Opening an Australian Bank Account from Overseas (Australian Bank Accounts Explained)

Australian Banking for the Backpacker

If you're preparing for a backpacking trip in Australia opening an Australian bank account is going to be an absolute necessity for your trip! With it you will be booking accommodation, buying day-to-day shopping, getting your wages paid into it, drawing cash out for activities and of course buying things from the shops using EFTPOS (more in a moment).

An Australian bank account can be opened before you go which you can then transfer funds into in advance for when you arrive or alternatively you can open an account when you get there. Both options for opening a new Australian bank account are covered in this article as well as some helpful ideas about how to choose the right account for you.

Read the Electronic Funds Transfer - Transferring Money to Australia section to get the heads up on how to transfer your money into your Australian bank account. This way you can coincide it with your arrival in Australia ready for when you need it.

The Major Banks in Australia

So, the major banks in Australia are CommonWealth Bank, Westpac, National Australia Bank (NAB) and A.N.Z.

Australia is a massive country with a lot of different environments, from huge cities to remote outback towns and during your trip you will experience both. What has this got to do with choosing a bank account? In Australia, if you draw cash out of a rival A.T.M (i.e, you have an A.N.Z account and you draw money from a Westpac A.T.M) you will be charged for that transaction.

Make sure you choose a bank with lots of cash machines all over Australia, so you know you can always find one from your bank and don't have to worry about getting charged. In the cities you will generally find your own branch but in the more remote areas they only usually have one or two of the major banks depending on population size.

Most banks will charge a small monthly fee (around $5 per month) for your bank account, but make sure you shop around because there are some that don't (ie, Westpac). Also some banks require a minimum deposit to open your account so check and see how much that will be before you apply. It's all about researching different banks, weighing up your options and comparing the best deals until you find the right one for you.

When choosing which Australian bank to open your account with, find out how much they charge for transferring money from abroad, i.e. home, and how long it will take to process because they can vary quite a lot!
1
2
3
4
SHARE US WITH A MATE
Top Articles!!!

Packing Guide & Checklist for Backpacking Around Australia

Read our helpful backpacking checklist and get lots of tips about what to pack before you go to Australia. Learn about choosing the right backpack, what essentials you will need to take with you and how to travel light when you need to.


Employment In Australia (How to start Finding Work)

If you\'re on a working holiday visa, finding work while backpacking around Australia is going to help you live comfortably and enjoy all the things you want to do. Even before you go to Australia, there\'s quite a lot of preparation you can do to maximise your chances of getting work quickly when you arrive and earning a fairly continuous cash flow when you need it.


Read more articles managing your money while backpacking around Australia

Money Management Tips For Backpacking In Australia

In this section you can learn how to set up an Australian Bank Account (Australian bank account), read about transferring your money to Australia, see how to create a financial contingency plan for emergency situations and find some helpful tips on budgeting.


The Backpacker's Budget for Australia - Cost Of living In Australia

Budgeting for backpacking in Australia is all about getting the most out of your trip with the funds you have available. In this article we outline how to budget for backpacking around Australia including getting up to date prices for accommodation, transport, essential shopping items and day-to-day living expenses so you can budget your trip with confidence before you go.


Contingency Funds - Savings when you need them - Backpacking Australia

Anything can happen when you're backpacking around Australia and if something goes wrong, having a contingency fund will enable you to act quickly when you need to get things sorted out. In the case of an emergency (i.e, your money gets lost or stolen) or even if you simply over spend and just wind up broke, you will need access to money, accommodation, food, transport & identification documents to get everything back on track.


Electronic Funds Transfer - Transferring Money To An Australian Bank Account

If you're on a Working Holiday Visa or are travelling for extended periods the largest part of your holiday funds will be paid into your Australian bank account (Australian bank account). There are a few ways you can transfer your holiday funds...


Carrying Cash Safely While Backpacking Around Australia

Whatever plans you have made for backpacking in Australia you will need to take some cash with you. The amount you take will depend on what you have managed to do in the planning phase (i.e, prebooked accommodation, shuttle, opened an Australian bank account, etc...). Learn how much cash you will need to take to Australia to see you through the first 2 weeks.


Currency Conversion Guide for Backpackers in Australia

Knowing how to convert currencies will be a definite advantage to backpackers in Australia and all over the world. This calculation is a simple but very useful tool which will help you compare costs in Australia.


A Guide to Travellers Cheques for Backpackers in Australia

Travellers cheques can be used to safely transport your money to Australia where they can be 'encashed' at some stage during your trip. They can be ordered in a shop front (bank, post office, etc...) or online which are delivered to you in the post.Learn how to use travellers cheques and why they are good for backpacking in Australia.