When should I open a bank account?
I am wanting to move to Australia in about a years time. Would it be a good i dea to open a bank account in australia now so I can transfer money for when i do move?
It's best to wait until 1-2 months before you move to Australia before you open a bank account, unless you are thinking of putting money in the account through out the year.
Banks normally require you to deposit $500 after 3 weeks of opening the account in order to keep it open.
Many accounts also require a deposit of $2000 per month (eg. salary) to avoid paying a monthly fee of $4-$6.
So if you have opened and account with no balance and don't deposit $2k a month, the monthly fee will take your account into overdraft.
When I opened my account 2 months before moving I put in $20 to cover the 2x$6 monthly fees.