Refugees & Migrants Financial Inclusion Guide 2026

New to Australia? The Australian financial system can be confusing. This guide helps refugees and migrants open bank accounts, understand Centrelink, build credit, send money home, and navigate Australian finances.

Opening Your First Australian Bank Account

What You Need

• Passport: With visa
• Proof of address: Rental agreement, utility bill, or letter from settlement service
• TFN (optional but recommended): Tax File Number
• Medicare card (if you have one): Not required but helpful

Which Bank to Choose

• Big 4 banks: CommBank, Westpac, NAB, ANZ (most branches, English support)
• Online banks: ING, Up, Judo (better rates, no branches)
• Community banks: Some offer migrant-specific support
• Ask your settlement service: They often have bank partnerships

Types of Accounts

• Transaction account: Everyday spending, bills
• Savings account: Earn interest on savings
• Term deposit: Lock money away for higher interest

Understanding Centrelink

What Is Centrelink?

Centrelink is the Australian government welfare system. It provides financial support to eligible people.

Payments You May Be Eligible For

• JobSeeker Payment: If you're looking for work
• Parenting Payment: If you have children
• Family Tax Benefit: Help with cost of raising children
• Rent Assistance: Help with rental costs
• Crisis Payment: One-off payment for refugees/humanitarian entrants
• Health Care Card: Cheaper medicines, some services

How to Apply

1. Create myGov account (my.gov.au)
2. Link Centrelink to myGov
3. Complete application online
4. Provide required documents (visa, ID, income/assets)
5. Wait for assessment (can take several weeks)
6. Get help from settlement service if needed

Building Credit in Australia

How Australian Credit Works

• Credit bureaus: Equifax, Experian, Illion track your credit
• Credit score: Number representing your creditworthiness
• No credit history: New migrants start with no Australian credit history
• Building takes time: 6-12 months of good behavior to build score

How to Build Credit

• Get a phone plan: Pay on time every month
• Utility bills: Pay electricity, gas, internet on time
• Credit card: Get small limit card, pay in full every month
• Don't apply for too much credit: Multiple applications hurt score
• Check your credit report: Free once per year from each bureau

Sending Money Home (Remittances)

Options for Sending Money

• Bank transfer: Safe but can be expensive
• Money transfer services: Western Union, MoneyGram (fast, higher fees)
• Online services: Wise, Remitly, WorldRemit (often cheaper)
• Crypto: Some use cryptocurrency (risky, not recommended for beginners)

Compare Before Sending

• Exchange rate: Not all services offer same rate
• Fees: Some charge upfront, some hidden in exchange rate
• Speed: How quickly does recipient get money?
• Safety: Use reputable, regulated services

Understanding Australian Taxes

Tax File Number (TFN)

• What: Your unique tax identifier
• Why: Required for work, bank interest, government services
• How: Apply free at ato.gov.au
• When: Apply as soon as you arrive

Do You Need to Lodge a Tax Return?

• Yes, if: You earned over $18,200 in financial year (July 1 - June 30)
• Yes, if: Tax was withheld from your pay
• Maybe, if: You want to claim deductions
• Get help: Free tax help for migrants at community centres

Insurance in Australia

Types of Insurance

• Health insurance: Private health insurance (optional but recommended)
• Car insurance: Required if you own a car
• Contents insurance: Protects your belongings
• Life insurance: If others depend on your income

Health Insurance for Migrants

• Medicare: Free/subsidised healthcare (if eligible based on visa)
• OVHC: Overseas Visitor Health Cover (required for some visas)
• Private health: Optional, provides extras (dental, optical, etc.)

Budgeting in Australia

Typical Monthly Expenses (Single Person)

TYPICAL MONTHLY EXPENSES (Sydney/Melbourne):

Rent (share house): $800-1,500
Rent (studio/1BR): $1,800-3,000
Electricity/Gas: $150-300
Internet: $60-100
Phone: $30-80
Groceries: $400-600
Transport: $150-200 (or car costs)
Health insurance: $50-150
Total: $1,640-5,430/month

Varies significantly by city and lifestyle

Money-Saving Tips

• Share housing: Much cheaper than living alone
• Cheap supermarkets: Aldi is cheapest, then Coles/Woolworths
• Public transport: Cheaper than owning car in cities
• Op shops: Second-hand clothing, furniture
• Free activities: Parks, beaches, libraries, free events

Employment and Income

Finding Work

• Seek: seek.com.au (largest job site)
• Indeed: indeed.com.au
• Recruitment agencies: Hays, Michael Page, etc.
• Settlement services: Often have employment programs
• Networking: Community groups, cultural associations

Understanding Pay

• Minimum wage: $23.23/hour (2026)
• Superannuation: 11% of pay (employer must pay)
• Payslip: Must be provided every pay
• Tax withheld: Employer withholds tax from pay

Resources for Refugees and Migrants

• Settlement Services: settlementservices.org.au
• Red Cross: redcross.org.au (refugee support)
• AMEP: Free English classes for eligible migrants
• National Debt Helpline: 1800 007 007 (free financial counselling)
• Whistl: Budgeting tools for new Australians

Common Financial Mistakes to Avoid

Mistake 1: Not Getting TFN

Reality: Without TFN, you pay highest tax rate on income and bank interest

Solution: Apply for TFN as soon as you arrive

Mistake 2: Using Predatory Services

Reality: Some services target migrants with high fees

Solution: Use regulated banks, compare remittance services

Mistake 3: Not Building Credit

Reality: No credit history = can't get loans, phone plans, rental applications

Solution: Start building credit immediately

Mistake 4: Sending Too Much Money Home

Reality: Sending all income home leaves you with nothing for your own stability

Solution: Budget for your needs first, then send what you can afford

Conclusion: Welcome to Australia

Australian financial system is different from your home country. But with time, support, and the right information, you can build financial stability here.

Open bank account. Get TFN. Understand Centrelink. Build credit. Budget carefully. You've got this.

Welcome to Australia.

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