21 Feb 2024
The thought of working in Australia is fascinating for the people of Gambia who come to Australia to find better and prospective employment opportunities. It appeals to them because these opportunities are not readily available in their native country. They find better opportunities in Australia, earn a living and then are expected to send money to Gambia from Australia to offer financial support back home.
For online money transfers across borders, you can find innumerable options. But do you know that having a bank account is still needed in a developed country like Australia?
Do you know the reasons for this?
The trend of digital money transfers to developed countries is rising rapidly, so having a bank account is essential.
But there is much more than this regarding bank accounts in Australia and opening one, including an international one.
Let’s explore together to know banking in Australia inside out.
The bank account types in Australia are the same as elsewhere. The difference is in the opening requirements and the features and services you can get from a specific bank account type.
Some of the commonly used bank account types in Australia are explained below.
The ‘Term Deposit’ is the bank account type you can open in Australia. In a term deposit, you can save your money for a fixed time during which you cannot access your funds. The interest thus earned is automatically added to the principal amount.
The interest rate and the longevity of the terms depend on your mutually agreed terms with the respective bank.
Although bank accounts serve you in several ways, they may not always suit you to send money online to Gambia from Australia.
The bank account type you can access is the ‘Checking Account’ or the ‘Current Account.’ Opening a checking account is easy and comes with a checkbook and a debit card.
A checking account is typically used for routine financial transactions such as depositing and withdrawing cash and paying bills.
A ‘Savings Account’ is another bank account that you can easily open in Australia. As the title of the account suggests, this account type is usually used for saving money. It also comes with a checkbook and a debit card. But you can choose not to take these, so accessing your funds saved in this account is difficult.
With a savings account, you can also earn an interest rate. Its quantum depends on the amount you have saved, bank policies and the country's overall monetary policy.
Now, look at the requirements for opening a bank account in Australia.
Opening a bank account in Australia is a simple process with some basic requirements that are more or less the same as elsewhere in the world. The following documents are required to open a bank account in Australia for money transfers.
Remember that you are not supposed to produce all of these documents at once while opening as simple and basic an account as a Checking Account. Different banks ask you to produce different documents.
But whatever the requirement of a certain bank is, note that you will not be asked to produce any document other than the listed ones above.
Let’s now see what benefits you can get by opening an international bank account as a Gambian migrant living and working in Australia.
Opening an international bank account in Australia is beneficial in more ways than one for you as a Gambian migrant. But wait! With the presence of online money transfer service providers like ACE Money Transfer, banks may not be perfect for any money transfer from Australia to Gambia.
Despite being the most trusted financial institution worldwide, banks still grapple with certain challenges and risks in their banking and financial operations. However, their customers are running into millions.
You can, however, get the following benefits of having an international bank account.
Take a look below.
Every international bank account in Australian banks comes with the benefit of multiple currencies. So, if you earn in different currencies, an international bank account allows you to deal and transact conveniently from just one account.
With the ability to deal in multiple currencies, an international bank account also allows you to make investments in different regions and countries in the world. This diversification in investments also lowers investment risks and ensures risk diversification.
With an international bank account, you can deal in multiple currencies at the same time, with each one of them having their own currency exchange rates. So, for example, if you cannot find competitive exchange rates for the Australian Dollar. Use another GBP currency to enjoy high and competitive currency exchange rates.
Your money in any bank account is prone to monetary policies and fluctuations in interest rates, which together can leave your capital vulnerable. But in most cases, your money in an international bank account will likely be insulated from these fluctuations and the effect of evolving policies and will remain secure.
One of the top advantages of having an international bank account is that you can access it and your money in it at any time of the year. An international bank account allows you 24/7 access to your funds.
This open access makes it easy for you to access your funds whenever needed. Open access makes it easy to attend to emergencies, warranting immediate financial attention.
These are some of the advantages you can enjoy by having an international bank account in Australia as a Gambian migrant.
Although opening a bank account in Australia is essential for you as a Gambian migrant due to its several advantages, you should consider alternatives like ACE Money Transfer for online money transfer from Australia to Gambia.
ACE Money Transfer’s services are available 24/7 in over 100 countries worldwide. As you transact with the firm, you will get live and market-competitive currency exchange rates, speed, safety, and much more from just one window in exchange for a low fee, which is only applicable if the amount you are planning to transfer reaches a certain threshold.
If the said amount remains under that limit, you will enjoy – guess what?
Many fee-free online money transfers to Gambia from Australia!
Opening a bank account is necessary. The prime reason could be that money is processed digitally as the trend of dealing in hard cash is declining.
Some of the benefits of having a bank account include efficiently managing your funds, paying utility bills and school fees online, safekeeping, easy depositing and withdrawing money, building credit, and accessing financial services and products.
The advantages of having an international bank account include dealing in multiple currencies, diversification of risk with multiple investment opportunities, diverse currency exchange rates, and insulation from financial market risks, easy and convenient access to your funds, and access to diverse financial expert advice.
Sending money online through banks is not permissible because they charge you a high fee, deliver funds in days, offer static and uncompetitive currency exchange rates, and involve immense paperwork and commuting fatigue. Therefore, sending money through some of the most reputable remittance transfer service providers like ACE Money Transfer is admissible to get the best deals.
