ICYMI: Suncorp has cut fees, including for foreign exchange

Advertiser disclosure

By Tara McCabe ·

This past weekend Suncorp removed a bunch of fees from its transaction accounts.

The most notable change was its removal of the foreign currency conversion fee from its Everyday Options account. Prior to Saturday, Suncorp charged 3.00% of the converted AUD amount for currency conversion.

This latest move makes Suncorp’s Everyday Options account one of a handful of everyday transaction accounts that charge neither monthly service or foreign exchange fees. The bank also removed a number of dishonour fees for its personal and business deposit accounts.

So let’s have a look at what Suncorp’s Everyday Options account has to offer:

  • No monthly service fees
  • 0.00% foreign currency conversion fee
  • Open up to 9 sub-accounts to make saving easier

With no monthly service fee and now no foreign currency conversion fee either, Suncorp’s Everyday Options Account offers a handful of transaction accounts with a minimal number of fees. Plus, not only does it not charge you as much, but it also helps you save money. That’s because the Everyday Options account allows you to open up to nine savings sub-accounts. You can think of them as savings buckets and use each one to achieve a different savings goal.

Some other everyday transaction accounts that don’t charge monthly service or foreign exchange fees include:

  • No monthly service fees
  • 0.00% international transaction fees
  • Round up feature to help you save

Melbourne-based neobank Up is another one that offers a transaction account with no monthly service fees and no international transaction fees. In fact, being able to ‘bank overseas without the fees’ is one of the main features Up promotes. It does not charge any overseas purchase fees, either online or in store. Plus if you want help saving, you'll be happy to hear that there’s also a handy round-up feature available.

  • No monthly service fee
  • No overseas transaction fee
  • $100 bonus for new customers (conditions apply)

Although you’re probably not doing a whole lot of travelling right now, the HSBC Everyday Global Account might be one to consider. With this product you can store up to ten different currencies in the one account. It doesn’t charge a monthly service fee or an overseas transaction fee. Plus, if you are a new customer and you sign up before 31 December 2020 you could bag yourself a $100 bonus. Just make sure you deposit at least $2,000 or more per month for three months in a row (within the first six months of opening the account).

  • No monthly account keeping fee
  • No fees for making overseas purchases
  • No Citi fees when sending or receiving money overseas

If you’re someone who likes to shop a lot on international websites, then you might be interested in Citi’s Global Currency Account. With this particular account you won’t be charged a monthly account keeping fee or a fee for making overseas purchases. Plus, if you need to send money overseas or someone regularly sends you money from afar, you’ll be happy to hear that Citi won’t charge you a fee to send or receive money internationally. Just keep in mind that whoever you’re sending money to may be charged a fee by their bank.

Didn’t find the transaction account you were after? Head to Mozo’s compare bank accounts hub for more options.

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Tara McCabe
Money writer

Tara McCabe writes across all areas of personal finance here at Mozo from banking through to insurance. Tara is expert at practical money tips, showing readers ways to live richer and be socially conscious while doing it. She earned a BA (Hons) in English Literature from Canterbury Christ Church University.