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Overseas ATM facilities
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Learn more about bank accounts
How do I open a bank account if I'm under 18?
The good news for savvy young folks like you wanting to take charge of your finances is that there are many bank accounts available for under-18s.
For bank accounts that require you to be 18 or older, you’ll have to rope in a parent or guardian to open the account for you.
Otherwise, you can apply by yourself online or at the branch of the bank, credit union or building society that has the account you would like to open.
If applying online, you might be asked for a form of identification. For under-18s, this could be a Medicare card you’re listed on, your birth certificate and/or your current home address.
In most cases, you can verify your identity online (at the time of applying) or at the branch afterwards.
How do I open a bank account for a child?
There are few better ways for a child to learn about money management than through savings. And there’s a plethora of bank accounts designed specifically for young people and children.
A bank account for a child can be opened online, over the phone or in a branch in a few easy steps. The minimum age a child can open a bank account for themselves usually ranges between 12 and 14.
If the child is too young to open the account, you can do it for them as their legal parent or guardian.
To do this, you would need to be over 18, have an Australian residential address and currently reside in Australia (or have proof of residency).
You would also need to provide:
- Identification for yourself and the child
- Your tax file number (TFN) or TFN exemption
Depending on the bank account, you might be able to choose what level of access the child has to their bank account (online and via the phone).
How do you open a bank account in Australia?
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.
Can you open another account at the same bank?
Yes, you can open another account at the same bank if you already have an account there, but some banks place a limit on how many specific accounts you can open.
Generally, though, it is possible to have more than one everyday account, one personal account and one joint account, or have different types of accounts – such as a transaction account and a savings account.
Keep in mind that some bank accounts come with fees, so you could be charged twice for having two types of the same account at the same bank.
Also, if you have more than one high-interest transaction account at the same bank, only one account will be able to earn the highest rate of interest.
Which bank is best for business accounts?
Unfortunately, there’s no definitive answer to the question of which bank is best for business accounts. That’s because ‘best’ will differ from customer to customer, depending on their unique circumstances. These include not only your company’s financial position, but also its size, its age and the sector in which it operates. Another factor to consider is what features you want in a bank account. Your business may require different features than another business; and your business may require different features tomorrow than it does today.
The best thing to do is to thoroughly research the market before opening a business account. And when you do open an account, you should reassess your options every year or two, because the market moves quickly. A particular bank might offer the best account today, but be surpassed by one or several rivals tomorrow.
How do you set up a bank account online?
Once you’ve compared bank accounts and found the right one, the process of opening a bank account online is quite simple and can be done in around 10 minutes.
To set up a bank account online, you’ll need to prove your identity and provide an approved form of ID as well as your tax file number (TFN).
If you’re a new customer of the bank, you’ll need to verify your identity and potentially upload documents before you can complete your online application.
Once your ID has been verified and you’ve set up your bank account online, you should receive your bank cards in the mail along with your PIN and any other account details.
Can foreigners open bank account in Australia?
If you’re migrating, studying or working in Australia, you’ll be pleased to know that you can open an Australian bank account. For the most part, opening a bank account in Australia is a simple process which starts by comparing the types of bank accounts foreigners can open in Australia.
Once you’ve found a bank account that suits your needs, you can start the application process.
When you apply for the account, you’ll need to provide proof of ID which may include your passport, overseas ID or credit card. You may also need to provide a copy of your visa and proof of address in Australia.
Depending on the bank and the type of account you choose, you may be able to apply for the account online or over the phone before you arrive in Australia.
How can I deposit cash into my bank account?
The traditional way to deposit cash into your bank account is to go to a branch and give it to a teller. These days, many banks will allow you to make deposits through an ATM as well.
Can you get a payday loan without a bank account?
Yes. Some payday lenders are willing to transfer loans to prepaid debit cards instead of bank accounts.
How long does it take to open a bank account?
The length of time it takes to open a bank account varies, depending on whether you want to open it online or in person.
Most banks and credit unions have simple online applications that usually take no more than 10 minutes to fill out. It can be especially fast if you have your identification documents like your driver’s licence and passport handy. Sometimes you will instantly be approved and the bank account opened. However, depending on the financial institution, it may take a day or so to be processed and your account number issued. Your account information and ATM or debit card will then be mailed to you, which usually takes between five to 10 days.
If you decide to go into a branch or office to open a bank account, it may take about half an hour. Make sure you bring your identification documents with you. Also book an appointment if you can, otherwise you might be forced to wait in line. Sometimes your ATM or debit card will be issued on the spot, otherwise you’ll need to wait for one to arrive by mail, which usually takes between five to 10 days.
Can I set up a bank account online?
Most Australia-based lenders will allow you to set up a bank account online. Requirements vary from lender to lender, but you will probably need to provide a passport or birth certificate, as well as a driver’s licence, Medicare card or another form of secondary ID.
How do you change your account name on NAB banking?
Changing the name on your NAB bank account is straightforward, as long as you have the right documents.
If you’ve just got married, divorced or legally changed your name, here’s what you need:
- Married – a marriage certificate
- Divorced –your ‘decree nisi’
- Legal name change –your legal name change certificate
You can take either the original document, or a certified copy, into a NAB branch, where it needs to be sighted by a bank employee and a copy taken.
Your NAB bank account name will be updated immediately. New debit, ATM and credit cards with your updated name will also need to be issued. These usually take between five to 10 working days to be posted out to you. Your existing cards will keep working until you activate your new ones.
If you haven’t legally changed your name, but just want to change your account nicknames, you can log onto NAB and do it through the Settings/Mailbox menu.
Can British expats still open bank accounts?
As a British expat, you can open an Australian bank account, and you can apply for an account the same ways an Aussie would. You can even open an account online from the UK prior to relocating.
If you’re overseas, the bank you choose to open an account with may call you to provide you with our new account details beforehand. You can then have your ID verified within a branch once you’ve arrived.
And if you’re already living down under, the following list outlines the types of information required by most banks when opening an Australian bank account.
- Australian residential address
- Tax file number (TFN) or a TFN exemption
- Identification (this can be your passport)
Can Centrelink access your bank account?
Yes, Centrelink can access your bank account, but only if you give them a reason to. Centrelink uses data-matching software with other federal government agencies to help it crack down on welfare cheats.
This is why it’s important to give true and matching information to all government agencies.
For example, if you report to Centrelink your annual income is $25,000, but at tax time you report your income as $50,000 with the ATO, it’s likely you’ll be ‘red flagged’.
At this point, Centrelink can legally request that your bank hand over your personal bank account details, to review your finances.
In most cases, Centrelink does not have the authority to take money out of your account. You will usually be given written notice to repay the debt.
However, Centrelink can also reduce your benefits until you’ve paid back what you owe. In extreme cases, Centrelink can garnish your wages and assets (including money in your bank account) until your debt is repaid.
How do I open a bank account for a baby?
If you’ve just welcome a new baby into the world, congratulations. Opening a bank account for your child can be a wonderful first gift.
Before you can open your child an account, you’ll need to have a birth certificate or passport for your baby.
As the parent or guardian, you’ll also be listed as a joint holder on the account. This means you’ll need to have proof of your identification and address (a driver’s licence, passport, birth certificate or Medicare Card).
Many banks and credit unions offer baby banks accounts. Usually, you can apply online; otherwise you can head into a local branch or office with your documents.