One of the first and most important things you'll need to
organise when moving to Australia is your new bank accounts. Doing
so, especially before arriving, can provide flexibility, security
and peace of mind.
Banking in Australia is similar to banking in the United
Kingdom. Most of the products and services available are similar to
what you'd find back home, however it's important to note that some
products may be named differently in Australia as well as having
different features, conditions and fees. For example; a 'current'
account is referred to as a 'transaction' or 'everyday' account, a
'fixed savings bond' is often referred to as a 'term deposit' and
the product described as a 'pension' is called 'superannuation' in
Australia. To help you understand some of our other banking jargon,
dictionary of banking terms.
With Westpac, if you want to open a bank account in Australia
for everyday transactions, a
Westpac Choice could be right for you. We will waive the
current $5 monthly service fee for 12 months, after this period the
$5 monthly service fee will be waived if your minimum deposits are
to the value of $2,000 within the month. 1
To save and earn interest at the same time you can open a
Westpac eSaver, an online savings account and link it to your
Westpac Choice account so you can access your savings anytime.
Once you are set up with these two accounts you will be
ready to successfully manage your money in Australia. You will also
be able to take advantage of certain Online, Telephone and Mobile
banking facilities while you are still overseas.
Manage your every day banking transactions with a day-to-day bank account. You can also grow your funds with an online savings account.
Everyday Bank Accounts
Deposit your funds to your Westpac transaction account in Australia and have your money waiting for you in your Westpac account when you arrive in Australia.
Transferring your funds
Complete your identification overseas or when you arrive in Australia to have access to your accounts.
Completing your identity check
You can access your funds and transfer your funds to other Australian bank accounts by using Online and Telephone Banking.
Accessing your funds
Access your own money across Australia and overseas through ATMs and EFTPOS as well as online and over the phone – wherever MasterCard® is accepted.
Other products and services that could cater for your financial needs once you have settled in Australia.
Other products and services
In Australia, superannuation funds provide the framework for retirement savings. If you are a UK migrant moving to Australia, one of the things you'll need to consider is whether to transfer your pension entitlements to an Australian superannuation fund.
UK Pension Transfers
Products, services and dedicated local business bankers to help if you are establishing your business in Australia.
Banking for businesses
Everyday banking solutions and student benefits to help you while you study in Australia
Banking for International students