best banks in australia

Best banks in Australia

Some of the best banks in Australia: 

  • Commonwealth Bank 
  • Westpac 
  • ANZ (Australia and New Zealand Banking Group)
  • NAB (National Australia Bank)

Starting your life as an Australian ex-pat feels like you’re setting up a new life. From buying a house to furnishing your house. Everything you’ve built up in Australia. That needs to fit in your new home.
Banking is one of the important components of your life. That you need to arrange before you start working. So that your employer can pay you. So here are some banks In Australia that can help you.

Best banks in Australia

These are some of the best banks in Australia. Banks need a banking license under the 1959 Banking Act. 

Commonwealth Bank Australia 

Commonwealth Bank is a worldwide financial institution with operations in New Zealand, Fiji, Asia, the United States, and the United Kingdom. The bank’s headquarters are in Sydney, where it was founded in 1911. The bank employs roughly 51,800 people and has over 11,000 locations.

It is Australia’s largest bank and provides a diverse range of financial goods and services. It presently serves 16.6 million customers with retail, business, institutional, and wealth management products and services.

The bank had total assets of US $ 740 billion and total profits of US $ 19.52 billion as of 2016. 

  • Australia’s Commonwealth Bank is usually referred to as CBA or CommBank.
  • It is a global Australian bank.
  • It is tied with companies across New Zealand, Asia, the United States, and the UK.
  • They offer a range of financial services.
  • It includes retail, corporate, and institutional banking.
  • This also covers cash management, retirement, pension, savings, and booking services.
  • As of August 2015, the Commonwealth Bank is Australia’s biggest listed firm on the Australian Securities Exchange.

Westpac Banking Corporation

The Bank of New South Wales, which became Westpac Bank in 1817, was Australia’s first bank. When BNSW and the Commercial Bank of Australia amalgamated in 1982, it became Westpac Banking Corporation. Consumer Bank, Business Bank, BT Financial Group, Westpac Institutional Bank, and Westpac New Zealand are the five departments that provide banking products and financial services. The bank employs roughly 32,620 workers. Westpac has 13 million customers and is headquartered in Sydney.

In 2016, the bank produced a total income of US $ 8.1 billion and declared total assets of US $ 643 billion.

  • Westpac is Australia’s oldest bank and business.
  • One of Australia’s four main banking organizations.
  • It is one of New Zealand’s largest banks.
  • They provide a wide range of banking and financial services
  • It includes individual, corporate, and institutional banking and wealth.

Australia and New Zealand Banking Group (ANZ)

ANZ Bank is one of Australia’s largest banks, with retail, high net worth, small business, corporate, commercial, and institutional customers. The Insurance and Funds Management business units, which include insurance, investment, and superannuation products, make up the bank’s Wealth Australia division. The bank has 34 locations in the United States, Europe, Australia, New Zealand, Asia-Pacific, and the Middle East.

The bank is based in Melbourne and employs over 46,000 people. In 2016, it reported US $ 726 billion in total assets and US $ 4106 million in total profits.

  • ANZ is widely known as Australia and New Zealand Banking Group Limited.
  • This is a global Australian banking and financial services group.
  • With its headquarters in Melbourne, Australia.
  • It is Australia’s second-largest asset-based bank
  • And the third-largest by market capitalization.
  • This is one of Australia’s big four banks.

National Australia Bank (NAB)

NAB, which was created in 1982 by the merging of the National Bank of Australasia and the Commercial Banking Company of Sydney, is ranked third among Australia’s top ten banks. Individuals and corporations can use the bank’s products and services.

NAB is headquartered in Docklands and has 820 banking locations around New Zealand, the United States, Asia, and Europe.

NAB now employs 35,063 people worldwide and services about 8 million customers. The bank’s overall profits in 2016 were US $ 5.1 billion, while its total assets were US $ 617 billion.

  • National Australia Bank, generally referred to as the NAB.
  • It is one of Australia’s four largest financial institutions.
  • In terms of market capitalization, earnings, and customers.
  • NAB has been listed as the world’s 21st largest market-capitalized bank.
  • This is also the world’s fiftieth biggest bank.
  • NAB has more than 1,600 branches.
  • It also operates 4,412 ATMs serving 12.7 million customers across Australia, New Zealand, and Asia.

What are the four major banks in Australia?

These are the four major banks that support the banking system in Australia.

  • Commonwealth Bank of Australia
  • Westpac Banking Corporation
  • Australia and New Zealand Banking Group 
  • National Australia Bank.

Can I keep my Australian bank account? 

Yes, most banks advise you to not close your bank account if you are moving abroad for the following reasons.

  • There is no valid justification to have your Australian bank account closed.
  • Non-residents can also retain their bank accounts. 
  • But maintaining Australian bank accounts indicates a greater continuity.
  • It provides a stronger case for Australian tax residency.

The cover image is somewhere in NSW Beach, Sydney, Australia. Photo by Ben Scott on Unsplash