Businesses and professionals may want more complex arrangements such as loans, investment or joint partnership facilities, and will expect additional charges to their bank account.
If you intend to have a bank account for purely savings, then be aware that if you withdraw early you can be charged fees or loss of interest. In fact, this form of account cannot be arranged overseas, and you must apply for an Australia Tax File Number and have an Address of Residence Number (this is explained in more detail in a separate blog).
A fixed deposit account can only be opened once you have arrived in Australia, and cannot be arranged overseas. Dependent on the fixed timescale, you can either withdraw the interest, make a full withdrawal or roll it over to another fixed term.
The advantages of opening an Australian bank account is that you can access your funds as soon as you are there, plus it lowers fees because your account is now localised rather than moving money internationally, which incurs higher charges. Plus, if you intend to be working you can supply your employer your banking details beforehand, saving on admin processing time.
We at Australian Travel Visas can assist you in opening the Bank Account prior to you entering Australia. We can help you smoothly through the process. Talk to, or email one of our experienced staff today to discuss what we can do for you.