Banking - Moving to Australia

Banking made easy

When you’re moving around the world, there’s a lot to think about — from arranging a visa to transporting your belongings, to finding somewhere to live.

You also need to get your finances organised, whether that means opening a new Australian bank account, or looking for funds to cover those extra expenses that always seem to crop up when you move.

Fortunately, Australia’s banks can help smooth the way and make your journey just that little bit easier.

A world class banking system

Australia has one of the world’s strongest and most effective banking systems. Rated second in the world for financial soundness by the World Economic Forum^¹, Australia’s banks offer a full range of banking and wealth management services — from everyday accounts to credit cards, home and personal loans, investments, insurance and financial planning. ¹Source: World Economic Forum Global Competitiveness Report 2009-10

Best of all, some Australian banks can help you set up your new accounts, credit cards and loans before you move, so that everything is ready and waiting when you arrive.

“Our aim is to make things as easy as possible for people coming to Australia”, says Dean Brown, from the Commonwealth Bank’s International Customer Services team. “By helping you set up accounts and transfer money before you move, we can make sure you have easy access to your money from the moment you touch down.”

An international banking team can also offer specialised support when you reach Australia, with experienced multilingual staff who speak English, Mandarin, Cantonese, Indonesian Bahasa, Hindi, Urdu, Fijian Hindi, Korean and Vietnamese, among other languages.

Everyday banking

You’ll probably want to start with an everyday transaction account for salary payments and day-to-day withdrawals and purchases. Here are some things to think about when choosing a bank account:

• A strong network. Many Australian banks have extensive networks of branches and automatic teller machines (ATMs) right around the country, so you have convenient access to your money when you need it, wherever you may be. In a country the size of Australia, that can be important.
• 24 hour electronic access. An easy to use online banking and telephone banking system can make it even easier to manage your money, at any time of the day or night.
• Fees. Your account may charge a regular account-keeping fee, transaction fees, or both. Different accounts have different fee structures, so it’s important to choose one that suits the way you bank. Whether you prefer to bank online or in person, your bank can help you choose an account that’s right for you.

Credit cards and loans

Next, you may want to add an Australian credit card to streamline purchases and help take care of those extra expenses. Australian banks offer most major credit cards, including Visa, Mastercard and American Express, as well as contactless cards that let you make small purchases without having to wait for a signature or a PIN.

For longer term expenses, you may want to consider a personal loan. Provided you can show that you’ll have the income you need to make repayments, many banks can approve a loan on the same day.

Savings accounts and investments

A high-interest savings account can help you make the most of your money by earning extra interest on every dollar you save. And your Australian bank can offer you a range of other savings and investment options, from term deposits to share investments.

How to get started

To make your move as easy as possible, talk to your Australian bank’s international team well before you leave. Don’t forget to leave enough time to finalise paperwork and transfer funds, so that your money arrives at the same time you do. Then you can sit back and enjoy the trip.