How to set up a bank account in Australia

Hello everyone,

Today, I would like to talk about bank system in Australia.
Australia has a range of choices when it comes to managing your money, from banks that cover the whole to country to local credit unions and building societies in Australia. So, do  your research to get the best deal. To open a bank account you may need:

• your passport (with arrival date stamped by Australian immigration)
• student ID card or Confirmation of Enrolment(s) from your education provider(s)
• money to deposit into the account (this can be as little as $10)
• your Tax File Number (TFN). 

Many banks have 'Student Accounts' which contain no or minimal fees for transactions that might normally be attached to regular savings accounts. Most people in Australia enjoy the convenience of Internet banking and/or Telephone banking, which enables them to manage their money, pay bills etc. from home. At the time you are setting up your account you can request these services from your bank.

Most bank branches are open from Monday to Friday, 9:00 am to 4:00 pm (except public holidays). Some branches have extended trading hours during the week and may be open Saturdays (check with your individual bank).  Automatic Teller Machines (ATMs) remain open 24 hours a day. ATMs can be found all over Australia. It is generally free to withdraw money from an ATM that is associated with your financial provider. If you want to use another provider's ATM, there will be usually a fee. The ATM will advise you of the fee at the point of withdrawal. Most ATMs recognise international cards, so you will be able to use your credit or debit card from your home country. Just remember that there are fees associated with withdrawing money from your home account including transaction fees and the currency exchange rate. These vary by provider so check with your home financial provider before you arrive in Australia.

If you need to resolve complaints concerning your financial situation, you can contact The Australian Banking and Financial Services Ombudsman. Free interpreter services are available. For more information on the banking ombudsman visit: www.fos.org.au