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Many branchless banks have partnered with AusPost to allow banking at any AusPost branch (of which there are many). And all for free! You can deposit, withdraw

Many branchless banks have partnered with AusPost to allow banking at any AusPost branch (of which there are many). And all for free! You can deposit, withdraw (within limits) send money, exchange currency, pay bills, etc. The US banking system seems so far behind, and for one of the world's largest economies it's laughable.

8bitsrule 6y ago
Many events in the US since 1980 are certainly laughable from a foreign perspective, and to many of us, more than painful from a native one. But watch as the pendulum swings. (I'm not in a position to understand what 'all for free' means, but I've learned to be skeptical about that assertion. 'Until when?' for example.)
- Thorentis 6y ago
  I agree that "until when" is usually a good caveat to keep in mind, but in this case branchless banks basically have to offer free services somehow, since banks with branches don't charge for any of those things. So in order to incentivise people to join, offering an alternative way to bank that is not any more expensive is a must. This is especially true for elderly people that prefer to bank in person. I never go into a bank unless I want to withdraw or deposit large amounts of cash, and prefer to hand cash over to a human than trusting an ATM not to stuff something up.
brianwawok 6y ago
It’s an interesting class struggle for sure. Rich? Get a free bank account with a personal bank rep, free personalized advice. Poor? Spend $10 of your $200 weekly paycheck to cash it at a check cashing place, or maybe pay a $19 monthly fee to use a “basic” checking account.
quicklime 6y ago
> And all for free! There’s no such thing as a free lunch. Auspost charges the bank a fee to do this, and at least one of the big four (ANZ) found this too expensive. The others are presumably passing the cost on to consumers. https://www.smh.com.au/business/small-business/anz-customers-left-in-cold-as-banks-chip-in-for-post-office-services-20181015-p509rz.html https://www.smh.com.au/business/small-business/anz-customers...
- Thorentis 6y ago
  Yeah, but I think banks like ING see it as a necessary cost, given that other banks with branches (such as the Big 4) offer these services for free. So for ING to compete, they need to have a way for customers to bank in person without having to pay for it.

8bitsrule 6y ago

Many events in the US since 1980 are certainly laughable from a foreign perspective, and to many of us, more than painful from a native one. But watch as the pendulum swings. (I'm not in a position to understand what 'all for free' means, but I've learned to be skeptical about that assertion. 'Until when?' for example.)

Thorentis 6y ago
I agree that "until when" is usually a good caveat to keep in mind, but in this case branchless banks basically have to offer free services somehow, since banks with branches don't charge for any of those things. So in order to incentivise people to join, offering an alternative way to bank that is not any more expensive is a must. This is especially true for elderly people that prefer to bank in person. I never go into a bank unless I want to withdraw or deposit large amounts of cash, and prefer to hand cash over to a human than trusting an ATM not to stuff something up.

brianwawok 6y ago

It’s an interesting class struggle for sure. Rich? Get a free bank account with a personal bank rep, free personalized advice. Poor? Spend $10 of your $200 weekly paycheck to cash it at a check cashing place, or maybe pay a $19 monthly fee to use a “basic” checking account.

quicklime 6y ago

> And all for free! There’s no such thing as a free lunch. Auspost charges the bank a fee to do this, and at least one of the big four (ANZ) found this too expensive. The others are presumably passing the cost on to consumers. https://www.smh.com.au/business/small-business/anz-customers-left-in-cold-as-banks-chip-in-for-post-office-services-20181015-p509rz.html https://www.smh.com.au/business/small-business/anz-customers...

Thorentis 6y ago
Yeah, but I think banks like ING see it as a necessary cost, given that other banks with branches (such as the Big 4) offer these services for free. So for ING to compete, they need to have a way for customers to bank in person without having to pay for it.