Australian Migration Visa Lawyers - About Australia

About Australia Financial Institutions

In Australia, most income including salary or wages and government benefits are paid directly into a bank account. You should open a bank account within six weeks of your arrival, as you usually need only your passport as identification. After six weeks you will need extra identification to open an account.

The number of financial service providers in Australia continues to grow from small niche market players to large national organisations. All banks, credit unions, finance companies, life insurance companies, mortgage originators offer varied levels of products and services to help customers with their needs.

Key offerings include the following core products and services:

Transactional Accounts- include access by paper transactions, PC banking, online services, telephone banking, automatic telling machines (ATM), Electronic Fund Transfer at Point of Sale (EFTPOS)
Credit Cards- common credit cards in use include Bankcard (domestic card), Visa and MasterCard accepted by majority of businesses. In addition many businesses also accept other debit cards such as American Express and Diners Club.
Investment Accounts- includes a wide range of savings products, cash management accounts, managed funds and term investments. Most banks have licensed financial planners and investment advisors.
Lending Products- range from overdraft, housing loans, personal loans to business term loans, international trade facilities (transactional and currency options) and capital equipment financing (known as leasing finance). Interest rates can be variable or fixed for term.

Major Institutions
ANZ Bank
Adelaide Bank
AMP Banking
Bank of South Australia
Bank of Western Australia
Bendigo Bank
Bank of Queensland
Citibank Australia
Commonwealth Bank
Credit Union Australia
HSBC Australia
ING Direct
National Australia Bank
St George Bank
Suncorp Bank
Westpac Bank