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Open a Bank Account in Australia - Advice for Individuals and Companies

Open a Bank Account in Australia

Updated on Tuesday 26th July 2022

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Foreigners can open a bank account in Australia. This can be useful in many situations, especially in the case of those who want to relocate to this country for a longer period of time. The procedure is divided between 2 main scenarios: 1) bank accounts for individuals (including the Australian bank account for non-residents) and 2) bank accounts for companies
 
Then, various differences for these 2 situations can appear depending on the bank of choice. For instance, many banks offer the possibility to open a bank account online in Australia
 
If you want to find out in-depth information about the procedure, our Australia law firm remains at your service. We highly recommend you address to our team especially if you want to open a corporate bank account
 

What kind of bank accounts can foreigners open in Australia? 

 
The Australian banking system offers the same types of bank products that one can find anywhere else on the planet. Thus, a person who wants to open a bank account in Australia can set up one of the following: 
 
  1. term deposits accounts – a bank account where the owner of the account deposits money and can’t use it until a certain period of time has passed by;
  2. credit card accounts – it grants access to borrowed money to be used for immediate needs;
  3. regular transaction accounts – the most basic bank account, used for deposits, money withdrawals, payments and other transactions;
  4. joint accounts – available for those who want to share the account with another person (a spouse, a family member, etc.);
  5. savings accounts – they provide a higher interest rate to increase the savings' value; 
  6. for all the above, one can request to open a bank account online in Australia.  
 

What are the minimum conditions to open a bank account in Australia? 

 
Although Australia allows foreigners to set up a bank account rather easy, there are still some aspects foreigners should take into consideration in this case. Our lawyers in Australia have prepared a short list regarding the basic requirements all Australian banks apply: 
 
  • Australian banking applies a 100 points system, representing the documentation of the applicant;
  • applicants must be 18 years old, regardless if they are opening a bank account in Australia from overseas or in the country; 
  • however, the easiest bank account to open online in Australia is provided by few local banks, which allow persons of minimum 14 years old to set up the account; 
  • opening a bank account in Australia from overseas is possible with maximum 12 months before the arrival in the country (this is advantageous for those who need an Australian bank account for non-residents);
  • Australia has approximately 29,000 ATMs spread across the country and using the ATM machines is free of charge if the card holder uses his or her own bank – when using the ATM of a different bank, a small fee of AUD 2 can be charged. 
 
As said above, in order to open a bank account in Australia, one must satisfy the 100 points system. This refers to the identification papers of the applicant. For instance, 70 points are awarded when presenting any of the following: 1) the birth certificate, 2) the citizenship certificate, 3) the passport. 
 
Our lawyers in Australia can present details on other documents that can be requested by the banks, in order to check the identity of the applicant. 
 
For online applications, many banks provide a simple system and persons interested in this can complete the application forms in 5 or 10 minutes, depending on the bank
 
Then, the bank will process the application in approximately 2 days and will decide on whether the applicant can open a bank account in Australia or if additional steps must be taken. 
 
So, it can be said that the easiest bank account to open online in Australia is a service that is provided by many banking institutions
 
If you need further information on how to open a bank account in Australia, please contact our Australia law firm