Starting your life as an Australian ex-pat feels like you’re setting up a new life. From buying a house to furnishing your house. Everything you’ve built up in Australia. That needs to fit in your new home.
Banking is one of the important components of your life. That you need to arrange before you start working. So that your employer can pay you. So here are the Banks In Australia that can help you
Banking in Australia is regulated by four major banks:
- Commonwealth Bank of Australia
- Banking Corporation
- Australia and New Zealand Banking Group
- National Australia Bank.
Banks need a banking license under the 1959 Banking Act.
What is the best way to transfer money internationally?
An easy and convenient option to transfer money abroad is Wise. It’s a good and cheap international account. You can transfer money or spend it abroad cheaper than traditional banks. You can also receive money for free around the world. You can always see the actual exchange rate. A Wise No hidden fees are there.
Banks In Australia are as follows
- Australia’s Commonwealth Bank usually referred to as CBA or CommBank.
- It is a global Australian bank.
- It is tied with companies across New Zealand, Asia, the United States, and the UK.
- They offer a range of financial services.
- It includes retail, corporate, and institutional banking.
- This also covers cash management, retirement, pension, savings, and booking services.
- As of August 2015, the Commonwealth Bank is Australia’s biggest listed firm on the Australian Securities Exchange.
- Westpac is Australia’s oldest bank and business.
- One of Australia’s four main banking organizations.
- It is one of New Zealand’s largest banks.
- They provide a wide range of banking and financial services
- It includes individual, corporate, and institutional banking and wealth.
3. Australia and New Zealand Banking Group
- ANZ is widely known as Australia and New Zealand Banking Group Limited.
- This is a global Australian banking and financial services group.
- With its headquarters in Melbourne, Australia.
- It is Australia’s second-largest asset-based bank
- And the third-largest by market capitalization.
- This is one of Australia’s big four banks.
4. National Australia Bank
- National Australia Bank, generally referred to as the NAB.
- It is one of Australia’s four largest financial institutions.
- In terms of market capitalization, earnings, and customers.
- NAB has been listed as the world’s 21st largest market-capitalized bank.
- This is also the world’s fiftieth biggest bank.
- NAB has more than 1,600 branches.
- It also operates 4,412 ATMs serving 12.7 million customers across Australia, New Zealand, and Asia.
Should you keep your account in the Australian bank?
- There is no valid justification to have your Australian bank account locked.
- Non-residents can also retain their bank accounts.
- But maintaining Australian bank accounts indicates a greater continuity.
- It provides a stronger case for Australian tax residency.