Banking in Sydney Australia tells you all about the banks in Sydney Australia. There are four major banks in Australia: ANZ, National Australia Bank (NAB), Westpac and Commonwealth. The Commonwealth bank was a government owned bank until it was privatised in the 1990s. It is considered one of the widely spread banks in Sydney and Australia.
All of the major banks have branches in Sydney and other states in Australia. You can almost find these Australian banks in any city in Australia.
Banks in Sydney Australia prefer that customers use ATM machines and online banking to complete their baning transactions. This is because these alternative banking channels are much cheaper to operate for the banks in Sydney Australia.
To open a bank account in Australia, you will need to score 100 points of identity. In other words, you will need three approved identities in Australia to be able to open a new bank account. So, if you are a new migrant to Sydney, for example, your passport, drivers license and medical card can be considered as 100 points identity check.
Banks in Sydney Australia are greedy. They do charge monthly maintenance fees to keep your account. This means that you can expect to pay 5 dollars on monthly basis if your account balance is below a certain limit.
It is worth doing some shopping before you select a bank to ensure that they charge the least in bank fees.
Banks in Sydney can lend you money to buy a house or a car or even to start your own business. However, they need a collateral. So, if you need to get a loan to buy a house from a bank in Sydney, you need to show them how you can pay back the loan. For example, if you want to borrow money to buy a house, you need to show that bank that you have 10-20% of the value of the property. Before the bank gives you the loan or mortgage, they will make sure that you are credit worthy. In other words, they will ask you to fill an application that will show them how much assets you have and how much is your monthly income.
Be careful before you sign any banking documents. They are legally binding. It is worth involving a lawyer in case you are signing for a big loan.
There are other banks in Sydney other than the big 4. This is a list of banks in Sydney Australia:
•AMP Bank Ltd •Australia and New Zealand Banking Group Limited •Bank of Queensland Limited •Bendigo and Adelaide Bank Limited •Commonwealth Bank of Australia •Defence Bank Limited •Heritage Bank Limited •Macquarie Bank Limited •mecu Limited (trading as bankmecu) •Members Equity Bank Pty Limited •National Australia Bank Limited •Police Bank Ltd •QT Mutual Bank Limited •Rural Bank Limited (a subsidiary of Bendigo and Adelaide Bank Limited) •Suncorp-Metway Limited •Teachers Mutual Bank Limited •Victoria Teachers Limited (trading as Victoria Teachers Mutual Bank) •Westpac Banking Corporation
Foreign Subsidiary Banks
•Bank of China (Australia) Limited
•Beirut Hellenic Bank Ltd
•Citigroup Pty Limited
•HSBC Bank Australia Limited
•ING Direct (the trading name of ING Bank (Australia) Limited)