If you're a new customer to any of Australia's financial institutions, you'll have to visit a branch or Bank@Post location with 100 points of ID. Until the bank has verified your ID, you can't take money out of the account, although you can make deposits.
What is the 100 point system?
This is a personal identification system put in place by the Australian government to combat financial transaction fraud by people and companies. It ensures that only you can access your own accounts.
You are required to bring a series of documents with you when verifying your identity. Primary documents are worth 70 points and secondary documents can be worth: 40, 35 and 25 points. Take a look at the table below for a closer examination of the documents needed and how many points they earn you.
Primary documents are the document only and secondary documents must have a photograph and name.
Primary (document only)
Only one can be used:
Birth card issued by NSW Registry of Births
Expired passport which has not been cancelled and was current within the preceding two years
Other document of identity having the same characteristics as a passport including diplomatic documents
Secondary (photograph and name)
Driver licence issued by an Australian State or territory
Road and Maritime Services photo card
Licence or permit issued under a law of the Commonwealth, a State or Territory government
Identification card issued to a public employee
Identification card issued by the Commonwealth
An identification card issued to a student at a tertiary education institution
Secondary (photograph and name)
Must have name and address on it:
A document held by a cash dealer giving security over your property
Council rates notice
Land Titles Office record
Document from your current employer or previous employer within the last two years
A mortgage or other instrument of security held by a financial body
Secondary (photograph and name)
Must have name and signature on:
Marriage certificate (for maiden name only)
Foreign driver licence
Must have name and date of birth on:
Record of primary, secondary or tertiary education institution attended by you within the last 10 years
Record of professional or trade association of which you are a member
Luckily for Roger, he works in Sydney CBD so visits a Citibank branch in his lunch break. He brings his Birth Certificate (70 points) with him and uses the Driver's Licence (40 points) in his wallet. In total, he has 110 points of ID which is more than enough for his check.
The Citibank representative check and approves his ID – allowing him to access his Citibank Plus everyday account.
Some handy tips to know
Banking hours. Branches are usually open between 9:30am and 4pm from Monday to Thursday. Some banks will stay open until 5pm on Fridays. In the city, you may find some branches open on Saturday morning.
Put all important paperwork in a travel file, including your birth certificate and driver’s licence and any other legal documents you need for travelling.
Finalise and close any utility accounts such as power, gas, Internet and phone.
Bring your superannuation or pension documents and ensure you have the up-to-date statements showing balances and check to see if you can transfer it to Australia.
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Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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