Here some practical information about opening a bankaccount in Australia.
When I arrived here, I made sure I had some cash to pay for certain things (as food or drink on the way, a taxi if needed or other emergency situations).
This way I could at least pay for something if I needed too, instead of having to pay by card and having exchange rates going over all my purchases. But knowing I am planning on staying for a while and to work here as well, a bankaccount was needed.
First thing to do is to chose what bank you want to go to with your money. I found a ranking of the banks in 2017 in Australia on this website here. This website shows different lists, because obviously you can rate banks on different criteria’s.
The most commonly known banks are:
- Australia and New Zealand Banking Group (ANZ)
- Commonwealth Bank (CBA)
- National Australia Bank (NAB)
- Westpac Bank
What bank did I go for and why?
I went for Commonwealth Bank and because of several reasons.
Commonwealth Bank is the bank that attented the Emigration Expo, which made them the first Australian bank I came in contact with.
Besides that, it also was the bank I went to when I was in Australia in 2014, basically because they’re located everywhere.
Another very common reason is that my boyfriend banks there, so he recommended it and in the end that is what matters the most I guess, the advise of someone who knows what they’re talking about.
I know that work and some other people bank with WestPac Bank and so on, so I don’t think one is better than the other. It depends what you’re looking for and what you’ve heard.
So what are the differences between the banks in Australia compared to the Netherlands?
First of all, obviously the currency. Australian dollars instead of Euro’s.
A few rules are different as well. Here we have to pay to get cash out if we do this at a difference bank, $2.50, whereas at home it doesn’t matter, you never get charged.
So pay attention when you get cash out, especially when it’s just small amounts.
How do you open a bankaccount?
If you want to open a bankaccount as a non-Australian resident you need your passport and your visa, this so they can identify you and also check if your visa is correct.
The bank wil ask you what kind of account you would like and will set everything up for you.
Besides you passport and visa, you need an address and this is only needed so the bank can send your bankcard there.
It will take up to 2 weeks for them to send you this, so if you are moving around, you might want to keep in contact with your bank about your whereabouts.
I hope this helps you to make sure your money is safe and easy available for you!
Lots of love,