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Australia Banks
Australia Banks
Australia's banking system is efficient with a good reputation. The banks have large customer services departments which deal with inquiries and complaints quickly.
Opening an account is a very straightforward process. Most local and international banks welcome expatriates (expats) who need to produce a certified copy of the passport, prove where you live in Australia and bank statements which cover the previous three months. Expats living in Australia follow under the "100 point system" proving the expat's identity. There are points for producing different types of documents. Your passport, birth certificate or citizenship document earns you 70 points. A photo identity earns another 40 points. Other identity documents earn different points includes Medicare cards and utility bills. The bank can provide you with a complete list of accepted documents.
Accounts vary from regular savings accounts to accounts which can only be accessed a few times per year in order to get the highest interest rate. Loans or a credit card requires the bank to check the expat's credit ranking. Some banks having special products for expats and will consider the credit ranking from the expat's home country. You will need to prove your income for both credit cards and loans.
The largest local bank is the Commonwealth Bank of Australia with more than 1,000 branches which also offer phone and internet banking. This bank can help you to set up an account before you move to the country. They have multilingual customer service staff and it can take as little at 48 hours to open an account.
Westpac bank specializes with helping expats. Westpac offers different services to expats including a credit card, the first six months are free of fees, plus a wide variety of accounts to fit every expats needs. Mortgages are available from Westpac which also offers help in transferring a British pension to an Australian one.
There are many other banks to choose from such as Bank of Queensland, National Australia Bank and St George Bank Limited. Additionally, there are many international banks including Bank of Cyprus, Bank of China, Barclays, Credit Suisse, Deutsche Bank, HSBC, and HBOS.
Banking hours are between 9.30 a.m. and 4 p.m. Monday thru Thursday, and most banks will be open until 5 p.m. Fridays. Some branches are open on a Saturday morning in the larger cities.
Debit cards are popular in Australia with some supermarkets and petrol stations offering a "cash back" service when you purchase goods allowing you to withdraw money without the need to go to an ATM. ATMs are popular and machines can be found in all shopping areas, at all banks and at other locations including gas stations. Most banks charge cash withdrawals from other bank's ATMs and most machines will accept cards issued in another country.
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