Guide to open a bank account in Australia for new migrants
Australia has 4 major banks:
- National Australia Bank (NAB)
- Commonwealth Bank of Australia
- Westpac Banking Corporation
There are also a handful of small, state run banks throughout the country. You may also find a few international or overseas banks but access to these in terms of branches may be limited. Banking hours are generally 9.30AM to 4PM Monday to Friday with a growing number of branches now open on Saturday and Sunday. Nearly all banks and Internet bank and/or banking Apps. ATMS for banks can found throughout the country as in other places in the world.
Nearly all banks offer a bank card that allows for ETTPOS or Electronic Transfer and Point of Sale. This allows for card payment almost anywhere with your bank debit card.
Guide to open a bank account in Australia for new migrants continued
Opening your bank account.
Anyone moving to Australia on a medium to long term needs to open a local bank account. Nearly all Australian salaries are paid into Australian bank accounts and local banks and cards make payments more affordable, secure and reliable.
Most migration agents recommend you wait no longer than 6 weeks to open your Australian bank account. To open your account you will need to show your 100 Points Verification in most cases, some banks will only require your passport. Waiting too long to open your account will see you needing to provide more documentation. It is possible to open an Australian bank account before arriving in the country and your Migration agent will be able to assist you with this. Remember most banks will require an opening deposit.
What do I need for the 100 Points system
To make up your 100 points you will need
Your current passport
Valid driving license
Need a migration agent