Opening a Bank Account in Australia

In order to open an Australian Bank Account, you need ID. In most cases a passport and a drivers licence is all you need. You need proof of identity using the 100 point system and a mailing address (this can either be a home address or a post office box). As an example your passport or birth certificate is 100 points and your drivers licence is 40 points.

You do not need to take any evidence of income, credit rating or previous bank account information.

   

Australian Bank Accounts are different in that they are called Savings account, Cheque account & Credit account. A Savings account is what UK residents would call a current account. A Cheque account is what UK residents would call a savings account and a Credit Account is a credit card account.

Your bank will issue you with an EFPOS card (bank card). When you purchase goods and pay by EFTPOS you will be asked which account you want to use. You then enter a pin (like chip & pin) number when you use your savings or cheque account and sign when you want to use your credit account. Australia does not have the UK equivalent of chip and pin yet for credit cards.

The EFTPOS (electronic funds transfer at point of sale) system works just like Maestro in the UK & Europe and Delta in the UK in the fact that you don't sign for anything, just enter your pin number. The same pin is also used for any ATM transactions. EFTPOS is common throughout Australia, however it cannot be used outside of Australia.

Some banks are now issuing seperate cards with the VISA symbol on that will work rather like a UK debit card (Delta) so that you can access your bank account funds outside of Australia without having to use a credit card.

If you are visiting Australia and want to use your credit card, look for the usual Mastercard/Visa symbols but you can also usually use your credit card wherever the EFTPOS symbol is displayed. Remember though, when asked, to say credit account for the money to be debited from otherwise the transaction may not work.

There are two major differences to UK bank accounts, the first is that there are no overdrafts, they just don't exist here and the second is that you do not have cheques, again cheque books don't exist here. You pay for everything with cash or by EFTPOS/Credit card. Services such as gas & electricity bills can be paid for at the Post Shop (with cash or card), or over the internet either via your own bank's site or by a website such as PostBillPay which is a website specifically set up to let the public pay paper or online bills.

All of the banks charge fees for transaction costs including withdrawing your money from an ATM that does not belong to your bank. Internet banking is the best way to keep your fees to a minimum and most banks have this facility.

Bank Opening Hours

Monday to Thursday 9.30am to 4.00pm

Friday 9.30am to 5.00pm

Comments

[Anthony]

Overdrafts + cheques DO exist here in Australia, it's just that the majority of accounts don't have them.

Additionally, several debit cards DO work outside Australia, such as those bearing the Cirrus or Maestro marks without using a credit card system number (Ie. true debit vs. bolted onto side of credit card system). Foreign debit cards however as you say may not work unless they go through credit system unless terminal has signage indicating Cirrus/Maestro/whatever support..

[Jay]

We live in Perth and we have a cheque book and I was just on the ANZ bank web site and it has a section for overdrafts, also our local banks are open on Saturdays till 12pm.
I think better research is required.

[lee]

JAY...I think you need to go find somewhere else to voice your views.
Alot of people find this website very useful.If you think you can do better,feel free to set your own up. But i don't think i will be joining you!!!
Also, read other comments more carefully.

[Bertram Henze]

Sir,

being an Australian citizen currently residing in Germany, I would like to open a private transfer account with your bank. Can you please send me some information and/or guidelines along with an application form.

Kind regards,

Bertram Henze

[Kumar]

Dear Sir:
I am a British National I would like to open an UK currency saving account from uk with instant access from uk and able to submit personal identification in UK please advice me bank do above service

[Dawn]

can anyone answer a few questions for me,myself and my family are about to move to perth in august and i would like to know if i continue to make payments on things back in the uk? also can anyone tell me what ballajura is like to live in as this is the area we are looking to live in?also how easy is it to get a mortgage,how do they do credit checks if you have just moved over to the country.Any help and information would be great.thanks Dawn

[Tracey]

yes i am the same my family n i are moving to perth and will want to get a mortgage. will we be credit checked n if so how??????????

[Hilda Esquivel]

Hi, I am going to Sidney to study a Master degree, I am International Student, Can I open a banck account there?, just to have a secure place to save my money, I mean I don´t need credit or nothing like that. I will like to have an account there to avoid paying the bank charges for international ATM withdrawals, is this possible?

[nilesh]

hi my son and I will be travelling to perth ,my son has just enrolled in a college in perth can we both open bank accounts ? I will be there for afew days but returning quite often

[sirous]

DEAR SIR
I am going to study in melbourn RMIT UNIVERSITY,I would like to opan a bank acount there from KUWAIT,how can I do that,thanks