Finance Considerations When Moving to Australia

Information verified correct on October 22nd, 2016

Moving to Australia can require plenty of coordination and preparation, but if you’re prepared in advance, you’ll find it much easier. Aside from worrying about personal items and travelling, consider your financial needs carefully and plan for them before you arrive.

Taking Care of Your Financial Needs When Moving to Australia

Whether you’re moving to Australia to work or to live, it’s possible to organise your finances as much as you can before you arrive. This should include making arrangements for transaction accounts, credit cards, investment accounts or savings accounts and even a home loan, if you intend to purchase a home to live in upon your arrival.

Choosing a Bank

You should find that many of the larger Australian banks will offer Migrant Banking teams, dedicated to helping you organise your financial needs before you travel. If you can’t locate an Australian branch or outlet in your country of origin, feel free to contact a banking representative online and you’ll be put in contact with someone who can help you with your needs.

Organising Your Accounts

Think carefully about the kind of banking access you have right now with your local bank. You may still be able to retain access to your current bank, but you will require an Australian bank account for daily transactions.

These transactions can include salary deposits, paying bills, using EFTPOS facilities and accessing cash through ATMs or branches.

You should find that most banks will offer you Internet access to your original bank account, if you want to keep both your Australian account and your home bank account at the same time. This way you can transfer money between your accounts using online banking.

Organising an Australian Credit Card

While you’ll still be able to use Visa and MasterCard accounts issued from your country of origin, you may find that you could incur foreign transaction fees for using them to buy or pay for things in Australian dollars.

You could find it far more convenient to arrange access to an Australian credit card. There are many very competitive credit cards available, so if you’re moving to Australia and think you need access to a credit card, compare some of the great deals available.

Foreign Currency Accounts

Many of the larger Australian banks will happily offer foreign currency accounts or even dual or multi-currency accounts. This can be ideal for customers who might still be receiving a pension or other income from another country and wish to keep some funds in that currency to take advantage of the fluctuating exchange rates.

Making preparations for moving to Australia doesn’t need to be difficult. Simply take a little time to consider your needs and it’s easy to find a banking solutions to suit you.

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Credit Cards Comparison

Rates last updated October 22nd, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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