Opening a Bank Account in Australia

Opening a bank account in Australia is a very easy process. Almost all banks provide an online application form that can be used to apply for an account. An account number is usually generated after the online application process however individuals need to complete a 100 point identity check before the account is operational.

There are several types of bank accounts in Australia to choose from. The most commonly used type of account is likely to be the transaction account, although most Australians tend to have a seperate savings account as well. Most transaction accounts will incur a monthly account keeping fees of 4 to 6 dollars and can be waived if a minimum monthly deposit transaction (usually $2000) is done. Some banks will prove certain accounts where no fees is charged for the first 6 or 12 months. Some banks may place limitations on the number of transactions allowed each month before additional fees may apply.

Banks in Australia

There are many banks in Australia, however a major market share is commanded by the four major banks within the country (also known as the Big Four). These are Westpac, Commonwealth Bank of Australia (CBA), the National Australia Bank (NAB) and the Bank of Australia and New Zealand (ANZ). Each of these major banks offer widespread ATM services right across the country.

Westpac and Commonwealth Bank will also allow overseas customers to open bank accounts before they arrive in Australia.

100 Point Identification System

Australia has a 100 point identification system that is used to confirm identities and is used by all banks, some other financial institutions and most other organisations. The 100 point system accepts most forms of identification documents like

• Passport, Birth Certificate, Citizenship certificate each having 70 points. These are considered primary and only one of them can be used.
• Drivers license, Public service Employee ID each havig 40 points
• Medicare Card having 25 points
• Car Registration and Utility bills having 25 points

There are more documents that can be accepted and each organisation requiring a 100 point check will detail the process on their website.