Discover Australian banking with Commonwealth Bank

[CommBank]

If you’re about to move to Australia you may get surprised by subtle differences in the Australian banking system. Commonwealth Bank have produced these tips to help you navigate the quirks and terminology used:

Tip 1 - There aren’t any 1c or 2c coins – so don’t expect change if something is priced $1.99 and you handover $2 (it’s rounded to nearest 5c).
Tip 2 - When paying with a card, you’ll be asked to choose ‘savings, cheque or credit’. You’re being asked what account you want to use. Commonwealth Bank customers can choose either ‘Savings’ or ‘Credit’ with their debit card, both will take the money from your everyday bank account.
Tip 3 – Don’t get caught out by Australian banking terminology. If someone refers to:

• ‘Super or Superannuation’ they’re referring to how people save for retirement (similar to a Pension Scheme in the UK)
• BPAY they mean a payment system for paying bills
• EFTPOS they mean a credit/debit card payment system.

Get support throughout your move

Commonwealth Bank can help make your move to Australia easier. They offer:

• The ability to open an Australian bank account instantly online and transfer money to your new account straightaway⁺
• 1-1 support for eligible professionals with a London based team to assist you before your move, and Relationship Managers in Australia to help you settle in.^{^}

To open an account visit the moving to Australia portal or contact our London based team by emailing euroreferrals@cba.com.au

Things you should know: Commonwealth Bank of Australia ABN 48 123 123 124 is a company incorporated in Australia. ^{^}We will need to verify your proof of income is over $80,000 AUD and visa to qualify for this service. ⁺Customers will be able to withdraw their funds once they arrive in Australia and identify themselves at a Commonwealth Bank branch.