Are you relocating to Australia, are you a traveler looking to open an account with a tourist visa, or are you simply an Australian citizen looking to open an account for daily use?
Whatever reason you have, you can now easily and quickly open an Australian bank account by following a few steps.
Opening a Bank Account If You are Moving to Australia
1. Make sure that you are arriving in Australia in the next 12 months
Before applying for an Australian bank account, make sure that your arrival will be in 12 months or less. Why?
Because you will need to confirm your identity in person, in Australia, within 12 months of starting your account.
2. Choose your Australian bank
There are four major banks in Australia: Westpac, Commonwealth Bank, NAB, and ANZ. Each of these banks offers similar account types.
Conduct some research on each bank, or give each bank a call. After your research, select the bank that best suits your needs.
3. Select the type of account
There are two types of basic accounts that you can open: an everyday transaction account or a savings account. Will you be using this account to conduct your daily business, or as a place to hold your money?
4. Gather your personal information
You will need to prepare your social security number, your birth date, driver’s license or I.D. number, and residential address. You also need to have important documents to verify your identity, such as a passport and marriage license.
5. Apply online
Visit the website of your bank and proceed through the application process. In most cases, you will need to scan or fax copies of some of your documents.
6. Deposit money
Depositing money depends on which bank and what type of account you’ve selected. Your account will only be able to receive deposits until you have completed your in-person identity check. You will not be able to access to money you have deposited into your account until you arrive in Australia.
7. Find your local branch
Major banks in Australia have more than one location. Find the branch that is nearest to where you will be staying, and visit them.
8. Complete your ID verification in person
When you arrive in Australia, visit your bank in person and verify your identity. You will need to bring two forms of government-issued identification, such as passport, social security card, or driver’s license
Opening a Bank Account on a Tourist Visa
1. Always consider the benefits
If you’re a perpetual traveler, you may have already invested in some type of offshore banking. But unfortunately, most offshore banking opportunities present some limitations. But consider placing your money in an Australian bank instead. Why?
- Australia allows you to open an account on a tourist visa.
- Your account will come with a Visa/Mastercard debit card that can be used internationally.
- As a non-resident, you will still receive tax breaks.
2. Apply online
Visit the website of the bank you have chosen and apply for a bank account. For the address, you may use an address outside of Australia (to qualify as a non-resident). You will need to verify most of your information and tourist visas in person.
3. Fly to Australia
To activate your account, you must appear in person in Australia. But before being too excited, be sure to bring all necessary personal identification, including your passport, visa, and at least one other form of I.D.
4. Visit your bank and verify your account
Go to your bank in person and complete the final steps in creating your non-resident bank account. At this time, you can request your debit card and set up online banking.
Opening a Bank Account as an Australian Citizen
1. Choose a bank
Again, there are four major banks in Australia: Westpac, Commonwealth Bank, NAB, and ANZ. The first thing to consider is which bank is closest to your home or work. Also, don’t forget to compare the services and fees offered by each bank.
2. Select a bank account type
For Australian citizens, there two major account types, the everyday accounts, and savings accounts. The good news is, most banks have special offers for students, with lower minimum balances and lower fees.
3. Gather personal information
You need some documents, such as proof of address, and two government-issued.
If you will be applying for a student account, you need a copy of your school I.D. and school schedule to verify your student status.
4. Apply online
Visit the website of your chosen bank and begin the application process. Select what type of account you like and fill in some personal information. You may deposit money electronically at this time.
5. Visit your bank in person
Lastly, you need to visit your bank in person. You need to present any verifying documents, deposit money into your account, and receive your debit card.
You may need to meet a certain minimum deposit to open your account, depends on your account type.