Australia's biggest bank finally offers Apple Pay

Australia's biggest bank finally offers Apple Pay

Today’s announcement that the Commonwealth Bank is joining the Apple Pay platform is a win for customers who had grown weary of the banks’ limited payment technologies.

Apple Pay launched in Australia in November 2015 and has, to date, largely been ignored by the big banks, with the exception of ANZ.

CBA’s decision, which also includes subsidiary BankWest, will see millions more Australians access the Apple pay platform via Australia’s biggest bank from January 2019.

More than 65 banks and card providers offer Apple Pay in Australia but there are notable exceptions in the ranks, including Westpac, NAB, St George, AMP, Bank of Melbourne and Bank of Queensland.

RateCity research director Sally Tindall said the absence of Apple Pay had been a bug bear of CBA customers for years.

“CBA has removed a thorn in the side of its customers today.

“The bank has finally closed the gaping hole in their payment platforms, and caught up with their main competitor in this space, ANZ.

“Interestingly, some of the smaller banks and card issuers are also competing fiercely in this field, offering up the three main platforms to their customers: Apple Pay, Google Pay and Samsung Pay.

“By not providing Apple Pay technology, CBA was jeopardising some of the bank’s existing customers, and potential new ones.

“Hopefully this move will force Westpac and NAB to adopt Apple Pay as well and improve the options for all customers looking to ditch their wallets,” she said. 

Popular providers and what they offer

For a full list of providers, click here.

Company

Apple pay

Google pay

Samsung pay

American Express

Yes

Yes

Yes

AMP Bank

No

Yes

Yes

ANZ

Yes

Yes

Yes

Bank of Melbourne

No

Yes

No

Bendigo Bank

Yes

Yes

Yes

Bank of Queensland

No

No

Yes

BankWest

Yes*

Yes

Yes

CBA

Yes*

Yes

Yes

Citi

Yes

No

Yes

Coles

No

No

No

Heritage Bank

No

Yes

Yes

HSBC

Yes

Yes

No

ING

Yes

Yes

No

Macquarie Bank

Yes

Yes

No

ME Bank

No

No

No

NAB

No

Yes

Yes

St. George

No

Yes

No

Suncorp

Yes

Yes

Yes

Teachers Mutual Bank

Yes

Yes

Yes

Virgin Money

No

No

Yes

Westpac

No

Yes

Yes

*Available from January 2019

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Learn more about bank accounts

What do you need to open bank accounts?

Opening a bank account is one of the simplest online tasks you could perform. The hard part is deciding which type of bank account you want to open.

All banking institutions have a website where you hit ‘apply’ on the account of your choice and step through an application in less than 10 minutes.

Here’s a list of information that is generally required for applications.

  • Identification (driver’s licence, passport, proof of age card, proof of citizenship and/or birth certificate)
  • Tax file number (so you don’t get charged the highest tax rate)
  • Address, contact email and phone number

If you decide to open a new account at the branch, make sure you ask beforehand what information you need to take with you, or take all of the above to be safe.

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.

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.

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 can I close an ANZ Bank account from overseas?

There are two ways you can close your ANZ Bank account from overseas:

  • Call +64 4 472 7123 (toll charges apply)
  • Send a bank mail request via ANZ internet banking

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 you find a bank account number by name?

For privacy reasons, Australian banks won’t hand out account numbers or other details about their customers. However, if you provide a bank with a BSB and account number, they should be able to confirm if those numbers belong to one of their customers.

How can I wire money to a bank account?

You can wire money to an Australian bank account either through your own bank or by using a money transfer company such as Western Union or MoneyGram. Either way, you’ll need the other person’s name, BSB number and account number. If you use a money transfer company, you might also need to provide the recipient’s address for large payments.

How do I open a new bank account?

There are a number of ways to open a new bank account – online, over the phone or in the branch. The trick is to decide what type of bank account you want beforehand.

It might sound like a simple enough task, but there are literally hundreds of bank accounts to choose from. And each offer their own banking features and benefits.

A comparison site like RateCity can help you work out what bank account product matches your needs.

Once you’ve made up your mind what you want, it’s advisable to have the following information ready for the application process.

  • A couple of forms of identification (such as driver’s licence, Medicare card, passport)
  • Tax file number
  • Residential address, contact phone number and email (though email is not essential)

Can I find my bank account number online?

Yes, you can find your bank account number by logging into your online banking and clicking on the relevant account.

Can I start a bank account online?

Yes, most lenders that operate in Australia will let you set up a bank account online. The process is usually simple and takes five to 10 minutes. 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 identification. Requirements differ from lender to lender, so some institutions might ask for more or different forms of ID.

How do I close a bank account?

Closing a bank account is one of those tasks that’s easy to put in the too-hard basket. There are quite a few steps involved, some which may require you to hang on the phone for a while.  

Here’s a handy checklist of items to tick off, so the job gets done quicker. If you don’t do your banking online, the following steps can also be done at a branch.   

  • Cancel any scheduled or recurring payments
  • Update your direct debit details (such as loan repayments) with creditors
  • Export your payee address book (to keep a record of saved third-party bank account details)
  • Transfer the balance of your account (to the new bank account)
  • Close your account online, or by calling the bank or visiting a branch

Can the government take your money from your bank account?

There are some instances when the government can take money from your bank account. This generally occurs in situations where you have an outstanding government debt.

Before it can take money from your bank account, the government authority owed money would first need to issue a garnishee notice. 

A garnishee notice is issued by the government agency (such as Centrelink or the ATO) to a third party that holds money for you or owes you money.

To take money from your bank account, your bank would be issued with the garnishee notice requiring it to pay ‘your money’ to the requesting agency to satisfy the debt.

How do you transfer money from PayPal to a bank account?

Transferring money from PayPal to an Australian bank account is simple. Just follow these three steps:

  • Go to your Wallet
  • Click ‘Transfer Money’
  • Follow the instructions

The money will take three to seven business days to reach your bank account.

Once you’ve made the transfer request, it can’t be withdrawn.