A bank account is a must-have in any bonafide adult’s arsenal. Most of us use it to set aside money, receive paychecks, and pay bills, among other things.
If you’re migrating to Australia, opening a bank account is critical within your first few months Down Under, especially if you plan to send money to the Philippines. Fortunately, setting up an Australian bank account is not only relatively easy, but you can even open one before you set foot abroad.
Now, the question is, which bank should you entrust your hard-earned moolah to?
- Commonwealth Bank of Australia.
- National Australian Bank.
- St. George.
The Australia New Zealand (ANZ) Bank allows you to open an account with them up to twelve (12) months before you arrive. This way, your seed money already starts to earn interest.
As a bonus, ANZ also has a branch right here in the Philippines, specifically in Makati.
Like ANZ, the Commonwealth Bank of Australia also allows for opening bank accounts in advance. However, their maximum period for such is three (3) months prior to your arrival.
Furthermore, they can waive account fees for up to twelve (12) months and help you avail of a MasterCard debit card (which is widely accepted in Australia) to boot.
This bank is a favorite of many migrants thanks to the benefits their account holders enjoy. These include no monthly service fees, no minimum opening or balance requirements, and no overdraft fees.
If you plan to put up a business in Australia and will be bringing in substantial capital, St. George is probably ideal. For instance, this bank waives its service fees if you meet the minimum account balance of AU$2,000.
Suncorp’s policies seem to be right up a student or young professional’s alley. We’re talking AU$0 monthly fees, free ATM withdrawals throughout the bank’s networks, and no minimum account balances.
The bank’s BillSplitter application is also another draw. This app allows its user to split bills among friends and colleagues. Pretty nifty for a friend’s upcoming birthday, eh?
Sometimes referred to as Australia’s First Bank, Westpac, like ANZ, enables opening an account up to twelve (12) months prior to an account holder’s relocation. Better yet, you don’t need an Australian mailing address when you open an account from abroad, and the process supposedly takes all of three minutes.
Make sure you open the right kind of account once you pick out a bank. In Australia, transaction accounts aren’t necessarily the same as savings accounts, for example.
Lastly, remember that Australia is quite strict about the amount of money you can transfer in and out of the country. Thus, it would be best to read up on limitations and policies before you start funding your AU bank account from the Philippines.
Have you set your eyes on a particular bank? Tell us all about it below!