Although the possibility is quite small, I still remind you that capitalist banks are at risk of bankruptcy, and it is safer to choose large and reliable banks.
You need to bring your passport when you open an account. When you enter the bank, someone should meet you and ask you what business you want to handle. Just say "I'm a novice in Australia and I want to open a bank account/deposit money" and they will guide you to the right place. The reason why I tell people that you are new is because the bank can introduce you more information according to your situation. That's what I said when I first went there. The staff of the bank enthusiastically introduced the interest rates and special services of Australian banks to me.
Banks in Australia all have online banking. Suggest opening one. You can check your account information from your mobile phone or online at any time, or do some transfer services. Many times you can operate online without going to the bank, saving a lot of time.
Credit cards are very important in Australia. Can help you pay the cost of water, electricity, coal and electricity grid. When paying online, many bills need credit cards. If you swipe your card with a credit card to a certain stage, you can also exchange various gifts or shopping vouchers, which is also considered affordable. However, it may be a little difficult for students to apply for credit cards because they have no income. But not necessarily. I asked the bank in the second half of my student days, but the result was actually approved, that is, the overdraft limit was relatively small and it was much more convenient. I also heard that there is a savings card that can be used as a credit card, but it can still pay bills online, especially for students.
Australian bank deposits are generally demand deposits with relatively low interest rates. Some banks also have high-interest dead deposits with a maturity of about one year. Unless otherwise stated, they are all current. For international students, the current period is also more convenient. Although there is interest, the government still has to collect taxes from it, and the proportion of tax collection is still very large. In order to avoid heavy taxes, you need to submit your tax number to the bank. I suggest you apply for your own tax number immediately after you arrive in Australia and report it to the bank after you get it. If you have deducted heavy taxes, you can get your money back by reporting.
After the account is completed, the bank will give you an account number, which is a long list and you don't need to remember it. The bank will write/type it on a small card and put it in your wallet. In the future, if you look for a job and your work unit pays you, you won't find any money. Everything will be posted on your card through your account, so you need to give this account to your work unit.
There is a handling fee for savings accounts in Australian banks, but many banks are free of charge for international students. Just show me your visa or student ID card.
Considering the convenience of remittance from China, it is also true that many people want to choose domestic banks with branches in China and Australia. Mainly the Bank of China, but there are few branches of China Bank in Australia. If it is far from your home, it is still convenient for yourself. In fact, even if it is necessary to transfer money, foreign banks can make international transfers without going through domestic banks. If you want to send money from China, you need to go to an Australian bank to get a swift code and send it to China together with your bank account number, so that your family in China can send money to you in a domestic bank. According to today's exchange rate (USD) plus 20 handling fee to 30 yuan, the money will be credited to your account in two or three working days. Of course, there are other options for remittance. Bank transfer takes a long time, the exchange rate is not favorable enough, and there is a handling fee. Many people choose financial institutions specializing in foreign exchange. To remit money from China, you only need to transfer the account to the domestic account, and then send the remittance receipt, payee's account, name and other information to the designated mailbox or fax, and then the international students can make local calls in Australia at that time or at the most favorable exchange rate. There is no handling fee, and the exchange rate is more favorable than that of banks. Some students feel uneasy. Although it is legal in Australia, such financial institutions are illegal in China. I also heard that many people launder money abroad in this way, without going through the bank and leaving no trace. I've tried it several times myself, and I feel quite safe. Many people transfer money in this way.
Banks in Australia also have to queue up, sometimes for a long time. If you can do it online, you won't bother the bank. The payment bank of hydropower and coal network will not handle it. If we don't pay online, we must go to the post office. Generally speaking, banks are open from 9 am to 4 pm from Monday to Friday. Busy banks may be open for half a day on Saturday, and few banks are open on Sunday. If you want to go to the bank, you should arrange your time reasonably according to the bank's business.
Banks in Australia generally provide good services, and there are also Chinese-speaking banks in Chinatown. The students who have just come to study abroad are very young, and there are not many opportunities to contact banks to handle banking affairs in China. If you go to the bank, you must be brave enough to ask questions you don't understand. Because you are new here, it is normal that you don't understand some things. I also understand the mentality of many people who have just arrived in Australia, just like Lin Daiyu's attitude of "paying attention step by step, always caring, refusing to say a word easily, and being afraid of others' jokes and going further", but wouldn't it be miserable if all these money-related things were mixed up? Asking more questions and talking more was their way of life when they first arrived in Australia.