While many people think that banking around the world will attract the same level of costs there is no doubt that banking in Australia is more expensive than banking in the UK, at least at the moment. So what do you need to be aware of when looking to open a new bank account in Australia to ensure that your move to the country goes as planned?

Opening an Expat Account in Australia

If you are an expat looking to open a bank account in Australia there are many banks looking for your business and willing to hold your hand every step of the way. You should make use of the expat banking services available in Australia to ensure that your move goes as smoothly as possible and you have funding available as soon as you land.

Paperwork Required for an Australian Bank Account

Initially you will be able to open an Australian bank account using a photocopy of your passport as proof of identity although you will need further documentation to prove you are working in the country and where you live to fulfil both account opening requirements as well as money laundering obligations. Money laundering has become a major issue around the world with governments and financial sectors now stricter than ever before, so beware!

Internet Banking

Internet banking is now available around the world and many expats make use of Internet services prior to and after they arrive in their new home country. While many people will initially decided to maintain their original Internet banking services, which may be in a different currency, there are many issues to consider if you decide to go down this route. Firstly, if you have issues with your banking services and you are Internet based with an overseas company, who would you talk to if there are problems?

Bank Charges in Australia

If you are moving to Australia from the UK you will see a major difference in banking charges in Australia. While these charges are public and disclosed when you open your account it is vital that you read the terms and conditions of your account. Automatically assuming that costs are the same as the country from which you have moved can be a very dangerous and a very expensive assumption.

Overseas Mortgages

Once you’re settled in your new country, with many people initially deciding to rent, you may decide to look at a house purchase and will require an overseas mortgage. If you have banking credentials in Australia, proof of identity and can prove where you live then there is no reason why you should not be able to apply for one of the more traditional Australian mortgages and proceed to acquire your new home.

Budgeting

No matter how much investigating and research you do prior to your move to Australia there will be surprise costs incurred, especially in the early days. Therefore you need to ensure that your budget requirements are covered from day one and you have enough savings for a “rainy day”. Sticking to your budget is something you need to learn at a very early stage to make the most of your new found homeland.

Author Bio: Check out the latest procedures regarding banking in Australia and how Australian bank accounts operate.

Category: Finances
Keywords: australian bank accounts, banking in australia