DirectEmigreren
Chapter 5 of 15

Opening a Bank Account

Commonwealth Bank, ANZ, Westpac, NAB — can open before arrival

Summary

An Australian bank account is essential and can be opened from the Netherlands with most major banks before arrival. The four big banks — Commonwealth Bank (CommBank), ANZ, Westpac, and NAB — all offer special newcomer programs. You can open an account online up to 12 months before arrival with just your passport. After arrival, you activate the account with identity verification at a branch.

What you need to know

The four big banks

Commonwealth Bank (CommBank)

  • Australia's largest bank with the biggest ATM and branch network
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Knowledge Base

Glossary
  • TFN (Tax File Number)

    The Australian tax number. Essential for working (otherwise 47% tax is withheld), opening a bank account and superannuation. Apply at the ATO after arrival.

  • Medicare (Australia)

    The Australian public healthcare system. Covers GP visits, hospital care and medicines (via PBS). The Netherlands has an agreement with Australia — you can access Medicare with your EHIC.

  • Superannuation (Super)

    The Australian mandatory pension savings. Your employer deposits 11.5% of your salary into a super fund. You can choose your super fund. When leaving Australia you can (partially) claim your super back.

  • ABN (Australian Business Number)

    The Australian business number for self-employed and businesses. Free to apply for. Without an ABN, 47% no-ABN withholding tax is withheld on payments.

  • Centrelink (Government Services)

    The Australian government service for social benefits: unemployment, child benefit, care allowances. Access via myGov. Wait times are notoriously long.

  • ATO (Australian Taxation Office)

    The Australian tax office. Tax year runs from July 1 to June 30. Returns due by October 31 (or later via a tax agent). Many Australians use a tax agent.

  • Skilled Visa (subclass 189/190/491)

    The main visa categories for skilled migrants. 189 = independent, 190 = state-nominated, 491 = regional. Your occupation must be on the Skilled Occupation List.

  • PAYG (Pay As You Go)

    The Australian payroll tax system: your employer withholds tax directly. As a self-employed person you pay PAYG instalments (quarterly prepayments).

  • PBS (Pharmaceutical Benefits Scheme)

    The Australian medicine subsidy program. Subsidizes medicine costs. With Medicare you pay maximum ~$31 per prescription (or ~$7.70 with concession card).

  • myGov (Government Portal)

    The central online portal for Australian government services: ATO, Medicare, Centrelink. Comparable to MijnOverheid.nl. Create an account as soon as you have a TFN.

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