Now that you’ve signed up to TransferWise and have a fantastic international debit Mastercard as a backup, it’s time to get an official Australian bank account.
Why do you need an Australian bank account?
If you want to work in Australia, most employers will only pay into an Australian bank account. I highly recommend you set one up before you leave so all you need to do when you land is a quick identity check.
Here are seven other important reasons:
- It’s a great way to keep a record of your pay while you’re working towards your second-year Working Holiday Visa.
- Makes your tax refund easier because you need to track the interest you get on your income.
- It will save you money using TransferWise to send a large amount of money over rather than small exchange rate costs on your credit card every time you use it.
- You can open a savings account and receive interest on your money.
- When you get a tax return the Australian Tax Office will only pay it into an Australian bank account.
- Your bank statements are great if you need a proof of residence documents or proof that you are being paid by a company for further visa applications.
- You can also get car insurance through your bank.
Below, I have outlined three of the best ways to get a bank account. Hopefully one of these options suits you best.
Option 1: Set yourself up online before you leave
I would recommend setting up a bank account with Westpac. Westpac is one of the five biggest banks in Australia. Their customer service is excellent, and I even have my own bank representative who answered all my questions about my bank account.
With Westpac. you can set up an account 12 months before arriving in Australia, or once you have arrived.
No Australian address is needed when opening from overseas prior to arrival. It only takes a few minutes to apply and you can deposit money into that account straight away, ready for your trip.
At the moment if you follow this link you can get AUD$50 free if you deposit AUD$250 within 45 days of joining. This account also currently charges no fee for 12 months. Banks in Australia usually charge you about AUD$5 a month, so you are saving roughly $60 a year.
To apply you need to fall under the following criteria
- You can only apply if you are landing in Australia in the next 12 months
- Over 12 years of age
- Looking to hold the account in your name only
- Will deposit within 6 months
- Complete your in-person identity check within 12 months. You won’t be able to make withdrawals until you have completed this check
You will only have online banking and receive eStatements until you land and do your ID check.
Application Checklist
Here is a short list of the information you will need to apply for a bank account:
- Date you intend to enter Australia (this can only be two years out)
- Phone number
- Email address
- Name
- Date of birth
- Employment type
- Residential Address
- Your arrival details
- Visa Type
- Australian State/Territory
- Type of work you will be doing in Australia
- Expected gross yearly salary in Australia (Minimum wage is roughly $20 an hour)
- You will then get an SMS code to activate your account.
Tip: Once your account is activated, make sure you read the welcome email before you arrive.
The welcome email has very important information about what you need to do before you leave and when you land. I also recommend downloading the banking app and getting it set up.
Option 2: Use a Visa Company
In Australia, banks charge a monthly fee on any bank account. A visa company will help waive this fee for 12 months.
Before getting a visa company to set up an account, ask them which bank they use. It is a good idea to research the bank. You want to go for one of the bigger banks so that you know you can access some help wherever you are in Australia.
Please see a list of the bigger banks in Australia below.
The five biggest banks in Australia:
Useful Comparison Links:
Option 3: Set one up as soon as you land.
If you want to set up an account when you land, make sure you shop around for the bank that best meets your needs, and ask about their bank fees. See if you can talk to someone about waiving your fees as a new customer like a visa company does for you.
Tip: Make sure you set up an account within six weeks of landing in the country. If you don’t signing up can get alot harder.
After the initial six weeks, you will need to meet the 100 point requirement:
- Passport is worth 75 points
- Drivers license 20 points.
- Credit Card between 5-10 points.
- These three items should be enough. But you may need to fill in more paperwork and it could take longer. You will also need your own address.
Next, save & get a postal address!
Once you apply for an official Australian bank account and TransferWise Borderless Account. I recommend you open a savings account with your Australian Bank and start moving some savings over to collect interest and prevent you from spending.
A TransferWise Mastercard is a great backup for Australia and a great way to spend money in other countries before and after your Australian Adventure.
Now before we go into how to prepare for an ID check when you land and how to use your Australian bank account efficiently, it’s important you understand why you need an Australian postal address.
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