Opening A Bank Account:
It is very common in Australia that people do not carry cash with them. Almost every person here has got at least a single bank account which provides a debit card/credit for transactions. Almost every shop has got an Eftpos machine which can do transaction using your card; you can also get some cash out there. Banks are located in all suburbs with in a city and you can find multiple ATM outside banks where you can withdraw some amount from your account. You can also do so by going to cashier and give them your debit card and show some identity like student id card (with picture and signature) and they will do it for you. ATM is also located outside shopping centre and superstores like Coles, Safeway etc. Australian government has provided all these facilities only to secure your money and make transaction very easy. So, it’s better to go a Bank on the first/second day of your arrival and open a bank account.
How To Open An Account:
There are too many banks in Australia namely commonwealth bank, national bank, ANZ bank and so on. You can go to any of these banks and wait in customer service queue.
1. When it’s your turn, then tell them you just arrived yesterday and want to open a bank account to deposit your money.
2. The basic requirement to open a bank account is that you must carry your passport (as an Identity) and Confirmation of Enrollment (proof to be a student).
3. Customer service will fill a form with details, like present accommodation, phone number in Australia and will also take your overseas details.
4. Then he/she will take you to cashier and deposit your money in account.
5. You will get a debit card with in 3-4 working days, may be they tell you PIN there or you may get it in a mail.
* If you are staying temporarily in hotel then tell them that you can come to bank to collect your debit card.
Update Your Bank Information:
At the time of opening an account, you may not be able to provide full information; so its better to provide information as soon as possible because it is necessary or you may find you’re self in trouble. Information can be
1. Your student ID card number which you will get from your university after enrollment. If you do not provide it then you may have to pay a fee of AUD $5 per month, it may vary.
2. Your address, if you have found an accommodation, or update it later on.
3. Your Tax File Number, usually you get it with in 4-5 days after applying. If you do not provide it then they may deduct tax from your account which won’t be refundable.
4. Once your buy a mobile connection and found accommodation then update the contact details also.
Please Note:
It may happen that a particular branch of a bank refuses to open a bank account for not having a student id card and for not providing enough information details. Don’t worry about it, just go to another branch and they may treat you in a different way. You may get different support from different branches of same bank and this is what I always do.
Put Some Cash With Yourself:
It usually take around 3-4 working days for your debit card to arrive at your address so you won’t be able to use your money for this duration. So, it’s better to keep some cash with your self which you can use.
Online Banking:
All banks provide online banking service, like netSaver by commonwealth bank and iSaver by NAB. It’s easy to create this account, just ask customer service at the time of opening account to also create online banking account for you. You can use online banking to manage your funds online. Simply log onto your account through internet and transfer funds from your bank account to online account. The interest rate on online bank account is also greater, so if you just put your money in online bank account and do not use it then you will get more interest on it. To be able to use your debit card again, simply logon to your online bank account and transfer money to your savings (debit card) account and then you will be able to use it.
Links to Bank Website:
http://www.commbank.com.au/ – Commonwealth Bank website
http://www.nab.com.au/ – National Bank website
http://www.anz.com.au/ – ANZ Bank
http://www.westpac.com.au – Westpac Bank
