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Banking

Australia - Banking


There are many banks in Australia; both local and foreign. The banking sector in Australia is highly competitive. Banks in Australia come up with a wide range of services to gain a competitive advantage. A few local banks including the Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), Australia and New Zealand Banking Group (ANZ), and Westpac Banking Corporation have managed to beat the rest and dominate the financial market in the country.

Major local banks

Commonwealth Bank of Australia (CBA)
CBA is the largest bank in Australia. It also operates in the United Kingdom, USA, Asia, Fiji, and New Zealand. It provides many financial services for Australian citizens and immigrants. These services include personal, commercial, and institutional banking, insurance, investment, and retirement planning.
Within Australia: 13 2221
From overseas: +61 2 9999 3283

Westpac Banking Corporation
Westpac is the largest bank in Australia based on the number of branches and ATMs. It offers personal, business, and corporate banking as well as insurance and superannuation. In addition, it provides clients including expats with a travel money card, which can be loaded with up to 5 different currencies and used to shop both in Australia and overseas.
General enquiries: 13 2032
Online and Mobile Banking: 1300 655 505
Overseas: (+61 2) 9293 9270

Australia and New Zealand Banking Group (ANZ)

ANZ operates both within and outside Australia. It has been in existence for 180 years. It offers regular banking services such as retail, commercial, and institutional banking. It does not have unique products for expats, but it is known for great customer service. In addition, it provides clients with specific contact details for handling all kinds of customer queries on a 24-7 basis.
Within Australia: 13 13 14
Overseas: +61 3 9683 9999

US/UK Banks in Australia

Hong Kong and Shanghai Banking Corporation (HSBC)
HSBC is one of the largest and oldest banks in the world. It is based in the UK. HSBC Bank plc operates in Australia as a subsidiary of HSBC Holdings. Despite offering regular financial services with no particular distinguishing product, the bank differentiates itself from the others by focusing on expatriates and immigrants.
To become a customer of HSBC call: +44 1534 616 055
HSBC Premier Customers: +44 1534 616 313
HSBC Advance customers: +44 1534 616 212
Customers are advised to have their 10-digit PBN and 6-digit PIN at hand before calling.
Foreign exchange specialists can be reached through the following number: +44 1534 616 162

Lloyds Bank
Lloyds bank is based in the UK. However, it has several branches outside the UK including in Australia, New Zealand, and Canada. The bank helps people moving from the UK to set up international accounts, enabling them to access their money easily. However, the bank’s Australian branch was acquired by Westpac Group on January 1, 2016.
For any enquiries regarding the Bank, please contact: (02) 8070 4000.
For any enquiries regarding Capital finance call: (02) 8884 8000.

Bank of America Merrill Lynch
The Bank of America has its headquarters in Charlotte, North Carolina. It has three branches in Australia. A good number of their clients in Australia are expats. It offers high quality customer service. Customers can contact the bank at any time and on any day.
Tel: +61.3.9659.2222

Barclays Capital
Barclays Capital is a division of the UK based multinational Barclays bank. Its main target customers are large companies, institutions, and governments. It mainly offers advisory, financing, and risk management services.
Tel: +61 2 9334 6000

Typical bank opening hours in Australia
Monday – Thursday: 9.30 a.m. to 4 p.m.
Friday: 9.30 a.m. to 5 p.m.

Types of bank accounts offered by Banks in Australia
• Transaction account
• Savings account
• Cheque account
• Credit account
• Credit debit account
• Student account

Opening a bank account in Australia

You can open a bank account through an online application or by visiting the bank in person. For online applications, the bank can set up the account before you travel to Australia and then you can go and collect your bank details in any of their branches once you arrive in the country. If you prefer to visit the bank to open an account, this should be done as soon as you get to Australia.

Credit and debit cards

Credit cards are accepted for most payments in Australia, in stores, restaurants, online, and over the phone. The most commonly accepted cards are Visa, MasterCard, and American Express.

Debit cards are used to pay for items through a system called EFTPOS. It is available at most stores and restaurants. You can also withdraw cash through EFTPOS at some stores (including supermarkets and gas stations).

How to Apply for an Overdraft

Many bank services are available through online and Internet banking. To apply for an overdraft, log in to your account, fill in an application form, and then follow up with the bank for a response. Alternatively, you can call or visit the bank for additional information about the application process.


Read more about this country



Expat Health Insurance Partners


Bupa Global

At Bupa we have been helping individuals and families live longer, healthier, happier lives for over 60 years. We are trusted by expats in 190 different countries and have links with healthcare organisations throughout the world. So whether you're moving abroad for a change of career or a change of scene, with our international private health insurance you will always be in safe hands.

Cigna

Cigna has worked in international health insurance for more than 30 years. Today, Cigna has over 71 million customer relationships around the world. Looking after them is an international workforce of 31,000 people, plus a network of over 1 million hospitals, physicians, clinics and health and wellness specialists worldwide, meaning you have easy access to treatment.