Open a bank account in Australia in 2020
Australia has been experiencing a strong economic growth for many years and its financial institutions have always been and still remain reliable. The banking system is highly concentrated. For a long time, the authorities of the jurisdiction prohibited the opening of foreign financial institutions within the country. This ban was lifted in the mid-1980s.
The functions of the Central Bank are performed by RBA. All relevant data can be found on RBA's official website. In total, there are more than 7 dozen institutions functioning in Australia. To open a bank account in Australia in 2020, please contact our IT-OFFSHORE specialists.
How to open a bank account in Australia
To open a bank account in Australia, you need to prepare all necessary documents beforehand. Australian banks use a scoring system where information is priced at a certain number of points. To open an account you will need to prepare documentation from 100 or more points.
For example, identification documents may be worth 70 points. Documentation such as driver's license, weapon permit, and a medical card is rated at 40 points. The availability of the land valuation report (if there is a house in possession) is assessed at 35 points.
A credit card with a name is worth 25 points. Documents such as utility bills or addresses and names are also scored.
It is possible to open an account remotely. No need to visit a bank branch, you can choose a suitable financial institution and register online. The registration time usually takes no more than 10 minutes. However, it is still necessary to send documents to the bank branch when the person arrives in the country.
Requirements for account opening: list of documents
The documentation that is submitted to get 100 points or more is divided into 2 types. The primary documents include a passport and certificate of citizenship. Documentation proving refugee status etc. can also be included in this group.
Secondary documents include those with a photo of the holder or with his or her signature. The same group includes a card with identification issued by the state structure and a university card.
The documentation should be translated into English at the appropriate office. You will have to pay for translation services. Government agencies of the jurisdiction prepare documents for charge.
Major banks in Australia
When choosing a bank, individual preferences must be taken into account. No matter which bank is selected, it is relatively easy to open an account. One of the most famous banks is National Australian Bank. It is the largest bank in the country. In total there are more than one and a half thousand representative offices of the organization as well as more than 3 000 ATMs in Australia.
Another popular bank - Commonwealth Bank, offers an account, which is designed for customers who have recently arrived in the country. The account can be issued remotely, three months before your arrival. It can be replenished immediately. The bank has special offers for business clients.
You can open an account with the ANZ a year before you move to the country. The account is free for the first 12 months of use. The bank also provides consultations to people who have recently arrived in the country. This service is relevant for those who plan to develop their own business.
You can open a daily account at WestPac bank free of charge for the first year and the service is also free for students. You can register one year prior to coming to the country. It is also possible to open a business account.
There are many banks in Australia where you can open an account for your own personal use or for business on bargain deals. The advantage of creating an account is that you can open it remotely, and, prior to your arrival in the country.