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There are 4 major banks in Australia. ANZ, National Australian Bank, Westpac, and Commonwealthy Bank. At the same time, there are a lot of small banks, institution of deposit money and credit. Foreign entities come to Australia like Barclay and Citibank after financial regulations.

Traveler’s check can be exchanged at exchange rate which more excessive and advantageous than cash. But, commision rates change from institution to institution. For example, while IDT Bank takes 7$  per transaction, the others take commission for once. If you have American Express or Thomas Cook traveler’s check, you can exchange in deparmental of institutions, and you pay just 20 cent for stamp picture. Generally, banks are open from Monday to Friday between 9.30 a.m to 3.30 p.m or 4.00 pm. The banks open later on Friday, and they close at 5.00 pm. Some banks, which is in the city center, work from 8.00 a.m to 6.00 pm. They are open until 8.00 p.m . Banks are sparse in the country, and they are open just one or two days in a week. They get a commissions for traveler’s check.

It’s difficult to exchange currency while banks are closed except from international airports. Travel agents or luxury hotels can help you at low exchange rate. If small city banks do not help you, try ATM or credit card. But, the best thing you can do is open an account  in Australia

Open an account:

To open an account is easy and fast in Australia. All you need is address for letter. You can open an account by putting into a few dollars. You need an identity which means passport for many tourists. Opening check account does not make any sense, because it isn’t used much in Australia. The best thing you can do is open a deposit account at interest and buying an accounting book or account defining card.

One of the negative part of opening bank account in Australia is state taxes and federal taxes are applied on transfer process. It makes difficult to watch cutoff in changing numbers. The best thing you can do is give an order of cutback 10 cent or 20 cent for every transaction. Prices, which are applied on transactions, are high. 2$ or 3$ are taken even for transaction less than 500$ in addition to state tax. Price is cut when you withdraw in person. But, transfer transaction between ATM is free. If you are not a prestigious and well-liked customer, then it is hard to get credit, but still you should try it. Also, you can aplly for credit, but you need to certificate that you work.

Let’s check out the most popular bank loans in Australia :

Bank Australia

Loan Type

Interest Rate

Comparison Rate

Lifestyle - Property Owner

7,89%

8,92%

Lifestyle

11,89%

12,94%

 

Commonwealth Bank of Australia

Loan Type

Interest Rate

Comparison Rate

5,000 – 50,000 AUD

12,40%

13,28%

Up to 50,000 AUD

13,90%

14,77%

 

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