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Open a bank account

In Australia, people keep their money in a bank, building society or credit union. Most income, including salary and wages and government benefits, is paid directly into an account in your name. Australians use debit cards to withdraw money from their bank accounts and for many purchases.

If possible, open a bank, building society or credit union account within six weeks of your arrival in Australia. You will usually only need your passport as identification. After six weeks you will need additional identification. This may be difficult if you do not have many documents to identify yourself. Give the bank your tax file number (TFN) to avoid higher rates of taxation on interest earned.

See Chapter 11, Money

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