5 Things To Look For In An Australian Bank

Moving countries is a big bold and daunting move. Particularly moving to a country like Australia where most likely it will be at the opposite end of where you are currently. And as the old adage goes: "money makes the world go round", knowing about the banking situation in your new home is just as vital as actually moving there.

But how do you know which bank to choose and what to look out for? Of course there are many comparison sites out there that give you the numbers and figures but what does it really mean if you don't know what you'll need and how you'll be using the services?

Here are 5 things to help you make a decision on who to do your banking with:

Ease of account setup

All banks require ID in order to set up an account but not all banks are created equal. You can get all the messy application forms out of the way first before you arrive so that when you do you can just waltz into a bank, confirm who you are and voila, you're ready to start banking.

Instead of arriving in Sydney or anywhere in Australia and having to go through forms and forms, why not do it online beforehand?

Commbank and nab are two national banks that give you this option and are well trusted to help travellers, visitors or new migrants. Check out their pages for further information.

Online banking

Online banking is quite common place now in Australia and most banks have the option of online banking , phone banking and even banking with an app. However some banks charge more for these services so you need to watch out.

There are hidden fees that you should be aware of and it's best to analyse your current use and try to predict if you'll be doing the same in Australia. Some banks offer fee-free transactions or other benefits at the cost of other features so be sure to check the fine print.

ATMs

This is of course a major consideration if you need to access cash. You need to be sure that you're with a bank that has an extensive network of ATMs or deals with other ATM owners so that you won't be charged to access your money.

There are some banks (and credit unions) who keep overheads low by not having an ATM network but instead they have deals with ATM owners such as redibank.

There are also banks like ING Direct that has no ATM network but has a good deal whereby if you deposit $1000 a month into your bank account, you can use any ATM around Australia fee-free.

Commonwealth Bank has a very extensive ATM network but you might have to pay for the privilege.

One thing's for sure, you will get used to memorising the locations of your bank's ATMs because Australia is still a country that runs on cash.

Monthly banking fees

This has always been a bit absurd to be because why pay to use your own money? Most if not all banks now have a fee-free banking option but with things that come for 'free' there are downsides such as reduced services or charging services per transaction.

Monthly fees range from $0-$10 for most banks and sometimes if you complete certain actions you can get those fees waived. For example, keeping a minimum balance or making regular payments could make you eligible for fee-free banking.

You should read the fine print regarding fees on any account AND if you're not happy with any of the fees, talk to a customer service representative to see if you can get them waived. It doesn't hurt to ask and you'll be surprised at what you can get.

Debit cards - visa, mastercard or just plain old EFTPOS/Maestro

All Australian banks and credit unions give out debit cards so that you can access your money. However the difference lies in which kind of debit cards.

There's the good old debit card that is for EFTPOS or Maestro network that accesses your money directly or there are the debit Visa/Mastercards which can be used like credit cards.

Because they use the credit network you can use these cards to your advantage, namely for online shopping. You'll be able to pay for online shopping, directly with the cash in your account rather than incurring debt on a real credit card.

What next?

Come to Australia, duh! Choosing a bank is just the first step but even before thinking about that you might want to consider how you're going to stay in Australia. Having a bank account seems useless if you can't work in Australia and earn the big bucks that will fund your travels. Have a talk with us today and see how our personalised visa report can guide you into getting the best visa for you. It's a comprehensive assessment of all the visa options that are available to you and it'd even tell you how to go about it. What are you waiting for?

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