How to open a bank account in Australia

Wrritten by Xueyan Chen

Introduction

Australia’s banking sector is highly developed and competitive, comprising 133 banks with over 5,300 branches across the country. The total assets of the Australian banking industry are approximately AUD 4.87 trillion. Sydney stands out as the pivotal city for banking in Australia, housing the Reserve Bank of Australia and the majority of the country’s leading banks, including both domestic and significant international players. The city also hosts the Australian Securities Exchange, which is the primary securities exchange in the nation.

The four major banks in Australia are Commonwealth Bank, ANZ Bank,

National Australia Bank

and Westpac Bank.

Requirements for opening a bank account for residents:

1. Valid personal identification: an Australian driver’s license, passport or Australian birth certificate is usually required. Some banks may also accept other government issued photo ID.

2. Tax File Number (TFN): Although it is not compulsory to provide a TFN, it can help with tax matters.

3. Proof of address: such as a recent utility bill, lease agreement, or letter from a government agency.

4. Proof of Visa Status (if applicable): A document that proves you are a permanent resident.

Opening a bank account in Australia as an international student:

Requirement：

1.Passport: A valid passport as the primary identification document.

2.Student visa: Proof of your legal residence and study status in Australia.

3.School Acceptance Letter or Student ID Card: Proof that you are enrolled as a student at an educational institution in Australia.

4.Australian address: This can be a rental agreement, utility bill or any official letter from your bank.

Processing

1.Choosing a account type: Choose an account type that suits your student’s needs. Many banks offer special student accounts for international students that may include low fees or other benefits.

2.Apply online or bank visit：submit an application to open an account online.

3.Account activation: Once your application is approved, the bank will activate your account. Usually, the bank will mail a bank card to your Australian address and you will also be given access to online banking.

Opening a bank account in Australia as a tourist:

For tourists traveling to Australia, it is often not easy to open a regular bank account at a local bank directly from a tourist status, as most banks require the applicant to provide proof of residence in Australia and a valid residency status. However, there are several alternatives that tourists can consider:

Travel Prepaid Card

A Travel Money Card is a card that can be reloaded in advance and can be purchased and reloaded by travelers at a designated bank or exchange store prior to departure or upon arrival in Australia. These cards usually support multiple currencies and are suitable for international travel.

Required Documents:

1.Valid passport.

2.Credit or debit card may be required for top-ups

Opening an international bank account

Some international banks have branches in Australia, and if you are already a customer of one of these international banks in your home country, you may be able to apply to open a bank account in Australia.

Required documents:

1.Valid passport

2.Domestic bank account details

3.Other documents such as proof of residential address may also be required