Banking in Australia
Australia has an extremely secure banking system that stood strong during the Global Financial Crisis (GFC). In fact, the Australian governement currently guarantees deposits of $250,000 per person per institution…that is how safe your money is!
The first bank in Australia was the Bank of New South Wales, established in Sydney in 1817. The ‘four pillar’ Australian banks are Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (Comm Bank), National Australia Bank (NAB), and Westpac Banking Corporation (Westpac). They are called ‘pillar’ because none of them are allowed top merge their businesses.
Banks allow you to do day-to-day transactions both in a branch and online. they offer savings and chequing accounts, credit cards, personal loans, home loans, insurance, and international banking.
