Australia is the sixth largest country on Earth and the largest country by area in Oceania. The official currency is Australian dollar (AUD) and the official bank communication are in English. Since it is a well developed nation, people flock there for work, education and travel. If you are planning to stay for long term, work or study in Australia , it is better to open a bank account in Australia to carry out your day to day financial transaction.
Opening a bank account in Australia is simple and it can be done in matter of minutes through online if you have all the right documents . You can open a bank account in Australia even before you come to the country.
Students and expats can open a bank account from their home country by submitting all the documents online and visiting the branch when they arrive. All you need to do is choose the bank and apply online or email them expressing interest to open a bank account.
Australia is open to nomad business people and freelancer who can open an account even without a Australian local address. Australian banks are very open for tourist who stays longer and for nomadic freelancers who travel for work.
What are the banks available in Australia ?
There are 11 best banks in Australia , choose the bank according to your needs, location and types of facilities they offer and bank charges they claim for the service. All these are the basic criteria that will help you to choose the best bank in Australia.
- Westpac
- Common Wealth Bank, Australia
- Citibank Australia
- ANZ
- HSBC Australia
- Suncorp Bank
- National Australia Bank ( NAB)
- Bank of Queensland (BOQ)
- Bendigo Bank
- Macquarie Bank
- AMP Bank Limited
The banking system in Australia is dominated by 4 major banks ;
These banks holds the most of the deposit and loans in Australia , so these banks offers the best service to the clients .
Before you open a bank account do your research on banks which suits your needs and provides the lowest rates for service and account keeping charges.
Make sure the banks are located near to your place of stay and have a good ATM coverage through out the country. Once your choose your bank prepare the documents to open a account.
You can choose the type of accounts based on your needs ;
- Everyday transaction account – for your day to day usage , these accounts don’t earn any interest for the money in the account and have a account maintenance cost.
- Savings account – These are the accounts where you save your idle money to earn interest on it.
- A term deposit account – These are fixed deposit account for which you earn high interest rate for a long term deposit .
- Student account – This account is exclusive for students with various benefits like no transaction charges for any service.
What are the documents required to open a bank account in Australia ?
In Australia they follow a point based system for document submission, you need to cover 100 points for documents to open a bank account and each identification documents weighs certain points which equally should cover 100 points . These 100 points are weighed by primary documents ( 70 points ) and secondary documents ( 40,35,25 points ) .
Primary Documents – 70 Points
- Passport
- Visa
- Birth certificate – for residents
- Citizen certificate
- Birth card issued by NSW registry
- Diplomatic documents
Secondary Documents – 40 Points
- Driver’s license
- Id card issues by any Government Department
- ID cards issued by a Australian public company
- ID card issued to a students by a Australian education institution – For students and international students
Secondary Documents – 35 Points
- Rental or Lease documents
- Electricity bills or Government receipts
- Land Title documents
- A letter from a current or previous employer within the last 2 years
Secondary Documents – 25 points
- Foregin Driver’s license
- Credit card
- Marriage certificate
- Medical or insurance card
- EFTPOS card
- Car registration certificate
- House rental receipts
These are some of the basic documents required to open a bank account in Australia , kindly confirm the same with your bank before opening.
With these documents get a local sim card for bank communication and OTP to make any transactions.
If you are a expat working for any corporate organization they will help you to open a local bank account.
If you are a temporary traveler you can open a bank account in Australia even without a Australian address.
Only use a Australian address if you have plans to settle in Australia or you will be under the scanner of Australian tax officer for not paying the tax for your income .
Documents required by international students to open a bank account in Australia ?
Since there are many students who come to Australia for higher studies, all major banks has a students account facility which can be opened from the student’s home country. Students can open a bank account to transfer the money from their home country to pay tuition fees and hostel fees before they reach Australia for their education.
The documents for the students are more simplified to make it hassle free .
- Passport
- Student Visa
- Letter of admission from the University
- Health insurance document
- Library card
- Rental receipts
- College Id card
Most of the bank need 0-10$ to open a bank account , depends on the bank you choose.
Some banks waive of the banking charges for higher deposits and other conditions , ask your bank about the service charge before opening the account.
How long does it take to open a bank account in Australia ?
Normally it takes 5- 10 mins to open a bank account online , and it takes upto 14 days to open a account offline if you are a non resident. You can open a bank account before 3-4 months of your arrival to the country, and submitting the documents physically by visiting the nearest branch when you arrive .
What are the banking hours in Australia ?
Banks normally works from 9.30 Am to 4 Pm on Monday to Thursday and 9.30 Am to 5 Pm on Fridays. All the banks follow the regional holidays calendar . Kindly call and confirm the bank before you visit the branch.