In Australia, opening a bank account is a crucial matter for foreigners intending to study or work on a holiday visa. Whether it's a short-term stay or long-term settlement, selecting the right type of bank account and understanding the opening process is essential.

Here is a detailed guide on opening a bank account in Australia, covering account types offered by major banks, required documents and procedures, and recommendations for several leading banks.

Australia Bank Account Types

Australia primarily offers the following types of bank accounts:

• Transaction Account: Used for daily transactions and payments, typically comes with a debit or transaction card.
• Savings Account: Used for saving and accumulating funds, offering varying interest rates and access conditions.
• Foreign Currency Account: Allows holding multiple foreign currencies, suitable for managing international transactions.
• Term Deposits: Used for long-term savings, typically offering fixed interest rates.

Required Documents for Opening an Account

Generally, foreigners need the following documents or information to open an account in Australia:

• Proof of Identity: Usually a passport, sometimes also accepts an Australian driver's license or Medicare card.
• Australian Residential Address: Proof of residency such as a lease agreement or utility bill.
• Australian Mobile Number: Used for bank communications and verification.
• Taxation Information: If applicable, any country's tax documents.
• Student Proof: If a student, may require proof of enrollment.

Opening Process

The specific process of opening a bank account depends on the bank and the type of account, typically involving the following steps:

1. Select Bank and Account Type: Explore official websites or branches of major banks to choose the account type that suits your needs.

2. Apply Online or In-Branch: Choose between applying online through the bank's website or mobile app, or visiting a branch in person.

3. Fill Out Application Form: Provide personal information, contact details, and tax information on the application form.

4. Identity Verification: Usually involves uploading a passport and a selfie for identity verification, or presenting identity documents at a branch.

5. Submit Application: Review and submit the application once all information is confirmed to be correct, then await bank approval.

6. Receive Account Details: Once approved, the bank will mail the debit or transaction card and related documents to the specified address.

Recommended Major Banks

Westpac (Stock Code: WBC)

Westpac is one of Australia's Big Four banks with over 800 branches and 1600 ATMs, offering a wide range of banking services. For new immigrants and students, Westpac provides various account options to meet different financial needs and lifestyles.

• Westpac Choice Account: Ideal for everyday transactions with a Mastercard debit card. No minimum balance requirement and a monthly fee of AUD 5. You can enjoy the first 12 months fee-free if you are under 30, deposit AUD 2,000 monthly, or have recently moved to Australia.

• Westpac Life Account: Linked to the Westpac Choice Account for savings purposes. Maintain a regular monthly deposit to earn up to 5% p.a. interest.

• Foreign Currency Accounts: Westpac offers convenient foreign currency account services for handling multiple currencies.

ANZ (Stock Code: ANZ)

ANZ is a leading bank in Australia with over 500 branches. ANZ has introduced several digital accounts, providing convenient and efficient banking services through mobile apps.

• ANZ Plus & ANZ Save Accounts: ANZ Plus is a fully digital account combining everyday and savings functions with an interest rate of up to 4.9% p.a. Although it does not support branch transactions and international transfers, it suits those seeking efficient banking services.

• ANZ Access Advantage Account: Suitable for everyday transactions with a VISA debit card. No minimum balance requirement and a monthly fee of AUD 5. You can qualify for fee waivers if you are under 25, a full-time student, deposit AUD 2,000 monthly, or maintain a total of AUD 50,000 in assets.

Commonwealth Bank (Stock Code: CBA)

Commonwealth Bank is Australia's largest bank with over 1,000 branches and 4,000 ATMs. It is known for its convenient mobile app and comprehensive online banking services, offering innovative tools and service options.

• Everyday Account Smart Access: Ideal for daily transactions with a Mastercard debit card. No minimum balance requirement and a monthly fee of AUD 4. Fee waivers are available under specific conditions (e.g., under 30, deposit AUD 2,000 monthly, or maintain AUD 50,000 in assets).

• NetBank Saver Account: An online savings account linked to your everyday account. Enjoy a promotional interest rate of 5.1% p.a. for the first five months.

• Foreign Currency Accounts: Offers 18 currency options for managing international transactions.

NAB (Stock Code: NAB)

NAB is the last of Australia's "Big Four" banks, serving over 9 million customers across Australia, New Zealand, and Asia. NAB is popular for its simple and transparent banking services.

• NAB Classic Banking Account: Suitable for daily transactions with a VISA debit card. No minimum balance requirement and no monthly account fees.

• NAB Reward Saver Account: A savings account with no minimum balance requirement and no monthly fees. Maintain consistent savings and no withdrawals to earn up to 5% p.a. interest.

• Foreign Currency Accounts: Offers AUD 30 for online transfers in AUD (no currency conversion fees) and no fees for transferring other currencies.

Through this detailed guide, it is hoped that individuals planning to go to Australia can better understand and choose the type of bank account that suits them, facilitating the smooth opening of their Australian bank account.