Opening an Australian Bank Account from Overseas (Australian Bank Accounts Explained)
If you're preparing for a backpacking trip in Australia opening an Australian bank account is going to be an absolute necessity for your trip! With it you will be booking accommodation, buying day-to-day shopping, getting your wages paid into it, drawing cash out for activities and of course buying things from the shops using EFTPOS (more in a moment).
An Australian bank account can be opened before you go which you can then transfer funds into in advance for when you arrive or alternatively you can open an account when you get there. Both options for opening a new Australian bank account are covered in this article as well as some helpful ideas about how to choose the right account for you.
The Major Banks in Australia
Australia is a massive country with a lot of different environments, from huge cities to remote outback towns and during your trip you will experience both. What has this got to do with choosing a bank account? In Australia, if you draw cash out of a rival A.T.M (i.e, you have an A.N.Z account and you draw money from a Westpac A.T.M) you will be charged for that transaction.
Make sure you choose a bank with lots of cash machines all over Australia, so you know you can always find one from your bank and don't have to worry about getting charged. In the cities you will generally find your own branch but in the more remote areas they only usually have one or two of the major banks depending on population size.
Most banks will charge a small monthly fee (around $5 per month) for your bank account, but make sure you shop around because there are some that don't (ie, Westpac). Also some banks require a minimum deposit to open your account so check and see how much that will be before you apply. It's all about researching different banks, weighing up your options and comparing the best deals until you find the right one for you.
The Backpacker's Budget (Cost Of living In Australia)
Budgeting for backpacking in Australia is all about getting the most out of your trip with the funds you have available. In this article we outline how to budget for backpacking around Australia including getting up to date prices for accommodation, transport, essential shopping items and day-to-day living expenses so you can budget your trip with confidence before you go.
Packing Guide & Checklist for Backpacking Around Australia
Read our helpful backpacking checklist and get lots of tips about what to pack before you go to Australia. Learn about choosing the right backpack, what essentials you will need to take with you and how to travel light when you need to.