Pros and Cons
- $0 account keeping fee
- App banking available
- Has 1% - 2.25% interest available
- 2.5% fees apply for overseas transactions
- 1% - 2.25 interst available when you deposit minimum of $5000
- 1% interst available when you deposit minimum of $5000
Electronic Wallet Service
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Opening a bank account in Australia is usually a straightforward process. Some banks give you the option of opening an account online, while others require you to visit a branch.
Different bank accounts offer different features, so it’s best to compare your options to find one that suits you.
All banks require you to pass an identity check to open a bank account. Australia uses the 100-point identification system, which means you’ll need to show a number of forms of ID that, together, add up to 100 points.
Common ID types include a driver’s licence, passport, Australian visa in a foreign passport, and Australian Medicare card. You’ll find out what types of ID are accepted when you go through the sign-up process online or at a branch.
Once your account is open, you’ll be given or sent a debit card that you can use to make purchases and withdraw money from your account.