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.