How to open a bank account in Australia?

Do you have any idea about how to open a bank account in Australia to send money to Gambia? This article will throw light on how to open a bank account in Australia and its requirements. People from different countries go to Australia for education and employment opportunities due to Australia’s strong economy and a few world-class universities. Both the students and the job-seeking expatriates find work and then transfer their money through banks using traditional wire transfers or through some of the world’s best online money transfer companies such as ACE.

The fact that financial transactions in recent times through banks are squeezing margins for carrying cash makes it mandatory for you to have a bank account opened in the country you have gone to either for work or education. This necessitates the need to have a bank account even more in the developed world, which is fast-moving towards different types of virtual currencies.

For the convenience of readers, we will elaborate on the process of opening a bank account in Australia, so your money transfer to Gambia becomes possible.

A non-resident bank account:- While living in a foreign land, you need a kind of running bank account through which you can carry out your daily financial matters including payments. The world generally knows this type of bank account as a current account or a checking (aka chequing) account. But in Australia, you will know this account as a transaction or everyday account. This account will enable your easy access to money with the facility of receiving your wages or salary. You can also open an Australian bank account online from afar. It requires your identity, passport, driver’s license, an overseas credit card, and/or an Australian Document of identity.

Before studying the requirements to open a bank account in Australia, let’s first see why it is important to open an account before relocating. Below are the advantages of it discussed briefly.

  • You could transfer money directly into your account and easily access funds on arrival.
  • Banks charge small fees when you bank locally. This way you can enjoy low fees.
  • It will help you make payments timely to avoid troubles.
  • You can have your salary directly transferred into your bank account.
  • Online money transfers to Gambia is possible through your bank account.

Requirements:- The Australian government has set a tight identity proving mechanism to open a bank account. It is a 100 point system that was established to stop financial fraud. This system ensures that the person having access to your account is none but you. This system is divided thus.

  • 70 points have been allocated for primary documents which include: certificate of birth, valid passport, certificate of citizenship, and/or diplomatic documents.
  • 40 points have been allocated for secondary documents which include: driver’s license, identity card issued by the commonwealth, and/ or public service employee identification card.
  • 35 points have been allocated to secondary documents with name and address which include: a land titles office record or mortgage documents. But this document only applies to the homeowners.
  • 25 points have been allocated to secondary documents with a signature, date of birth, or address which include: bank statement, utility bill, credit card, EFTPOS card, and/ or international driver’s license.

Requirements for Australian current account:- As is mentioned above, in Australia a current or checking account is known as a transaction or everyday account. To open one, you are required to fulfil the 100 points identity requirements.

How much time to open an account:- It will take you less than five minutes if you want to open an online account and about half an hour if you visit a bank in person. In both cases, time can extend if your document is incomplete or if you fail to provide the necessary information.

Let’s now take a look at different types of accounts.

Current account:- It is also known as the transaction account used for your day-to-day financial transactions with little to no interest generation.

Savings account:- These accounts generate interest whose volume depends on the amount and the time duration it is there for. And for the generation of interest, your account must have a specific amount that differs from bank to bank.

Term deposit accounts:- These accounts offer higher interest rates. But you will not be able to access your funds for a certain period called the term. Different banks offer different schemes for such deposits.

Multi-currency accounts:- This type of account is offered by some big banks and it suits people who send money to Gambia online and receive money in different currencies instead of only one.

Credit card accounts:- In these accounts, you can make payments over a certain period. These schemes are multiple and differ from bank to bank.

Joint accounts:- In this account, more than one person enjoys access to the funds and the account. It can be a current or savings or any other kind of account. Most business people open one such account for better management of funds.

Let’s take a look at Australia’s top 10 best banks.

  • Australia and New Zealand Banking Group;
  • Commonwealth Bank;
  • Westpac bank;
  • National Australian Bank;
  • Macquarie;
  • Bank of Queensland;
  • Bendigo Bank;
  • Bankwest;
  • Suncorp Bank; and
  • AMP Bank Limited.

It must be borne in mind that the first four are Australia’s biggest banks.

Conclusion:- It is fairly easy and convenient for both the residents and non-residents to open a bank account in Australia. The only requirement is the provision of complete documents and fulfilling the 100 points identity requirements we have thrown ample light on.