Australia has a well-developed banking system with a number of different institutions. The main players are commonly known as the ‘Big Four’. They include:
Westpac | Commonwealth Bank | ANZ | NAB
NAB has a specific migrant banking division to ensure they offer a streamlined account opening process prior to their arrival including:
Their minimal fees and tailored service for migrants is what 485VisaInsurance recommends NAB Australian bank accounts.
It should also be noted that as one of Australia’s largest bank they have an extensive network of branches, ATM and other personalised services.
The banking needs of new migrants will often be quite different to existing Australian customers. A number of banks offer Migrant Banking Services and have dedicated staff to help you set up a bank account before you even arrive in Australia. Be aware that most of the products and services offered by Australian banks are quite similar. See the comparison table below for more details. It is recommended you apply for an Australian bank account within six weeks of your arrival. This enables you to use your passport to satisfy all the identification points required when opening a new account with an Australian bank. Otherwise, to open an Australian bank account you need:
Australian banks usually require 100 points of identification to open an account, where each form of identification holds a different point value. For example, a birth certificate equals 70 points and a driver’s license is 40 points.