Australian banks reminded customers on Wednesday that Dec 24 until Dec 27 are bank holidays. That means that payments between the banks and other financial institutions would not be processed during the four-day period.

Australia New Zealand (ANZ) Bank added that payments after 6 p.m. of Dec 23 would have to wait until the Dec 29 to be processed.

The Reserve Bank of Australia's (RBA) Information and Transfer System would also close on Christmas Day, Boxing Day and New Year's Day. That means transfer of payments between banks, which pass through the RBA, would not be processed during the yearend holidays.

Meanwhile, consumers will enjoy another type of holiday from the Bank of Melbourne as it announced that it would match the advertised interest rates of ANZ, National Australia Bank, Westpac and the Commonwealth Bank of Australia.

The Bank of Melbourne was launched by Westpac in 2011 to attract business at a time when demand for loan is weak. The bank said the offer would apply to fixed and variable home loans, term deposits and some savings accounts.

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