Bankwest Qantas Transaction Account Review

Learn about the Bankwest Qantas Transaction Account in this review to help you decide whether this is the card for you.

  • Qantas points earned on your account
  • No ATM fees at any Bankwest or Commonwealth in Australia
  • No overseas ATM fees at any ATM

Pros and cons of using Bankwest Qantas Transaction Account

  • No monthly fees when you deposit $2000 monthly
  • No ATM or overseas fees charged by Bankwest
  • Receive free Qantas Frequent Flyer membership and earn points
  • $10 daily overdrawn fee
  • $20 charge for international bank transfers
  • $10 closure fee

Benefits of the Bankwest Qantas Transaction Account

Security

  • Chip and PIN
  • No Loss Security Guarantee when you use the Bankwest App and Online banking

Convenience

  • 24/7 access to your money via online and mobile banking

Savings

  • Free member fee for Bankwest account holders for the Qantas Frequest Flyer membership
  • Earn points from money sitting in your account and purchases made
  • NO overseas ATM fees charged by Bankwest
  • 0.01% interest earned (p.a.)

Manage Your Money

  • Bankwest Easy Alerts to help you keep on top of your money
  • Manage your funds easily online or via mobile banking

Additional Features

Qantas Points

  • 5 Qantas Points per eligible purchase PLUS
  • 12 Qantas Points per month per $100 balance in your account PLUS
  • 5 Qantas Points every time you withdraw cash from an overseas ATM
  • You will earn 0.4 Qantas Points each day for every $100 of your account balance

 

Load Amounts

  • Minimum Load $100
  • Maximum Load $100,000 p.a.

 

Transaction Limits

ATM Withdrawal Limit (24 hours)

  • Minimum: $20 or $50 (depending on the ATM).
  • Maximum: $1,000 (daily)

 

EFTPOS Transaction Limit (24 hours)

  • The maximum aggregate amount that can be withdrawn daily from agents that provide withdrawal services and when making purchases from EFTPOS merchants using a card and PIN is the maximum daily transaction limit.
  • Unlimited free domestic transactions from network ATMs, EFTPOS, cheque, counter withdrawals, phone, internet and Debit MasterCard purchases
  • No minimum opening balance

Fees

All prices are in AUD

Monthly service* Overseas withdrawal fees Foreign currency conversion
None None (charged by Bankwest)
  • 1% of AUD amount ($8 minimum amount)
  • $7.50 (foreign currency converted back to AUD)
Foreign Transaction Fee International transfer Periodical payments between Bankwest accounts
2.95% of the AUD transaction amount
  • $20 (plus $15 cable costs fee)
  • 2.95% of the AUD transaction amount
Up to $4.80
Unclaimed monies Overdrawn fee Closure of account
$25
(for each account closed)
$10 daily $10 (free when in-store)

*Fees waivered for customers that deposit at least $2,000 each month (other fees apply) otherwise a $6 monthly fee applies

Case Study

Mike is from Melbourne and has a wife and three kids. Although the kids are not yet old enough to go on big holidays abroad, Mike wanted to find a way to be able to afford it when they are a little older.

Mike found out about the Bankwest Qantas Transaction Account through a friend, who recommended he try it due to the ability to earn Qantas Frequent Flyer points. Mike wasn’t too good at keeping track of all his little spenditure, so loved the Bankwest Easy Alerts which helped him keep on top of his money.

Mike didn’t want a pre-paid currency card but instead something a bit more permanent but with all the overseas benefits too. This is exactly what he got, and now Mike travels abroad with no ATM fees, and also knowing that with every purchase he’s saving for that big family holiday abroad!

Online Tools

Save time and let our online tools crunch the numbers for you.

Currency converter

Burning to know what the exchange rate is? Check today’s exchange rate on any amount.

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Travel money comparison tool

Heading overseas? Find the best rates for exchanging currency online or find a store near you.

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Knowledge centre

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Money transfer comparison tool

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