THERE are four main banks in Australia, namely The Commonwealth Bank of Australia (who sponsor Move To Australia), Westpac (incorporating St George’s and Bank of Melbourne), ANZ and National Australia Bank (NAB, incorporating Bank of New Zealand).
Looking specifically at The Commonwealth Bank (CBA, incorporating Bankwest), they have a long history in the Australian banking industry. They are one of Australia’s leading providers of integrated financial services including retail, premium, business and institutional banking, funds management, foreign exchange, superannuation, general and life insurance, broking services and finance company activities.
CBA Bank Accounts in Australia
Setting up a bank account before you arrive in Australia shouldn’t be a hassle, and with the ICS (International Customer Services team), it is easier than you think. The team in London will ensure that not only your bank accounts are set up, but they will also assign you a relationship manager at your nominated branch in Australia. Furthermore, the ICS team will set up an appointment for you to visit your nominated branch, where your relationship manager will hand over your debit cards and do a financial consultation with you, all complimentary.
The Commonwealth Bank also has a world-leading internet banking service – NetBank – which will be set up for you during the initial appointment. They also have useful app services like Kaching! and the Commonwealth Bank Property Guide. All of these services working together will make you feel at home with your new bank, in your new Australian home.
Paying bills and managing your day-to-day money takes time and organisation, and a personal bank account can help you organise your income and banking so everything gets done quickly, easily and with minimum fuss. The Commonwealth Bank has the following bank accounts:
Smart Access
With this account, you can enjoy unlimited electronic Commonwealth Bank transactions including ATM, Unassisted Phone, Internet, EFTPOS transactions and your monthly account fee of $4 will get waived for 12 months from the date of opening.
Complete Access
This account entitles the holder to unlimited Commonwealth Bank Branch, ATM, Assisted Phone, Internet, EFTPOS transactions, and similarly to the Smart Access account, your monthly fee of $6 will get waived for 12 months from the date of opening.
Cash Investment Account
If you’ve sold a property or cashed-in a share portfolio, this account is the perfect place to earn interest on the balance while you contemplate your next move. With a minimum opening balance of $10,000 and interest calculated daily, you get full access to your funds when you need them.
How to access your funds in Australia
- ATMs (forget about calling them cash points from now on!)
- EFTPOS (Electronic Funds Transfer at Point of Sale, which is just a fancy way of saying ‘using your debit card’)
- Telephone banking
- Internet banking (through Netbank)
- In-branch (the old-fashioned way, but still the favoured option for some people!)
Australian Credit card accounts
Similarly, all the four major banks have credit card accounts, with various rates and fees according to your needs. Looking specifically at The Commonwealth Bank, they offer a range of MasterCard credit cards.
Gold MasterCard is available and offers significant advantages over standard cards, including International Travel Insurance (when you purchase your overseas travel tickets with your Gold Credit Card), Extended Warranty, Purchase Security and access to ‘Your Global Connection’ Traveller Services. Conditions apply to all of these benefits.
There are various credit card options available to suit your particular needs. The Commonwealth Bank takes pride in having Commonwealth Awards, one of the most popular credit card reward programs in Australia. Simply by using an eligible Commonwealth Bank credit card to make purchases and most bill payments, points are earned that can be redeemed across a wide range of exciting award categories.
Note: Applications for credit cards are subject to the Bank’s normal credit approval. Full terms and conditions will be included in the Letter of Offer. Fees and charges are payable.
Advice
We all need advice in some form, but moving to Australia presents its own unique challenges. The Commonwealth Bank can refer you to a national network of Financial Planners** who provide advice on superannuation and investment products offered by the Commonwealth Bank Group and selected external product providers.
Further information
The Commonwealth Bank Group is ready and able to meet your needs. Because everyone’s needs are different, they have developed a range of ways for you to communicate with them. The following options are available:
- To find out how you can set up your banking requirements prior to moving to Australia, or for more information on any of the products and services available from The Commonwealth Bank, simply call International Customer Services here in London on 020 7710 3990 or email commbankuk@cba.com.au
- By visiting the website at commbankuk.co.uk
- General information about The Commonwealth Bank and the products and services offered is available at commbankuk.com.au
Move To Australia: In association with Commonwealth Bank of Australia, helping with all your banking and foreign exchange needs.
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##These products are available in the Personal Insurance Portfolio which is issued by The Colonial Mutual Life Assurance Society Limited ABN: 12 004 021 809 (CMLA) of which CommInsure is a registered business name. CMLA is a wholly owned but nonguaranteed subsidiary of Commonwealth Bank of Australia
ABN 48 123 123 124. A product Disclosure Statement (PDS) describing Personal Insurance Portfolio is available by contacting the Commonwealth Bank once you arrive in Australia and should be considered in making any decision about whether to acquire the product.
**Commonwealth Financial Planners are representatives of Commonwealth Financial Planning Limited ABN 65 003 900 169. Australian Financial Services Licence No. 231139. A wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia. As this advice has been prepared without considering your objectives, financial situation or needs, you should before acting on this advice, consider its appropriateness to your circumstances. Terms and conditions issued by Commonwealth Bank of Australia for AwardSaver and Term Deposits are available on request. You should consider whether the product is appropriate for you.
