How to close your Bank of Queensland account and move your money out.

A regional Australian bank, Bank of Queensland (BOQ) refers to itself as being focused on simplified banking solutions for the everyday Aussie.

If you hold an account with BOQ and are looking to close it, whether to seek a better solution to your needs, because you’re moving abroad or it's simply no longer needed, we’re here to help.

In this guide, we’ll take a look at how to close different accounts with BOQ, highlight any fees involved, pinpoint things to be mindful of and suggest some alternative banking solutions.

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How to close an account with this bank

Closing an account or several accounts with BOQ is relatively straightforward. The first step is to empty all funds from the account in question.

This may mean withdrawing the full balance or transferring it to another bank account in Australia or overseas. If for the latter, Wise can help you save on fees and make this process quick and easy.

If you’re unsure what your next move will be, Wise also offers a multi-currency account where you can safely place and maintain access to your money while you decide.

It is vital to update or stop any automated transactions that are linked to your account before closing it to ensure no defaults occur.

This may include checking for payments to a personal loan, mortgage, utility providers, credit cards, investments, overdrafts or similar.

If you are closing all your accounts with BOQ, you will need to close your savings account first as this is linked with all other accounts.¹ Where this includes a credit card, all balances must be cleared or transferred too before requesting closure.

How to close a current/everyday account with BOQ

There are two primary ways through which you can close an everyday account with BOQ. These are in person at a BOQ branch or through the MyBOQ app.

If closing through the app¹:

1. Navigate to ‘Accounts’
2. Select the account to be closed
3. Click the three dots visible in the top-right-hand corner of the screen
4. Choose ‘close account’ from the drop-down
5. Confirm the closure by clicking ‘proceed’

How to close a savings account with BOQ

For a savings account, you will need to follow the same process as above.

As indicated earlier, if closing all accounts you will need to start your account closures with your savings account before moving on.¹

How to close a joint account with BOQ?

Closure of a joint account can be requested by either account holder using the steps outlined above.

Either account holder may request an account closure.²

How to close your Credit or Bank card account

In the case of a credit account, you must ensure that all residual balances owed are cleared in full – including any pending transactions.

To close a credit account, you can log into BOQ online, visit a branch or call BOQ Customer Connect for assistance.

If closing online³:

1. Log into your BOQ Internet Banking account
2. Select your credit account followed by ‘Q rewards/Other card functions’
3. Click ‘Account Closure Request’ on the left-hand side of the menu

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

BOQ permits account closure requests online for all their accounts whether you are in Australia or overseas.

There is usually no need to attend a branch in person. Should complications arise, it is also possible to speak with a BOQ specialist over the phone.

What happens to BOQ accounts that are inactive or dormant?

BOQ considers any account that has had no withdrawals or deposits made for 12 months or more to be inactive.⁵

Where there is a zero balance they may close your account without warning, notifying you only once the closure has been finalised.

Should there be funds in the account up to AU $500, BOQ will attempt to contact you and transfer the funds to an active account. If you cannot be located or contacted within 30 days, the funds may be donated to a registered charity.

For sums over AU $500, accounts may remain dormant for up to 7 years, after which the balance will be marked as unclaimed funds.

If you have been unable to be contacted, these funds are then transferred to the Commonwealth government and the account is closed.⁵

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

BOQ does not list any fees on their website for account closures at this time.

However, transfer fees may apply depending on where you are sending any remaining balances.

What else do I need to know?

• Once your account is confirmed closed, be sure to destroy any physical bank cards or other access keys provided by BOQ.
• We recommend downloading your account’s statement history before closure as you may need access to these in future.
• For credit account closures, should reward points have been accrued as part of the product offerings, these may be forfeited. We suggest redeeming these in advance of account closure.
• Be aware that while BOQ will attempt to stop any transactions on a closed account, some may still go through, you remain liable for these even after the account has closed.

You can find out more by contacting BOQ here

To speak with BOQ regarding your accounts or to pursue account closures you can contact them at:

• 1300 55 72 72 within Australia between 8 am and 8 pm AEDT Monday to Friday or 9 am and 5 pm AEDT Saturdays
• If abroad you can call +61 7 3336 2420 during the same hours

Alternative banks/financial services

If BOQ’s regional size and service aren't quite suited to your needs, there are several alternatives to choose from such as big banks Commbank, Westpac, NAB or ANZ.

Tired of banks altogether? A secure online provider such as Wise may be better suited.

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.

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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. BOQ – Closing A Cash Account
2. BOQ – Joint Accounts pg. 32, section 19.1
3. BOQ – Closing A Credit Account
4. BOQ – Inactive Accounts pg. 21

Sources checked on: 30 January 2024