Bank accounts

Opening a Bank Account

Opening a bank account in Australia is fairly straightforward and many Australian banks allow you to open accounts before you move. Most banks will allow you to do this online, and some will ask you to download an application form and apply via post.

Australia has a number of banking institutions and the Australian Prudential Regulation Authority (APRA) has a useful list of banks to choose from, visit the website for more information. The merits of each often depend on personal preference, and in some cases, your home bank may have links with an Australian bank, making transferring your banking services easier.

It’s advisable to open a bank account within six weeks of your arrival, as you usually need only your passport as identification. After six weeks you may need extra identification.

Credit and Debit Cards

There are many types of credit cards available, with features such as low interest rates, cash backs and reward programs being among the more popular.

Additionally, many websites have been established to help you compare which credit card suits your needs the best.  An alternative to a credit card is to apply for a debit card. Whilst this offers no credit facility as such it does provide the benefit of a card that is accepted as a Visa or MasterCard.

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