Your Guide to banking in Australia

Banks are one of the most regulated institutions in the world and Australia is no exception. In fact even for a migrant opening a bank account is inevitable. If you are involved in any work that pays you or even you are receiving any financial help from the government then you need to have a bank account. This will also include those people who are receiving any social benefits.

Some employers also ask for your bank details right before you start working for them. The Australian banking system may be quiet overwhelming to some migrants as with time it has developed quiet much. The development in internet banking has led you to cut out all the unnecessary visits to a bank branch thus saving you time and money. To get started with it, migrants are advised to visit a bank branch and know about the various services that are provided. If you talk about opening a bank account, then that can be easily done by sitting at your desk with a laptop. But for the first time going to a bank and getting a holistic idea is better.

Make sure you understand all the charges related to it so that there are no surprises later on. Some eligible people like pensioners are provided certain services that are free of cost. So it will be better if you compare the various banks in your vicinity and choose the one that fits your needs. Banks have some basic accounts which are used to park your savings for daily purposes. These are generally free of cost.  You also have services like term deposits and long term saving plans to achieve financial goals you have set for future. There are also products like funds and ETF as well for higher needs.

Migrants often feel that it is difficult to open a bank account but if you have the right documents and good financial condition as required by the bank then things are pretty easy. On opening a bank account, the holder is given a four digit PIN. Make sure to keep it safely as this can be used to access your account and losing it can cause financial troubles. Make sure you manage your account well. An important thing for this would be to make sure you have sufficient balance before making a charge against your account. This will save you from any overdraft and also create a good credit score for you.

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