Banking in Australia
Before moving to Australia, it’s helpful to know there may be some differences between banking in your home country and banking in Australia. Below is a general guide to banking in Australia.
Terminology
ABN (Australian Business Number) - a number issued by the Australian Tax Office (ATO) to registered businesses in Australia. This number must be displayed on official paperwork and transactions for tax purposes.
ASIC (Australian Securities and Investments Commission) - an Australian government body that regulates banks and other financial companies.
ATO - Australian Taxation Office.
BSB (Bank State Branch) - is the store number. In the UK, this is commonly called a sort code.
EFTPOS (Electronic Funds Transfer at Point of Sale) - a facility that lets you use your ATM card (debit card) to purchase goods, pay for services and withdraw cash at participating establishments.
First Home Owner's Grant - a grant available to Australians who are buying or building their first home and have not previously owned a home, either jointly, separately or with another person. Please note that at least one applicant must have Permanent Residency or be an Australian Citizen to be eligible to apply for the First Home Owner's Grant.
Overdraft - an extension of credit created by drawing more funds from a bank account than the balance permits.
PIN – A Personal Identification Number for use with a card.
This page was last updated Tuesday, 07 October 2008 2:29:23 AM AWST.
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