We advise every immigrant and international student to set up their Australian bank account before leaving their home country because it will save them valuable time. However, regulatory policies allow the activation of the bank account only after physical verification through a branch visit in Australia. After confirmation, receiving the card by post can take a fair bit of time. We advise immigrants and students to carry international debit cards/travelers’ cheques with Australian dollars and foreign exchange from their home country before traveling to Australia.
Mentorly understands that the first few days are always chaotic and can further assist you with getting you connected. Drop an email at hello@box2552.temp.domains today with the subject: Forex, and one of our mentors will contact you.
The National Bank of Australia (NAB) is the recommended bank account for new migrants to Australia.
NAB has a specific migrant banking division to ensure they offer a streamlined account opening process before their arrival, including:
- easy online application (takes 10 minutes to apply)
- no Australian address is required to open accounts
- transaction and savings accounts with no opening or monthly fees
- clients can open an account with zero balance and no minimum deposit, up to 12 months in advance
- transfer funds conveniently
- dedicated banker and branch information
NAB has minimal fees and migrant banking assistance facilities. NAB is Australia’s largest bank with an extensive network of branches, ATMs, and personalized services.
Banking for New Migrants
The banking needs of new migrants will often be quite different from existing Australian customers. Several banks offer Migrant Banking Services and have dedicated staff to help you set up a bank account before you even arrive in Australia. Most of the products and services offered by all Australian banks are quite similar. Check the comparison table below for more details.
Australian banks usually require 100 points to open an account, each form of identification holding a different point value. For example, a birth certificate equals 70 points, and a driver’s license is 40 points.
You must apply for an Australian bank account within six weeks of arrival. This enables you to use your passport to satisfy all the identification points required when opening a new account at an Australian bank. Otherwise, to open an Australian bank account, you need identification such as:
- a driver’s license or your passport
- proof of an address in Australia
- In some cases, a reference from your old bank