Banking in Australia

BANKING

The first thing you must do is open an account in Australia which is easy to do. You can sign up online to a myriad of accounts, however, in order to gain full functionality of the account you must visit a branch when you turn up to Australia. So, you can deposit money online and do all of the important stuff beforehand but you can’t have access to transfer funds in and out of the account of the account until you gain full functionality.

Again, I did miles and miles of research and came up with National Australia Bank (NAB). Specifically for 3 good reasons;

  1. Ease of opening an account online from overseas, and
  2. No fees whatsover…..ever.
  3. Branches everywhere in Australia and you can use any ATM without any FEES!

The no fees (at all) was the selling point for me. Do not expect to earn interest on any money in an account like this.

Here are the details to open an account from overseas with National Australia Bank.

With NAB, you will be able to…

  • Open a NAB everyday banking account online for all your everyday transactions
  • Also add a savings account when you apply online
  • Transfer funds to your new account up to 12 months prior to your arrival
  • Check your account balances with ‘view only’ NAB Internet Banking before you arrive

You may be able to find other banks, but this was a starting point for me to hit the ground running. In fact, we have stuck with this bank so far as the service has been great.

As of March 2018, westpac.com.au also offer to open accounts from overseas but there are monthly charges involved.

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