Transaction banking accounts are not all the same. All accounts offer Eftpos debit card transactions, but some go further and offer many more ways to pay. And options are important in today’s consumer marketplace where grabbing a bargain may mean being able to access your cash quickly and easily in a variety of ways.
Beware of fake Australian cash
And the dangers of carrying actual cash are well known. The most dangerous thing about cash is that you can lose it, easily, and there are very few ways to recover lost currency.
Now a new cash danger has hit Australia. Fake $100 Australian notes, made of polymer and featuring the transparent security panel, are “flooding” into Melbourne and causing havoc with retailers and shoppers.
The forged $100 bills are fooling many retailers and consumers because they have only one major flaw. They all have the same serial number – AI 13933231, reported Fairfax Media.
Last month, two men were arrested at a Melbourne nightclub after using two fake $100 bills. They claimed they had withdrawn the fake notes from an ATM. The government’s financial services minister Kelly O'Dwyer has set up a task force to investigate the cash economy. Some reports indicate the government is considering restricting cash, and even discontinuing the larger denomination bills.
You need a good transaction account
Your everyday transaction banking account is the cornerstone of your financial life. You receive your pay into it and pay for your bills and do your shopping from it. You need an account that suits your own lifestyle, budget and situation. For more information about choosing the right transaction account, click here.
How many ways to pay does your account offer?
All Australian transaction accounts offer ‘pay anyone’ direct deposits and direct debit transfers to other Australian bank accounts and an Eftpos debit card for shopping.
Most Australian bank accounts also offer the BPay bill payment service for direct payments to utilities like gas, electricity, water and phone.
Many bank accounts also offer a Visa or Mastercard debit card liked directly to your account. You can use this card for online shopping or at Point-of-Sale terminals. Your Visa or Mastercard debit card will also probably allow you to use PayWave or Tap and Go contactless terminals for quick and easy purchasing in-store.
Increasing numbers of banks and credit unions are also offering pay by phone contactless payment options like Apple Pay, Android Pay as well as Mastercard or Visa contactless payments directly from your banking app.
Which accounts offer the most ‘ways to pay?‘
Some accounts offer more payment options than others. Check out the account details by clicking through to the product information page provided by Infochoice when you are surfing the Transaction Account Comparison table. Here are a few everyday transaction banking accounts currently listed by infochoice that offer plenty of ways to pay:
ANZ Bank’s Access Advantage account now features Apple Pay so you can use your iPhone (6 or later) or your Apple watch to make contactless payments in-store. This account also features Android Pay, Bpay and debit cards.
Credit Union Australia’s Everyday Account also features Apple Pay and Android Pay options, along with all the standard payment systems.
ING Direct’s Orange Everyday Account offers Apple Pay, Android Pay and free ATM withdrawals from any ATM in Australia.
Bankwest’s Easy Transaction Account offers Android Pay and no ATM fees at more than 10,000 Australian ATMs.
Commonwealth Bank’s Smart Access account offers unlimited electronic transactions for one monthly fee but doesn’t support Android Pay or Apple Pay. Commonwealth Bank customers can use their Android or Apple device to make contactless payments but may have to purchase a PayTag attachment.
Westpac’s Choice account offers Android Pay and has no account keeping fees.
You can research and compare everyday transaction accounts from all the major Australian banks and credit unions here.