HOW TO SORT OUT BANKS, TFN & TRANSFERRING MONEY

Sorting Out Money On Your WHV In Australia ( TFN, Banks and Transfers)

How to sort out money on your WHV Australia

Let’s get things straight this blog is for everyone! The UK, USA, and Germany. The tips in this Article works the same from wherever you are in the world. I will give you guidance on choosing the right bank, How to set up the bank account, whether or not set it up your bank before traveling or on arrival and sorting out your tax file number (TFN).

You might be thinking how trustworthy is this source, who is this guy and Is he going to sell me shit! Well, I’m the funny backpacker, Australia completed mate! Got my 1st and 2nd-year visa, did the farm work and traveled and seen a lot of Australia. I’m up for giving you advice while making you laugh and not talking shit. In the way of selling shit, I make money a range of different ways, But I’m upfront about it. So apart from a Transferwise link (which is an affiliate link), you have nothing to worry your heads over. I don’t make an extra money if choice another way or my way, I’m just trying to save you time and money.

Australian Money

Should I set up my bank before I travel?

No, Unless you have no time when you get there and you have a job lined up and all the moons of Jupiter have come together.

I don’t see a point in sorting out your before you go, For many reasons:

  • The charge you to do this
  • Setting up at your home country doesn’t completely set up your bank (most of the time)
  • If you’re looking to this your stressing out (I Know this I did it). Calm the fuck down have a cup of tea and spend that extra money on a better hotel for your 1st couple of days

How hard is it to set up your bank in Australia if you’re on working holiday visa?

Easy, Because banks are helpful! Strangely they want your money. The only thing is setting up a bank is time-consuming (probably 2 hours of your day).

Just walk down to the bank, ask to set up an account as you are on a working holiday visa and they will do one of three things.

  • Say have a seat ( Set you one up there and then)
  • Come back on …
  • Or say fuck off (but I Highly doubt it)

Remember: Take 100 points of I.D (which is Driving license and Passport will be plenty)

What are the best banks in Australia for Travellers?

(This my personal opinion, Don’t want to get sued by a bank)

Aim for going to the Big 4

Due to there nationwide coverage. Unlike banks in England they can be little old fashion with charges for example so banks will charge $5 if you don’t put a certain amount in during that month and charge you to take out money in other cash points (other than theirs) If your worried about these speakers to someone at the bank they will talk you through it.

There isn’t much in these for… so don’t stress in choosing.

How do I set up my Tax File Number (TFN)?

https://www.ato.gov.au

When getting any visa’s, tax or anything todo government. Go to the government websites! This is so important. Scams, Paying more (or paying in general) and Time taken will be higher If you don’t to gov. websites!

The TFN is free! But as I said there are so many companies that charge you for the privilege of going through them.

It’s an online form, doesn’t take long to do, It’s entering your details and waiting.

You will be waiting for a letter so put your Hostel or next hostels address down ( you want this asap for work but you don’t need it to work but you will be taxed out your arse) This letter can take up to 28 days, mine came in 2 weeks.

 

How much Cash should I take with me to Australia?

$100-200. I hate cash, I’m a card man. I always say as little as possible. Taxi to the hotel, Maybe some for the next day or two until you find a cashpoint.

But if you are going to take my advice have a backup plan, Oh a quick note letting your home country bank know that your traveling. They might mark your cards a fraud

Little cash as possible technique:

  • Your home bank card (Which you can take money out with)
  • A Travelcard (Your main source of money until your money is transferred from your home country into your new account) If you have paid for hotels your looking for no more than $500
  • A credit or second bank card from another bank (emergency money)

 

How do I transfer money from my Home country to Australia?

The 1st mistake I made in Australia banks, was the fact I transferred with them! Most (If not all) Give really bad rates and fees for transferring money!

Then I started using Paypal to move money, As I trusted it, used it for eBay and What not so wasn’t worried about it.

But I knew about this way called Transferwise but Didn’t know if I could trust it! It gave the best rates I could find. After talking to other travelers who used it I Tried it. Quick and easy and better rates, Just wish I used it earlier, They also do bank cards. You could have one of these instead of setting up an Australian bank. But that’s not what I use them for.

I now use Transferwise to send money back to English bank, Simple and safe.

https://transferwise.com

 

Thanks for reading

If you have any more question about Sorting Out Money On Your Working Holiday Visa, Let me know in the comments and I’ll add more on this blog!

Loved this blog? Check out 10 Tips you wish you known before traveling to Australia!

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