How to arrive and

Centrelink

Centrelink is the government agency which pays social security benefits and provides other forms of assistance. As a newly arrived immigrant, you are not immediately eligible for social security (unless you are a refugee or humanitarian entrant). You will not have access to the full range of government employment services. Only if you are a permanent resident, may you be eligible to access certain services.

As an immigrant Centrelink can help you find a job, arrange for recognition of your skills and qualifications, and to access certain courses for further training and education. Centrelink can also help you with family assistance payments to help with the cost of raising children.
You will not be eligible to receive all the available social security benefits until you are a permanent resident of Australia. Visit their website to find out the range of services they offer and to determine which you may be eligible for at: http://www.centrelink.gov.au/
The website is filled with useful information, so it’s definitely worth a visit. You see that many benefits do become available to most ‘migrants’ after 2 years. It doesn’t hurt to know what you’ll be entitled to, some of which may even surprise you. A useful booklet is to be found here: http://www.centrelink.gov.au/internet/internet.nsf/publications/rm001.htm
Although they may be of limited use to you initially, usually with only helping to find a job, getting in to their system will only be of benefit to you in the long-term.

Opening a bank account

After arriving in Australia, you have 6 weeks to open a Bank account using only your passport. After that, many other documents will be required to do this same task. A TFN (see above) is also very useful to have at this point. Although it is not necessary to open an account, having a TFN is to your benefit. The reason is that all interest accrued on your accounts are subject to tax. If you do not have a TFN, you will automatically pay the highest tax rate. However, if you do have a TFN, you will pay a much lower rate.

Opening a bank account in Australia is fairly simple and you will need a bank account in order to get paid as most employers pay straight into your bank account. You have the choice of opening an account at a conventional bank or a credit union. You should shop around to find the right bank or credit union for your needs. Most banks and credit unions charge monthly fees (which can be steep), and most savings accounts accrue interest, so take the time to compare institutions.
However, you can also open an account with certain banks even before you move to Australia. With the Commonwealth Bank of Australia you can set up your accounts before you leave home. Your ATM cards, credit cards and bank accounts will be waiting for you when you get there. For example, the Commonwealth Bank is the only Australian bank with a London office dedicated to assisting permanent migrants to Australia.
There are many different types of banks and bank accounts; you need to find out what best suits your needs. Many banks, and other financial institutions such as credit unions and building societies, have different account and transaction fees. They also have varying rates of interest on savings and cheque accounts. Cheque accounts attract various charges and can be an expensive way of doing your banking. It’s usually only businesses that operate cheque accounts in Australia. Direct debits (standing orders) can be set up for even simple savings accounts.
Most bank branches open to the public at 9.00am and close at 4:00pm. You can use an ATM (automatic teller machine or cash machine) which dispense cash and are just everywhere in the cities, shopping malls and many petrol stations. Many banks offer telephone and online banking services so that you can get 24 hour access to your money. Many people now manage their financial affairs by telephone or via the Internet.
All major retail outlets and many smaller ones operate a system called EFTPOS (Electronic Fund Transfer at Point of Sale). This allows you to pay for goods and services without cash. The money is automatically debited from your bank account and credited to the retailer.
It might suit you to open an Australia bank account before arriving, if at all possible, as this will save you a lot of time. It can help your getting a good bank account rather than the first you can find which may not be suitable in the long run. Some banks outside Australia have arrangements with their counterparts in Australia. See if your current bank has a relationship with an Australian bank and will set up an Australian account on your behalf, but only if your country's laws allow this. If this is possible, it might be easier to do it this way than when you are in Australia itself depending on where you’ll be locating yourself. (There aren’t too many bank branches in the Outback).
INSIDER INFO: If yours is a corporate relocation, you might want to ask your employer to have an Australian bank account set up for you before you arrive in Australia.
INSIDER INFO: Upon meeting the bank official who will attend to your request to open an account, be sure to mention a few times that you do not want any overdraft facilities, loans or anything debt-related. You just want somewhere to keep your savings and have your salary paid into. Say to them that ideally you want an account with a debit card.
Once you have found a bank that will open an account for you, don't be too surprised if you then aren't offered the facilities you expect. They might first try to start you off with a savings account, which is what the vast majority of Australians have for their banking needs. You get to deposit your traveller's cheques (or other monies) immediately and have started the banking ball rolling. You will get a cash machine card that allows you to query your account's balance and to withdraw cash, but only up to a certain daily limit. For larger amounts you will have to enter the bank. Cheques can be drawn up for you from this account, usually for free but sometimes for a small fee depending on the bank you are with.
INSIDER INFO: When depositing your traveller's cheques and especially if it is a large amount, do not be too surprised if they phone the bank branch that you bought the cheques from to verify your transaction.
The next step up from a savings account is a cheque account. You will get a chequebook and a debit card. You're unlikely to be granted an overdraft facility initially, but will most likely qualify after some time once you've a sound track record behind you on this account. You're also unlikely to be given a credit card initially. The debit card acts almost like a credit card anyway in that you can use it to pay for things. The money is automatically deducted from your account when paying by debit card.
After proving yourself creditworthy (at least 3 months) can you then apply for a credit card. Once a credit card is granted, it will probably initially only have a small credit limit. As time goes by this limit will be raised automatically on an annual basis. After your initial setting up of a home, start saving as much as you can every month. Your account size thus grows and your credit worthiness improves, opening the door for more banking services. After several years of "behaving" yourself you will find yourself receiving a letter annually from your bank telling you that they've raised your credit limit again.
INSIDER INFO: Most people have to wait at least 6 months before being granted a credit card.
Never go into an overdraft situation without arranging this with your bank beforehand. It will damage your rating with them and some will send you a letter about the matter for which they will charge you. If one of your cheques "bounces" (you have insufficient funds in your account) your bank will charge you a hefty ‘fee’ because of this and your rating with them will be badly damaged. Most Australian banks essentially want you banking with them in a sound manner for at least 2 years before they will consider lending you a penny.
INSIDER INFO: Never forget this, a banker is someone who will lend you an umbrella on a rainy day, but will want it back when it starts to rain.
INSIDER INFO: A way to shortcut the banking run-around is to have a friend, who has had an AUSTRALIAN bank account for a while, accompany you to their bank. They can act as guarantor for your account. Some banks will even accept a letter from your friend as long as it gives their relevant information such as name and account number. Have their daytime telephone number on the letter because the bank want to may phone them to verify the letter.
INSIDER INFO: It may be a good idea for couples to sign up to different utilities between them. This gets both their names on utility bills, which clears the way for each of them as individuals to establish credit records.