If you are planning to Australia immigration, then one of
the first things you should be doing is to open a bank account in your name.
you will need to have a bank account so that your employer can pay your salary
and also to enable you to pay rent for accommodation and various other services
that you will be using while staying in the country.
Options for Opening a Bank Account in Australia
There are a number of options
available to persons who wish to open a bank account upon AUSTRALIA
IMMIGRATION
1. You can open an account even before you arrive, by transferring
your domestic account to a non-resident one. Most top private banks have their
subsidiaries in Australia as well
One of the advantages of this is
the comfort you will feel in continuing with your own account and the
familiarity of the banking operation. The cost of maintaining the account can
be relatively high when compared to the cost of opening a local account in
Australia
2. You can open an Australian bank account as soon as your arrive
or within six weeks of arrival
When you open your bank account
immediately upon arrival, you will not need to show less documentation, in many
cases, a copy of your passport will suffice. What are more you are more likely
to guide you through the process as you will be perceived as new to the system
3. You can open a bank account after six weeks of time have elapsed
since your arrival in Australia.
In case you have been putting off
opening a bank account and more than six weeks of time has elapsed since your
first arrival in the country, then you will be expected to provide additional
proof of identification documents including, birth certificate, credit card or driver's
license
Types of Bank account in Australia
The banking parlance in Australia
are different from ones we use in India, where we have a savings account and a
current account. In Australia, the different types of bank account are as
follows
1. Day-to-day bank account
The day to day account or the everyday
transaction account by another name is similar to the savings account that we
use in India. This account can be used for making payments at shops,
withdrawing cash from ATMS and paying online via debit card.
2. Credit account
The credit account allows you to
apply for a credit card in order to pay for your purchases on credit. You will
be eligible to open a credit account in Australia only when you get a job and
are earning a regular salary in Australia.
You will need to have established a healthy credit history before you
can open a credit account in the country.
3. High interest savings account
The high interest savings account
is similar to a Fixed Deposit account in India. You can use this account to
park your excess cash for a specified period of time. As the name suggests, the
account can earn you a higher rate of interest than the normal accounts. The
only stipulation is that you cannot withdraw money at will.
To know more about life in
Australia and how to apply for Australia
immigration, get in touch with our immigration consultants
at Global Tree
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