How to open a bank account in australia

Money management!

If you intend to work and earn an income whilst in Australia, it's essential to have an Australian bank account for receiving payments. Even if you don't plan on working, it can still be beneficial to open up an account over here as it can help you minimise international transaction fees and make managing your finances much easier.

There are a number of banks from which travellers can choose from:

• Commonwealth

• Westpac

• NAB

• ANZ

Commonwealth bank, is the largest bank within Australia and allows you to open up a bank account 14 days prior to your arrival in Australia.

how do i set up an australian bank account?

These four main banks offer online applications for both the standard current accounts and saving accounts. Or, if you’re already in Australia, you can simply visit one of the branches in person. In order to open an account, you’ll need the following;

• Arrival date in Australia

  • You would need to be arriving anywhere between 3 and 12 months after submitting your application for a bank account.

• Australian address

  • If you cannot provide an Australian address then you are able to give your overseas one until you have a residential address in Australia.

• Provide the required documentation

  • Passport

  • Visa documents

  • Proof of address

  • Tax information such as your tax file number

  • Employer details and salary (this is usually dependant on what type of visa you are travelling on).

• Be 18 years of age or over

  • There are accounts available for younger customers.

Once you arrive in Australia it is important to verify your documents as soon as possible in order to start withdrawing and spending on your account.