How To Set Up A Bank Account Online In Australia

Before opening an account, shop around so you can compare what’s on offer for the type of account you need. One of the easiest ways to do this is on account provider websites.

For an everyday account, remember to compare factors such as fees for account-keeping, ATM withdrawals, an overdrawn account and foreign transactions. These can be found in the account’s fee schedule on the bank’s website. Some cards charge nothing on transactions abroad, which is ideal if you travel a lot.

You’ll also want to consider payment options. If, for example, you intend to use a mobile wallet such as Apple Wallet or Google Wallet this will need to be supported. If you want the choice of managing your account in-person, you may prefer to use a bank with many ATMs and branches. An account can also come with perks attached such as cashback when you spend at the bank’s partner retailers.

For a savings account, it’s important to compare features such as interest rates, account fees, the minimum balance you must keep and the maximum balance you can save. You’ll also want to check if you first need to have an everyday account with the provider, if you need to make regular deposits and how often you can make withdrawals. If you opt for a high-interest savings account, you will need to check what the criteria is to qualify each month for the highest return on your money or whether the high rate is merely introductory and reverts to a much lower rate down the track. You can read more in our guide to some of the best high interest savings accounts.

1. Complete The Online Application

Most providers allow you to fill out an application for your desired account online. You’ll either need to enter your customer number if you already bank with them or personal details, such as your name, gender, date of birth, address as well as foreign tax residency information and your associated identification number, if applicable. You also have the choice of providing your tax file number, which will prevent the bank from charging you withholding tax.

2. Provide Proof Of Identity

Both traditional and neobanks will need you to verify your identity, but highstreet banks may require you complete this part of the process online or in-branch. For an online ID check, at least one of the following is usually required:

• Passport
• Australian birth certificate
• Drivers licence
• Medicare card

The name on your ID and any other details must match the information you’ve provided in the application.

3. Start Using Your Account

Your application may be approved immediately or the bank may need a day or so to process your application and issue an account number.

Providers typically offer an app, which can help if you wish to start managing your finances, before your account card arrives. You may also need to transfer all of your debit and credit setups from an old account to your new one. Since 2012, banks have been required to help customers switching to another bank, under guidelines introduced by the Australian Securities and Investments Commission, although CHOICE has found no government agency has ensured banks are sticking to this commitment.

If you contact your new bank to switch, it should request details of all your direct debits and credits from your old bank from over the last year. You’ll also need to fill out a form providing the names of the businesses you bank with, and your new bank will complete the switch. Alternatively, you can arrange the re-directions of debits and credits yourself. You’ll need to do this for ‘pay anyone’ and BPAY payments in any case.

4. Wait For Your Card

If your online application is approved, you can usually expect to receive your account card in the post within three to ten working days. It will come with instructions on how to activate it online or in-app. For security reasons the PIN for the card should be sent separately.

5. Provide ID In Person

You may need to verify your ID in-branch, within, for example, three months of opening your account to be able to withdraw cash.

This step only applies for accounts with certain brick-and-mortar banks.

To open a bank account in Australia you must be here and have an Australian residential address and contact number, and only intend to use the account for personal purposes. Each bank also has its own minimum age limit. This typically ranges between 13 and 18 years.

The alternative to setting up a bank account online is to do it in person, in-branch.

The advantages of setting up an account online include:

• The application process can take a matter of minutes.
• If you’ve compared accounts online you can move on to applying for one straight away.
• It can be done at home which particularly helps those with limited mobility or living in remote areas.
• You do not need to find a branch near you.

The disadvantages include:

• You’ll have no in-person assistance unless you visit a branch.
• You’ll need a reliable internet connection to complete the application in one go.
• While applying online is typically safe there’s always potential for security risks from malicious actors.

In Australia, opening a bank account online should be free, though there may be a monthly account-keeping charge for the account, depending on the one you choose. ‘Basic bank accounts’, which come with minimal features, usually have no account-keeping fees attached.

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