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Learn more about bank accounts
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 do you delete your bank account from PayPal?
Deleting your bank account from PayPal is a simple three-step process:
- Go to your Wallet
- Choose the account you’d like to delete
- Click ‘Remove bank account’
Are bank accounts frozen when someone dies?
Yes, Australian bank accounts are frozen when someone dies. If you want to close the account of somebody who has died, you might have to provide proof of death and a copy of the will. You might also have to prove your relationship to the deceased person.
If you have a joint bank account with somebody who has died, you will generally be entitled to all the money in the account. Again, you might have to provide proof of death if you want to change the bank account from a joint account to a one-person 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.
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 I close a bank account with pending transactions?
You can close a bank account with pending transactions. But after the account is closed, any incoming transactions will be declined by your (old) bank.
The best way to ensure this doesn’t occur is to either wait to close your account until all pending transactions are complete, or contact the creditor and supply them with alternate bank details.
If you’re unsure whether you have any scheduled transactions, you can speak to a banking representative over the phone or via online support.
In most cases, your bank withholds the amount owing for pending transactions (such as online purchases).
Because the pending amount is deducted from your bank balance, you can close your bank account and the purchase will be honoured.
Do you need a bank account to sell on eBay?
You don’t need a bank account to sell on eBay. But if you don’t have a bank account, you must provide either a credit card or debit card.
How do you deposit change into your bank account?
One way to deposit change into your bank account is to visit a branch. Many lenders will also allow you to deposit your change through one of their ATMs.
What do I need to open bank accounts online?
Opening a bank account online is a simple process and only takes between five to 10 minutes to complete. To get started you will need a computer or smartphone with internet access.
Information to have available when you’re ready to apply is:
- Identification (such as driver’s licence, birth certificate, passport, proof-of-age card)
- Tax file number
- Residential address, email and a contact number
In some cases, you might be asked to provide employment details. If you’re not able to verify your identity online, most financial institutions let you provide this in the branch at a later date.
There are some types of bank account that you can apply for only in a branch. However, most bank accounts can be applied for conveniently online.
Do I need to open a business bank account?
Just because you’re in business doesn’t necessarily mean you need a business bank account. You could be a sole trader not registered for GST, and use your personal bank account for business.
If you do want a business account, there are plenty of benefits attached to business transaction and savings accounts, as well as business term deposits.
There are business bank accounts designed for businesses with a high volume of transactions, and those for start-ups with a small amount of trade. You could also include an EFTPOS service with your account.
Some business bank accounts charge for the number of transactions per month, while others offer a pay-as-you-go fee structure, where you only pay fees for transactions you make.
It’s up to you whether your priority is mainly transactions, or earning the maximum amount of interest on your principal. There’s a business banking solution for you if you need one.
Can I close my bank account over the phone?
In most cases, you can close a personal or business bank account over the phone. In fact, this is the best way to ensure you’ve closed an account properly.
By speaking to a banking representative, you can capture and close out any pending transactions, or interest owing/payable on the account being closed.
In the instance where the account is a joint account, or you have multiple bank accounts you want to close, your bank may send you a form that you need to fill out and return.
Either way, you would be advised over the phone of the steps you need to take. Calling your bank ahead of closing an account is often a smart course of action.
Do you need a bank account to get a credit card?
To get a credit card, you need to show proof of income, which will almost certainly require you to have a bank account.
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.
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 can you cash a cheque without a bank account?
You can cash a cheque without a bank account if you visit the bank that issued the cheque. For example, if somebody sends you a cheque from Bank X (as written on the cheque) and you visit Bank X, it’s likely that Bank X will let you cash the cheque – provided the person who wrote the cheque has enough money in their account. Bank X would probably charge you a fee for the service.