Opening a bank account in Australia
#1
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Joined: Jul 2008
Posts: 26
Opening a bank account in Australia
If I bring an Australian Dollar draft from my native country would I be able to produce this at an Australian bank when opening a bank account? The draft will be in my name. Just one more thing... any limitations in the value of such drafts? Help would be appreciated
#2
Re: Opening a bank account in Australia
I don't believe that there is any limitation on what you can transfer in.
#5
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Joined: Dec 2008
Posts: 3,396
Re: Opening a bank account in Australia
Austrac - physical currency
Austrac - BNIs
As already said, there isn't a limit on the amount you can bring in however you need to be aware of reporting requirements.
#6
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Joined: Jul 2008
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Re: Opening a bank account in Australia
Thanks all. I plan to carry about AUD 3,000/ in physical currency and AUD 8,000/ in bank draft. Looking at the links provided seems I will have to fill up 2 forms. Would love to hear from people who have done this... is it a form that is given in the inbound flight to Australia. Or is it a form I have to request for at the immigration counter at the Australian airport?
Thanks
Thanks
#7
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Joined: Apr 2008
Posts: 740
Re: Opening a bank account in Australia
Thanks all. I plan to carry about AUD 3,000/ in physical currency and AUD 8,000/ in bank draft. Looking at the links provided seems I will have to fill up 2 forms. Would love to hear from people who have done this... is it a form that is given in the inbound flight to Australia. Or is it a form I have to request for at the immigration counter at the Australian airport?
Thanks
Thanks
Btw, you can open a bank account in Australia before you arrive here and transfer your money electronically. I opened mine with Commonwealth Bank of Australia. The other option for quicker access to your money (yet safely) is to carry Traveller's Cheques instead of draft. Your bank may charge you 1% or $80 for travellers cheques which I guess will work out to be equal to the cost of issuing and encashing the draft or even less.