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Australian Bank accounts
are slightly different to what you are probably used to. There are three
basic types of accounts:
- Cheque: General
day-tp-day transactions. Will get a bank card to use at ATMs and
EFTPOS (like switch in the UK). Uses a PIN number for all
transactions. This type of account can also have a chequebook
(writing cheques can cost a lot in bank charges though)
- Savings: A higher
interest rate account that can also be used for day-to-day
transactions. Again, you'll get a bank card that will work in ATMs
and in the majority of shops (EFTPOS using a PIN number). Generally,
chequebooks are not issued on savings accounts.
- Credit: Credit
card account. You will get a card and purchases will be signed for
instead of a PIN number,
All types of accounts
will incur bank charges. You typically can manage your accounts on-line
and over the phone.
New accounts can be
opened before you get here, but you will need to pass an id check to
open an Australian bank account. It is called the
100 Point Check.
Tip:
When opening an account, specify a branch near to where you plan to stay
initially as it makes life a lot easier if you don't have to travel into
the city to activate your accounts when you first arrive. |
Useful Links |
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ANZ Bank
Bankwest
Colonial State Bank
Commonwealth Bank
Macquarie Bank
National Bank
of Australia
St George Bank
Westpac Bank |
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