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How to Open a Bank Account Online in Australia
By
Will Ellis
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Last Updated on January 1, 2024
In the digital realm, opening a bank account is a breeze. This process may be completed in a matter of minutes, eliminating the need to visit a physical location.
Maybe more importantly, it may be the only route if you want for a fully online bank or credit union account.
The best online banks (and credit unions) are protected by the Australian Government Bank Guarantee (and the best credit unions are protected by the National Credit Union Administration), have better rates than traditional banks, and often have no or very minimal fees.
Table of Contents:
- Overview Mini-Section
- Step 1 – Decide Which Account Suits You Best
- Step 2 – Collect Your Personal Documents
- Step 3 – Fill Out The Application
- Application Step 3.5 – Completing The Registration
- Step 4 – Put Money Into Your Bank Account
- Takeaway
- FAQs
Overview Mini-Section 📖
Open a Bank Account Online in 4 Steps
With just a few easy steps, you can get an online bank account:
- Choose the account type that best suits your needs.
- Get all your important papers and paperwork together ahead of time.
- Please provide all relevant information in the application.
- Put money into the new account.
Let’s walk you through each of the above steps 🚶…
Step 1 📕 – Decide Which Account Suits You Best
There are two major choices to make before you begin the application…
First, know why you need a new account.
Consider establishing a checking account, but make sure it doesn’t impose excessive fees, if you require access to funds on a regular basis to cover recurring costs (or that you can get them waived). Be sure the savings account offers a competitive interest rate if the funds are intended for long-term investment. Think about how you’ll be utilising this new account before making any decisions.
Second, which kind of bank account opening do you prefer, individual or joint?
You have complete control over a single account. You and another individual, often a member of your immediate family or a significant other, may possess a joint account together. Consider opening numerous checking and savings accounts at the same financial institution to find the one that best suits your needs.
Confirm that the account will be Australian Government Bank Guarantee insured, protecting your funds in the event of the bank failing. Check the AGBG’s to see whether your bank is federally insured. Similarly, the AGBG logo may be seen on the bank’s website.
The National Credit Union Administration (NCUA) provides the same insurance for credit union accounts. In order to know whether a credit union is insured by the NCUA, you may look it up using the NCUA’s credit union finder.
TIP 💡: You should look around for the best banking option that fits your needs. Check that the accounts you’re interested in don’t charge you any kind of monthly maintenance fee or ATM fees, accept a variety of payments, and include extras like cash-back incentives. An account that doesn’t charge you a fee every time you make a purchase in a foreign country might be useful if you often go abroad.
Step 2 📗 – Collect Your Personal Documents
Get a head start! 🏎️
Below is the paperwork required to start an online bank account. For each person who will share ownership of the account with you, you must collect the following data.
- 👍 Aussie identification number.
- 👍 A current photo driver’s licence or equivalent ID.
To fund your new account using an existing bank account, you’ll need its routing and account numbers (or debit card details). A check or the online dashboard for an existing account will provide you with these digits.
After deciding on an account, you may begin the online application process. Include your full name, DOB, current address, and phone number, as well as your Tax File Number (TFN) and driver’s licence number (DLN) if you have them.
In most cases, if you’re already a client of the bank, you may skip this step by providing your current customer number.
Step 3 📘 – Fill Out The Application
It’s time to start the online application.
After deciding on an account, you may begin the online application process. You’ll need to provide them your name, DOB, home address, phone number, and, if you have one, your tax file number (TFN) and driver’s licence number.
You may normally bypass this step by providing your current customer number if you are already a client of the bank.
You’ll need to provide certain personal details while applying for an online bank account. Fill out the application with your personal information, which will likely include: using a safe home internet connection or similar trustworthy network.
Social Security number, photo identification, and bank account details from the materials you’ve already collected.
- ☑️ Name
- ☑️ Address
- ☑️ Date of birth
- ☑️ A means of contact
Application Step 3.5 🗺️ – Completing The Registration
What do I need to get started with an electronic bank account? Usually, one of the following alternatives will be available to you:
- One picture ID, such a driver’s licence, passport, or proof of age card.
- Birth certificates, citizenship documents, and pension cards are all examples of major non-photographic forms of ID.
- A single instance of each: Proof of identity in the form of two forms of non-photographic identification (e.g., a birth certificate, citizenship document, or pension card) (such as a government financial benefits notice from the past 12 months, an ATO notice of assessment from the last 12 months, or a rates notice or utility bill issued in the last three months).
When creating a bank account, you must submit an ID that is both valid (check the expiration date on your passport) and an exact match for the name you provide on the application. Until you verify your identification, you won’t be able to withdraw any funds from your account.
Besides the above, they’ll require the following personal information from you:
- Info about yourself. Your gender, complete name, birthdate, and place of residence are required pieces of information.
- Particulars for getting in touch. If you want to do business with the bank, they’ll need your email and phone number.
- Identification or tax number. You are not required to provide your TFN, but doing so will prevent any required withholding tax from being taken out of your savings account interest.
To further authenticate your identification, you may be required to fax or email additional documents, such as a copy of your driver’s licence, in addition to the online submission of this information.
If you have a history of problems with your checking account, or if your employment and credit history are restricted, for example, certain banks may ask you to visit a branch in person to produce these papers.
In order for your bank to validate your signature or for you to accept to receive statements and other information online, you may be required to sign and return a signature card or form.
Application completion may need a visit to a branch if you are under the age of 18, and you will need a parent co-details. signer’s (If you’re an adult interested in opening a savings account for a child, read up on the specifics).
Step 4 – Put Money Into Your Bank Account 📙
And turn it on. ⚡
When you’ve been accepted, a debit card linked to your bank account will be sent to you. It normally takes between 3 and 7 business days, but you’ll find out exactly how long it takes when you get the confirmation email after submitting the online application.
For safety reasons, your debit card and PIN will arrive in separate packages. In order to make withdrawals after receiving your card, you must sign the back and activate it. This may easily be done over the phone or over the internet. Your card will arrive in the mail with detailed activation instructions.
You’ll need to put money into your new online bank account right now. Transferring money from one account to another is the norm. You may also be able to fund via a check or money order, even if your bank is entirely digital. You may also make deposits at any of your bank’s physical locations.
When prompted for a transfer amount, choose an amount that meets any prerequisite deposits or minimum balances. When the funds have been processed, which usually takes a few days, you may begin using your new account.
Takeaway 📚 🤠
Lastly, activate your card!
To ensure that all future payments are sent to your new account, it is necessary to submit a document authorising the transfer of regular payments. In doing so, you authorise your new bank to change all of your direct debits to your new account, rather than requiring you to make the change individually.
Create an online banking account. Finally, you should get set up with online banking. This feature enables you to handle your finances and transfer funds to other accounts from any device with access to the internet.
Download the bank’s online banking app and contact customer support to set up a password (Are You Reusing Passwords? Complete Guide 2024).
FAQs
Common questions about opening a bank account in Australia…
1. Where can you open an online bank account?
Both traditional brick-and-mortar banks and internet-only banks allow you to create an account online. The same goes for certain regional credit unions and banks.
2. Is it possible to create a bank account online instead of visiting a physical branch?
You can open an account with a bank without ever setting foot inside a branch. All banking and account management tasks may be completed digitally with a fully online bank or account (7 Strong Password Ideas You Need).
3. Do online banks provide quick online checking account opening?
Online banks and credit unions, as well as more conventional banks and credit unions, often allow you to create a checking account online in a matter of minutes. Several major financial institutions, like Wells Fargo, Bank of America, U.S. Bank, and others, allow you to create an account online. The best online banks and credit unions, such as Alliant Credit Union, Ally Bank, Discover Bank, and SoFi, allow you to create a checking account online in a matter of minutes.
4. How about a no-deposit online bank account?
You can start an online bank account without making a deposit right away. There is often no initial deposit minimum at several financial institutions. Nonetheless, the bank may terminate the account if deposits are not made within a certain time frame.
5. Is there online account opening for Chase? How about a Bank of America account?
Both Chase and Bank of America allow account openings through the Internet. PNC, U.S. Bank, and Wells Fargo are just a few more major banks that let you establish an account online.
6. Can you recommend a simple online bank account?
If you have the required documentation and your chosen bank or credit union has internet banking or a mobile app, opening an account online is a breeze. Online accounts may usually be created in within 10 minutes. Prerequisites for setting up an electronic bank account:
- You need to prove that you are an Australian resident by providing an Australian address.
- You need to be at least 18 years old to apply (for most banks).
- If you’re not already a client of the bank, you’ll need to produce 100 pieces of identification to pass the bank’s customer identification procedure.
- The bank account must be used for individual, noncommercial purposes.
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