Easiest Bank Account To Open Online Australia In 2024

Do you want to know about the Easiest Bank Account To Open Online Australia without any complications? Your search ends here.

It’s pretty much essential to open a bank account if you’re new to Australia or want to manage your Australian finances more effectively. Whether you’re moving to Australia to learn or work, starting a business, or simply visiting, you’ll need a way to hold, receive, send, and spend dollars.

As long as you have all the necessary documents on hand, opening an Australian bank account should be pretty straightforward.

There is a guide to explain everything you need to know about Easiest Bank Account To Open Online Australia, including what documents are required, how to apply, etc. 

Let’s dive right in.

What is A Bank Account Number?

An account number identifies a bank account and grants access to it by using a unique string of numbers, letters, and other characters. A person’s account number is often one of the most important when transacting business.

How Does Banking Work in Australia?

The Australian banking system allows foreigners to have the Easiest Bank Account To Open Online Australia, unlike that of many other countries. Those who are not residents of the United States can easily open an account by finding the bank of their choice, navigating to their account opening website, and completing the application.

The banks generally limit the amount of money you can withdraw from your basic account until you become a permanent resident or a visa holder in Australia. Your bank account services will be available to you once your residency and identity have been verified.

A bank account in Australia offers the following advantages if you’re considering opening one:

• When you arrive in Australia, you can withdraw your funds immediately after you deposit them outside the country.
• Banks in Australia charge lower fees for domestic services than for international services,
• Employers can easily deposit your earnings directly into your account if you provide them with your bank information.
• Your bank details can also be provided to utility companies, rental agencies, and other businesses to make managing your bills easier.

Can I Open An Australian Bank Account Online?

An Australian bank account can be opened even if you are not physically present in the country. You can do it online by picking a bank. In most cases, a bank’s website will allow you to select an account, enter your details, and upload your identification documents, regardless of whether you are a new or existing customer.

It should be pretty straightforward to open a new bank account online, although the bank you choose will determine how easy it is. Apparently, opening a Classic Banking account with NAB can take just five to ten minutes.

However, a few things need to be kept in mind. New arrivals from outside Australia will need to present their ID and other documentation at their local branch once they arrive.

Opening business bank account online Australia is a straightforward process, offering convenience. However, the full capabilities may require additional steps.

Types of Easiest Bank Account To Open Online Australia

Listed below are the most common types of bank accounts in Australia, which should save you a lot of confusion:

Transaction Or “Every day” Account

Most people need this account, and it is equivalent to a checking account or current account that is used to pay rent, groceries, utilities, etc. Salary and wages can be deposited into this account, but fees and overdrafts are not automated (but they may be available for a fee). Amounts held by them do not generate interest either. The facilities include an internet banking account, a debit card (including contactless payments), and mobile banking.

Savings Account

They are ideal for people who want to put money aside and grow it based on the interest they earn. This type of account may have a minimum balance requirement as well as a variable interest rate. It is typical to be paid high-interest rates if no withdrawals are made over time.

The difference between these accounts and everyday accounts is the minimum balance requirement and the fact that interest can be earned on the balance. The joint Savings account can also be opened with a partner or family member in Australia.

Term Deposit Account

This is a type of savings account with a fixed rate of interest. A term deposit account usually requires a minimum deposit, and the interest rate is fixed for a specified period—the “term.” If no money is withdrawn, the interest is paid out at the end of the term. Term deposit accounts offer higher interest rates than savings accounts.

Top Easiest Bank Account To Open Online Australia

Below we’ve mentioned some of the best and Easiest Bank Account To Open Online Australia:

Commonwealth Bank 

Commonwealth Bank is a multinational bank with around 15.9 million customers worldwide. Over 100 ATMs and 20 branches are available in Australia through CommBank.

New arrivals to Australia can choose between two main accounts offered by CommBank. For the first year, there are no monthly fees associated with the Everyday Account Smart Access, an account that offers fee-free ATM withdrawals and mobile banking, and no monthly account fees. Easiest Bank Account To Open Online Australia is possible up to three months before (or after) you arrive.

Australia and New Zealand Banking Group (ANZ)

The Australia and New Zealand Banking Group (ANZ) has 400 branches and 900 ATMs throughout Australia. The company serves more than 8.5 million customers worldwide, including consumers, retailers, and businesses.

Australian residents, students, and new arrivals to the country can open an Access Advantage account at ANZ. The account includes an ANZ Visa debit card, internet banking, and mobile banking through the ANZ app. Those who deposit over a certain amount or who are students11 are exempt from the monthly account fee.

National Australia Bank (NAB)

An e-commerce business would benefit from this account, as it offers the services of a Big 4 Bank.

You can take your business to the next level by switching monthly fees when you need them. This is the only bank account from any of the Big 4 Banks that offers unlimited electronic transactions.

Online banking, local ATMs, and 24/7 customer service would still be available without additional fees and requirements.

Westpac

Westpac is one of Australia’s oldest banks, headquartered in Melbourne, and has about 800 branches and over 3,000 ATMs.

Everyday accounts are offered by Westpac Choice, which is available for everyone, from students to newcomers. You can withdraw money from ATMs without a card and use mobile banking and internet banking. Applicants who deposit a certain amount each month (for the first year) and students have waived the monthly fee. The Westpac business transaction account offers several options depending on your business needs.

Wise

The investment rate offered by Wise is the highest among Australian digital banks. An asset program offered by this bank enables customers to purchase large company stocks (including dividend stocks). Investment portfolios can be built by clients, or ready-made solutions can be offered by the bank’s experts. A ready-made portfolio’s profitability will be up to 13% by the end of 2023. Wise accounts allow you to store funds in 50 currencies and convert them freely at market rates. If you want to make a transfer or convert currency, you’ll only have to worry about a low, transparent fee.

The Wise international debit card can be used worldwide.

Australia is one of the countries where it works. Spending money is automatically converted into AUD (or whatever the local currency is) at the mid-market exchange rate.

Revolut

There is no doubt that Revolut is one of the world’s most recognizable online banks. It is available in Australia as well. Your account won’t have an Australian account number since it hasn’t been licensed as a bank yet. The service lets you transfer money to friends and buy stocks and other securities without paying international transaction fees. Applicants do not need to provide proof of their residency in Australia in order to open a current account.

As compared with the UK, where the free Standard plan also comes with a Plus plan, you’ll find fewer options here. A debit card is included with each Revolut plan. Upgrade to a more expensive monthly package, however, to gain more benefits. You can save 60% on international transfers with a Premium account, exchange currency for free up to $20,000 AUD, and access airport lounges for free/discounted. The Metal card gives you exclusive access to airport lounges and an 80% discount on international payments.

Up

In Australia, Up is a licensed digital bank that strives to help young people get a handle on their finances. Mobile apps provide automated savings features, budgeting, and bill payment options for the account. The company also provides advice on saving for a home loan and offers home loan services. You won’t be charged any monthly fees by Up, nor will you be charged any foreign exchange or ATM withdrawal fees when using the linked debit card overseas. For those looking for a passive way to increase their savings balance, Up also offers a feature called “round-up” that rounded up purchases to the nearest dollar and deposited the difference into a linked savings account.

Required Documents For Easiest Bank Account To Open Online Australia

A bank account can be opened before or after arriving in Australia based on different documentation requirements.

You need the following information to apply for Easiest Bank Account To Open Online Australia:

• Passports
• Australian Visa
• Your country’s tax details
• A letter of acceptance from a school (for students)

Australian banks usually use a “100-point” system when you apply for a bank account at a branch after arrival, where you need to submit a variety of documents with different “points” or weights.

After arriving in the country, you will need the following documents for the Easiest Bank Account To Open Online Australia:

• Passports
• Australian Visa
• Acceptance letter from an educational institution (students)
• Tenancy agreement/rental receipt
• The Australian driver’s license
• Utility bills
• Car registration document
• Health insurance card

Application Process For Easiest Bank Account To Open Online Australia

The following steps will guide you through the process of Easiest Bank Account To Open Online Australia. Below is a handy overview to help you build an understanding of how the process works:

• Account features and fees vary widely, so it’s important to do your research before choosing a bank or provider. Make sure you compare big high-street bank brands with more modern alternatives.
• Open an account only if you are eligible to do so. Different accounts have different eligibility requirements, such as a credit check, a minimum salary, or proof of employment or student status.
• Find the best account for your needs by comparing several different accounts. You can find a convenient account with low fees for the transactions you make frequently.
• To get started, you may need to prepare several documents. Be sure to check with your preferred provider to see what they require.
• You are finally able to apply for an account online, through an app, by phone or in a branch. Depending on how you apply, you’ll receive your paperwork and card by mail or in person.

Things To Consider Before Applying Easiest Bank Account To Open Online Australia

It’s hard to choose between Australian bank accounts because there are so many options. The downside is that you’ll have to put some time into picking the right one. Here are a few things to keep in mind:

Account Fees

Australian accounts with no monthly fees usually have transaction and service fees. Consider comparing these carefully for transactions you make frequently so that you can keep your overall costs low.

Access To ATMs

 You should make sure you know where you can get fee-free ATM services, as well as the costs for withdrawals made outside of your network and abroad. International ATM withdrawals from regular banks typically have high fees – alternative services like Wise and Revolut offer fee-free international withdrawals.

Bank Online

 You can access your bank’s online or mobile banking services – make sure the service you’re looking at is intuitive and allows you to perform the online transactions you need

Debit Cards

 Australia now has a large number of contactless debit cards that support mobile payments. Make sure you get a card that you can use easily to make payments.

Transactions Conducted Internationally

 You should also pay attention to the fees when spending or sending foreign currencies; traditional banks can charge high exchange rates. Specialist services like Wise and Revolut can provide better exchange rates and more transparent charges.

Cost of Easiest Bank Account To Open Online Australia?

You may not pay a monthly fee for everyday accounts at most Australian banks, or the fee may be waived if you deposit around $2,000AUD 24 per month or more.

Other ATM operators may charge a fee for using their ATMs, although your bank’s ATMs are usually free. It is nearly always necessary to pay fees when using an ATM abroad. A foreign ATM withdrawal fee of $5 AUD is charged by NAB, for instance.

A fee usually applies to overdrawn accounts (although not always). There is no overdrawn fee for NAB’s Classic Banking account, while CommBank charges a fee of $15.

The international transfer fee will be added to these fees. The exchange rate is inflated by banks when sending money overseas, and the fees are high. As a result, you may have to pay more if you wish to send money between Australia and the UK.

What Do You Need For Easiest Bank Account To Open Online Australia If You Are Inder 18?

A minor can open a bank account with most major Australian banks and specialist providers such as Revolut.

Bank account opening for minors has similar requirements to those for adults – but verification processes tend to be more flexible.

Parent or guardians can easily set up a Revolut account for a child under 18 by adding the account to their own Revolut adult account. An adult still maintains oversight – and responsibility – for the account even though the child is enabled to access certain features.

You will need the following to open a standard bank account as a minor:

• Passport, driver’s license, or ID card as primary proof of identification
• Birth certificates or school letters are examples of secondary ID documents

FAQs

Conclusion

The process of Easiest Bank Account To Open Online Australia isn’t difficult if you have all the required paperwork on hand. The process might become more difficult if you lack the suggested documents for proof of ID and address – and you’ll often need to visit a branch.

A digital or online account specialist may be able to provide an easier and more streamlined account opening process with the added benefit of faster services.