Whenyou move to Australia you will need to open a bank account to pay your bills and rent, for international money transfer and also to get your salary deposited once you get a job.Prospective Expats or those who are moving to Australia for a short term can open a bank account after they come to Australia. They can also open an account in Australian bank from overseas.
Before you open a bank account you must know how to select the best banking solution for you, the procedure to open a bank account, when to open an account. Here is everything that you need to start banking in Australia.
Bank Selection –
Commonwealth Bank(CBA), Australia And New Zealand Banking Group (ANZ), National Australian Bank (NAB) and Westpac Bank (WBC) are the big 4 banks in Australia.
Other popular banks in Australia are Bank Of Queensland, Macquarie Bank, Bendigo Bank, AMP Bank, Suncorp Bank and Bankwest.
You can select any of these banks for your banking purpose.
If you find branches of any of these banks around the place you are staying, you may choose that bank for banking. You can study the benefits these banks are giving to their customers as selection criteria.
When To Open A Bank Account –
We recommend that you should open a bank account in Australia within 6 weeks after your arrival. Because you’ll need to provide only passport as an identity proof.
To open a bank account in Australia post 6 weeks after you land in Australia, you’ll need to provide other identity proofs along with the passport.
Alternatively, you can open a bank account even before you come to Australia.
Read here: How to open an offshore bank account?
How To Select A Bank Account For You –
You can select a perfect banking solution for you by keeping below options in mind.
Choosing The Account Type –
Everyday Bank Account –
For everyday’s banking needs such as cash withdrawal, paying bills using EFTPOS – an everyday bank account is used. You can get a Visa or MasterCard debit card when you open an everyday account.
High-Interest Saving Account –
If you want to earn more interest on your saving then you must have a high-interest saving account. The interest rates for this account is higher as compared to everyday account.
Credit Account –
If you are getting income deposited into your bank account and you have been living in Australia for a certain amount of time then you become eligible to get a credit account. You’ll get a credit card once you open this account. You can use this credit card to pay for an online purchase or to pay your bills.
Charges Associated With A Bank Account –
Account Fees –
Australian banks charge their customer for insufficient minimum balance in accounts. This fee is waived off if the minimum balance is maintained in the account. Few of the banks are “fee-free” which means you do not need to maintain any minimum balance in your account.
Transaction Fees –
Australian banks allow you to use do transaction up to a certain number of times for free in a month. Upon exceeding a maximum allowed free transactions limit your bank may charge transaction fees. Few of the banks allow you unlimited free transactions.
Overdrawn Account Fees –
If you overdraw amount more than your saving account balance, you have to pay the overdrawn account fees.
How To Open A Bank Account –
You can apply for a bank account online or by visiting nearest branch.You have to present your passport if you are visiting branch during initial 6 weeks of your arrival in Australia.If you are visiting the bank after initial 6 weeks of your arrival in Australia, you need to provide 100 point check.You can get details about types of bank account, fees associated with the account from bank’s website if you are applying online. Also, you can get assistance from the bank employees in case you are visiting a bank for the application.
Click here to know – How to open an account in Australian Bank From overseas
If you have any more questions related to opening a bank account,ask your Chalo Australia Buddy.