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Banking in Australia
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Overview of BankingThis section gives a basic overview of the Australian banking system and provides links to banks and internet sites where you can get more detailed information. Please read our disclaimer statement. The Banking SystemAustralia has an advanced banking system, with various types of institution: large, Australia-wide banks, smaller state-specific banks, a number of credit societies/credit unions and a few other financial organisations, such as insurance companies who have diversified into banking.Typical FacilitiesObviously each bank will offer their own mix of accounts and facilities, but here is a list of typical facilities offered:
Fees and chargesIt is common for there to be a monthly fee on transaction/cheque accounts, with a certain number of free transactions per month. There are many variations, though, such as zero monthly fee if a certain balance is maintained.You may incur charges if you withdraw cash from an ATM outside of your bank's network and of course, you will normally be charged for overdrafts or other transactions like bank cheques. Government taxes: If you've heard of something called FID (Financial Institutions Duty) and BAD (Bank Account Debit) tax, don't worry because they've been abolished. ----- Opening a Bank AccountInformation in this section provided by our sponsors, Westpac Banking Corporation. Before You Leave HomeMoving to Australia can bring many challenges, and expenses. It’s important to have access to your money anywhere, anytime, so you can successfully manage your move.If you want to open a bank account in Australia for everyday transactions, Westpac Choice is for you. Your $5 monthly service fee will be waived if you make at least $2,000 worth of deposits to your account each month (such as your salary). To save and earn interest at the same time, you can open a Westpac eSaver, an online savings account, and link it to your Westpac Choice account so you can access your savings anytime. Once you are set up with these two accounts, you will be ready to successfully manage your money in Australia. When you arriveWithin six weeks of arrival in Australia, you need to go into the branch where your account has been opened and identify yourself - take your passport. If you're staying in short-term accommodation, you can give this as your contact address, but you don't need to provide any further proof of address. You will then be issued with your bank cards and can be registered for telephone and internet banking. If you have your Tax File Number, give this to the bank so that your interest is paid without tax being deducted.To find out more...----- Credit Cards, Home Loans and Financial PlanningInformation in this section provided by our sponsors, Westpac Banking Corporation. Depending on your visa and employment status we may be able to help you apply for a credit card and mortgage before your arrival. Apply for a credit cardAn Australian credit card offers a convenient way to shop, both face to face and online, and pay bills. You can select from a low rate card, with no annual fees, through to cards offering a full range of benefits, including free overseas travel insurance and bonus points.For more information on which visa subclasses are eligible (e.g. 457, 136) please visit our website below. Apply for a home loanWhen deciding which Australian mortgage, or home loan, suits your situation, you need to consider many things, including fees, interest rates, or whether it is fixed or variable.This is a unique service offered by Westpac’s Migrant Banking as new migrants have traditionally found it difficult to obtain credit until they have established a track record of employment and financial stability in Australia. We assess all credit applications in accordance with normal credit requirements but will take into consideration the special credit strengths of new migrants. Once you’ve got the basicsOnce you have arrived and set up the basics, we can help manage your other finances, including UK Pension transfers, Business Banking, Foreign currency accounts any many other products and services.To find out more...----- Australian Banks
Australia-Wide Banks - "The Big Four"
State-Specific and Other BanksSt. George Bank (mainly NSW,VIC,SA) BankWest (WA) Bank of Queensland (mainly QLD with some branches in NSW and VIC) ----- Other ResourcesInfochoice has a comparison of current mortgage and deposit rates. MoneyManager has more information on banks and comparison of fees and charges etc. www.choice.com.au run by the Australian Consumers Association has several articles comparing different accounts and banks. Follow Money & Rights > Banking. Australian Credit Unions Website. A resource explaining what Australian Credit Unions are all about with links to the individual organisations. ----- Banking TerminologyATM BSB Offset Facility Term Deposit ----- DisclaimerInformation on this website is intended to give the reader an overview of many aspects of life in Australia, such as healthcare, real estate, tax, superannuation etc. While we at Aussiemove.com have performed a large amount of research on each subject area, we do not claim to be experts in those fields and we recommend that migrants discuss their requirements with companies specialising in those fields before making purchases, investments or other decisions concerning their move. The content of this website is general in nature - no specific advice is intended. We provide links to other companies as a service to our readers. We have taken reasonable care to ensure that each linked website does not contain offensive or inappropriate material. However, we are not responsible for the accuracy of any of the material in any linked website, or the advice that may be contained therein. ----- |
