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Frequently asked questions
I am new in Australia. Which financial firms are the leading ones and could offer me the best products and services?
The banking sector of Australia comprises large, medium, and small lenders. The “Big Four” or major firms include Westpac Banking Corporation and the Commonwealth Bank of Australia or CBA. Also, the National Australia Bank or NAB and Australia and New Zealand Banking Group or ANZ are components of this cluster. You can expect to receive optimal banking services and solutions from these major lending firms.
What are the requirements of banks in Australia for new clients?
If you wish to open a bank account, you need to meet the following requirements in Australia:
A) You should be 18 years old or older when you apply online. If you are not of legal age yet, you can apply using the phone or by going to the branch of your banking institution of choice.
B) For the typical application procedure, you have to be a resident of Australia. Otherwise, you need to follow the bank’s guidelines for foreigners.
C) You need to have your necessary personal information at hand, including your identification documents, such as your driver’s licence, Australian passport, or birth certificate.
D) Bank personnel may require you to have evidence of income when opening certain accounts.
E) If a Tax File Number or TFN applies to your existing financial situation, the lender may ask for this piece of information.
3. Besides the “Big Four,” are there other types of financial services providers in Australia?
In Australia, there is a range of smaller financial firms. The “Big Four” runs some of them. Moreover, there are building societies, credit unions, and mutual banks. These banking cooperatives offer the same services and products as mainstream banks. Furthermore, members of these financial establishments own these banking cooperatives. Similar to banks, regulators oversee them.