Skip Navigation

OPENING BANK ACCOUNT IN AUSTRALIA??

Travel Forums Australia / New Zealand & The Pacific OPENING BANK ACCOUNT IN AUSTRALIA??

1. Posted by chilled147 (Budding Member 6 posts) 9y

HEY GUYS!!
IM LOOKING AT BANK ACCOUNTS FOR AUSTRALIA..
WHAT WOULD BE THE BEST WAY TO GO ABOUT IT? I LEAVE ON NOVEMBER 5TH IN 6WEEKS!!! SO SHOULD I OPEN ONE UP FROM HERE AND TRANSFER MY MONEY INTO IT SO ITS AVAILABLE FOR WHEN I ARRIVE OR JUST WAIT TILL I GET THERE?? ALSO ANYONE HAVE ANY IDEAS ON THE BEST BANK TO GO WITH? DO THEY ALL CHARGE YOU A MONTHLY FEE?

ANY HELP WOULD BE GREAT! THANKS AGAIN!!

WILL

2. Posted by hey_monkee (Respected Member 430 posts) 9y

I went with a westpac account when I was in Aussie. Took about a week to receive the atm card and details. Its a really easy process so you could wait and do it when you arrive, then transfer your funds via internet banking

3. Posted by aharrold45 (Travel Guru 1281 posts) 9y

All the big banks charge a monthly fee and usually it is around $4-5 a month. Some small credit unions don't charge monthly fees, but then you'd have interbank transfer fees for withdrawing from a different banks ATM. So if you opted for a credit union which doesn't charge this monthly fee (only has a couple of ATM's around) you'll end up being worse off than paying the monthly fee where you get a lot of allowed withdrawals. If you plan on travelling a lot around Australia then the Commonwealth Bank is probably the best one for you to go with as it has some branches in small towns where as almost all the other big banks don't have any branches outside of the major cities.

4. Posted by beckyxe (Budding Member 19 posts) 9y

Hey you leave on my birthday! 5th November!!

Anyway... I leave on 1st December but we got our bank account opened with the people who processed our working holiday visa so it's all sorted already for when we get there. They e-mail you something you print out and then you send it back to the visa company who sort it with the bank.

I got all my stuff through the post the other day apart from my card which you have to get when you arrive by activating your account at one of the branches!

Easy as A...B...C!!

5. Posted by queeny (Budding Member 32 posts) 9y

Quoting beckyxe

Hey you leave on my birthday! 5th November!!

Anyway... I leave on 1st December but we got our bank account opened with the people who processed our working holiday visa so it's all sorted already for when we get there. They e-mail you something you print out and then you send it back to the visa company who sort it with the bank.

I got all my stuff through the post the other day apart from my card which you have to get when you arrive by activating your account at one of the branches!

Easy as A...B...C!!

Yeah, there are companies who do this alright but what bank is the account with?? I've heard of people doing this and ending up with a Citibank account. They have very few atm's around Oz so it costs a fortune to get you're money out from other banks....

I would also recommend Commonwealth Bank as they have the most ATMs but ANZ is a good option if you will be going to New Zealand and Fiji as they have ATMs there too....

In relation to transferring funds. Check with your current bank in the UK (or whereever) as some banks don't permit international transfers over the internet. You need to send them a letter with the details of the bank, amount etc and it can take a few weeks.

6. Posted by rick20 (Budding Member 7 posts) 9y

hey i just came back from australia, and i went with westpac as well! its the biggest and first bank of oz and they have atm machines everywhere including the outback!

7. Posted by ellena (Budding Member 13 posts) 9y

Thanks for this info, was something iv began looking into so you have answered some of my question too! Just one more thing tho...when we do get to oz and come to apply for a bank account (westpac or commonwealth for example) do you need a fixed address? I have heard that you can give hostel addresses, but this doesnt seem particularly viable if we are going to be moving around alot. Any advice would be great, cheers!

8. Posted by Sander (Moderator 4810 posts) 9y

You give them the hostel address for them to send the debit card to, and then you tell them to change the frequency of bank statements to "once a year" (they can't cancel them completely, but they can do once a year, which - if you remember to close the account before the year is over - effectively means never). Meanwhile, if you ever want a bank statement, you can just walk into any branch office and ask for an "interim statement", which is completely free. (At least that's the way it works with ANZ, but I'm assuming other banks have the same. Check before opening the account just to be certain.)

9. Posted by ellena (Budding Member 13 posts) 9y

Thanks very much Sander, i appreciate it!