How to Open a Bank Account

In Australia, people keep their money in a bank, building society or credit union. Most income including salary and wages and government benefits is paid directly into an account. Australians use bankcards and credit cards for many purposes.

It is advisable to open a bank, building society or credit union account within 6 weeks of your arrival, as you usually need only your passport as identification.

After 6 weeks you will need additional identification to open an account, and you may have difficulty if you don't have many documents. Advise your bank of your Tax File Number (TFN) to avoid higher rates of taxation on interest earned.

For further information on opening a bank account go to the website below:

Smarter Banking - make the most of your money www.bankers.asn.au