13 Feb 2025
While settling down in your new life, opening a bank account if you are a recent migrant from Bangladesh to Australia is crucial. This helps with managing your daily subsistence, bill payments, salary receipts, and also enables you to send money to Bangladesh from Australia to offer financial assistance to your family.
Trying to get started in the Australian banking system might seem complicated, but once you understand some core concepts, it's much more simple. When you arrive, making an Australian bank account should be at the top of your to-do list, as getting this out of the way will help you get settled down for a short or long-term stay.
Thus, opening a bank account allows you more financial independence as an expat in Australia. You can secure your money, transact remotely, and even avoid the higher international conversion charges associated with using a Bangladeshi account globally.
Many expats are required to have a local account to get paid. In Australia, employers deposit wages in an Australian bank account, with most workers earning the superannuation entitlement as part of their wages. You will also need it for paying routine costs. Moreover, if you intend to make an online money transfer from Australia to Bangladesh, your bank account will expedite it and make it cheaper.
Australia is not particularly complicated or expensive, especially if you're prepared. Most banks ask for a few essential documents to start. Here's what to expect as a Bangladeshi expat:
Which incidentally is the most critical identification document for you.
A local address in Australia may be a rental agreement, utility bill, or other official documents.
If you hold a work visa, student visa, or permanent residency, you also need to ensure that your current visa status is reflected.
Although not always immediately necessary, having a TFN will save you from higher tax rates on any interest you earn.
As an expat in Australia, you would know that there are primarily two types of bank accounts you have access to. You will need both of these as an expat.
This account helps you pay your bills, withdraw money, and receive your wages. Many banks offer accounts without monthly fees, but some may require a minimum deposit.
The interest earned on your savings generates even more money for you. You are good at saving money while you are in Australia. Check interest rates from other banks, which is an opportunity to maximize your savings.
You will naturally be sending some money back home to help the rest of your family in Bangladesh. Fortunately, Australian banks have multiple channels through which it is possible to transfer money internationally. However, this can be relatively pricey, with worse exchange rates than internet money transfer services.
Using web-based services, such as ACE money transfer, you can save on transfer fees and ensure your family has more Bangladeshi Taka. These services generally offer better exchange rates and costs than traditional banks. Moreover, you can send money online to Bangladesh from Australia in a few clicks by linking your Australian bank account directly with their services.
Effective funds management significantly contributes to making the most of your Australian experience. Here are a few tips that will help an expat keep his bank account in a good condition:
Banks charge maintenance fees, fees for international transactions, and other charges. Be better informed about these charges.
Most online banks in Australia offer reliable online banking services. Through the Internet banking function incorporated into one's phone or computer, you can track spending, transfer money, pay bills, and perform most of the other banking functions with disarming ease.
Some banks allow you to activate SMS or email alerts regarding particular activities, such as low balances or large payments. In this way, you will not be predisposed to overdrafts or missed payments.
Opening your bank account in Australia as an expat from Bangladesh is a significant move towards proper financial management. It simplifies your daily transactions, avoids international fees, and allows making a seamless money transfer from Australia to Bangladesh. With so many banks and so many choices of accounts that you can avail yourself of, you're sure to find just what you're looking for. Once you have established your account, you'll be free to have your finances in order and drive and build your new life in Australia.
Yes, you can open it online. Many Australian banks allow expats to open accounts before arriving. You can then activate the account once you're in Australia by visiting a branch.
You will need a passport, proof of address, visa details, and a possible TFN (Tax File Number).
Yes, you can open both. A transaction account is for daily use, while a savings account helps you earn interest on deposits.
Yes, you can use your Bangladeshi bank account while living in Australia. Still, it may come with higher fees for international transactions, poor exchange rates, and limited accessibility for local payments.
Opening a bank account in Australia typically takes a few hours to a few days, depending on the bank's procedures and whether you’ve completed the necessary documents beforehand.
