How to Open Up a Bank Account in Australia if you are moving temporarily or permanently to Australia

In order for foreign nations to open up an account in Australia, you just need to possess your passport. Some banks in Australia requires you to show your visa and address prove. It will depend on the type of bank account you are opening. More complex bank account would require more documentation from you.

Mostly, people open accounts to have access to checking and savings also know by some banks as transitional and life accounts, respectively.

Basically checking/transactional account is the account in which you have money available for you to use on your debit card, make withdraw and transfer to third parties. Saving/Life account is the account you use to put away money.

By having an account with the bank, you may also eligible to request a credit card as well as travel money cards for your international trips.

You can control your bank transactions and payments through the bank app of the bank of your choice.

In Australia there are 5 main banks, that being:

  • Commonwealth;
  • Westpac;
  • ANZ; and
  • NIB

If you are an ABN worker or business, the above-mentioned banks also can assist you opening trust accords and so forth.

Lastly, this is worth to mention that these banks have specialists that can assist you if you are interested in making investments.

Written by Ross Ahmadzai

7 Mar, 2024

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