Moving to Australia? Find below helpful information on moving money to Australia from New Zealand.

When you are moving to Australia from New Zealand, there are a lot of things you have to think about. When it comes to money there are two things you should do which will save you a lot of time and money:

  1. Setup an Australian Bank Account before you go. This will save you time and stress.
  2. Use a foreign exchange company to convert your money. Most banks will charge you a great deal to transfer and convert New Zealand dollars into Australian dollards.

Also on this page you will find general information on:

Australian Banks

Currently, the Australian banking sector is dominated by four major banks: Commonwealth Bank of Australia, Australia and New Zealand Banking Group (ANZ), National Australia Bank (NAB) and Westpac Banking Corporation.

Editors Note:"My husband and I have only used Commonwealth Bank and found them fantastic! They are very customer focused and regularly keep in touch, which is very refeshing for a bank. Their fees are very competitive, so they are an all round good choice. We both recommend Commonwealth to any friends heading to Australia."

Commonwealth Bank of Australia - http://www.commbank.com.au/

The Commonwealth Bank is Australia's leading provider of integrated financial services including retail banking, premium banking, business banking, institutional banking, funds management, superannuation, insurance, investment and sharebroking products and services. The Group is one of the largest listed companies on the Australian Stock Exchange and is included in the Morgan Stanley Capital Global Index.

Australia and New Zealand Banking Group (ANZ) - http://www.anz.com/ 

Our history dates back over 175 years. We are committed to building lasting partnerships with our customers, shareholders and communities in 32 countries in Australia, New Zealand, throughout Asia and the Pacific, and in the Middle East, Europe and America.

We provide a range of banking and financial products and services to around 8 million customers. We employ 48,000 people worldwide.

National Australia Bank (NAB) - http://www.nab.com.au/

National Australia Bank is a financial services organisation with over 40,000 people, operating more than 1,800 branches and service centres, and responsible to more than 460,000 shareholders. We operate major financial services franchises in Australia, as well as businesses in New Zealand, Asia, the United Kingdom and the United States. Each of our brands is uniquely positioned but built on a common commitment to providing quality products and services, fair fees and charges, and relationships built on the principles of help, guidance and advice.

Westpac Banking Corporation - http://www.westpac.com.au/

Westpac Banking Corporation (Westpac) was founded in 1817 and was the first bank established in Australia.

The Westpac Group has branches and controlled entities throughout Australia, New Zealand and the near Pacific region and maintains offices in key financial centres around the world including London, New York, Hong Kong and Singapore.

Setting up an Australian Bank Account

Setting up an Australian bank account is best done before leaving New Zealand so you can ensure it is set up before your arrival. Having an Australian bank account to transfer your money to before your departure will help you avoid carrying a lot of cash with you and avoid the hassle of traveler's cheques. This is also the best way to ensure that your funds will be in your account before you arrive and all you will have to do is grab your bank card from a branch when you arrive.

Australian Bank Accounts are made up of an Account Number and a BSB, unlike our bank accounts which is one account number. Please see below:

  • Australian Bank Account
    Account Number: **** **** (two lots of four numbers)
    BSB:  ** **** (one lot of two numbers and then four numbers)
  • New Zealand Bank Account
    Account Number: **-****-*******-***

Editor Note:'When my husband and I moved to Australia he setup a bank account through Commonwealth Bank before we left. The process was very simple and the customer service department were fantastic. I however left it until I got to Australia, as I thought it would be just as easy and one less thing to do before we left. This was a big mistake. Once you get to Australia there is so much more information they want from you. In the end I setup my bank account using the Commonwealth form as if I was still in New Zealand.

Therefore I seriously recommend you setting up a bank account before you go, as it will save you time and in my case stress!'

Find out more about getting an Australian Bank Account here.

Foreign Currency Exchange & International Currency Transfers

It is best to use a foreign exchange company to exchange your Kiwi Dollars into Australian Dollars and to transfer your money to Australia for you. Most banks will charge you a great deal to convert and transfer your money.

  1. Banks charge fees to transfer your money overseas (usually $15-$25)

  2. Banks apply a margin on top of the exchange rate they give to you which can increase the cost of the overall transfer by about 2.5%. This may seem small but it adds up fast!

Editor Note:"We started off using our bank to transfer money between New Zealand and Australia, but got told by a friend that it is much cheaper to use a foreign exchange company. I compared the costs and were suprised at the difference. We used Velocity Trade for our transfers because they give the best possible rates and do not charge you a fee, which I was paying $25."

Find out more about transferring your money here.

Exchange Rates

Most people don't pay enough attention to the exchange rates they are getting but exchange rates can make a very large difference when exchanging New Zealand Dollars into Australian Dollars. For the last 15-20 years, the Australian Dollar has been worth more than the Kiwi Dollar however the Kiwi has been strengthening since the start of 2011. Since exchange rates change every second, knowing where these currencies stand can help you choose the best time to exchange your currency. Exchanging your money at the right time can end up saving you a lot of money.

Find out more about exchanging your money here.

Pension Schemes

Australia has a very good superannuation scheme which requires employers to contribute a mandatory 12% of an employee's annual salary to his or her pension. This amount is not deducted from the employee's salary but contributed by the employer on top of salary. This differs from the superannuation KiwiSaver plan to which New Zealand employers only contribute 2% of your pay if the employee himself contributes from his pay.

Find out more about Australian Super here http://www.australiansuper.com/ and more about KiwiSaver and withdrawing funds from KiwiSaver here http://www.kiwisaver.govt.nz/already/get-money/early/moving/.

BPAY (how you will pay most bills)

Paying bills in Australia is made safe and easy with BPAY. BPAY allows you to receive and pay bills quickly and securely through your internet or phone banking service 24/7. Each bill you have is assigned a unique payment ID that allows you avoid the rest of the details and just use this reference ID which is checked for correctness before the payment is made.

Editors Note:"It tool me a little while to get my head around the Australia banking system, but it is straight forward. You access BPAY through your internet banking and the majority of invoices include the BPAY option. You can also pay at your local Post Shop using BPAY."

Find out more about this system on their website: http://www.bpay.com.au/.

Regulation

The Australian Securities and Investments Commission (ASIC) is the major governing body that looks over financial regulations in Australia. They regulate businesses involved in finance and foreign exchange and deal with complaints relating to money, superannuation, insurance and financial advice.

Their website is http://www.moneysmart.gov.au/?referrer=fido.gov.au.

Taxation

If you are going to be working in Australia, you will need to apply for a Tax File Number (TFN) with the Australian Taxation Office (ATO). To apply for this you will need a valid passport and an Australian address. It is best to apply for this at least a month before you being your employment since your employer will ask you to supply your tax file number upon commencement. If you don't have a TFN, your employer must take from your payments the maximum amount of tax.

It will take about 2 or 3 weeks to receive your tax file number after you submit your application, depending on whether you apply online or not. You can find out more about this on the Australian Taxation Office's website http://www.ato.gov.au/.

Further Information

If there is anything else you would like to know about, please ask me a question using the below comment system and I will do my best to find the inforation you need.

Comments (2)Add Comment
0
ANSWER: Setting up a bank account in Australia
written by MTA Team, 29 October 2009
Thank you for your enquiry.

The best way to setup a bank account within Australia is over the phone with Commonwealth Bank. They will need the below information:
- Full name
- Type of account your after
- Arrival date and city

They will be able to provide your account details within the same day. However, you will be required to put money into the account within 3 weeks, so open the account close to when you leave.

You can call them on their New Zealand number: 0800 229 888 and then go and see then when you arrive in Australia to collect your new bank card.

Good luck!
0
Setting up a bank account in Australia
written by Chris, 29 October 2009

hi there, nice site have got a lot of info from it, what i am wondering is, we want to spend a year over there traveling, and i want a bank account so i dont have to carry cash, or pay big fees can iopen a bank account in australia, from new zealand? and what about tax as i wont have a australia tax code ??? thanks for any help!

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