Here’s how to close your Bank of Queensland account and options to move your money out correctly
Sometimes we may not know about some of the other banking options out there outside of the more popular, bigger banks. The Bank of Sydney (BOS), owned by parent company Bank of Beirut, is one option that you can look into.¹
We’ve taken the initiative and gathered the information on the types of accounts available with BOS, how to open them, some of the fees and other key requirements for this bank.
|💸 Hold over 40 currencies in your account and spend at the mid-market exchange rate with the Wise card while abroad.
The Bank of Sydney offers personal and business customers a range of transaction accounts, savings accounts, and home loans. Personal customers can choose to open an everyday transaction account, a savings account or a foreign currency account.²
Here are some of the features with each of these accounts.
This account is an everyday transaction account where users can send, receive and manage their money with another BOS product. Some of the key features for this account include³:
- Earn up to 0.55% interest on deposits
- Linked BOS Visa Debit card
- Unlimited ATM withdrawals
- Access to cashless transactions
- 24/7 access to online banking
This account cannot be opened without opening a BOS Saver account, a term deposit or applying for a BOS home loan.³
This savings account is for those looking for an account that doesn’t require ongoing deposits to accrue interest after an initial deposit. However, customers can only access the variable rate of up to 4% per annum on balances above $5,000.⁴ When you open a BOS Saver account, you’ll automatically open a Everyday Saver transaction account as well.⁴
For those looking for an account that makes sending and receiving money from overseas easy, this is what the BOS foreign currency transaction account is designed for. Some key features of this account include⁵:
- USD, GBP and EUR currencies available
- Instantly available funds once deposited
To facilitate these transfers, BOS utilises a network of correspondent banks around the world.
If any of these accounts interest you, here is how you can open each of these accounts.
As mentioned, you can’t open an Everyday Saver alone. So you have to first enquire about the BOS Saver account first. To do this, you will have to take the required documents to your nearest BOS branch and have a minimum deposit ready of $1000.⁶
To open this account, you will need to enquire directly with BOS. This can be by filling out their online form or by visiting a local branch.⁶
You can open a joint account with any of the above options. Similarly, when you visit a BOS branch, whoever requires access to the account will need to bring their documents to open an account.⁶
Using your bank account to make certain transactions can sometimes come with extra fees. This may be integrated into a monthly maintenance fee or charged separately. We’ll compare some of the fees associated with the BOS Everyday Saver account and an alternative provider called Wise.
FEE COMPARISON TABLE
|BOS Everyday Saver⁷
|Account monthly fees
|$5 (this fee can be waived in some circumstances)
|Free to hold up to $23,000 AUD per month. 0.00437% daily holding fee for any amount over $23,000 AUD
|International transfer fee (for a sample amount of $1,000 AUD to GBP)
|Sending money outward = $10 + potential correspondent bank fees
Receive money from overseas = $10
|Small payout fee + 0.48% variable conversion fee (e.g. for a transfer of $1,000 AUD to GBP, the total fee charged is $5.31 AUD) You can make a fee calculation here.
Unless withdrawn abroad which has a 3% currency conversion fee attached
|You can take out money for free twice a month — as long as the total amount is under $350 AUD. After that, there is a $1.50 AUD per transaction fixed fee. If you take out over $350 AUD in one month, there is a 1.75% on the amount exceeding that. See card fees here.
|Card maintenance fees
|Lost card fee = $20
* Reference rate only - actual rate may vary. Information last checked on 19th October 2023
Here are some extra details you’ll need to know to open an BOS account. This includes the required documents, account deposits and how to contact BOS.
To open any of the above accounts, you will need to be over the age of 18 and an Australian resident or citizen. You will need to provide these documents⁶:
- Australian identification
- Tax File Number (TFN)
- Other bank details from another institution
If you need any clarification on any other documents, you can enquire via the BOS online form.
You will need to deposit a minimum of $1000 into a BOS Saver account and be able to open an Everyday account.⁴
You will need to visit a branch with your required documents to open all of BOS bank accounts.⁶
There are two other important things to know about an account with BOS.
You will have to wait 24 hours after you open an account for your new internet banking details. Once you have received them, you will be able to access the BOS internet banking portal and manage your accounts.⁶
All deposits made into any BOS account is covered up to $250,000 by the Australian Government Guarantee for deposit-taking institutions.⁸
If you need to contact the Bank of Sydney for any reason, you can:
- Call 13 95 00
- Call 61 2 8262 9191 from overseas
The BOS is also across the major social media platforms.
If any of the accounts mentioned above don’t take your fancy, you can check out some other options out there. You will be able to find a range of similar and different accounts at any of the big four banks including:
- National Australia Bank (NAB)
- Commonwealth Bank
If the foreign currency transaction account peaks your interest, you should have a look at Wise, an alternative provider to your traditional banks. Wise offers the Wise Account, a multi-currency account and are specialists in moving money abroad.
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 160 countries. You can also order local account details for 10 world currencies including AUD.
You can also use the Wise Debit card to spend money in 150+ 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.
Join over 16 million customers currently enjoying Wise. It’ll only take a few minutes to register and see what’s inside.
- BOS report
- BOS accounts
- BOS Everyday Saver
- BOS Savings account
- BOS foreign currency
- BOS FAQs
- BOS fees pdf
- BOS scheme
Sources checked on: 19th October 2023
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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