There are different account types available, and some of these can be tied to each other for more flexibility. Here are the most common ones:
To make your life easier, choose an account that includes flexible banking options. Electronic and online banking allows you to withdraw, deposit, make payments, or transfer funds via an ATM or Internet. This is very handy if you frequently do most of your transactions through the ATM or online to avoid the long queue at the bank. Flexible options also mean you can easily access your money even if you’re abroad or travelling.
Depending on the type of services an account includes, you might have to pay for additional fees such as overdraft, fund transfer, and ATM charges. If the account you’ve chosen has a monthly fee, ask your bank if you can waive it. Some of these charges can actually be avoided. One good example is the ATM charges, which you can avoid by withdrawing or depositing money only through your bank’s ATMs.
For your convenience, choose an account that’s issued by a bank with plenty of branches nationwide. This makes it easier for you to find an ATM or a bank to process transactions. An international bank with branches in other countries is an ideal choice if you frequently travel or do business abroad. Choose a bank that has a branch near your office so you can conveniently pay bills and handle other transactions during your break or right after work. When applying for a bank account, make sure you’ve prepared all the necessary requirements. Proofs of identity that are accepted for bank applications include your birth certificate, utility bills, Medicare card, driver’s license, and other government-issued IDs. Once you’ve submitted the requirements and application form, it’ll usually take five to ten days to process your documents. For other personal finance tips, check out the Alpha Finance Blog.