Australian banks use the "100 point system" to confirm your identity. Your cheat sheet is below.
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.
|Document type||Points value||Document details|
|Primary (document only)||70 points||Only one can be used:
|Secondary (photograph and name)||40 points||
|Secondary (photograph and name)||35 points||Must have name and address on it:
|Secondary (photograph and name)||25 points||Must have name and signature on:
Must have name and date of birth on:
Roger needs to verify his identity
Roger has just opened his new Citibank Plus everyday account to take with him when he travels to Europe next month. He's never banked with Citibank before, so he's a new customer. Citibank sends him a letter stating that he'll need to complete a 100 point ID check at his local Citibank branch or his local Bank@Post office.
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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