A particular bank account, a transactional or current account, manages day-to-day banking transactions in Australia. There is a similar phenomenon in other countries as well. Such accounts give easy access to funds at any point in time.
Transactional accounts are most commonly used for receiving salaries, withdrawing money from ATMs through a bank card, shopping in shops and online, receiving funds at a bank branch, etc.
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How to transfer money to AUD through an Australian bank
For example, let's consider the process of transferring through the bank's mobile application, which has almost all institutions and is very popular due to its convenience.
The procedure is almost the same everywhere; only the interface elements may differ:
- Log in to the bank's app on your device.
- Select the "Transfer" or "Pay" option from the menu.
- Select the "Transfer to another bank client" option. Select a saved payee or add a new payee.
- Enter the payee account name, BSB number and account number. BSB is a six-digit code used to identify a financial institution branch in Australia.
- If desired, save the payee to speed up future payments.
- Add a comment if you wish and click 'Continue'.
- Enter the code from the SMS or push notification to confirm the payment.
- If your bank allows, you can set the time to receive the payment - now or later.
- Authorize the payment by entering your password or access code.
At the end, there is an option to save the payment receipt, for example, to send it to the recipient.
Best Australian banks
The country's well-developed banking system makes making and receiving transfers in Australian dollars easy.
Examples of several popular banks that provide the most convenient and favourable transactions:
- Commonwealth Bank of Australia. A multinational bank that also operates in New Zealand, Fiji, Asia, the United States and Britain. Established in 1911 and headquartered in Sydney. More than 11 thousand branches. It is the most significant bank in Australia, providing a diverse range of services and a basket of financial products. It offers retail, business, institutional banking, + wealth management services.
- ANZ. Established in 1835, it is known as one of the highest-quality Australian banks. Provides access to financial services to ordinary customers, small and medium-sized businesses, and corporations. Headquartered in the city of Melbourne.
- NAB. It was created due to the merger of the National Bank of Australasia and the Commercial Banking Company of Sydney. Headquartered in Dockland. Present in New Zealand, USA, Asia, Europe.
- Westpac. Appeared as a result of the merger between BNSW and Commercial Bank of Australia. Provides its services through 5 divisions — BT Financial Group, Consumer Bank, Business Bank, Westpac Institutional Bank and Westpac NZ.
The largest banks have numerous branches and extensive agent networks operating throughout the country. State banks have operations in every state. Regional institutions are building societies that cater to a niche market. The structure of the banking system in the country is considered oligopolistic due to the dominance of four banks in the sector.