How to Open an Australian Bank Account

Open an Australian bank account so you can access your Australian dollars when you arrive.

You need to complete the process of opening an Australian bank account when you arrive in Australia. Getting it fully open before you arrive can be difficult, as you need to provide a personal banking reference. The Australian security and ID process is tightly controlled. You need to provide original documentation to the bank. However, it's possible to prearrange opening an Australian bank account while in your home country. Then when you arrive, you just need to take your documents to your nominated branch. This saves time upon arrival in Australia.

Things You'll Need

• Passport
• Visa
• Proof of ID

Instructions

1. Go to the link in the Resources section to get a list of authorised major banks before opening an Australian bank account. There are many to choose from, including several foreign banks.

2. Compile a shortlist of two or three banks. Find a bank that has branches in your home country, as well as Australia. It helps with opening and managing your Australian bank account.

3. Call the banks. Get the requirements to open a bank account in Australia. Compare the requirements and choose a bank. Provide the required details. You will be given your new account details, but you can only deposit money. If you don't go to Australia and provide your ID, you could have problems recovering your money.

4. Tell the banker the bank branch where you want to show your documents. You will need to give your passport, visa and proof of address at a minimum. Check the exact requirements with your bank. All documents need to be originals.

5. Go to your bank branch. Provide the bank with the required information. Your identity will be verified. Your bank cards and checks will be ready for collection.

Tips & Warnings

• Get online banking. You can access and manage your account remotely. Most banks in Australia provide this service. Check with your bank to set it up.

• Check out the points system for opening a bank account in Australia (see Resources).

References

• Australian Prudential Regulation Authority: Authorised Deposit-taking Institutions home
• Commonwealth Bank of Australia: Australian Bank Accounts
• Getting Down Under: Opening an Australian Bank Account From the UK

Resources

• Australian Prudential Regulation Authority: Authorised Deposit-Taking Institutions Home
• ASA group: Opening a Bank Account in Australia