Money In Australia

by SADEGH

I have been planning to open an account in one of Australia's banks before I arrive in Sydney and transfer all my money before the travel.

I just want to know about types of banks and which one has better services and is profitable in important banking factors such as rates, type of accounts for saving and everyday spend money, ATM machines, internet banking, future loans and so on.

Your help would be very appreciated.

Kind regards,
Sadegh

Reply



Sadegh,

The four major Australian banks are Commonwealth, ANZ, NAB and Westpac. They are all very solid and profitable. All have a large network of ATM machines and offer internet banking.

There are many other banks in Australia, some of them owned by the majors, such as Bankwest, which is part of Commonwealth Bank or St George which is part of Westpac. There are also regional banks, for example Bank of Queensland or Bank of Adelaide, building societies and credit unions. Plus there are Asian, European and US banks. Some examples are HSBC, ING, Citibank.

With the large ATM network available, it is easy to withdraw money when you need it. However, with many accounts there may be some fees if you exceed the number of free monthly transactions or if you withdraw from the ATM of a different bank. This is why, you need to read the fine print attentively, before you sign for an account. It will help you know what costs are involved with your transactions.

If you are interested in everyday loans, here are some tips about credit cards and how to apply for them and also some hints about minimising your credit card debt.

Many banks offer the service of transferring your money in Australia before you arrive. For example Commonwealth, ANZ, NAB. Check on their websites to get more information and the steps you need to follow.

Transferring the money in Australia does not necessarily mean that you have access to it immediately. To start withdrawing it, you may have to prove your identity, by going into a branch. So it is better to transfer the money as close to the date of your departure as possible so as to make sure you have full access to your funds, in case you need them before leaving.

If you want to save your money, choose a deposit account and do a search online for one that offers a higher interest rate.

Usually the everyday accounts do not offer interest. Some have monthly fees and offer unlimited monthly transactions, others don't charge account fees offer but the number of free transactions can be limited or there are some conditions attached, such as to maintain a certain balance or to deposit a certain amount every month.

All the banks have various products for all needs. It is very difficult to say that one is better than the other because they all offer different features which makes comparison rather difficult.

There are some comparison websites where you can get an understanding of various banking products
without having to go to the website of each bank. For example you can compare home loans, credit cards, personal loans and more online at Rate Detective.

Wishing you all the best with your relocation to Sydney.

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