Discovering Australia

Money and Banking Banks Opening a current account with an Australian bank is easy and best done within 30 days of arrival, or even before immigration.

Banking in Australia is dominated by 4 major banks: + Commonwealth Bank of Australia (CBA) + Westpac Banking Corporation (Westpac) + Australia and New Zealand Banking Group (ANZ) + National Australia Bank (NAB)

Bank Accounts The above-mentioned banks allow you to set up your bank account up to 12 months before coming to Australia or once you’ve arrived. All banks have very similar processes to open an account, but there are slight differences. In general, your passport, confirmation of your arrival in Australia within the last six weeks, plus your valid visa and another form of ID should suffice by way of documentation. If your employer does not already have a preferred banker, your consultant will be happy to set up a meeting with banking personnel to establish your accounts and provide an orientation to the banking system. Exchange Exchanges are offered at airports and banks. When travelling with a credit or debit card, you can use an automated teller machine to withdraw funds, although check with your bank for any additional fees and limitations. Exchange rates can be found at the following link: www1.oanda.com/currency/converter Helpful Hint: People who wait longer than one month before opening an account will encounter stricter requirements. You will be asked to provide, among other things, proof of address and your tax file number.

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Discovering Australia