Banking in Australia
Moving countries and banks is always a big step. There’s plenty to think about, and lots to do.
Luckily for you, the Australian banking system is one of the safest and most stable around.
To help make the move easier, here’s a quick run down of how things work.
Currency
Australian Dollar (AUD $)
Trading hours
Trading hours may differ between banks however generally trading hours are:
Monday to Thursday: 9.30am – 4.00pm, on Friday until 5.00pm
Saturday and Sunday: Some banks offer weekend trading hours at selected branches.
With telephone banking, electronic banking and ATMs, you have access to your money
24 hours a day, 7 days a week.
Opening an account
Before opening a bank account you will need to consider the following:
Documentation It’s recommended that you bring the following documentation (originals and copies) with you from your home country:
■ Passport
■ Driver’s licence
■ Visa
■ Birth certificate
Access Options How you like to access your money and how frequently, will determine the type of account you choose.
Identification Check By Australian law, all banks are responsible for verifying your identity if you wish to open a bank account. You’ll be asked to provide specific forms of identification, e.g. passport and driver’s licence.
Tax File Number (TFN) You’ll be asked to provide your TFN so that you can be identified for tax purposes. It isn’t essential, but if you don’t, any interest your accounts earn will be taxed at the highest rate. For more information or to apply for a TFN, visit the Australia Taxation Office website: www.ato.gov.au
Banking products
All banks in Australia offer a variety of different banking products. Here are some of the main products types.
Transaction Accounts Ideal for day-to-day banking. You can make regular deposits – like your salary, pay bills or shop using your ATM card. Some transaction accounts come with a cheque book, though they are becoming less popular and many businesses will not accept personal cheques.
Savings Accounts Savings accounts are good for just that…saving. Some offer higher interest rates once your account reaches a certain balance or if you make deposits and no withdrawals over a period of time.
Most savings accounts will also have the option of an ATM card, so you can use it like a transaction account.
Credit Cards Credit cards are popular in Australia. They give you options to pay for goods and services via EFTPOS terminals and they can be used to pay bills online or over the phone. There are many to choose from, with varying interest terms, annual fees and awards programs. It is important to keep in mind that a minimum monthly payment is mandatory and the balance will be required to be paid in full, in some cases with added interest. Eligibility criteria
will apply.
Personal Loans If you’re buying a car, making home renovations or planning a holiday, a personal loan can be a fast and convenient way to raise finance. They generally have a lower interest rate than credit cards.
Automated direct debits can make repayments easy. Eligibility criteria will apply.
Other products
Most banks also offer access to the following products:
■ Student Bank Accounts
■ Home Loans
■ Insurance (Personal and General)
■ Specialised Accounts e.g. Foreign Currency Accounts, Online Accounts
■ Investment Accounts/Managed Funds
■ Business Banking Products
Accessing your money
With electronic banking, accessing your accounts and making transactions is now easier than ever.
ATMs (Automatic Teller Machines)
ATMs can be used to withdraw cash using an ATM card which is connected to your bank account. Your ATM card will be security protected by a PIN (Personal Identification Number) that you will need to enter into the ATM when prompted.
ATMs can also be used to:
■ Obtain an account balance
■ Obtain recent transaction records
■ Transfer money between your own accounts
■ Change your PIN
Some ATMs also allow you to deposit cash and cheques into your account.
Depending on your account and the owner of the ATM, you may be charged a usage fee and/or a monthly account keeping fee.
EFTPOS (Electronic Funds Transfer at Point Of Sale)
EFTPOS terminals can be found where goods or services are sold e.g. supermarkets or petrol stations. EFTPOS enables you to pay for these goods or services using your ATM card. There are more than 550,000 EFTPOS terminals in Australia
.
Telephone Banking
Most banks offer a phone banking service to access your account balance, make transactions, retrieve recent transaction information and pay bills. When you register for telephone banking, you will be provided with a password and/or an identification number.
Internet Banking
When you register for Internet banking you will be provided with login details and a password. Like all your passwords and PINs, this should never be shared with anyone. Via Internet banking you can:
■ View and check your accounts
■ View recent transaction history
■ Transfer money between your accounts and to third parties
■ Pay bills
■ Conduct IMTs (International Money Transfers)
■ Apply for banking products
Over the Counter
Many people still prefer face-to-face contact with bank staff, especially with more complex products like home loans.
Branch staff can also assist you with transactions, applying for new products or general information. Over the counter transactions may incur a fee.
Moving to Australia? Open a bank account before you arrive.
With the Commonwealth Bank of Australia you can open a bank account before you leave your home country.
The Commonwealth Bank is one of the nation’s most trusted financial institutions, with more than 1,000 branches and more ATMs than any other bank in the country.
Choose the bank more Australians choose.
For more information visit Moving to Australia Checklist http://openoffshorebankaccountfornonresident.blogspot.com/2013/08/moving-to-australia-checklist.html
Moving countries and banks is always a big step. There’s plenty to think about, and lots to do.
Luckily for you, the Australian banking system is one of the safest and most stable around.
To help make the move easier, here’s a quick run down of how things work.
Currency
Australian Dollar (AUD $)
Trading hours
Trading hours may differ between banks however generally trading hours are:
Monday to Thursday: 9.30am – 4.00pm, on Friday until 5.00pm
Saturday and Sunday: Some banks offer weekend trading hours at selected branches.
With telephone banking, electronic banking and ATMs, you have access to your money
24 hours a day, 7 days a week.
Opening an account
Before opening a bank account you will need to consider the following:
Documentation It’s recommended that you bring the following documentation (originals and copies) with you from your home country:
■ Passport
■ Driver’s licence
■ Visa
■ Birth certificate
Access Options How you like to access your money and how frequently, will determine the type of account you choose.
Identification Check By Australian law, all banks are responsible for verifying your identity if you wish to open a bank account. You’ll be asked to provide specific forms of identification, e.g. passport and driver’s licence.
Tax File Number (TFN) You’ll be asked to provide your TFN so that you can be identified for tax purposes. It isn’t essential, but if you don’t, any interest your accounts earn will be taxed at the highest rate. For more information or to apply for a TFN, visit the Australia Taxation Office website: www.ato.gov.au
Banking products
All banks in Australia offer a variety of different banking products. Here are some of the main products types.
Transaction Accounts Ideal for day-to-day banking. You can make regular deposits – like your salary, pay bills or shop using your ATM card. Some transaction accounts come with a cheque book, though they are becoming less popular and many businesses will not accept personal cheques.
Savings Accounts Savings accounts are good for just that…saving. Some offer higher interest rates once your account reaches a certain balance or if you make deposits and no withdrawals over a period of time.
Most savings accounts will also have the option of an ATM card, so you can use it like a transaction account.
Credit Cards Credit cards are popular in Australia. They give you options to pay for goods and services via EFTPOS terminals and they can be used to pay bills online or over the phone. There are many to choose from, with varying interest terms, annual fees and awards programs. It is important to keep in mind that a minimum monthly payment is mandatory and the balance will be required to be paid in full, in some cases with added interest. Eligibility criteria
will apply.
Personal Loans If you’re buying a car, making home renovations or planning a holiday, a personal loan can be a fast and convenient way to raise finance. They generally have a lower interest rate than credit cards.
Automated direct debits can make repayments easy. Eligibility criteria will apply.
Other products
Most banks also offer access to the following products:
■ Student Bank Accounts
■ Home Loans
■ Insurance (Personal and General)
■ Specialised Accounts e.g. Foreign Currency Accounts, Online Accounts
■ Investment Accounts/Managed Funds
■ Business Banking Products
Accessing your money
With electronic banking, accessing your accounts and making transactions is now easier than ever.
ATMs (Automatic Teller Machines)
ATMs can be used to withdraw cash using an ATM card which is connected to your bank account. Your ATM card will be security protected by a PIN (Personal Identification Number) that you will need to enter into the ATM when prompted.
ATMs can also be used to:
■ Obtain an account balance
■ Obtain recent transaction records
■ Transfer money between your own accounts
■ Change your PIN
Some ATMs also allow you to deposit cash and cheques into your account.
Depending on your account and the owner of the ATM, you may be charged a usage fee and/or a monthly account keeping fee.
EFTPOS (Electronic Funds Transfer at Point Of Sale)
EFTPOS terminals can be found where goods or services are sold e.g. supermarkets or petrol stations. EFTPOS enables you to pay for these goods or services using your ATM card. There are more than 550,000 EFTPOS terminals in Australia
.
Telephone Banking
Most banks offer a phone banking service to access your account balance, make transactions, retrieve recent transaction information and pay bills. When you register for telephone banking, you will be provided with a password and/or an identification number.
Internet Banking
When you register for Internet banking you will be provided with login details and a password. Like all your passwords and PINs, this should never be shared with anyone. Via Internet banking you can:
■ View and check your accounts
■ View recent transaction history
■ Transfer money between your accounts and to third parties
■ Pay bills
■ Conduct IMTs (International Money Transfers)
■ Apply for banking products
Over the Counter
Many people still prefer face-to-face contact with bank staff, especially with more complex products like home loans.
Branch staff can also assist you with transactions, applying for new products or general information. Over the counter transactions may incur a fee.
Moving to Australia? Open a bank account before you arrive.
With the Commonwealth Bank of Australia you can open a bank account before you leave your home country.
The Commonwealth Bank is one of the nation’s most trusted financial institutions, with more than 1,000 branches and more ATMs than any other bank in the country.
Choose the bank more Australians choose.
For more information visit Moving to Australia Checklist http://openoffshorebankaccountfornonresident.blogspot.com/2013/08/moving-to-australia-checklist.html
