Opening a bank account in Australia

Another common preoccupation for an expat when settling in Australia could be banking solution. I have noticed that Australia accepts all major card providers like: Mastercards, Maestro, Cirrus, AMEX, American Express. However, you will be charged a surplus rate if your banking institution isn't from Australia. Therefore, I guess it is recommendable to have a bank account in Australia to avoid surplus charges on daily transactions.

Opening a bank account isn't that hectic and difficult in Australia and for instance in Western Australia you have a wide variety of banking institutions offering more or less the same global banking facilities such as Credit/Debit cards, Cheques Books, Online transactions, outward transfer, deposit plan(s) and so on.

To open a bank account in Australia, you should have a valid passport and a physical address. Most banking institutions doesn't accept P.O. box address. Thats all. Most bank, accepts a minimum of 500 AUD to open a saving account where the interest differs from bank to bank. Some of the well known bank to my knowledge in Australia (more precisely in WA), are:
1. ANZ (www.anz.com)
2. Commonwealth (www.commbank.com.au)
3. BankWest (www.bankwest.com.au)
4. HSBC
5. Barclays Ltd and of course there are lots more.

Mostly all banks here charges you a small amount per month (it varies from 5-10 AUD) for your account(s) maintenance. However, if you are on student visa, you are exempted from this charge.

Normally, bank accounts take only 1-2 hours to open so far you have your passport and a valid address. And it take up to 1 week to get your debit/credit card(s) if ever, you have applied for one. Most banks gives you your Internet banking log in details on the same day you are opening your account.

Concerning loans and other credit facilities, I don't have that much experience. Moreover, one of my friend who work in the banking section in WA tells me the bank assess you mainly on two criteria:
1. Your repayment capacities and source of income.
2. The condition of your visa (whether you are allowed to work, length of stay, whether you can renew your visa etc...) In other words, expats can benefit from loan and credit facilities in Western Australia.

As per my experience I would recommend: ANZ, Commonwealth, Bankwest, Barclays and HSBC and I can confidently admit that their services are good and reliable. So I can recommend these 5 companies to future expats. Their ATM machines are spread fairly in many parts of WA (mainly in shopping centres) Their debit/credit card are accepted in all EFTPOS (Electronic fund transfer at point of sales) shops.

Regards

Thanks for your help Yud!

Armand