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Banking in Australia

Banking in Australia

Due to the large number of migrants who study and work in Australia, most of the big banks in Australia offer services for new migrants to help open bank accounts as quickly and smoothly as possible. Opening a bank account is easier than you think. The first step to opening a bank account in Australia is to choose the right bank.

Choose your bank

It’s a good idea to take some time to find banks that meet your wants. Some banks may have easier-to-use banking systems, others may have better services, and one may have a better plan for saving money that fits your needs.

You can ask your coworkers, friends, and family about their banking experience and their favourite bank. Also, know the reasons for their recommendations.

Here is a list of Australia’s four largest banks:

  • Commonwealth
  • ANZ
  • Westpac
  • NAB

Australian Skilled Migration and Commonwealth Bank are working to help you open your first bank account in Australia. You can open your account before you arrive, so it will be ready to use when you land.

The Commonwealth Bank of Australia 

When you move to Australia, you’ll have much to look forward to. Every day will be an adventure, whether surfing on a sunny beach, eating fresh fish, or taking a ferry over bright blue water to get to work. We want you to know that there is a financial partner on your side so you can move quickly and trustfully. So, we’ll tell you about the Commonwealth Bank of Australia. They’re known to Aussies as CommBank.

Banks that more newcomers choose.

The biggest bank in Australia is called CommBank. Since 1911, they’ve helped Australians make their dreams come true, and they help more people move to Australia than any other bank.

With a wide range of goods and services, you can take care of things quickly:

  • On their Moving to Australia page, you can learn how they can help you make Australia your home.
  • Depending on your case, a Relationship Manager on their International Premier and Retail Banking team* can help you one-on-one. They are here to help you with your money needs in Australia.

You should know the following: (CommBank) Commonwealth Bank of Australia ABN 48 123 123 124 is an Australian company with limited liability governed by Australian law. Some people going to Australia and making at least AUD$100,000 a year can get help with relationship management. CommBank will need to check your money and visa to get this service.

Who can Apply?

Anyone who meets the following conditions can apply:

  • You’re at least 14 years old
  • You will be in Australia in the next three months or;
  • You have already arrived in Australia in the last three months
  • You are using your name to open the account

How to apply:

STEP 1: Fill out the online form.

To fill out the online form, you must have the following:

  • When you fill out this form, you have your passport with you.
  • You already know which city you will stay in when you get there.
  • You know about your entry ticket.

STEP 2: Visit your branch

Once you get to Australia, you can pick up your Debit Mastercard at your chosen store. Don’t forget to bring:

  • Your current passport (original document required)
  • Your Tax Identification Number (TIN) for each foreign country where you pay taxes

STEP 3: Get the CommBank app or go to NetBank.

After you show your ID, you can start saving right away. You can: Use the CommBank app or NetBank to:

  • With Cardless Cash, you can take money out of CommBank ATMs.
  • You can tap and pay with the CommBank app or use one of our digital cards like Apple Pay, Google Pay, or Samsung Pay.
  • Friends can be paid with just their Australian phone number.

STEP 4: Tax File Number

To avoid being charged extra fees, you must buy a Tax File Number (TFN) to link to your bank accounts. You don’t need a TFN to open a bank account, but if you don’t have one, your boss will take 45.6% of your wages as tax, and you’ll pay the same rate on any interest you earn in your bank accounts. Once you have a legal visa and are in Australia, you can apply for a TFN.

Summary:

  1. Most big banks in Australia offer services for new migrants to help them open bank accounts easily and quickly.
  2. Choosing the right bank is important, and it’s a good idea to research and ask for recommendations from friends and family.
  3. Commonwealth Bank of Australia, also known as CommBank, is the biggest bank in Australia and helps more people move to Australia than any other bank.
  4. Anyone who meets the conditions, including 14 years old and arriving in Australia within the last three months, can apply for a CommBank account.
  5. To avoid extra fees, it’s important to get a Tax File Number (TFN) to link to your bank accounts. You can apply for a TFN once you have a legal visa and are in Australia.

Check out our Web Story at https://freeptetest.com/web-stories/how-do-i-start-pte-test-preparation/

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