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Starting a bank Account

1030 Views 6 Replies 3 Participants Last post by  KeeDa, 
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I got my visa Grant under subclass 190 to NSW. I am new to this form and could see that opening a bank account is difficult once 6 weeks are over, where more docs are req. Now is this after I initially land there OR is it after I move permanently?

I presume its from the day I initially land. So can I apply for my bank account now? Is there a minimum balance and a monthly fee?

What bank is recommended, if I am in NSW and do they have enough ATM machines available?

Please help.
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KeeDa
Where are you now? Onshore or offshore? And where did you read that it is difficult to open a bank account after 6 weeks? After 6 weeks of what? PR grant, visit, residency??

I hope you know that banks allow you to open a bank account with them as much as 6 months prior to your visit. Look for 'migrant banking' from NAB for instance. I did this myself about a month before I landed.

As for recommendation, I would suggest NAB as their account is free (i.e. without any account maintenance fees). CWB too provides this, but is free only for the first year and subsequently it is free of maintenance charges only if you transact a certain value each month with your account.

As for ATMs, I don't know. Never really needed much cash currency, but when I did, a NAB ATM wasn't far away.
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KeeDa said:
Where are you now? Onshore or offshore? And where did you read that it is difficult to open a bank account after 6 weeks? After 6 weeks of what? PR grant, visit, residency??

I hope you know that banks allow you to open a bank account with them as much as 6 months prior to your visit. Look for 'migrant banking' from NAB for instance. I did this myself about a month before I landed.

As for recommendation, I would suggest NAB as their account is free (i.e. without any account maintenance fees). CWB too provides this, but is free only for the first year and subsequently it is free of maintenance charges only if you transact a certain value each month with your account.

As for ATMs, I don't know. Never really needed much cash currency, but when I did, a NAB ATM wasn't far away.
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Thanks for response.
Im currently offshore and planning to do the first landing by April/May 2018.

The 6 weeks condition/remarks is there is the same form (other thread).

So I guess I would just wait for my final move, and will open it online with NAB.

Thx.
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Stanly Mathew said:
Thanks for response.
Im currently offshore and planning to do the first landing by April/May 2018.

The 6 weeks condition/remarks is there is the same form (other thread).

So I guess I would just wait for my final move, and will open it online with NAB.

Thx.
Click to expand...
It is free to open a bank account and there is no fee or anything associated with it before using it. Most Aus banks now have options in their bank where you can chose to have your bank account open before you arrive and collect your debit card from the branch or have it mail to you.

I usually prefer Commbank as they have the best mobile app and most branches than any bank, but that's my preference. If you work which you will meaning a certain money will be deposited into your account every month, you will not have to pay the $4 fee. So, far I haven't and I don't think I will.

In regards to your 6 month rule, it is not a condition of your PR or anything to have a bank account. If you want to keep your money under your bed, you are welcome too. If you decide 10 years later to have a bank account, you can do so too. It's just without a bank account, you may face issues in your day to day life else no issue or any condition attached with anything.
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zaback21 said:
Stanly Mathew said:
Thanks for response.
Im currently offshore and planning to do the first landing by April/May 2018.

The 6 weeks condition/remarks is there is the same form (other thread).

So I guess I would just wait for my final move, and will open it online with NAB.

Thx.
Click to expand...
It is free to open a bank account and there is no fee or anything associated with it before using it. Most Aus banks now have options in their bank where you can chose to have your bank account open before you arrive and collect your debit card from the branch or have it mail to you.

I usually prefer Commbank as they have the best mobile app and most branches than any bank, but that's my preference. If you work which you will meaning a certain money will be deposited into your account every month, you will not have to pay the $4 fee. So, far I haven't and I don't think I will.

In regards to your 6 month rule, it is not a condition of your PR or anything to have a bank account. If you want to keep your money under your bed, you are welcome too. If you decide 10 years later to have a bank account, you can do so too. It's just without a bank account, you may face issues in your day to day life else no issue or any condition attached with anything.
Click to expand...
Thx. Tht help.
But the 6 weeks rule I meant was about the amount of documents that the bank would need.

As I heard, if it is much ealier they accept just our passport copies + grant and if it is after sometime, a lot of documents are required.

*** I know Opening a back acount is a must. But needed clarity on how to make the process less hectic on the documentation part.
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Stanly Mathew said:
Thx. Tht help.
But the 6 weeks rule I meant was about the amount of documents that the bank would need.

As I heard, if it is much ealier they accept just our passport copies + grant and if it is after sometime, a lot of documents are required.

*** I know Opening a back acount is a must. But needed clarity on how to make the process less hectic on the documentation part.
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I have no idea about other banks but I have banked with Commbank, HSBC and St George and all they care about is your passport and nothing else.

I have opened an account with HSBC 2 years later and all they still asked me is just the passport. Not sure if the rule is changed now.
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KeeDa
zaback21 said:
I have no idea about other banks but I have banked with Commbank and St George and all they care about is your passport and nothing else.
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Same here with NAB and I've seen others move (permanently) after a year+ and still did not have any hassles opening a bank account.
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