24 Jul 2024
Have you recently moved to Australia and are looking for banks to manage your money transfer from Australia to Nigeria? Living in Australia, you might have to manage many financial tasks in your daily routine, from making budget plans to spending on essential products. Therefore, you need an appropriate way to manage your finances, so you need a bank because you can only sometimes carry cash with you. Ninety-five banks and 22.9 million people in Australia have created bank accounts to manage their transactions.
Almost 98.0% of banking interactions are digital. Instead of visiting banks, people can perform their financial duties online through apps. As an expat, you can save your financial future by opening a bank in Australia. But as many banks are available in Australia, you might wonder about choosing the right one. This article will guide you in selecting an appropriate bank for your needs. You must understand different types of banks, such as savings or current accounts. Below is the list of the top five Australian banks:
Although there is an extensive list of banks in Australia, the following five are the most suitable for expats. These banks will help you manage your expenses, and you can send money to Nigeria from Australia.
Australia introduced the National Bank of Australia in 1982. As a Nepalese expat, you can manage financial disputes like international transactions and investments through it. It provides a credit card facility where you can quickly move your funds to pay bills, rent, and other loans. It also supports digital banking, allowing you to tackle all your arrears wherever and whenever needed.
NAB charges no monthly or daily fee. It has various accounts, such as current, saving, and classic. The classic account is suitable for expats as it allows daily transactions. Also, you don't need to deposit any minimum amount for the account’s activity. You can withdraw your money anytime, free of cost, from any 40,000 ATMs of NAB. It facilitates you by giving you a debit card to proceed with your transactions.
NAB is one of Australia's best four banks, and it welcomes foreigners and expats. Creating a bank account with NAB is easy because it offers a mobile app. You can create your account online or visit any branch of NAB to complete the procedure.
Another best option for expats to send money online to Nigeria from Australia is to create a CBA account. CBA uses one of the most advanced and exciting tools to resolve customer issues. It deals with all the problems expats face and allows non-residents to open accounts. It was founded in 1911 and offers the best services.
It supports different accounts such as daily savings, international, and business accounts. It is the best option to send money abroad or exchange currency. It offers tools like a saving calculator, exchange rate, and fee calculator. Moreover, it shares a transparent fee structure so that you can know their rates.
It highly supports business cards, so expats can manage their business or investments while living in Australia. It also facilitates insurance processes. You can open a transaction account in CBA for daily transactions. The monthly fee for a CBA transaction account is $4.
Revolut Bank was founded in 1874 in Australia and gained popularity due to its outstanding features and customer commitments. It also facilitates multiple account types and advanced features. It has no monthly fee. It also helps you calculate the interest and foreign currency exchange rates. It deals with digital wallets, debit, and credit cards and guarantees security. You can opt for a foreign currency account in BOQ.
You can also proceed with the online application to create a BOQ account. It will guide you through the Australian tax system and help you quickly understand Australian financial laws.
It is also one of the oldest banks, founded in 1858. It is another trusted bank in Australia. As an expat, you can manage your bills, lands, taxes, travel, business investing, and trading on a single platform.
It also ensures instant money transfer from Australia to Nigeria. It does not charge a fee for debiting from ATMs or transactions. It offers Reward Saver, Savings Accounts, Transaction Accounts, And Term Deposits.
Its monthly fee is $6, but if you deposit $2,000 each month, you don't need to pay any fee. However, there are no restrictions on maintaining a significant amount in your bank.
Australia introduced Westpack in 1817. It is one of the oldest banks, formed under the Bank of New South Wales. Due to its high net worth, it is the second-largest bank in Australia. It is one of the best savings options, and you can find reasonable exchange rates.
It supports joint accounts, as well as business and indigenous accounts. Choose whatever is convenient for you by putting your needs first. It is the best way to send money to Nigeria from Australia. It supports credit cards, master cards, and Google Pay and helps you set up a budget, deal with emergencies, and grant loans in your hour of need
To maintain your account, you have to pay $5 monthly. Westpac facilitates international trading, banking, and many other facilities. It offers a variety of payment cards you can choose from, depending on your affordability.
Read more: How to open a Bank Account as an Expat in Australia
Opening a bank account can resolve all your financial issues. Following are the reasons why creating a bank account is helpful for Nigerian expats:
There are multiple banks in Australia. Some are pretty old and hold a long historical significance. As an expat, you must be careful when choosing a bank. Not all banks facilitate foreigners or international banks—only well-reputed banks like National Bank Australia, Westpac, Commonwealth Bank, etc. Firstly, check the services of the banks and choose a reliable bank type. For instance, open classic or transaction accounts if you want a bank to manage your daily transactions and finances. But if you want to save money for remittances, choose saving accounts. Always look for the monthly fee as some banks offer no fee structure, so choose according to your affordability.
Creating a bank account as a Nepalese expat is like verifying your identity in Australia. It gives you so many reliefs in your financial life. You stay updated and connected with the government of Australia. You receive updated tax policies and laws. So, before choosing any bank, consider your needs and look for the account type. Compare different banks and look for the best to help you make online money transfers from Australia to Nigeria.
NAB is one of the best banks in Australia, with many facilities for expats. It charges no fee and includes steps for creating an accessible account. CAB offers advice and new tools like interest and fee calculators to help expats calculate their expenses. Westpac is also a good bank that facilitates foreign currency exchange at affordable rates but charges minimal fees. These banks will help you align your finances.
Current, saving, classic, transaction, and foreign currency accounts are the best account types for expats in Australia. These support daily transactions and remittance transfers to Nigeria.
In addition to banks, you can use digital wallets, credit card transfers, and online remittance transfer services like ACE Money Transfer to send money to Nigeria from Australia.
National Bank Australia, CommonWealth Bank, Westpac, Bank of Queensland, and Bendigo Bank are the best banks for expats to manage their finances in Australia and Nigeria.
A bank account helps you manage your finances efficiently, including receiving salary, paying bills, and budgeting expenses. You can also send remittances and make international investments.
Only specific international banks, such as National Bank Australia, CommonWealth Bank, Westpac, and Bank of Queensland, facilitate remittance transfers to Nigeria from Australia.
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