Find the best banks for expats moving to Australia – Banks – Transfers – Cryptocurrency
There are a number of banks that 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 those who are 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 or 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 some of 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:
Migrant banking online search Tip: Search Google online for “Migrant Banking” or “Migrant Banking 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 holiday’s.
Setting up an Australian Bank Account
Once you’ve opened an account (via online application, or by visiting the bank in person) you’ll have to allow time for your bank cards to arrive before you can use the ATMs, so be prepared to make your withdrawals in 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 it be certified by a person in a position of responsibility, such as a doctor, teacher or civil servant, etc.
The most common type of bank accounts 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 complete in good time is essential if you’re seeking out an apartment in Australia as you’ll need the necessary funds (for your first month’s rent and 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 the news and exchange rates. There’s a big difference between transferring holiday money and your life savings.
It’s also importance to have everything in order before you move due to all the viewings of potential apartments, etc. so being as prepared as possible will avoid any unnecessary stress on your part.
It’s important to get this in place before you arrive as the first few weeks in particular of life in Australia can be pretty hectic.
Next, we move onto Financial Transfer
The thought of transferring money overseas is often painful, but it doesn’t have to be. Other than banks there are now a number of 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 option to transfer funds internationally, but this can incur higher fees.
Aside from banks there are several expat-focused financial exchange companies who 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 seriously low rate it could even be better to wait a few months as you could end up losing thousands.
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 pleased to hear that Australia is one of the world’s leading users of cryptocurrencies so the way you run your online life won’t be dramatically affected. And here’s another interesting fact, there are also no Cryptocurrency friendly banks including Fidor Bank, Change and Worldcore.
Using Paypal in Australia also won’t be an issue, much like 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 there are plenty of moving guides available online for bank accounts for expats in Australia and in print also, to help get 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