Everyday banking tools — PayID, OSKO and credit cards

We cover opening an account in opening a bank account as a new arrival. A few money-specific things to know once you're set up:

PayID and OSKO

• PayID lets you receive payments using your phone number or email instead of BSB + account number. Free, almost instant.
• OSKO is the real-time interbank transfer network — most transfers under $10,000 settle within seconds.
• Both are domestic — for international, you still need SWIFT or a service like Wise.

Credit cards

• Australian banks generally want 3–6 months of Australian salary before approving a credit card. Some accept a smaller limit for newcomers — Citibank and HSBC are sometimes more flexible.
• Debit cards work for most things. Tap-and-go is universal.
• "Buy now, pay later" services (Afterpay, Zip) are widely accepted and don't need a credit check, but they affect future credit applications if missed.

Building credit history

• Pay all bills on time — phone, electricity, internet.
• Avoid signing up for store credit you don't need.
• Australian credit reporting is now "comprehensive" — both positive and negative behaviour is recorded.

Common scams

• Tax scam calls — the ATO never threatens immediate arrest. If you get one, hang up and call the ATO directly: 13 28 61.
• "Bank security" cold calls asking you to transfer money to a safe account. Banks never do this.
• Romance scams in your first year (lonely newcomers are targeted). Slow down. Don't send money to anyone you haven't met. See common scams.