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Setting up a bank account

Setting up a bank account

Setting up a Melbourne bank account

Opening a bank account in Australia is easy but there are a few things you need to know.

There are many banks operating in Australia, but usually we refer to the ‘big four’; WestpacANZCommonwealth Bank and NAB.

These banks offer special accounts for international students. Ensure you check the following things before you decide on a bank:

  • Does the account have any monthly fees?
  • Does the account link to a debit card (Mastercard or Visa)?
  • Does it offer payWave or PayPass for ‘tap and go’ transactions?

To set up an account, you’ll need to go into a branch and ensure you take your passport with you.

Credit cards can be handy but they can also be a big trap for many people. Consider if you really need one. Debit cards work in the same places as credit cards but only use money that you have in your account, so they are much safer.

Beware of interest rates and annual fees on credit cards. Cards that offer you lots of rewards often come with high interest rates and annual fees.

Credit card fraud is an increasing problem all over the world. It’s important to make sure you are safe with your transactions and follow these important steps.