Bank and Finance

One of the priorities when you arrive in Melbourne is to open a bank account. It makes things easier for you to manage your financial needs, such as receiving money from Indonesia.

 

Banks in Melbourne usually open at 9.30 AM till 4 PM, except on Friday, they open till 5 PM. Some of the banks, such as Commonwealth Bank and NAB, have the weekend banking facilities on Saturday.

 

Openning Your Bank Account

To open a bank account, you will need:

1.     Your passport and a copy of the first page of it.

2.     Your Certificate of Enrollment (CoE) and student ID card (if any)

3.     Cash, if you are planning to put it into your account

4.     Tax File Number (TFN) if any (more info about TFN, click here)

You can go to any of the branches that you feel the most convenient to open your bank account. Banks usually open up their branches at the universities or you can find some branches near your house or apartment. It does not matter which bank you choose, they are all pretty much the same in terms of the payment of universities. Hence, you do not need to worry about it.

 

List of banks in Victoria:

ANZ Bank

www.anz.com

Commonwealth Bank

www.commbank.com.au

NAB (National Australia Bank)

www.nab.com.au

Westpac

www.westpac.com.au

 

Note: Bank usually need one week to issue your debit card. The card will be sent to your address. If the documents stated above are already handy to you, the process may take less than 35 minutes.

 

About EFTPOS

EFTPOS or Electronic Fund Transfer at Point of Sale is an electronic payment system that is used in Australia. With EFTPOS, you do not need to bring a lot of cash to finance your daily needs. All you need to bring is your debit card. Almost all the merchant in Melbourne have the EFTPOS machine, even some taxies do have it.

 

TRANSFER FUNDS OVERSEAS

Most of Indonesian students in Australia are sponsored by their parents, where they usually send the money from Indonesia. Next is the detail you need to be able to receive money from Indonesia:

 

Bank: (the name of your bank)

Branch: (the address of the branch where you open the bank account)

Beneficiary Name: (your full name)

BSB: (some numbers that the bank give to you)

Account No: (some numbers that the bank give to you)

SWIFT Code: (some numbers that the bank give to you)

Financial Telecomunication: (some numbers that the bank give to you)

 

Make sure you ask all of the detail above when you open a bank account.