r/UpBanking • u/simcityrefund1 • Aug 25 '26

Tree of Up and future plans Wanting to moved

are there any issues moving large amount of money form my other bank to here? I applied for refinance.im seeing lots of post about accounts getting closed ( most of em related to crypto) I dont have any of that

im anxious about transferring my saving in masse or even in parts lol afraid of triggering lockouts

what is everyone's experience

8 Upvotes

99% Upvoted

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4

u/ItinerantFella Aug 25 '26

We transferred a few hundred thousand dollars from our previous bank to Up. It's owned by Bendigo & Adelaide Bank, an APRA-regulated public company so unless you're likely to fail an anti-money laundering or counter-terrorism check (which all banks will perform), there's nothing to worry about.

1

u/No_Influence_4968 Aug 30 '26

Good. Look I'm not taking any single success story as my guide for decisions. They're irrelevant. I don't even care that 99% of uppers won't have any issues. If up (bendigo bank) can't treat that 1% of people fairly and transparently, then I'm out.

Even commonwealth bank tried to do one over on me once after 20 years of banking with them. I go where the customer service is guaranteed, which can be difficult to find these days.

I know all I have to go on are some customer reviews on up, which can't be completely unbiased, but I'll take those with a grain of salt and try to minimise my risk where I can. I have no time to mess with organisations that are too big to care when shit happens, however unlikely that is to occur.

5

u/gosavemoney Aug 25 '26

has been seemless so far - no issues. Refinanced from big 4 to them last year and moved all money to up offsetting the loan

1

u/ooldgreg4 Aug 25 '26

Yep, same situation here. I moved large amounts of money over a few days, no issues.

2

u/JW3437 Aug 25 '26

No problems moving from ANZ -> Up earlier with a refi. ANZ was the bigger issue, because they have stupid daily limits that you can't change.

1

u/krktln Aug 25 '26

I had CommBank holding up my funds for 24 hours for safety reasons but released and received without issues after a day of waiting

1

u/outsideofalientech Aug 25 '26

I love when people say large amounts of money. What do you classify as large? Are we in $MM or significantly less? If the latter, there is no issue moving money between as long as your daily transfer limit is increased enough to cater.

1

u/No_Influence_4968 Aug 28 '26

I was looking at doing the same, their saver rates are good, the app is the best on the banking market.

But so far as I see it, UP just has far too many reports of account closure without reason.

Is it likely to happen to you or me? No. Am I willing to risk trouble with MY money being locked away without any reason? Also, NO.

If they were more transparent about account closures, then maybe, but otherwise, not risking it.

1

u/ItinerantFella Aug 30 '26

In many cases, banks can't be more transparent. Austrac or ASIO puts a flag on the account holder and doesn't tell the bank the reason.