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Learn more about bank accounts
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 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 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.
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.
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 find your bank account number online?
If your bank offers online services, you should be able to find your bank account number online by logging into your account on your bank’s website and checking your details there.
Keep in mind that each type of account you have with a bank comes with a unique account number. This means if you have a bank account as well as a savings account, for example, your bank account number and your savings account number will be different.
If you don’t have access to your bank account online or can’t login, you should be able to find your account number on a mailed bank statement, if you have one.
Alternatively, you can call your bank’s customer service number or visit a branch to retrieve your account number.
Can I open bank accounts for my children?
A common question for new parents is, ‘Can I open a bank account for my child?’
The short answer is yes – as a parent you can open a bank account for your child.
Once you’ve compared your options and found a bank account that suits your needs, the process is relatively simple.
As the bank account is for your child, you’ll need to provide some documentation such as proof of ID, including your tax file number.
You will also need a copy of your child’s birth certificate, and in some cases you may also need to sign a guarantee of indemnity.
Depending on the bank and whether you’re an existing customer, you may be able to open a bank account for your child online. However, you may still need to go into a branch to prove your identity.
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.
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 you deposit money into somebody else's bank account?
One of the easiest banking tasks in the world is depositing money. You can even deposit money into someone else’s bank account if you wish.
The basic information you need to deposit money into a third-party bank account is:
- Payee’s name
- Bank, building society or credit union (though this isn’t necessary)
- BSB (or bank code, which is the branch identifier)
- Account number
Including the name of the financial institution isn’t necessary – particularly with online banking – because the BSB will identify this for you.
A handy tip is to record yourself (or add a personal message) in the transaction description or reference. This will show up on the recipients account, letting them know who’s paid them the money.
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.
How can I find bank accounts in my name?
To find ‘live’ bank accounts in your name, you’ll have to ask individual lenders, which involves contacting them one by one and proving your identity each time. To find ‘unclaimed’ bank accounts (those that have been inactive for at least seven years), you can use this website.
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 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.
How do I close my bank account online?
You can usually easily open a bank account online, but you often can’t close it online.
Many banks and credit unions will only let you close an account if you go into a branch or call them on the phone.
However, some banks will let you request to close the account via your internet banking. Check your financial provider’s website for details.
Just remember: If you still have funds in the bank account, transfer them to another account, or withdraw the cash. Also, if you have any payments like direct debits going in or out of the bank account, these will also stop when you close your account.