01 Aug 2024
According to a report by Pilot Guides, over 10 million Filipinos live in countries other than their own. The same report puts the number of Filipinos at over 100,000 who are working in Australia to earn a living and offer financial support back home by making regular money transfer from Australia to Philippines.
When you work in Australia, or any other developed country, for that matter, you must take one step immediately after arrival.
Guess it!
You are close. Yes, job hunting, accommodation, and the right insurance policy are all essential steps you have to take.
However, opening the right bank account is the most essential step you must take soon after arrival.
This blog shares everything you must know to open the right bank account in Australia.
Wait a minute!
Should you not be asking why opening a bank account is necessary and why transferring remittances back to the Philippines is necessary?
This is despite some more convenient and cost-effective alternatives than the banks.
Since you have been exposed to this question, can you find an answer?
Well, do not exhaust yourself in search of the answer.
The most straightforward answer is that the trend of using cash in developed countries is diminishing fast, and these societies are witnessing a shift to using currency in digital form.
A digital currency, also known as plastic currency, is your Debit and Credit cards.
But to use your plastic currency, you must have money in your bank account. Otherwise, you can only brandish your cards as shiny, colorful plastic pieces!
Whether you should use your bank account to send money online to Philippines from Australia is better decided at the end of the blog.
Let’s look at some of the most common bank accounts you can easily access in most Australian banks.
This is one of the most common bank accounts you can open in an Australian bank.
The requirements to open one are the bare minimum and this account type comes with a checkbook and an ATM card with which you can access your funds fairly easily anytime, anywhere.
This account is typically used to process funds for various purposes, such as paying fees, rent, utility bills, and so on.
This is another common bank account type you can open in Australian banks.
In this account type, you keep your money in a bank account for a fixed period, which is usually short.
You cannot access your funds, and the interest you earn will keep adding to the principal amount.
No, no… It is not that you just cannot access or withdraw your funds before the term expires.
You can, of course.
But then you might have to surrender a part of the principal amount or the profit earned by then!
This is another savings account, much like the one described above.
The difference is in the following:
· Length of duration, which is longer
· Rates of interest or profits which are higher than the other savings account
You need help accessing your funds in this type of savings account.
If you do, you must compromise a part of your money as you exit the contract you signed with the bank before its maturity.
Whatever bank account type of those discussed above you want to open, you can quickly go for one in Australia.
Just remember to think twice before you decide to send money to Philippines from Australia through your bank accounts.
Yes, yes. You will get the answer as soon as possible, and here.
Regardless of the type of bank account you want to open in Australian banks and for whatever purposes, you must meet specific requirements and provide certain documents.
Primarily, the documents most banks require from you for account opening are as follows:
· Your valid identity
· Proof of your student status, if you are a student
· Your valid passport
· Original driving licence
· Proof of age
· Proof of address
· Medicare card
· Foreign driving licence
These are some of the documents you will need to provide when opening a bank account in Australia.
Whether some or all documents listed above are required depends on the banks.
Imagine you have somehow opened a bank account in Australia’s best bank.
You must still think twice before sending money back to the Philippines from Australia online.
Don’t rush!
By the end of this section, you will rule out banks for money transfers because banks face several challenges and risks in their financial operations.
Read More: What Are the Biggest Risks for Banks & Their Solutions?
Despite dazzling technology making considerable changes in almost every area of life, banks still take between 3 and 5 business days to deliver funds.
This is not all.
This time can extend even further owing to certain factors, such as the time it takes to initiate a transaction, the time zone difference, holidays, and so on.
Banks will charge you a high fee for their services.
Therefore, you will probably pay more to the service provider than the intended recipient.
In addition, banks will also charge you for currency conversions at rates of their choice.
As currency exchange rates are mainly fixed and flexible, banks will offer you fixed rates.
Even though the rates at the time of transactions are high, banks will offer you the rates they have fixed already. This does not favor you financially.
Well, finding the alternative nowadays is relatively simple and easy.
Some of the companies with repute of global resonance, like ACE Money Transfer, offer you the best services in online money transfers.
These service providers offer you the following services.
· Swift deliveries
· Live and market-competitive currency exchange rates
· Optimum safety and security mark these transactions
· 24/7 service availability and access
· Low service charges
· No hidden fee or currency conversion charges
· Easy to initiate, track, and complete transactions from the level of your comfort zone
Make sure to make an online money transfer from Australia to Philippines with ACE Money Transfer to get the benefits the firm offers you.
But this in no way demeans the importance of opening a bank account in an Australian bank. You must have a bank account and must already have one for efficient financial management.
But just remember that online money transfers are something banks can be proud of.
ACE Money Transfer, on the other hand, is the best option as it offers live and market-competitive currency exchange rates and charges a low fee, which is applicable only if the funds being transferred reach a certain limit.
You will have fee-free transfers if your amount remains below a specific limit!
Having a bank account in Australia, or any other developed country, for that matter, is extremely important. In developed countries, the trend of using cash is rapidly replacing it with digital or plastic currency, so having a bank account is critically necessary.
Almost the same as in other countries, many Australian banks offer several bank account types. However, Australia's most common types are checking accounts, short-term savings accounts, and long-term savings accounts.
The requirements to open a bank account in an Australian bank include a valid identity, proof of address, proof of income, a driver’s license, and a valid passport. These are the most common requirements, and they can vary to some extent depending on the banks.
Banks are unfit for online money transfers because they charge a high fee, charge you a fee for currency conversions, take days to deliver funds, and offer static and uncompetitive currency exchange rates. Their services are also unavailable 24/7, and approaching banks involves commuting hazards that incur costs.
The best way to send money online is to find an online money transfer service provider such as ACE Money Transfer. The firm charges a low fee, offers live and market-competitive currency exchange rates that compensate you for whatever fee you pay, and delivers funds safely within a few hours. Its services are available 24/7 in over 100 countries worldwide.
Resource(s)
· Filipino Diaspora
