Opening a Bank Account in Australia from Overseas
If you are moving to Australia, opening a bank account is one of the first things that you need to take care of. There are a lot of choices and factors to consider when choosing a bank in Australia. Some of the aspects to ponder include deposit rates, interest rates, service fees, minimum required balance, and so much more.
So, whether you are a tourist visiting Australia, or you are looking to settle in the country, you must need to know the basics about opening an account in one of the Australian banks.
You don’t need to be physically present
If you are planning to work, study or move to Australia you don’t need to be physically present in the country to open your bank account. Most Australian banks have the facility for migrants to open accounts online.
The “Big Four” of Australia’s banks, i.e., National Australian Bank, ANZ, Westpac and Commonwealth Bank of Australia, all have dedicated banking facilities for migrants. These facilities make it possible for you to open your bank account in Australia up to twelve months prior to your arrival.
The online procedure takes approximately five to ten minutes to complete and you have your account ready. Once you arrive in Australia, you will be required to go to the local branch with your documents to be able to start withdrawing funds from your account.
Documentation required for opening a bank account
There is a point system in place that all Australian banks follow concerning the documents that you need to submit. There is a stipulated list of documents that you can submit, and each has a specific point assigned to it.
To successfully open a bank account in Australia, you need to have a total of one hundred points worth of documents. Here is a list of the documents and their corresponding points for easy reference:
• Passport, birth certificate or citizenship certificate – 70 points
• Drivers’ license, public service employee ID card, shooters’ license or Commonwealth or State Government card for financial entitlement – 40 points
• Land Rates (Applicable only in case of home owners) – 35 points
• Any card with your full name on it, including credit cards, store account cards, and even a library card – 25 points
• Any document such as bank statements or utility bills which mentions your name and current address – 25 points
Choosing the bank that is best suited for you
Whether you are studying in Australia, or are going to be working in Australia in the next few months, choosing the best fit bank is mostly based on personal preferences. Mostly all banks offer similar products, and opening an account in all of them are equally easy.
As a newcomer to the country, it is perhaps a good idea to select one of the Big Four banks of Australia to start out with. These offer the benefits of having extensive ATM and branch networks in the country. So, before moving to Australia, it is a good idea to check the offerings of each of the Big Four banks and make an informed decision.