Open Bank Account Online Australia Non Resident In 2024

Do you live in Australia, or have you just arrived? Do you want to know about how to Open Bank Account Online Australia Non Resident? Your search ends here.

The adventure of moving to Australia is both exciting and life-changing. There are so many opportunities for your career and improved quality of life in this vast, stunning, and varied country. The first step to making the move is to get your finances in order, which will require you to open a bank account.

You must set up a bank account to pay your bills and receive your salary. You can open a bank account in Australia fairly quickly and easily.

This article will help you understand what to expect when Open Bank Account Online Australia Non Resident and how to proceed. 

It’s time to get started.

Why Open An Australian Bank Account?

It’s true that Australian banks aren’t the best, but they’re nowhere near the worst. The country is home to a few of the safest banks in the world.

Even though Australian bank accounts don’t offer exciting interest rates or other unique banking benefits, they can be stable, making them attractive options if you tend to bank in less stable jurisdictions or simply want to diversify your investments. You can also conduct business in Australia with Australian banking.

It might be easier to transfer money from an Australian bank account to Australian employees or vendors than from an account in a foreign country. A bank account in Australia may facilitate your investment plans in Australia, as well.

The Australian bank account is comparable to a dependable minivan. There is nothing fun or glamorous about it, but it serves its purpose well.

Does Australia Allow Open Bank Account Online Australia Non Resident?

The answer is yes. Australian non-residents can open bank account Online Australia. You don’t even need to be in Australia to open an account with most Australian banks – you can open one without being there. An account can usually be opened online or by phone with most institutions.

A few months before your arrival date is typically the best time to open your account. It should take between five and ten minutes for the entire process to complete. When you arrive in Australia as a new arrival, you must take your ID and any other documentation to your local branch. A new account can only be fully utilized once you complete this step.

Your passport is the only thing you will need to open your account once you arrive in the country. There is no need to complete the 100-point check.

Types of Bank Account In Australia For Non Resident

The following are the most common types of Australian bank accounts, which can save you a lot of confusion:

Checking Account

A checking account or current account (UK/US/Canada/Europe) is the most popular account most people need, which allows them to make payments for rent, groceries, utilities, etc. Your salary or wages can also be deposited into this account. A monthly fee usually applies to these accounts, and overdrafts are not automatic (but may be available at a cost). Furthermore, they don’t provide interest on amounts held. There are, however, debit cards included with the device (including contactless payments), as well as internet banking and mobile banking.

Savings Account

In line with their name, these accounts are ideal to save money and grow it through interest. This type of account may require a minimum balance, and interest is based on the amount. The interest rate is typically high if no withdrawals are made during the loan term.

It is possible to use these accounts just like Everyday Accounts – with the key difference being the requirement for a minimum balance and the ability to earn interest.

In Australia, joint Savings accounts can also be opened with family and friends.

Term Deposit Account

This is a savings account with a fixed interest rate. The interest rate on a term deposit account is usually determined for a fixed period of time – called the “term.” If money is not withdrawn, the interest is paid out at the end of the term. A Term Deposit Account offers a higher interest rate than a Savings Account.

Top Australia Bank Account Options

There are several banks in Australia that offer Open Bank Account Online Australia Non Resident, Some of which are given below:

Commonwealth Bank

Commonwealth Bank also known as CommBank, is the largest bank in the Southern Hemisphere. You can download its user-friendly banking app, as well as its reliable customer service team for international customers.

The bank allows you to open a “Smart Access” account online up to three months before you arrive. Transfers will be available as soon as you open your new Commbank account, although you will have to complete the in-person ID verification before getting full account access.

A CommBank account can be opened up to three months before your arrival in Australia. Your CommBank account will be fully activated after you arrive, and you can use all the regular services.

• Contact CommBank’s international team to open an account.
• Your age must be 14 or older, you must have arrived in Australia within 3 months or be arriving within 3 months, and the account must be opened in your name.
• The application process requires a short form, a visit to a branch when you arrive in Australia, and the provision of your tax information and passport.

National Australia Bank

As one of the largest banks in Australia, the National Australia Bank is known as NAB.

If you plan to relocate to Australia within 12 months of setting up the account, this bank offers you the convenience of setting it up online for as long as you like. It will only take a few minutes to tell them your passport number, visa information, and where you’ll be arriving.

Once you pass in-person ID checks, you’ll be able to fully utilize your NAB account. The NAB Classic Banking account comes with no account or withdrawal fees.

It is easy to open a bank account with NAB for migrants. Applicants must be at least 18 years old and open their account at least twelve months before they arrive.

• Online applications are available for NAB accounts,
• NAB Classic Banking accounts can be used for everyday transactions, and NAB iSaver accounts for saving,
• A passport number, email address, and information about your travel documents and visa are required.
• The date and city of your arrival will be needed,
• NAB requires three business days to open a bank account,
• Your NAB Internet Banking account allows you to deposit funds and view your balance once you have opened the account.
• Visit an NAB branch when you arrive in Australia to activate your account.

Westpac

It has been Australia’s oldest bank since 1817, when it was founded as the Bank of New South Wales. Anyone who has moved to Australia within the last year should consider its “Westpac Choice” account.

In the first 12 months, there are no monthly fees, and you can open an account online in minutes. Additionally, the bank’s mobile app allows for hassle-free on-the-go banking.

To withdraw funds from your online bank account, you’ll need to verify your identity in a branch.

Even though Westpac offers fewer details on opening an account than the other banks, they still allow people outside Australia to do so.

• Online applications are available for Westpac accounts,
• Before you arrive in Australia, you can open a Westpac account,
• The account can be funded once it is opened,
• As soon as you have completed an identity check in Australia, you will be able to withdraw funds.

ANZ

As one of the largest banks in Australia, ANZ is technically called Australia and New Zealand Banking Group. ANZ Access Advantage accounts can be opened online for up to one year before moving.

Upon completion of the process, you can transfer your money over immediately. You cannot access your account until you have completed the in-branch verification process, as is the case with other Australian banks.

A multilingual concierge will also call you as soon as you open your ANZ Access Advantage account so you can ask any questions you may have.

It takes about five minutes to open an account with ANZ from outside the country. When you open an ANZ account, you can access limited services while you wait for your account to be fully activated at an ANZ branch.

• Online applications are available for ANZ accounts,
• Online Saver (a savings account) and ANZ Access Advantage (a daily account) are both available.
• Your tax information will be needed,
• The account details will be emailed to you within two days by ANZ,
• Before you arrive, you can transfer funds into your account,
• You will be contacted by ANZ to set up internet banking,
• Activating your account at a branch will give you access to your account and a debit card.

ING 

The Dutch banking giant ING has a significant presence in Australia. The “Orange Everyday” account is available to Australian residents with a residential address in Australia.

Traditional bank accounts don’t charge monthly service fees, and if you make five purchases every month and deposit $1,000, you’ll be entitled to rebates on international ATM fees.

As an online bank, there’s no need to visit a branch, so it’s a great choice purely in terms of convenience.

The application process for Orange Everyday accounts can be completed online in 10 minutes.3.

• On the ING Bank website, click “Open my account.”
• The online form needs to be filled out
• Please upload your documents
• Use your mobile device to verify your account

How To Open Bank Account Online Australia Non Resident?

Before arriving in Australia, you may be able to apply for an Open bank Account online Australia or over the phone, depending on the financial institution.

It depends on several factors specific to the intended financial institution and country and whether you can Open bank Account online Australia. Some places may make it easier than others.

In many cases, opening an account in Australia is similar to opening an account in your home country. The information you need to provide generally includes your name, date of birth, address, citizenship status, and occupation.

A financial institution will verify these details when you apply for an account with them. It is necessary to scan, send, or post copies of the original documents. It may also be necessary to provide additional credentials, information, or security layers to verify your identity.

Whenever you decide to open a bank account, you should do your research thoroughly. In order to decide whether or not to open an Australian bank account, you should consider the following checklist:

• Find out what the legal requirements are for opening an Australian bank account
• Foreigner information can be found on the financial institution’s website
• Make sure you have all the necessary documentation and information before applying for an account
• Discover the interest rates, fees, accessibility, and rules for foreign accounts
• Choose an account type – everyday account, savings account, or term deposit

Required Documents To Open Bank Account Online Australia Non Resident

To open Open bank Account online Australia you will probably need to present these documents:

• A passport, a driver’s license, or a national identification card
• The visa
• Address proof
• Recent utility bill
• The tenancy agreement
• Tax information (registration from Australia Taxation Office
• Salary and employer details

Things To Consider Before Open Bank Account Online Australia Non Resident

It’s time to choose a bank once you have decided whether you want a transaction account or a savings account for your first Australian bank account. You should consider the following factors Before Open Bank Account Online Australia Non Resident:

Bank fees

Find out what fees you might have to pay before opening a new bank account. The mere fact that you have an account with some banks is enough to charge you a monthly fee. You may be able to waive this monthly account fee if you meet specific requirements, such as maintaining a minimum balance or using your debit Mastercard or Visa regularly.

The ATM fee and overdraft fee have already been mentioned. There may also be account-keeping fees for receiving paper statements and inactivity fees for not using accounts for a given period of time.

It is common for bank accounts to charge monthly account fees and other fees, but not all bank accounts do. Australian banks offer no-fee bank accounts that do not charge a monthly fee. The fees associated with these accounts may still apply if you overdraw your account or use your debit card while traveling internationally, for example.

Affordability

There are some banks with locations throughout Australia. There are also regional ones. Furthermore, there are online banks that do not have any branches.

If you are considering opening an Australian bank account, consider how you would like to conduct your banking transactions. Try to find a branch close to where you live, work, or attend school if you’d like to visit a branch.

The bank’s ATM locations may be more appealing to people who withdraw cash frequently. The ease of use of the website or mobile app may be the most important factor for those who prefer to conduct all their banking online.

Customer Service Department

You should consider the customer service that the bank provides regardless of whether you will be accessing your account, most often online or at a branch.

Find out the reputation of the bank by reading online reviews written by Australians. Contact the customer service department to learn about your options.

Note: If you want to rebuild credit, including secured, unsecured, and cards with no annual fee, Learn about Best Credit Cards That Accept Bankruptcies.

Tips before you Open Bank Account Online Australia Non Resident

There are a few tips you should keep in mind before you Open Bank Account Online Australia Non Resident, even though it’s a straightforward process.

Avoid Australian Address

You shouldn’t open an account with an Australian address unless you intend to move to Australia – otherwise, you may become an Australian tax resident unintentionally.

The ATO’s intention to trap you into the Australian tax net is comparable to the IRS’s aggressiveness.

Therefore, the ATO may determine that you are an Australian tax resident if you open a bank account and provide an Australian address.

Obtain a Local SIM Card

You’ll likely need to provide an Australian number when opening your account, as most Australian banks require users to authenticate their information via their phone numbers.

A foreign phone number may be permitted by some banks, but they prefer to reach you on a local number. In order to access your account, you’ll need a SIM card, so it’s worth the extra time to grab one.

Invest Your Time

Collecting shiny things just for the sake of having them is one of the things we often warn against.

It is not difficult to Open Bank Account Online Australia Non Resident, but traveling there is time-consuming and expensive. Hence, you should consider your intentions before applying for an account at an Australian bank.

You may simply want to diversify your assets by opening a bank account in Australia, and you have always wanted to visit Australia. 

You shouldn’t take a flight that takes more than 20 hours if you don’t want to visit or have no intention of opening an Australian bank account.

Benefits to Open Bank Account Online Australia Non Resident

There are several benefits to Open Bank Account Online Australia:

• As soon as you arrive, you can withdraw funds from outside Australia.
• In Australia, domestic banking fees are lower than international banking fees.
• A company can deposit your profits directly into your bank account by simply obtaining your bank account information.
• Your banking information can also be provided to rental agencies, utility companies, and other service providers.
• After you land in Australia and verify your identity with the bank, you’ll be able to withdraw funds from your Australian bank account.
• When you use a local account, you’ll pay low transaction fees when moving money between international and Australian accounts.
• Open a bank account before leaving to save time with your future employer by providing them with your bank details.

FAQ

Conclusion

The best way to prepare for your move is open Bank account online Australia. Everything has already been explained above, so you just have to follow the tutorial carefully. As well as saving accounts, most banks offer daily transaction accounts (checking or current accounts). The first thing you should do when you arrive is open an everyday account, followed by a savings account. You can also get a credit card from many banks, although you may have difficulty obtaining one if you don’t have a credit history.