4
Banking as an expat (aussie.zone)
submitted 1 month ago by [email protected] to c/[email protected]

We’re working on setting up the ability to spend money easily in Australia. We’re looking at Wise for transfers and starting to live in Aus. As we roll into collecting pay, are there any banks or credit unions (if that’s even a thing outside of the US) that are recommended or actively discouraged from using?

you are viewing a single comment's thread
view the rest of the comments
[-] [email protected] 3 points 1 month ago

Look into fees and structure of accounts at whichever institutions you are considering, from the angle of what fits your situation. Also consider whether you prefer a bank with a physical branch (in which case, your short list is whichever banks are convenient to where you live) or whether online banking is sufficient (some banks are online only). Some banks also limit how much money they'll guarantee; so if your accounts might go over $249k you should make sure your chosen bank is good with that.

Over the years I have had accounts with: Westpac, ING Direct, Teacher's Mutual Bank (formerly a credit union), NAB, ME Bank, Up, and a couple of others I don't remember. None of them were especially bad, but they did different things for me at different points in my life.

When my parents (who are not citizens, have never worked in this country, and are here for a couple of months at a time) wanted a bank account to use while here, I set them up with NAB. That was the option with a physical branch nearby that wasn't going to hit them with monthly fees for the privilege of having an account, when the account was not in regular use. (NAB has since closed the branch near us, so idk how much longer they're going to have our business.)

Final thought: there is no contract with your bank unless you take out a loan or term deposit. Pick one to start, and if it's not a fit you can move your money elsewhere. Don't stress.

[-] [email protected] 2 points 1 month ago

Some banks also limit how much money they’ll guarantee; so if your accounts might go over $249k you should make sure your chosen bank is good with that.

My understanding is that the deposit guarantee is $250k across the board, because it's a federal government measure.

Simply:

Under the FCS, deposits are protected up to $250,000 for each account holder at each licenced bank, building society or credit union incorporated in Australia.

Source: https://www.apra.gov.au/deposit-checker-are-your-deposits-protected

So if you have much more than $250k in cash, you ought to spread it over multiple banks. But pretty much all banks (you can check this list) are guaranteed for 'normal' cash accounts (transaction, savings, term deposit), and they're all to the same $250k limit.

[-] [email protected] 2 points 1 month ago

Seems to be very similar to the US system. Not quite sure why I was expecting any drastic differences. Thanks!

load more comments (2 replies)
load more comments (2 replies)
this post was submitted on 08 Apr 2025
4 points (100.0% liked)

Brisbane

1042 readers
19 users here now

Home of the bin chicken. Visit our friends:

founded 2 years ago
MODERATORS