Former banker James Wakim says that having a bank account makes life so much more convenient for anybody who settles in Australia.
Banking in Australia is dominated by four big banks.
In addition, there is a wide variety of smaller banks offering financial services.
They all know how to deal with customers who don’t have a perfect command of English, says business consultant Mariangela Stagnitti, who has thirty years of banking experience dealing with new migrants.
An account can be opened on line, on a smart phone or by visiting a bank branch in person but, says James Wakim; every applicant has to produce documents that make clear identification possible.
And these are some of the documents that need to be produced to pass the ‘100 point’ system for opening a bank account: birth certificate, passport, citizenship certificate equal 70 points.
Drivers licence either full, probationary or learner worth 40 points.
Any card on which your name appears like Medicare, library or union cards or documents on which your name and address appear, such as car registration, utility bill, rental receipts, you get 25 points.
As part of opening a bank account, a new customer receives a four-digit Personal Identification Number – called PIN – which is needed to withdraw money from an Automatic Teller Machine, called ATM.
Those migrants who intend to get a job in Australia should also open a superannuation account for their future employer’s super contributions.
