How to Open an Australian Bank Account

Step-by-Step Guide

1. 1

   Step 1: Ensure you are arriving in Australia in the next 12 months.

   Before pursuing an Australian bank account, ensure that your arrival will occur in 12 months or less.
   
   You will need to confirm your identity in person, in Australia, within 12 months of starting your account.
   
   If you are not able to accomplish this, the account you have started will become void, and your money will be returned.
2. 2

   Step 2: Choose an Australian bank.

   There are four major banks in Australia:
   Westpac, Commonwealth Bank, NAB, and ANZ.
   
   Each of them offers similar account types with a low or zero monthly service fee, as long as you deposit a minimum amount.
   
   Conduct some research on each bank, perhaps even giving each bank a call, and then select the bank that best suits your needs. , In general, there are two types of basic accounts that you can open: an everyday transaction account (similar to a checking account) or a savings account.
   
   Will you be using this account to conduct your daily business, or merely as a place to hold your money? Select the type of account you need. , In order to begin the process of opening an Australian bank account, you will need to have some personal information ready.
   
   You will need your social security number, driver’s license or I.D. number, your birth date, and residential address.
   
   You will also need to have a few important documents that verify your identity, such as a passport and marriage license. , Once you have selected your bank and gathered your personal information, visit the website of your bank and move through the application process.
   
   In most cases, you will need to scan or fax copies of some of your documents.If you prefer, you may also be able to apply by phone.
   
   You will still need to scan or fax some identifying documents. , In order to proceed with the account process, you will need to allow your bank to complete a preliminary verification of your identity.
   
   If you agree, you bank will disclose your name, date of birth, and residential address to a third party (such as Veda Group Limited) who will verify your identify using commercial, commonwealth or governmental data bases., Depending on which bank and which type of account you have selected, you will need to deposit a certain minimum amount of money.
   
   Your account will only be able to receive deposits until you have completed your in-person identity check with the bank. (In other words, until you arrive in Australia, you will not be able to access to money you have deposited into your account.) , All of the major banks in Australia have more than one location.
   
   Find the branch that is nearest to where you will be staying, and go to pay them a visit., When you arrive in Australia, you will need to visit your bank in person and verify your identity.
   
   You will need to bring two forms of government-issued identification, such as a driver’s license, a passport, or a social security card.
3. 3

   Step 3: Select the type of account you will need.

4. 4

   Step 4: Gather your personal information.

5. 5

   Step 5: Apply online.

6. 6

   Step 6: Verify your identity online.

7. 7

   Step 7: Deposit money.

8. 8

   Step 8: Find your local branch.

9. 9

   Step 9: Complete your ID verification in person.

Detailed Guide

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