Apr 03 2017

Opening a Bank Account in Australia

Opening a Bank Account in Australia

Under current government legislation, you need to provide personal identification up to the value of 100 points when opening any account (including loan accounts).
The following shows the normal points per ID, according to the government. Some banks however, do quote different values.

  • A Passport or Birth Certificate is worth 70 points
  • An Overseas Drivers Licence is worth 25 points
  • An Australian Drivers Licence is worth 40 points
  • A Credit Card is worth 25 points
  • A Medicare Card is worth 25 points

Commonly used ID by new Migrants are: Overseas Passport and Birth certificate or Overseas Drivers Licence or Overseas Credit Card.

It was known that opening a Bank Account within six weeks of arrival only needed a passport for identification, but that might be harder now that the passport does not have a Visa Stamp in it.

HSBC state that a Foreign Passport and a Foreign Driver Licence add up to 140 points (HSBC PDF form)
ANZ state that a Passport is worth 100 points in the first 6 weeks, but after that, a Passport (70) + a Debit or Credit card (25) and an Overseas Driver Licence (25) adds up to 120 points.
I know some that have used Passport (70) and two Overseas bank Cards, one debit, one Credit at (25) each, totalling 120 points.

New Migrants Opening Bank Accounts in Australia

New Migrants can open a Bank Account before arrival, but cannot access that account until after arrival, and ID has been confirmed.

ANZ Bank – Migrant Banking – if you’re currently overseas but planning to move to Australia, you can even apply for an ANZ Access Advantage (everyday account) and an ANZ Online Saver account (savings) prior to your arrival.

Commonwealth Bank – Migrant Banking – Whether it’s a permanent move or working holiday, we have tips and guidance to make planning and getting here easier

National Australia Bank – Migrant Banking – At NAB, we make opening your bank account simple and convenient and we can help you arrange your banking up to 12 months before you move to Australia

Westpac Bank – Migrant Banking – Set up your bank account up to 12 months before coming to Australia, or once you’ve arrived. No Australian address needed when opening from overseas prior to arrival.

HSBC – Migrant Banking – If you’re moving to start work in a new country, traveling internationally or living overseas and still need links to home, then HSBC can help.

Please ensure that funds are only deposited to your new account once your Australian Visa has been granted.

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