Australia bank account
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Location: southeast of Asia, between the Pacific and Indian oceans
Population (2019): 25,368,200
Status: member of the United Nations, G20, Commonwealth of Nations, ANZUS, Organization for Economic Co-operation and Development (OECD), World Trade Organization, Asia-Pacific Economic Cooperation, Pacific Islands Forum and the ASEAN Plus Six mechanism.
Currency: AUD (Australian Dollar)
Official languages: English
Deposit guarantee: 250,000 USD
Australia, officially the Commonwealth of Australia, is the world’s smallest continent, a sovereign country comprising the mainland of the Australian continent, the island of Tasmania and numerous smaller islands.
Australia is a land of diversity, food, history and some well-loved weirdness. It is the largest country in Oceania and the world’s sixth-largest country by total area.
A wealthy country, Australia has a market economy, a high GDP per capita, and a relatively low rate of poverty. In terms of average wealth, Australia ranked second in the world after Switzerland from 2013 until 2018. In 2018, Australia overtook Switzerland and become the country with the highest average wealth.
The Australian banking system is dominated by four major banks – the “big four”- Australia and New Zealand Banking Group, Commonwealth Bank, National Australia Bank and Westpac Banking Corporation – all have tailored banking facilities that make it possible to open a bank account online up to 12 months before you arrive. There are also several smaller banks and financial institutions, and a few number of foreign subsidiary banks.