As a non-resident, opening a bank account in Australia is a pretty simple process. Unlike opening a bank account as a non-resident in the United Kingdom, the United States, or Canada, Australian banks have simple online application forms that you can use to start an account from anywhere in the world.
Australian banks assume you'll move to Australia soon after creating the account, so your alternatives are limited if you don't plan to move there. For additional information, see our in-depth guide.
If you expect to live in Australia for the next 12 months, we'll go over the possibilities for opening an Australian bank account from abroad in this tutorial. But first, here's a brilliant option if you urgently require Australian financial information but are unable to register an Australian bank account due to a variety of factors.
How To Open an Australian Bank Account Without Living There
To gain full access to any of the bank accounts indicated above, you must first relocate to Australia. The Wise Multi-Currency Account is another alternative if you want an Australian account without migrating to Australia.
The Wise Multi-Currency Account's main benefit is that it provides you with unique and personal local bank data in a number of countries, including Australia, the United States, the United Kingdom, the Eurozone, New Zealand, and Poland. This means you may use a Wise Multi-Currency Account to get paid like a native in a variety of countries and currencies without having to pay the typical fees. You can either use Wise's powerful money transfer services to send money to your principal bank account anywhere in the world, or you can start spending your AUD balance with Wise's Multi-Currency debit card in your currency with only small foreign exchange fees once you get paid in AUD in your multi-currency account.
The Benefits of Opening a Bank Account in Australia From Overseas
If you plan to open an Australian bank account, you should be aware of the following benefits:
- You can deposit funds from outside Australia and have them available as soon as you arrive.
- If you bank domestically in Australia, you will be charged cheaper fees than if you bank internationally.
- Employers can simply obtain your bank account information so that they can deposit your profits directly into your account.
- You can also give utility companies, rental agencies, and others your banking information to make managing your expenses easier.
Types of Bank Accounts in Australia
In Australia, most banks offer daily transaction accounts (checking or current accounts) as well as savings accounts. When you arrive, we recommend creating an everyday account first and subsequently a savings account. Many banks also provide credit cards, although opening one from outside the country can be difficult because you won't have a credit history.
Accounts for everyday transactions in Australia provide services such as:
- Online banking
- Bill payment
- Other payments
- Account transfers
- Bank transfers and direct debits
- Recurring payments
- Debit cards
- ATM withdrawals
Select the Australian bank with which you wish to open an account.
As a non-resident, you can open an account with one of the following major Australian banks:
- The Commonwealth Bank of Australia, usually known as CBA or CommBank, is the country's largest bank and has over 1,000 branches.
- The Australia and New Zealand Banking Group (ANZ), also known as ANZ, has over 800 branches and 2,500 ATMs that service over six million customers.
- Another significant financial services company with hundreds of locations is National Australia Bank (NAB).
- Westpac completes the country's "Big Four" banks, with 800 locations serving millions of customers.
Opening a CommBank Account From Outside Australia
Up to three months before your arrival in Australia, you can create a CommBank account. When you arrive at a CommBank branch, your account will be fully activated, and you will be able to utilize all of the standard account features.
- You can open an account online or contact CommBank’s international team
- You must be 14 years old or older, have arrived in Australia during the last three months or will arrive within the next three months, and open the account in your own name, according to CommBank.
- When you arrive in Australia, you will need to fill out a short application form, visit a branch, and give your tax information as well as your passport.
CommBank has provided some additional information:
- "If you know your Australian data ahead of time, you should fill out the application form with them." If you know your new Australian address, for example, you can apply with that information. If you don't have one, use your international address."
- "As soon as you complete the application form, you will be able to deposit funds into your account." To take money out of the account, you'll need an ID check in branch, as well as full access to NetBank and the CommBank app."
- "If any of your documents are in a foreign language, you must have them professionally translated into English by a professional translator who is accredited by the National Accreditation Authority for Translators and Interpreters (NAATI) or an equivalent accreditation."
Opening an ANZ Account From Outside Australia
You can open an account with ANZ online from anywhere in the world, and it just takes about five minutes. You can utilize restricted services once you've opened your account until you visit an ANZ bank and get your account completely authorized.
- You can apply for an ANZ account online
- ANZ Access Advantage (an everyday account) and Online Saver (a savings account) are the two types of accounts accessible (a savings account)
- Your tax details will be required.
- Within two days, ANZ will send you an email with account information.
- Before you arrive, you can make a deposit into your account.
- An ANZ representative will contact you to set up internet banking.
- When you visit a branch to activate your account, you will receive a debit card and full access to account services.
Opening a NAB Account From Outside Australia
Migrants will find it simple to open a new bank account with NAB. You must be at least 18 years old to open an account up to twelve months before your arrival.
- You can apply for a NAB account online
- For ordinary activities, you can open a NAB Classic Banking account, and for savings, you can open a NAB iSaver account.
- You'll need your passport number, email address, and details on your travel documents and visa.
- You'll need to know your arrival date as well as the city you'll be arriving in.
- It can take up to three business days to open a bank account with NAB.
- After you've opened your account, you may use NAB Internet Banking to make deposits and check your balance.
- Visit a NAB location to activate your account and obtain a debit card when you arrive in Australia.
Opening a Westpac Account From Outside Australia
- You can apply for a Westpac account online
- Up to 12 months before your arrival in Australia, you can open a Westpac account.
- You can put money into your account once it's been opened.
- When you arrive in Australia, you can withdraw funds after passing an identity check.
As a foreigner, you'll need the following documents and information to open an Australian bank account.
The paperwork and information you'll need to open an Australian bank account vary by bank, but here's a sample of what you might be asked for:
- The date you are going to come to Australia
- The city where you will be arriving
- The address where you will live in Australia
- Your tax information in Australia and overseas
- The type of Visa you will be entering Australia on
- Your passport number
- Other forms of identity
Save Money Depositing Money Into Your Australian Bank Account From Overseas
Once you've opened an Australian bank account, you have a few alternatives for sending money there, and the fees you'll be charged and the exchange rate you'll get vary greatly. Sending money to an Australian account through your home bank is usually one of the most expensive methods. Banks often charge large fixed fees and provide currency rates that are slightly less favorable than those available elsewhere.
Rather, we advise you to use a specialized currency exchange company. You'll nearly always pay lower fees and receive better exchange rates this way.
For example, if you're moving money from Citibank in the United States to Citibank in Australia, you may anticipate to pay $25 to $35 in wire transfer fees.
You’ll also pay more in hidden, exchange rate fees.
- For example, exchanging $500 USD to AUD at the base, midrange, interbank rate would result in $724 AUD.
- Citibank offers a rate of $711 Australian dollars, excluding their wire transfer fee.
- The Citibank exchange rate is roughly 2% lower.
- You'd only get $662 AUD if you paid a $35 AUD transfer fee, which means you'd pay roughly $50 in fees.
Citibank's costs and exchange rates are comparable to those of other banks.
Fortunately, you have a variety of choices for sending money to an Australian bank account from abroad. We offer a simple, user-friendly comparison tool that allows you to locate providers with cheap fees and favorable exchange rates.
For example, if you're transferring $500 USD, the total amount you may deposit in AUD with various providers, including fees and exchange rates, would be as follows:
- Wise: $718 AUD, $56 more than Citibank
- WorldRemit: $713 AUD, $51 more than Citibank
- PayPal: $695 AUD, $37 more than Citibank
- Xoom: $677 AUD, $15 more than Citibank
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Conclusion on How to Open Bank Account Online in Australia
Opening a bank account online in Australia will be very good and necessary if you plan on moving there. Already, all has been stated above so you just have to follow the tutorial wisely. Most banks offer daily transaction accounts (checking or current accounts) as well as savings accounts. When you arrive, we recommend creating an everyday account first and next a savings account. Many banks also provide credit cards, although opening one from outside the country can be difficult because you won't have a credit history.