How To Open A Bank Account In Australia [Complete Process]

 Australia is a developed nation in terms of banking and finance, so having a bank account in Australia will be extremely beneficial to you, especially if you are a businessman.

 When compared to opening a bank account as a non-resident in the United Kingdom, the United States, or Canada, opening a bank account in Australia is a relatively simple process.

 Australian banks have simple online application forms that you can use to open an account from outside the country .

In this article, I will discuss the various options for opening an Australian bank account from abroad if you intend to live in Australia within the next 12 months.

 You should be aware that if you do not intend to reside in Australia after opening the bank account, you will have fewer advantages than others.

How to Open an Australian Bank Account Without Living there 

Most banks in Australia require you to relocate to Australia in order to have full access to your account, but if you want an Australian account without having to relocate, you have another option, which is the wise Multi currency account.

The main benefit of this wise multicurrency account is that it provides you with unique and personal local bank details in a number of countries, including Australia, the United States, the United Kingdom, the Eurozone, New Zealand, and Poland. 

As a result, you can use this wise multicurrency account to be paid like a local in various countries and currencies without incurring the usual fees. Once you receive your AUD payments into your multicurrency account, you can either use wise's powerful money transfer services to send the money to your primary bank account anywhere in the world, or you can start spending your AUD balance.

Advantages of Opening a Bank Account in Australia from Overseas 

If you are planning to open an Australian bank account, then it is necessary that you know what advantages that it comes along with. 

• You are able to deposit money from out side the country and it will be available as soon as you arrive Australia 
• Having an Australian bank account will make you to be charged lower fees for accessing domestic banking services in Australia as compared if you bank internationally. 
• You will be able to easily provide your bank information to employers so that they can pay your earnings directly into your account. 
• You are also able to provide your Banking details to utility companies, rental agencies and others such that your bills are made easier for you to manage them. 

Types of Bank Accounts in Australia 

Now is the time to use wise's powerful money transfer service. The majority of banks in Australia provide everyday transaction accounts as well as savings accounts. It is often advised that you open an everyday account first, followed by a savings account by the time you arrive in Australia.

 Many banks will also offer you credit card accounts, but these can be difficult to open from outside the country due to your lack of a credit history. Having an Australian everyday transaction account will give you access to services such as; s so that you can see:

• ATM Withdrawals 
• Debits cards 
• Online Banking 
• Bill Payment 
• Other payments 
• Bank transfers and direct debits 
• Recurring payments 

Requirements to Open an Australian Bank Account as a Foreigner 

The documents and information that you need to open a bank account in Australia greatly differ between banks but here are the general requirements of what any bank in Australia might require from you in case you want to open a bank account. 

• Your passport number 
• The date of your arrival in Australia 
• The city you will arrive in 
• The address where you will be living in Australia 
• Your tax information both for Australia and overseas 
• They type of visa that you will be entering Australia on 
• other forms of identity 

How to choose the Australian Bank account that you want to open an Account with 

There are numerous major Australian banks that will allow you to open an account with them as a non resident. 

• You can open a bank account with the Common wealth Bank of Australia also referred to as CBA or CommBank and it is the largest bank in the country and also has the most branches at over 1,000.
• The Australian and New Zealand Banking Group (ANZ), widely known as ANZ and it actually serves over six million customers from 800 branches and more than 2,500 ATMs. 
• There is also the national Bank of Australia (NAB) which is another large financial services provider with hundreds of branches. 
• And also the Westpac rounds which is among the Big four banks banks in Australia and serves as many as millions of customers with over 800 branches. 

So now that we already know the various choices of the banks that you are able to explore from overseas, let us take a look at what it takes to open a bank account with each bank. 

How to Open a CommBank Account from outside Australia

CommBank is one of the banks that allows you to open an account in Australia from abroad, and you can do so up to three months before you arrive. When you arrive in Australia, they will fully activate your account so that you can use all of the standard account services.

• You are able to open an account online or better still, you can contact commBank's international team that might better serve as a guide to you 
• As a basic requirement of CommBank, you are required to to be at least 14 years of age and that y0ou have arrived in Australia in the last 3 months or that you plan to arrive in the next 3 months and also you have to open the account with your personal name 
• You will have to complete a short application form by visiting any of their branches when you arrive Australia and also you will have to provide your tax information and passport. 
• As additional information, you will have to complete the application form with your Australian details in case you already know them before you are to arrive Australia. 
• Once you have already completed the application form, you will be able to transfer money into your account immediately but you will have to undergo an ID check in Branch before you can collect money from your account. 

How to Open an ANZ Account From Outside Australia ? 

Here is another bank that allows you to open an account online from outside the country and it takes around 5 minutes for you to be done. Once you have open your account online, you will have to use limited services until you visit ANZ branch and have your account fully activated. 

• If you are not in Australia, you are able apply for an ANZ account online
• You will have to make a choice between their 2 types of accounts available - ANZ Access Advantage(an everyday account) and online saver ( which is a savings account) 
• You will need your tax information 
• You are going to receive an email from ANZ within 2 days and you will have to provide your account details 
• You can decide to transfer funds into your account before you arrive 
• ANZ will then call you in order to setup internet banking 
• Once you arrive Australia, you will have to activate your account by visiting a branch and you will receive a debit card and full access to account services. 

How to Open a NAB Account From Outside Australia 

NAB is one of the Australian banks that makes it simple for migrants to open a new bank account. You can open a bank account with NAB up to 12 months before you arrive, and you must be at least 18 years old.

• Just like the others, you are able to apply for a NAB account online
• There are 2 types of accounts; you can get the NAB Classic Banking account for everyday transactions and a NAB iSaver account for your savings 
• You will need your passport number, email address and travel documentation/ Visa information 
• You are required to know your date of arrival and the city that you will be residing in 
• The process of opening a bank account with NAB takes up to 3 business days 
• When you are done opening your account, you can now make deposits and view your account balance via NAB internet Banking. 
• Then by the time you arrive Australia, you can visit a NAB branch so as to activate your account and get a debit card. 

How to Open  Westpac Account from outside Australia

Even though Westpac's information on how to open a bank account is more limited than that of the other banks, people outside of Australia can still open an account with them.

• You are able to apply for a Westpac account online
• You are also able to have a Westpac account up to 12 months before you arrive in Australia
• Once you have opened the bank account, you will be able to make deposit into your account 
• When you will arrive Australia, you will have to complete an identity check so as to be able to withdraw funds.

final thought on how to open account in Australia

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