Best Australian banks for incoming expats

Expats looking to move to Australia to take up a new job with find banking more straightforward than in many other countries.

When a move to another country is part of a career plan, one of the most challenging requirements is often the availability of a bank account before the actual move takes place. Expats heading for Australia are in luck, as a number of international as well as local banks will allow the opening of a bank account before residency in the country. Obviously, what you’re offered will depend on your requirements and personal situation, with certain banks offering services others may not. For example, if you’re aiming to transfer a large amount of money for a house purchase or business investment, some may be happy to help but others may be reluctant.

Australia’s major banks are the Commonwealth Bank of Australia, Westpac, ANZ, NAB and HSBC. Choosing the best for your requirements is easy via the internet, with he search term ‘migrant banking’ pulling up all the details of individual banks and making the decisions as to the best one for your needs relatively straightforward. Once you’ve decided, an online application can be used to open your new account. If you’re applying from overseas, leave some cash in your home country account as you’ll need to wait several weeks for your bank cards to arrive.

Setting an Australian bank account up before you arrive will be necessary if you’ll be looking for accommodation as early as the day you step off the plane. Booking temporary accommodation before you arrive is the best idea, as Oz can be very hectic and confusing for newcomers. You’ll need funds for a deposit and the first month’s rent, another reason for setting up an account before you arrive. Transferring money internationally nowadays is normally straightforward, but it’s still scary if it’s your life savings. Currency exchange is best done via an online provider, as a poor exchange rate and high fees can cut into those life savings in a way you wouldn’t believe!

Australian banks, like the Aussies themselves, tend towards being individualistic as regards customer requirements, with their attitudes towards the new explosion of investment interest in cryptocurrencies the perfect example. However, if you’re a business owner you may already be conversant with this form of payment. You’ll be pleased to know Oz is one of the planet’s foremost users of these coins, so your or your clients’ usage of them won’t be disrupted. Early this year, three of Australia’s ‘big four’ banks, confirmed their clients can now buy cryptocurrencies using their accounts. Westpac and ANZ are two of the enlightened few, although they’ll be monitoring transactions for any sign of suspicious activity.