Opening a Bank Account in Australia
New arrivals can open an account during their first six weeks in Australia; the only document necessary is a passport. It is possible to open an account by post in which case the documents that will be necessary are: a certified photocopy of your passport showing its number and expiry date, your photograph, signature and visa and driver's license. All copies must be certified by a professional such as a teacher, doctor, lawyer or any other person of some public standing.
It is common for people in Australia to have two accounts: (1) Transaction account (Current Account) to meet regular and out-of-pocket expenses and (2) Savings Account for long term savings. There are various types of savings accounts that Australian banks and financial institutions offer: retirement savings accounts, deeming accounts, cash management trusts, mortgage offset accounts and savings investment bonus accounts.
Before opening an account compare charges, fees, interest rates and the services on offer by banks, building societies and the post offices, all of which provide banking services in Australia. The interest earned on transaction accounts varies between 0.1 and 0.5% on the account balance. The minimum opening balance could be as low as $1; however you usually need to maintain a much higher balance to avoid bank fees and charges.
Banks are open for business from 9 or 9.30am until 4pm, Mondays to Thursdays, and from 9.30am until 5pm on Fridays, working through lunch time in cities and most towns. Some city branches function from 8am until 6pm, Mondays to Thursdays, and until 8pm on Fridays. In rural areas banks may open on only one or two days a week. Some banks and building societies work on Saturday mornings. Extended working hours for bank branches at international airports, supermarkets and shopping centers are commonplace with some of these branches working seven days a week.
Electronic Banking in Australia
Electronic banking in Australian banks encompasses at least three-quarters of their transactions. This includes internet banking, smart cards automatic teller machines (ATMs automated bill payment (BPAY), automated computer banking through dial-up services,), electronic funds transfer, stored debt cards, telephone banking, and touch-screen customer service terminals. Very soon video banking will facilitate customer interaction with bank staff.
Credit and Debit Cards in Australia
Cash cards permit withdrawals of up to around $500 per day from ATMs 24 hours a day, seven days a week (provided they don't run out of money and you have money in your account). Reloadable ‘electronic cash' cards with a stored-value are also being introduced in Australia.
Most retailers and mail order businesses in Australia accept cash cards which are also debit cards. These are known as Electronic Funds Transfer at Point of Sale (EFTPOS) cards and with these you can pay any amount as long as you have money in your account or have an authorized overdraft.
Bankcard (Australia's own credit card organization), MasterCard and Visa (and affiliates) are the most common credit cards in Australia while Diners Club, American Express and Carte Blanche charge cards are also widely accepted. All building societies, banks and many credit unions and major retailers like department and chain stores, offer their own credit cards in Australia.
More Expat Resources
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
