How to use your Australian bank account efficiently

Using your Australian bank account efficiently starts with preparing for your Bank ID check when you land. When you set up a bank account from overseas, once you land in Australia you will need to do an ID check to officially activate your account. You cannot withdraw money if your account is not activated.

ID Check Checklist:

Checklist of information you should prepare. Make sure you do your ID check within two weeks of landing in Australia and no later than six weeks after. The sooner you do it the easier it is.

• • Banking app: Download the bank app and log in. Get it all set up and ready to use from day one. This will be used to verify your account and you want to make sure you can access your statements on the go.
  • Welcome email: Make sure you have read the welcome email from your chosen bank before you arrive. It has very important information about what you need to do before you leave and when you land.
  • Documentation:
    1. Passport
    2. UK bank details – your credit or debit card
    3. An Australian phone number.  Make sure you go get a SIM card before you do your ID check!
    4. Physical postal address: It is important to talk to your hostel, Airbnb or wherever you’re staying about temporarily using their address. It is also important you are staying there for two or more weeks in case your card is delayed. Make sure you use my postal method combining forwarding services, electronic statements and physical addresses to cover all your bases.

Your bank card will take at least five days to arrive. This is five working days from the day you go into the bank to complete your ID check, so make sure you do your check as soon as you land.

Tip: After your ID check, make sure you get a business card for the bank representative you dealt with. That way if you have any questions or if anything goes wrong you have someone to email or call, on the road.

HOW TO USE YOUR BANK CARD

Read your mail when you get your card. It will tell you what account you have and how to use it. For example, in most Australian banks your normal everyday account is called your savings account, and your secondary account/savings account is your “chequing” account. However in Westpac, your chequing account is what you use every day, so make sure you read the letters you get with it.

FIND YOUR BSB & ACCOUNT NUMBER

A BSB is like a sort code in the UK. You will find both your BSB and your account number in your mobile app.

TAX FILE NUMBER (TFN)

You should provide the bank with your Tax File Number (TFN) as soon as you get one, to avoid getting higher rates of taxation on interest earned.

If you do not have your TFN at the time of opening an account, it’s important to remember to advise the bank of your TFN once received. If your bank doesn’t have your TFN it will withhold tax from your interest at the highest marginal tax rate. You can claim a credit for the amount of tax withheld when you lodge your tax return.

YOUR BANK CARD

Make sure you keep an eye out for your physical cards arriving at your hostel/accommodation because they might not go straight to your bank if you have opted into getting them delivered to the branch.

Tip: Change your PIN as soon as you can, using an ATM.

Please be aware that most cards have EFTPOS (Electronic Funds Transfer at Point of Sale) which is just like Contactless in the UK. So keep your card safe and talk to your bank about setting a limit on EFTPOS use for the day.

FEES

Keep an eye out for fees just in case. Always ask your bank if you see anything unusual.

USING ATMs

Using another bank’s ATM will incur a fee of around $1.50- $2.50, so try to use your own bank or take cash out as cash back in Supermarkets when you buy something. The Commonwealth bank has started doing free money withdrawal, so now you can use any of their ATMs with any bank without a charge.

OPENING HOURS

Some banks are closed on weekends, you need to go into the bigger malls like Westfield for Saturday opening hours but I recommend getting a business card of one of the reps and you can call them during the week. My bank representative at Westpac has been very helpful and very responsive.