Banking and financial institutions

The Department of Immigration and Citizenship provides information on banking in Australia, average weekly earnings and other related information.

You should note that when you open a bank account, you will avoid higher rates of taxation on the account if you quote your Tax File Number, but this is not compulsory.

Some financial institutions will allow you to open a bank account before entering Australia.

Most banks open to the public at 9 am and close at 4 pm. Automatic teller machines (ATMs/money machines) are also available everywhere in cities, shopping malls and many petrol stations. Many banks offer telephone and internet banking services, which gives you 24 hour access to your account.

All major retail outlets and many smaller ones operate a system called EFTPOS (Electronic Fund Transfer at Point of Sale). This allows you to pay for goods and services without cash---the money is automatically debited from your bank account and credited to the retailer.