Opening a Bank Account in Australia

To live and work in the country of Australia as an expat, you must get all your banking needs in order. You’ll need to have various documents and forms of proof to open a bank account in the country. However, it can be done and it is crucial that you have your finances available to you through a trusted Australian financial institute once you arrive to the country.

Before you setup your account through an Australian bank, you’ll need to understand how their banking system operates. You’ll also have to ensure that your employer can deposit money into your new account and that your funds are accessible to you as needed. You must carefully set up your account so that it suits your needs appropriately without much of a hassle.

What You Must Do to Open a Bank Account in Australia

The requirements for opening a bank account in Australia depend on whether you open it before you move or after you move to the country. If you choose to do it after you move, you will have six weeks to open a bank account in your name. The requirements for opening a bank account often include your passport or other forms of identification such as your license, birth certificate, credit cards, and/or current bank cards.

Aside from providing the proof asked of you by the banking institution, you will need to decide what type of account you need as well as what services. There are many different types of accounts available to you so you’ll need to research what each one entails. It’s also up to you to find out what fees are associated with your bank account and what stipulations are involved with your account through the bank. Make sure you have addressed all facets and collected all the information you need before opening an account through an Australian bank. You will need your funds to be readily available to you upon moving to Australia from the U.S.

The Cost of Living in Australia

Living in a new country isn’t so simple at first. It will take a lot of getting used to. You’ll meet new people, see new places, and have to adapt to the cost of living in a new country. You’ll want to make sure your new bank account is in working order and that you’re able to pull out money as you need to. You never know what might come up as you explore your new surroundings.

The cost of living in Australia isn’t too much different than that of the United States. Although there is a currency difference, what you pay for things seems to balance itself out with what you’d be spending in the states. Check out the list below to get a better idea of what things might cost in the more expensive regions of Australia.

• Cost of housing in a month- upwards to AU$4,000
• A meal out- AU$16
• Fast food meal- AU$11
• Milk and eggs- AU$8
• Utilities in a month- AU$250
• Internet access- AU$58
• Fuel by the ¼ gallon- AU$1.50
• Monthly public transport pass- AU$167
• Dinner for two- AU$53
• Beer from neighborhood pub- AU$8