Find the Best Banks for Expats Moving to Australia
Find the best banks for expats moving to Australia – Banks – Transfers – Cryptocurrency -and much more.
Best banks for expats moving to Australia: Several banks will allow you to open an account with them before your move to Australia. These banks vary between local and foreign/international. Things to consider depend on your personal situation and banking requirements. Some banks may offer better solutions for investing large sums of money or transferring money to Australia to purchase a house or invest in a business.
Other banks may be better for families, small business owners, and entrepreneurs. And what about Cryptocurrencies? These are becoming ever more popular in Europe, the USA, and Asia, but how does Australia operate? Does Australia have a PayPal? The list of questions goes on and on, but in this article, we’ll cover the key facts about setting up bank accounts, international transfers, and the new world of cryptocurrencies.
Selecting the best banks for expats moving to Australia
First up, the Major Banks in Australia include:
Several smaller banks offer competitive services for expats moving to Australia, including:
Migrant banking online search Tip: Search Google online for “Migrant banking,” “Mig banking,” or “Migg Australia” to pull up the best search results for a range of banks offering the best services specifically for people emigrating to Australia or going on Australian working holidays.
Setting up an Australian Bank Account
Once you’ve opened an account (via online application or by visiting the bank in person), you’ll need to wait for your bank cards to arrive before you can use the ATMs, so be prepared to make your withdrawals at the bank until then.
It’s worth noting that when applying for a bank account online, some banks may accept photocopies of your identification (be it a passport or driving license) but may require that they be certified by a person in a position of responsibility, such as a doctor, teacher, civil servant, etc.
The most common type of bank account for expats in Australia is a transaction account, allowing the account holder to pay bills, set up direct debits, and write checks.
Set up the bank account before you leave the UK.
Having a bank account set up and the paperwork completed in good time is essential if you’re moving out of an apartment in Australia, as you’ll need the necessary funds (for your first month’s deposit) in place to land on your feet upon arrival. It also makes it much easier to arrange your finances before you go, but keep an eye on the news and exchange rates. There’s a difference between transferring holiday money and your life savings.
It’s also essential to have everything in order before you move due to all the viewings of potential apartments, etc. Being as prepared as possible will avoid any unnecessary stress.
It’s important to implement this before you arrive, as the first few weeks of life in Australia can be pretty hectic.
Next, we move on to Financial Transfer.
The thought of transferring money overseas is often painful, but it doesn’t have to be. Other than banks, there are now several ways that you can securely, safely, and legally move money overseas. Remember to read the fine print and be wary of using credit cards, as these could incur additional fees.
Whichever bank you choose, you’ll have the option to transfer funds internationally, which can incur higher fees.
Aside from banks, several expat-focused financial exchange companies will be more than happy to assist. Some that we can recommend include Moneycorp and HALO Financial.
For smaller transfers or regular international transfers, we would recommend using Transferwise.
Forex Tip: Watch the news for reports on currencies increasing and decreasing. Remember, if you have a low rate, it could be better to wait a few months, as you could lose thousands.
The best banks for expats moving to Australia. Cryptocurrency and PayPal
For someone who has been running their own business, you may be used to using cryptocurrencies or PayPal as a regular form of finance and banking. You’ll be delighted to hear that Australia is one of the world’s largest users of cryptocurrencies, so the way you run your online life won’t be significantly affected. And here’s an interesting fact: there are also no cryptocurrency-friendly banks, including Fidor Bank, Change and Worldcore.
Using PayPal in Australia also won’t be a problem; much like in the UK and USA, your PayPal account will link to most major banks, and you’ll be able to top up and make secure payments online.
Rest easy, however, in the knowledge that plenty of moving guides are available online for bank accounts for expats in Australia and in print to help you through the trickiest of situations.
Find out about emigrating to Australia.
Speak to an Australian Migration Agent
Get the latest news on expat financial services
Compare the best shipping companies to Australia
Recent news for working holiday visa holders
The pre-application (ballot) procedure for the New Work and Holiday (subclass 462) visa is underway. During the program year 2024-2025, the government will introduce a new visa pre-application procedure, also known as a ballot. This is good news for partner nations experiencing strong demand for employment and vacations.
Only applicants from China, Vietnam, and India applying for a subclass 462 visa for the first time can fill out ballots as part of the new pre-application procedure. More information, including dates for the opening of the votes, is yet to be developed. So, you should keep in touch with these latest developments.
Also read –
Cryptocurrencies in Australia 2025
The Rise of Cryptocurrency Staking
Understanding the Potential of Cryptocurrency
Also visit –
Need Help With Your Australian Visa
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