How To Choose The Best Bank In Australia And Save Money
Many of us wonder what is the best bank in Australia to go with.
Australia banks list is long, but we are here to help you choose the best bank in Australia for you.
Thankfully, there is a simple way to choose the best bank in Australia.
In this article, we cover all these important topics and more:
- What is the best bank in Australia to go with
- Australian bank accounts with no fees
- Best bank in Australia for savings
- Best bank in Australia for backpackers
- Working holiday visa bank account Australia
- Opening bank account in Australia from overseas
- Opening an Australian bank account from the UK, Ireland or Canada
International money transfers to your new account in Australia
Before you even consider which is the best bank in Australia, you will need to send money to Australia from your old account to your new one.
We have used them to send money to/from Ireland, Poland, Australia, Canada and Germany.
These services are great, and you will save a fortune versus just sending money via bank to bank.
Now onto the best bank in Australia for you.
What documents you will need to open a bank account in Australia or from abroad
You will be required to provide few documents to open a bank account in Australia.
Australian banks use a points system. In order to open a bank account, you’ll need to present a number of documents that, together, add up to 100 points.
Each document has assigned a set number of points, for example:
- Birth certificate, passport or citizenship certificate – 70 points
- Drivers’ licence, shooters’ licence, public service employee ID card or a Commonwealth or State Government financial entitlement card – 40 points
- A card with your name on it (credit card, or even a store account card or a library card) – 25 points
A document with your name and address on it, such as a utility bill or bank statement – 25 points
So: passport (70 points) + driving licence (40 points) = 110 points! -more than enough.
Did you know that you can open a bank account within 6 weeks of landing in Australia, with just your passport?
Thinking of opening bank account in Australia from overseas?
Opening an Australian bank account from UK, Ireland or elsewhere is now easier than ever.
You don’t have to wait until you arrive to choose the best bank in Australia for you and open a bank account.
Commonwealth Bank, ANZ, NAB and Westpac allow you to open a bank account online up to 12 months before you arrive.
The online application process is very straightforward and takes only a few minutes.
Once you arrive in Australia, go to your bank of choice with 100 points’ worth of documentation and collect your ATM card.
Until you do this, you are only able to make deposits into your account, but no withdrawals.
Best bank in Australia – Australia banks list:
Commonwealth Bank has the largest ATM network in Australia. If you are looking for the best bank in Australia for a working holiday visa, look no further.
Their Smart Access Account is specifically designed for newcomers. You can open a bank account with Commonwealth for backpackers online within three months prior arrival After your account is set up it’s super easy to transfer money to it.
For withdrawals, you will need to verify your identity in branch once you’re in Australia. You will then also receive your ATM card.
The Smart Access Account costs AU $4 per month, but it’s free if you deposit at least AU $2,000 a month.
If you wish to open your account with ANZ online, you have to meet the following requirements:
- Passport (Australian current passport or one that has expired within the last 2 years)
- Granted Australian Visa in foreign passport
- Driver’s licence (Australian)
- Australian Medicare card
ANZ Access Advantage Account can be open online up to a year before you move to Australia and is free for 12 months and ongoing if you meet certain criteria (otherwise AU $5 a month thereafter).
NAB Classic Account can be set up within 7 minutes.
The account offers the following:
- Zero monthly account fees and no minimum monthly deposits
- No overdrawn fees if you happen to go over your account balance
- No ATM withdrawal fees at over 10,000 ATMs across Australia
- A NAB Visa Debit card for all your everyday spending
NAB classic banking account is one of the Australian bank accounts with no fees.
WESTPAC Everyday Bank Account offers some of the following advantages for working holiday visa backpackers:
- You can set up your bank account up to 12 months before coming to Australia, or once you’ve
- No Australian address needed when opening Australian bank account from overseas prior to arrival
- You can open an account in 3 min and immediately depositing money into your account.
WESTPAC currently offers no monthly service fee for the first 12 months (usually $5) or when you deposit at least $2,000 a month (other fees apply) or while you are a full-time student.
How do I choose the best bank in Australia for me
When choosing the best bank in Australia, you should make sure to consider the following:
Although you are more likely signing up with a bank that has ‘no fees’ account for the first year, you will most likely be faced with charges eventually.
ANZ, for example, has free for 12 months account and ongoing if you meet certain criteria (otherwise AU $5 a month fee thereafter will apply).
Transaction and ATM fees
Most Australian banks offer no transaction fee accounts.
Money withdrawal from your bank’s ATM is free, but the second you need to take out any money from different bank ATM, you will be charged a withdrawal fee.
Depending on the ATM and bank, it can be anything from $1 to $5 for a single withdrawal!
International transfer fees
Many banks offer free international transfers with Australia newcomers bank accounts, but the exchange fee is usually much lower than if you would use a different company like CurrencyFair.
Additional terms and conditions may apply most of the times, so make sure to read carefully before you make a mistake and lose your hard earned money to the bank.
How to avoid international transfer fees after you choose the best bank for backpackers in Australia
Most international money transfers are anywhere from $2 500 to $5 000+, and transfer costs can come up to $50 or even $250 which you will have to give away to the bank!
There is, however, a simple way to avoid these ridiculous fees – CurrencyFair.
Bank will give you not only lower exchange rate but also will take a high 3-4+% fee on top. With
CurrencyFair your transfer is at flat $5 fee, and you also get the best possible exchange rate.
We hope that this guide helps you!
Thanks for reading.