There are many reasons why people choose to make the move to Australia, but whatever your reason is you should make sure that you are financially prepared for your new life here. This guide – moving to Australia: Finance, will ensure you are able to carefully consider your financial needs before arriving.
Moving to Australia: Finance will outline the main points which you should pay attention to when organising your finances – for example setting up bank accounts, credit cards and maybe even a home loan if you plan to buy a new home in Australia – in preparation for your move.
How to choose a bank.
Most of the big Australian banks have special teams to help new migrants to organise their finances when moving to Australia. Find a branch in your own country if possible and they will be able to assist you in organising your finances. If there is no branch near you, you can easily contact a customer service representative online who will help you through the process of setting up new accounts and handling your other financial needs.
Setting up Accounts
Consider what kind of access you have to your existing accounts, will you still be able to use these accounts after you arrive in Australia? It’s possible that you could still use your old account while living in Australia, but it could still be worthwhile to set up an Australian account for your daily transactions. Such daily transactions may include your salary, ATM withdrawals, using EFTPOS facilities, bill payments or debit card payments.
If you want to keep your old accounts, be sure to set up online banking to ensure easy access to your accounts wherever you are. By doing this you will be able use online banking to transfer funds to your new Australian account whenever you need.
Setting up an Australian credit card
You’ll still be able to use any Visa or MasterCard credit cards from home, but in most cases you will find that these cards will incur foreign transaction fees making them an expensive way to spend while in Australia.
The best option is to set up a new Australian credit card. There are many great offers to choose from, so take some time to compare deals and choose a card which is suitable for you.
Setting up foreign currency accounts
If you’ll still be receiving a pension or other income in a currency other than Australian Dollars, then you might want to consider setting up a foreign currency account. Most Australian banks offer this type of foreign currency account and many can offer dual or even multi-currency accounts to suit your needs.
This guide, Moving to Australia: Finance, should help you to make sure your financial needs are met when moving to Australia, making your move as problem-free as possible.
