31 July, 2010
Home » Banking » Banking Options for Migrants to Australia

Banking Options for Migrants to Australia

  • warning: file(http://...@www.ozforex.com.au/xml/exfin/daily_rates.asp): failed to open stream: HTTP request failed! HTTP/1.1 403 Forbidden in /home/httpd/vhosts/exfin.com/httpdocs/includes/common.inc(1355) : eval()'d code on line 8.
  • warning: implode(): Invalid arguments passed in /home/httpd/vhosts/exfin.com/httpdocs/includes/common.inc(1355) : eval()'d code on line 9.

Banking for Migrants and International Students

The three Australian banks below provide future migrants to Australia and International students with the ability to set up bank accounts prior to their arrival in Australia. NAB and Westpac Bank currently provide the broader service with the Commonwealth limiting its service to migrants from the UK and to a particular form of account.

NAB (previously National Australia Bank)

Open a transaction account, transfer funds, apply for a credit card or invest funds in a foreign currency account before arriving in Australia. NAB have a specialist unit dedicated to UK migrants

Migrant Banking

NAB Migrant Banking
5th Floor, 800 Bourke St,
Docklands, VICTORIA 3008
Australia

Westpac Bank

Open a transaction account, transfer funds, apply for a credit card or invest funds in a foreign currency account before arriving in Australia.

Migrant & International Student Banking

Westpac Migrant Banking Australia
Level 31, 275 Kent Street
Sydney NSW 2000
Australia

Fax: (+612) 8253 1875

Commonwealth Bank

Focussed on UK immigrants to Australia and New Zealand.  Provides for migrants to open a Cash Investment Account prior to arrival in Australia.

Migrant Banking - UK

 

When it comes to the transfer of funds from overseas into Australia the banks will often not offer the best option - see our page Foreign Exchange transfers. For large amounts, such as the proceeds of a house sale, the focus should be on reducing the margin over interbank rates charged by the bank and you should not take it for granted that so called "migrant rates" on forex transfers are your most competitive option. It pays to make comparisons before making a decision in this area - contact us for more details.

IMPORTANT: The material contained in this website and other associated communications is only intended as general, background information and must not be relied upon. No warranty is provided in relation to any material or to the services that may be contracted through exfin.com. It is recommended that individuals seek the advice of qualified professionals before taking any action.