allows you to hold money in over 40 currencies and send money to 80 countries. You can also order local account details for 10 world currencies including AUD.
Using the AUD account’s BSB and account number, you can do a simple local bank transfer from St George to your Wise Account if you wish and hold your money while you close your St.George account and plan your next move.⁵
You can also use the Wise Debit card to spend money in 160 countries without markups and hidden transaction fees. The mid-market rate is used when switching between currencies, helping to keep costs low when sending money internationally. It’s the rate you see on a Google conversion search.
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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |
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Sources:
Sources checked on: 4 July 2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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