Banking
If you are staying in Australia more than three months, or you plan on working while you are here, you will need an Australian bank account. In Australia, most income including salary or wages and government benefits are paid directly into your bank account.
If you haven’t organised your bank account before you leave home, you should open a bank account as soon as possible after your arrival. Generally, if you do this within six weeks of your arrival, your passport is usually sufficient for the purposes of identification. After six weeks you will need extra identification to open an account.
If you have an Australian bank account before you move, you will be able to transfer money into your new account before you arrive, so that when you land, you can access your Australian dollars almost immediately, It may give you the opportunity to take advantage of favourable exchange rates, or you may be able to take advantage of competitive interest rates on savings accounts.
If you are applying for a job in Australia, you can provide your account details to your employer before you commence work.
Australia has been growing steadily with the help of economic decisions made over the course of its entire history. There are many companies and businesses that aid in this growth including those in the banking industry. For many years, there was tight regulation in the country’s banking industry, which meant that foreign banks were unable to establish their services in this country. Because of this, other financial institutions such as credit unions and building societies florished. In 1983, the banking industry was deregulated which allowed banks from other countries to operate in Australia.
There are four major Australian banks in the Australia. These are the Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank (NAB) and Westpac Banking Corporation. These banks also have the widest representation in overseas countries such as the United Kingdom, Europe, Ireland and the USA.. There are also smaller Australian banks such as the Elders Rural Bank Limited, Bank S.A., St. George Bank Limited and many others.
The Australian banks are now joined by many international banking companies. These include the Arab Bank Australia Limited, Citigroup Pty. Limited, Laiki Bank (Australia) Ltd., HSBC Bank Accounts Australia Limited and many more. They each have their own special services that cater to the many preferences of their potential customers. With all these various companies operating within the mainland, the Australian banking industry is well-supported and is poised to further strengthen the Australian economy.
Bank headquarters are found in different Australian states. In Queensland, Brisbane is the home of The Bank of Queensland Limited, and Suncorp-Metway Limited.
Most banks have information and tools on their websites to help you compare accounts they have on offer and select an account that best suits your needs. Some have tools on their websites to help you easily compare the different features of different bank accounts, such as comparison tables with details about interest rates, monthly service fees, the number of free transactions, and any minimum balance required.
Some banks have a bank account selector where you answer a few questions and it identifies the bank account that reflects your answers. If you don’t have access to the Internet, you can call a bank or visit a bank branch, and bank staff can assist you with your product choice.
Terms and conditions outline the rules and regulations that apply to your new account. If you don’t understand them, ask the bank to explain them to you.
Before opening a bank account, read the product information and understand the terms and conditions and the various fees that might apply.
