22 Jul 2024
Living in Australia is an enriching experience for Gambians. However, there are some situations where you may have to close your bank account in Australia, especially when you are going back to Gambia. Sometimes, this process can look rather challenging, but do not worry! This brief and easy-to-follow guide for Gambian expats who send money to Gambia from Australia, outlines the process that needs to be taken to close your Australian bank account.
While it might be tempting to leave your account dormant, there are several reasons why closing your account is advisable:
Australian banks are also conscious of relatively inactive accounts. Even when your account has more extended periods of inactivity (usually one year), it can be seen as inactive. There are generally high fees associated with these accounts – monthly inactivity fees for one – that would diminish your balance quickly. You must be prepared for these charges or even close the account to avoid additional charges you may not know of.
Let’s use an example: You have exercised your options and canceled your membership at the local gym in Australia, and you even believed you had ceased any subscriptions that withdrew money from your account.
However, if you miss this, the membership fee will be scheduled to be withdrawn monthly from your account since you have not been actively checking your balance. These include forgotten debits or automatic payments, which are recurrent bills that can go on to clear your account right to zero and below. Should the account have negative balances, they attract step charges that can, however, be detrimental to your swimming pool of funds.
Having an account that remains untouched but with an attached debit card or an accessible online interface is dangerous. In various circumstances, the remaining amount might only be safe if your debit card is recovered or stolen or if an intruder gains control of your online banking credentials. An inactive account means that your information is not exposed in some ways, and you no longer have to worry about the account since you are not using it.
Cash withdrawals close the account, which removes any ambiguity regarding further business between the two parties or the operation of the account.
Before initiating the closure process, ensure you have the following information readily available:
1. Account details (account number, BSB code)
2. Bank branch contact details
3. Outstanding debits (direct debits, unpaid fees)
4. Alternative Account (Optional):
If you are planning to make an online money transfer from Australia to Gambia in
the future, consider having an alternative account set up in Gambia to receive the
remaining balance.
Several options are available to initiate the account closure process, depending on your bank's policy and your comfort level:
At the branch, you can engage the customer service personnel and /or officer who will clearly explain to you and or assist in closing your account.
Before discussing the methods of closing the account, it is necessary to mention that you can contact the bank’s hotline, which will help you initiate the process. Expect to share your account details and some identification details to ensure that the authenticator is communicating with the account's rightful owner.
Some Australian banks permit customers to freeze or close their accounts directly through the online banking feature. This can be specifically appealing if you have had no unpleasant experience or if you are willing to work with documents online.
Check that you have completed any transfers from the account before closing or have any remaining balance. It can only be closed if there’s no balance and/or withhold the closure if there is a cash balance in the account.
Also, you have to cancel any form of direct debits or any payments that were linked to the account to be closed.
If you own other bank products connected to your account, such as a debit card or a secured storage box, ask about the process to close that particular product.
You must provide written notice regarding the closure once your bank accomplishes it. This is done for future reference in case something associated with the announcement, such as stock prices, is traced.
Once your account is closed, you might still need to make a money transfer from Australia to Gambia. Traditional bank transfers can be expensive due to higher fees and potentially unfavorable exchange rates. Consider exploring alternative options like:
Established companies specializing in international money transfers. They offer convenient options but can charge higher fees.
They are gaining popularity due to their competitive fees, user-friendly platforms, and faster transfer speed. Research reputable providers like ACE Money Transfer for potentially better rates on your Gambian money transfers.
The following steps are essential as a checklist for closing a bank account. Collecting all the information needed to close the account and paying any outstanding debts to close the account properly. Other formalities required before closing a bank account include settling any dues that need to be catered to.
As mentioned earlier, exploring online remittance services like ACE Money Transfer can be a cost-effective solution for your future remittance needs. ACE is one of the best choices to send money online to Gambia from Australia due to its low fees and high exchange rates.
If you are not using an account actively or at all, it is best to close it because of dormant account fees, unexpected charges, and hidden security weaknesses.
Prepare your account particulars and the list of remaining credits. It is advisable to have an alternative account in the Gambia.
You can go to a branch, contact a representative on the designated helpline, or use internet banking, if applicable.
Aim for zero balance, cancel subscriptions connected to debit, close any linked products, and obtain a written confirmation
Yes, services such as ACE Money Transfer for the possibility of having lower charges and offering better exchange rate fees.
