Bank Accounts Australia
Opening up a bank account is one of the first tasks you need to do when arriving in Australia on Working Holiday Visa’s. Like opening up bank accounts anywhere, it’s a tedious task and can get confusing thinking about charges and which bank has the most ATM’s (cash points for the British).
There are a few points to consider regarding bank accounts and money handling in Australia
- Banks will normally charge for transactions (ATM withdrawals) if you withdraw from a different bank.
- EFTPOS (electronic funds transfer point of sale) – is essentially the same as a debit card so you can pay by chip and pin but you can also get cashback at most places free of charge.
In order to open a bank account you will need:
- Your Passport
- Proof of Address (Your hostel should be able to help you with this)
Please note that you can apply for a bank account online before you even arrive. You will still need to provide certain information including tax information.
Australia Banks & Bank Accounts – more information
- ANZ Access Advantage will cost you a monthly fee of $5
- There is no minimum balance
- Unlimited ANZ transactions
- ANZ Banks are all over Australia so you will have no problem finding an ATM.
- Everyday Account Smart Access will cost you $4 per month*
- Unlimited transactions at Commonwealth Banks.
- This is another very popular bank so no problems with finding ATM’s to use. Over 4000 ATM’s and 950 branches
*$4 monthly fee waived if you deposit $2000 per month. If you are 21 to 24 years old you will be exempt from monthly account fees if you deposit at least $1000 into the account each calendar month.
NAB (National Australia Bank)
- No fees with a NAB Classic Banking Account! That’s what we like to hear
- There are no minimum deposits.
- No ATM withdrawal fees at over 10,000 ATMs across Australia
A good bank to use if you are heading to work in New Zealand after Australia (or vice versa) is Westpac as it’s a prominent bank in both countries.
- A Westpac Choice Account will cost you $5 per month.*
- $0 for Non-Westpac, St.George, BankSA, Bank of Melbourne ATMs within Australia cash withdrawal or balance enquiry – however the ATM owner may apply an ATM operator fee
* No monthly account fee if you deposit at least $2,000 each month (other fees may apply).
Heading to New Zealand? Check out the NZ Bank Accounts here.
All information correct as of 26 January 2018