Your Finances
The Banking System
In Australia there are four main banks that are used, they are the Commonwealth, ANZ, National Australia Bank and Westpac. In addition to these are your regional and boutique banks such as Credit Union Australia, Bank of Queensland etc…..
Almost all of these banks offer a full range of banking facilities that
you can utilize.
(Internet banking is widely used and is an easy way to pay your bills).
To open a bank account in Australia you will be asked to provide identification. This is done via the 100 points test. Below is a range of identification that is deemed acceptable, and each piece of identification shown is allocated a points value. Once you have reached 100 points you will be able to open an account.
The 100 Point Identification System (FTRA)
Acceptable forms of identification include the following;
|
Identification |
Points |
| Passport, Full Birth Certificate, Citizenship Certificate | 70 |
PLUS any of the acceptable forms of identification listed below; |
|
| Driver's Licence/Permit (Australian) | 40 |
| Identification card issued for entitlements to a financial benefit by the Australian Government (e.g. Pensioner Concession Card) to a public service employee or to a student at a university or TAFE | 40 |
| Pensioner Concession Card or Health Care Card issued by Centrelink | 40 |
| Records held by the Bank or from another financial body that holds a mortgage over your property | 35 |
| Driver’s License (Foreign) – must have you signature and/or photo | 25 |
| Current credit card or ATM access card from any financial institution (more than one can be used if issued by different financial institutions) | 25 |
| Store Card, Medicare Card, Keypass photo identification card, passbook from any financial institution containing a black light signature (more than one can by used if issued by different financial institutions) | 25 |
| The most recent account from your local council or public utility (rates, water, electricity, gas) | 25 |
OR |
|
| Centrelink Personalised letter | 100 |
| Acceptable Reference | 100 |
(Remember, you only need to bring documents totally 100 points or more.)
In Australia a bill at a retail type outlet is usually paid via a credit card or an EFTPOS (electronic funds transfer at point of sale) card issued by a bank. These transactions transfer funds immediately, no signature is required just a 4 digit pin number.
Note also that you can draw cash when paying for goods at most retail outlets – this can be a useful way of minimizing your bank charges.