Australia is, by and large, digital. Nowhere this is more evident than in the domain of money. Here, in this part of the world, right from shopping to organizing housing and getting remunerated you will not find much of transactions in cash any longer. No wonder, a bank account is a vital instrument for a fruitful life in the country.
In case you have any plans to shift to the hotspot, you’re perhaps feeling happy, but also somewhat frightened, right? Down Under is a wonderful place, with a great deal to explore. However, the place is also located very far away from India. Even as it shares the identical language as the UK, it’s still rather dissimilar. Luckily, though, there’s one thing you may be pretty certain of: opening a bank account in the nation is a simple and hassle-free procedure.
Here’s what you require doing!
Documents to Open Bank Account
In the matters of documentation, the banks in the country employ a points system. There’s a fixed list of certificates, and every papers is allocated a set figure of points. With a view to have a new bank account, you’ll require presenting many certificates that, together, add a maximum of 100 points.
Required Certificates & Points Allocated
Birth certificate, citizenship certificate or passport – 70 points
Land Rates (it is applicable just to proprietors) – 35 points
Shooters’ licence, Drivers’ licence, public service employee ID card or a Commonwealth or State Government financial entitlement card – 40 points
A card having your name on it; it may be anything from store account card to a credit card to a library card – 25 points
A paper carrying your name and address, like a utility bill or bank statement – 25 points
Hence, this is rather simple. Even in case you are new to the nation, garnering the required 100 points shouldn’t be tough. For example, your passport and driving licence would fetch you a maximum of 110 points, and this is adequate. In case you open your bank account inside 6 weeks of moving to the country, you may open an account with only your passport.
Opening Bank Account Online
Without being physically present in the country you can open a bank account there in. Choose a bank and do it online. The top 4 Australian banks have crafted migrant banking services that enable you to open a bank account online a maximum of 12 months before you actually land in the nation.
In just 5-10 minutes you can open your account. Still, you will have to turn-up at your local branch with 100 points’ worth of certification once you move to the nation. Till you do the same, though you’ll be in a position to make deposits into your account, you won’t be able to make withdrawals.
TransferWise Borderless Account for Borderless Business
The old-world bank accounts only function correctly in one specific nation. They have money just in one particular currency. But what to do when you wish to utilize them across the borders? Well you get it exchanged and shell-out hefty charges for the services.
But in TransferWise’s New Borderless Accounts you have a good solution to this. Now you may send, get and organize your money globally, minus exorbitant charges or exorbitant rates of exchange rates – only a small, just fee when your money makes a move between different currencies.
Frankly it’s difficult to say which bank is best for you. The reason: this is mainly a matter of personal choice. What may be perfect for you may not be so for someone else. Whether you’re a student, a skilled person or a businessmen majority of banks have generally comparable products. Though the maximum number of accounts is similarly simple to open, these are inclined to have exceedingly low rates of interest and not many incentives. So what to do? Well, choose any one of the big 4 Australian banks NAB (National Australian Bank), Commonwealth Bank, ANZ, Westpac! These have the most extensive branches and ATM networks in the country.
Bank Charges & Costs
The maximum number of banks of the Kangaroo Land either don’t levy monthly fees or have a not-too-high monthly fee which is done away with in case you deposit not less than a fixed sum every month. The minimum is generally fixed at 2,000 Australian Dollars which is lower, vis-à-vis the regular Australian income.
Earlier, several banks only offered you a restricted figure of free transactions every month. The result: you’d invite a fee for any card payments or even ATM withdrawals above the limit. Luckily, these days, it is not anymore the case; and the maximum number of banks in the nation provides infinite free transactions. Still, it’s still a good idea to ensure this ‘to be on the safer side’.
Significantly, unlike in India, the ATM withdrawals in Oz are only free in case you utilize the ATM machines of your specific bank. Making a withdrawal from a different bank’s ATM will regularly cost you somewhere around 2 Australian Dollars every transaction.
Besides, the majority of the Australian bank accounts don’t proffer the overdraft services. The result: you may risk fees and charges in case you take out more money than you actually have in your bank account.
While some banks in the nation don’t charge overdraft costs others may decide not to charge you under certain particular situations; for instance, in case you have done it for the first time. Find out what’s your bank’s rule on this, to figure-out what’s in store for you!