How to close your Heritage Bank account and move your money out.

Life can change in a blink of an eye. You could choose to move overseas or interstate and have to reshuffle how you access your money. This can include closing a pre-existing bank account to opt in for a new one.

The conditions and steps to do this can vary depending on who you bank with. If it's time to close your Heritage bank account, but you aren't sure where to start, here is a guide on how to do it.

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How to close their account with this bank

It’s generally a no-brainer that when it's time to close your bank account, the account balance needs to be at zero. However, despite this obvious step, there are several other things you need to think about to make sure closing your accounts goes ahead with no drama. Here are some other steps to consider¹.

1. Transfer or withdraw all remaining money out to another provider such as Wise
2. Check for pending transactions that are yet to clear
3. Cancel or reroute any direct debits from the account
4. Save all required bank statements for your own records
5. See if you need to visit a branch during the process or sign off any documents

Step 5 is both account and bank specific. We’ll see how Heritage bank allows accounts to be closed in the next few sections.

How to close an everyday and savings account with Heritage bank?

The process to close a transaction and savings account with Heritage bank is the same. You will have to²:

1. Make sure all the above steps where relevant are finalised
2. Fill in an Account Closure Form
3. Either visit a local branch or mail the form

Once an account is closed, you may need to re-identify yourself if you choose to come back to Heritage bank and hold no other services with them.

How to close a joint account with Heritage bank?

There is a slightly different process to closing a joint account. Each account holder will need to fill in an Account Closure Form and contact Heritage bank directly.¹

How to close your Credit or Bank card account

To close a Heritage bank Credit card account, you will need to²:

1. Cancel all automatic payments
2. Pay off any pending debts, charges or fees
3. Fill in the Visa Credit Card Closure Form
4. Return the form to Heritage bank

If there are multiple account holders attached with the credit card, then each holder must sign the form. Once the credit card account has been officially closed, the associated card will be cancelled.

Do I need to go to a bank branch, can I do this online or from overseas?

You can access the closure forms online, but you cannot close your accounts online. You must make contact with Heritage bank to close your account either by visiting a local branch or by mailing your account closure forms.³

What happens to Heritage bank inactive or dormant accounts?

If you stop using your Heritage bank account and don’t take any action to close your account, your account may enter an inactive or dormant status. This happens if you don’t make any sort of transaction on the account for 2 years.⁴ If this happens, you will incur a $20 fee for each half year your account remains open and inactive.⁵

What else do I need to know?

Each card you have with a Heritage bank account, including debit or credit cards can either be destroyed or handed back to a local branch. You should also change your bank account details with any employers or service providers after your account has been closed.¹

Heritage bank can also close your account if the law allows them to do so or if you breach any of their terms and conditions.⁴

You can find out more by contacting Heritage bank here

You can contact heritage bank by:

• Calling 131422 from within Australia
• Calling +617 4694 9000 from overseas

Phones like are available 24 hours a day and 7 days a week. If you do not want to call, you can visit a local branch.

Are there any costs to close this account with Heritage bank, or is it free?

There is no fee to close your account with Heritage. As mentioned, fees can be incurred if you leave your account to become dormant. There may also be a fee to transfer your money to an outside account, especially if it's abroad.⁵

Alternative banks/financial services

There are four ways you can choose to receive your remaining balance from your account. These include¹:

1. Transfer to another Heritage account
2. Cheque posted to your address
3. Donate the funds to charity
4. Transfer to another institution

Before you fill out your account closure form, having an account set up and ready to receive your funds is the prerequisite for ticking option 4. For those that haven’t yet, here are some alternative banks you could choose.

• National Australia Bank
• Commonwealth Bank
• ANZ bank
• ING bank
• Westpac

Another option that differs from your traditional bank is to go with an alternative financial option such as Wise and the Wise multi currency account. This option is especially ideal if you are moving abroad or looking to travel frequently from Australia. The Wise multi currency account is an easy way to receive your remaining funds.

The Wise Account

If you’re looking for a flexible online account that is great for daily spending in Australia and overseas, the Wise Account is worth a look.

The Wise Account can be opened for free and allows you to hold money in over 40 currencies and send money to 160 countries. You can also order local account details for 10 world currencies including AUD.

Using the AUD account’s BSB and account number, you can do a simple local bank transfer from BOQ to your Wise Account if you wish and hold your money while you close your BOQ account and plan your next move.

You can also use the Wise Debit card to spend money in 150+ countries without markups and hidden transaction fees. The mid-market rate is used when switching between currencies, helping to keep costs low when sending money internationally. It’s the rate you see on a Google conversion search.

Join over 16 million customers currently enjoying Wise. It’ll only take a few minutes to register and see what’s inside.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

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Sources:

1. Heritage bank Account Closure Form
2. Heritage bank close account
3. Heritage bank online
4. Heritage bank account guide
5. Heritage bank dormant account

Sources checked on: 15th April 2024