How to open a Bank account in Australia
One of the essential things you have to do when you arrive in Australia is opening up a bank account. This is important for long term living in Australia as you need it to access services such as receiving your pay or salary from your employer, setting up a phone line / internet connection or even renting a property. This is one of the first thing you have to do when you arrive in Australia.
Major banking companies: Which one to choose?
Most of the major banking companies in Australia offer pretty much the same services such as online banking and Automatic Banking Machines. There won’t be much of a difference in which bank to choose for your first banking account here in Australia as you can always change it whenever you want to. Ask a friend, or do a research on which bank suits the type of saver you are.
Set up a bank account online before you arrive in Australia
Many Australian banks allow you to open up an account even before you arrive. If you haven’t arrive in Australia yet. Then you can apply for it online and have it sent through a nominated address. You can then verify and activate the debit card they send to the nearest bank branch of your choice. The advantage of opening up a bank account in advance is the convenience of being able to transfer your money anytime when the exchange rate is in your favor directly from the country of origin to Australia. Below are the five main banking groups in Australia:
So how do you open a Banking account?
When opening up a banking account, if you are a new migrant or an international student, the bank will most likely ask you for some form of identifications, visa grant notice and proof of address. The identification part is satisfied by providing 100 points worth of identifications. Once you have applied online, they will send you an email confirmation with your account details and BSB. A BSB is the location or branch code that is tied up with your account number. Some banks will send out a debit card that you are required to activate in branch once you arrive in Australia. Don’t forget to download the bank’s mobile apps too as they are very useful for banking and doing day-to-day transactions.
Below is a table showing an example of what documents to show the bank.
The 100 points identification system:
The 100 Point System
If you have questions, just comment them below and I will get back to you ASAP!