Setting up a Bank Account - Australia
Bank accounts are relatively easy to open in Australia. You will require proof of identification such as a passport or driving licence, proof of an address in Australia and as a precaution, a reference from your bank in your home country. You will have a choice between a statement-based account accessed via a bankcard, or passbook account accessed over the counter.
Most banks and ATMs (cash machines) will allow you to withdraw from international bank accounts, provided your bankcard has an international symbol on it, such as Cirrus. We recommend that before departure for Australia you check with your bank that you can complete international banking. Once you have your Australian Tax File Number it is important to provide this to your bank so that any interest paid to you is not taxed before you receive it.
Many travellers find that setting up an Internet bank account makes managing bank accounts between countries much easier. If you are looking to transfer money between countries you will find the best rates on the net. A good site to look at for this is www.tranzfers.com
The leading banks in Australia include Westpac, Commonwealth Bank, National Australia Bank, ANZ and St George.
The Commonwealth bank have a Migrant Banking Services section and have a branch in London. The National Australia Bank also has a great Migrant Banking Service. If an Australian bank has an overseas office in your country, you may also want to make some enquiries with them. If you open an account within six weeks to three months of arriving to live in Australia, you will need only your passport. This concession only applies to banks, not credit unions.
It can be difficult to gain a mortgage through local banks in Australia for the first 12 months of your residence. If you would like to buy property within this period you may wish to set up a bank account with an international bank such as Barclays or HSBC before leaving your home country.
Eftpos
EFTPOS (Electronic Funds Transfer at Point of Sale) gives you the ability to pay for items such as food, drinks, clothes etc electronically using the card of your choice. You can usually withdraw cash at the same time, so you don’t have to go to a branch or an ATM. You use the same PIN for both ATMs and EFTPOS, leaving you only one number to remember. There are over 60,000 participating EFTPOS outlets in Australia, so you won’t be caught without cash.
