Having a bank account makes getting and keeping track of money more accessible. It is also needed for everyday things like making rent, getting paid, and buying things.
A bank account saves money on ATM fees and simplifies financial management by allowing for easy salary payments and setting up convenient direct debits to pay bills.
What you need to know before opening an Australian bank account
Before opening a bank account in Australia, research the accounts and services they offer.
Foreigners seeking an Australian bank account should examine these factors:
Minimal fees: Find a free or low-cost account.
Access to branches: If you are depositing international cash or cheques in-branch, choose a bank with local branches. Remember that some banks only operate online.
Transfers abroad: If you sometimes send money home, explore international transfer costs and currency rates.
Various currencies: If you visit home often and require local currency, several bank accounts allow you to keep multiple foreign currencies.
After choosing a bank and account:
review the application procedure and what evidence you’ll need;
such as a passport,
abroad credit card/student ID, and;
a letter from yourself verifying Australian residency.
How to open a bank account in Australia
If you are an expat and have wondered whether or not you can create a bank account in Australia as a non-resident, you will be relieved to learn that you can.
To open a bank account in Australia, you generally need to follow these steps:
Choose a bank: Search different banks in person or online to find the one that suits your needs.
Gather necessary documents: You may need a valid passport or ID, proof of residency (such as a rental contract or a utility bill), and proof of employment or school enrollment.
Make an appointment: Contact the bank and make an appointment to open an account.
Visit the bank in person: Bring your documents to the appointment and fill out the necessary forms, or you may apply online.
Wait for account activation: After the bank approves your application, they will activate your account.
What are the types of bank accounts in Australia
In Australia, there are several types of bank accounts that individuals and businesses can choose from, including:
Primary transaction accounts let you pay bills, shop, and spend. They seldom yield interest and frequently charge monthly fees.
Savings accounts typically include transaction accounts. They let you save money for automobiles and vacations abroad and earn interest.
A term deposit is a fixed-term bank account with a different interest rate.
Australian Bank Account Requirements
The documentation requirements of Australian banks are scored on a point system. A list of papers is provided, and a certain amount of points are allotted to each.
New customers at any Australian bank or financial institution must provide the following:
Identification with a minimum value of 100 points.
You’ll need to provide this information when opening a new bank account in Australia, but you may do it electronically instead of visiting a branch.
You may get 100 points of:
ID by displaying your passport,
or driver’s license.
Secondary documents are for 40, 35, or 25 points, while primary documents are worth 70 points.
For secondary documents with 40 points, you will need the following:
- Birth certificate.
- NSW Registry of Births card
- Citizenship certificate
- Current passport
- Expired passport having two years of validity.
- Diplomatic and other identification papers like passports
For secondary documents with 35 points, you will need the following:
- A cash dealer’s property security paperwork.
- Council rate notice
- Land Titles Office document
- Document from your present or former employment within two years
- Financial institutions’ mortgages or other security instruments
Secondary papers with 25 points require:
- Marriage certificate (just maiden name)
- Credit card
- Foreign license
- Medicare ID
- EFTPOS card
- Your last ten years of elementary, secondary, or tertiary schooling.
- Professional or commercial association membership record
But, in general, to open a bank account in Australia, you will need the following:
- Driver’s license, passport, or national identification card
- Proof of address
- Recent electric bill
- Lease agreement
- Australian Taxation Office registration information
- Salary and employer information
Can a foreigner open a bank account in Australia
Foreigners may open bank accounts. Most Australian banks allow foreigners to establish accounts without visiting the country. Most banks provide online or phone account openings.
Your account may be opened three to twelve months before your arrival. It will take you around 5–10 minutes to finish.
However, as a new newcomer applying from outside Australia, you’ll need to attend to your local branch in person with your ID and other papers. Your new account can only be fully used after this.
Can I open an Australian bank account abroad
You can create a bank account in Australia online: via phone or in person before coming.
If you apply online, you must visit a branch in Australia with 100 points of ID.
A passport, international credit card/student ID, and self-addressed letter establishing Australian residency are acceptable IDs. In a branch, bring those papers.
What kind of money does Australia use
Australia uses the Australian Dollar (AUD, AU$) as its official currency. The value of one dollar is expressed as a sum of one hundred cents. Australian dollars are available in denominations of $100, $50, $20, $10, and $5. Coins are available for the $1 and $2 bills.
How to find the nearest branch in Australia
Fortunately, most banks in Australia have an extensive network of branches and ATMs, making it easy for customers to access their funds and manage their finances.
You can type “banks near Melbourne” on Google Maps or any other map app. There you can find a list of relevant branches that you can contact. You can search your area for the nearest branch if you are away from Australia. They can help you find a bank in Australia.