All workers in Australia need a bank account.
But the different types on offer can be confusing for new migrants.
For some migrants Australias advanced banks and cashless payment system require some getting used to.
The reluctance to leave funds in the hands of our financial institutions is often based on the poor performance of banks in the home countries of some of those who come here to start a new life.
Olivia Nguy, Client Services Manager from the Liverpool Migrant Resources Centre, says that negative experiences with high inflation and banking failures have influenced the way some migrants manage their money.
Opening a bank account is simple but you need valid identification.
An account can be opened online or on a smart phone, but in person a banking teller can assist.
Banks need to inform you about fees and conditions, including transaction and monthly account keeping fees, the need for a minimum balance and any penalty charges.
For some eligible customers, like pensioners, banks offer basic accounts without fees.
Executive Director of the Australian Bankers Association Diane Tate says banks also have accounts with saving rewards.
If you got some savings and you want to put them away and you want to access them easily, there are savings accounts which pay a little bit more interest but if you got a lot of money and you dont need to access it straight away, theres an account called the term deposit and they are really good for people who have long-term savings strategies, she said.
There are some simple steps new migrants can take to keep their money and personal banking information safe.
Olivia Nguy from Liverpool Migrant Resources Centre says they advise new arrivals not to share the four-digit Personal Identification Number (PIN) which is needed to access their money.
She says its also wise not to let another person know the bank account number or the relevant access code for internet banking.
Olivia Nguy says that some new arrivals do not understand the dangers of credit card debt and the required monthly repayments.
She is urging banks to make it easier for migrants to understand how the credit card payment system works.
