In Australia, from shopping to organising accommodation and getting paid - not much gets done in cash any more. A bank account is an important tool for a successful life in Australia. MP Singh presents some information on how to open bank accounts.
Former banker James Wakim says that having a bank account makes life so much more convenient for anybody who settles in Australia. Because cash, he says, is rapidly losing importance in today’s modern lifestyle.
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. Bank failures and bail-outs of some overseas banks are making some new arrivals reluctant to trust Australia’s financial institutions. ButMariangela Stagnittisays this fear is misplaced.
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. Mariangela Stagnittisays every new account holder is told, not to share this PIN information with friends or family members or risk losing money from their accounts.
In addition to a basic, everyday account, banks also provide savings accounts which offer rewards to those who want to put some money away for future needs. Those migrants who intend to get a job in Australia, says Mariangela Stagnitti, should also open a superannuation account for their future employer’s super contributions.
The best advice about a new migrant’s banking needs comes from the community, says James Wakim. He says that new arrivals should consult their community’s leaders who often will accompany them to a bank and help with setting up an account.
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