Create a Bank Account

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WHAT IS A BANK ACCOUNT?

A bank account is a place for you to deposit and withdraw funds, make payments, transfer money to another person or institution, pay bills electronically and more.

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WHAT TYPE OF BANK ACCOUNT DO I NEED?

Every bank calls it something different. Mostly, it is just marketing; not wanting to call it something that another bank is doing and promoting it as if it is no different.

To bank like a normal person, you will only need any one or all of these types of accounts:

• a Savings Account with a debit card

• a Savings Account without a debit card

• a Bonus Savings account without a debit card

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BONUS SAVINGS ACCOUNTS

These are accounts primarily used as your account you intend to hold money in without spending. You earn a higher interest on money untouched for long periods of time.

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HOW DO I CHOOSE WHICH BANK OR CREDIT UNION?

Generally, banks charge more fees than credit unions, but you can shop around on their individual websites to compare the services they have to offer.

Apart from fees, what you should consider is how accessible the bank or credit union is:

• How close your nearest branch is to you?

• How close your nearest ATM is to you?

• How many ATMs your bank owns in your city that charge nothing or little to use their machines?

• How many branches exist in your city? or in the country (If you travel across town or across the country often, would you have access to branches?)

• How much will other banks will charge you to use their ATMs?

If you rarely need to go into a branch - or you are near a supermarket to ask for cash out (which have no bank-withdrawal fees, but there are limitations on how much you can withdraw) - then distance to branches and ATMs may not be a problem for you. The best and cheapest service may be the bank or credit union that has one branch in town and that's it.

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HOW DO I OPEN A BANK ACCOUNT?

Banks and credit unions will have different processes for opening an initial account. Some, you can create one directly from their website, others you can call up, others you must go in.

Most banks offer a version of all three ways.

Once you open one, you can open as many as you want within that bank.

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WHAT IDENTIFICATION DO I NEED TO PROVIDE?

You must prove your identity to banks before they can open an account for you.

You’ll need to provide 1x of these photo ID documents:

• Your Australian or international passport

• Your current Australian or New Zealand driver's licence (excludes digital driver licence)

• Your foreign national ID card

• Your Proof of Age card (issued by an Australian state or territory)

• Your NSW Photo Card/Birth Card or WA Photo Card

• Your Government-issued firearms licence

Or, you can provide 2x of these non-photo ID documents:

• Your Australian or foreign birth certificate

• Your Australian or foreign citizenship certificate

• Your Centrelink / Department of Veterans’ Affairs pension or health care card

• Your Australian driver’s licence (if it doesn’t include a photo of you)

Or, you can provide 1x of the non-photo ID documents listed above and 1x of these documents:

• A notice from the Commonwealth or your state or territory clearly showing your full name, residential address and any financial benefits paid to you (issued within the past 12 months)

• An Australian Tax Office (ATO) notice clearly showing your full name and residential address (issued within the past 12 months)

• A utilities notice from a local government body or utility provider clearly showing your full name, residential address and services provided to you (issued within the past 3 months)

• Your overseas driver's licence

• Your Commonwealth/State or territory security guard/crowd safety officer ID card

You’ll need to provide the original documents or certified copies.

You’ll also need to provide a Change of Name certificate from the Registry of Births, Deaths and Marriages if your name has changed.

If you’ve moved from overseas, or hold tax residency in any country other than Australia, you’ll need to provide:

• Your passport

• Your Tax Identification Number (TIN) for each country of tax residency

Each document should be translated into English by a translator accredited by the National Accreditation Authority for Translators and Interpreters Ltd (NAATI) or equivalent.