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How to close your Australian bank account

There are a few things you need to do before you close your bank account. Follow these four steps.

You're able to close your Australian bank account whenever you like and the process is usually as simple as contacting your bank. However, before you do close your current bank account make sure you open your new bank account. The process will be a lot easier if you have a new bank account ready to go.

Here are the four steps to take if you want to close your bank account.

1. Shop around for a new account

Before you close your current bank account, take the time to shop around and find a new account to replace it with. Here are a few things to consider when you're looking for a new bank account:

  • The account keeping fees. Are you closing your bank account because you're sick of paying monthly account keeping fees? Look for a new account that doesn't charge any account keeping fees.
  • Travel benefits. Do you travel overseas a lot? If you do, you'd likely benefit from a bank account that has no overseas ATM fees or no foreign transaction fees.
  • Contactless payments. Do you love making payments with your phone instead of using your debit card? If you do, make sure you find a bank account that offers Apple Pay, Google Pay or Samsung Pay.
  • Linked savings account. If you're looking for a bank account that is linked to a savings account with the same bank, make sure the linked savings account has a competitive interest rate.

Regardless of what you’re searching for, be sure you check out your options before you proceed. The last thing you need is to open a new account, only to find out later that the fees are much higher than what you were paying on your old account.

Bank Account Offer

HSBC Everyday Global Account

Bank Account Offer

Special offer: $100 bonus for new HSBC customers.
Earn 2% cashback on tap and pay purchases under $100.
Enjoy no foreign ATM or transaction fees and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available. T&C's apply to $100 bonus and 2% cashback offers.

  • Account keeping fee: $0.00
  • Linked debit card: Visa
  • ATM withdrawal fee: $0.00
  • Overseas EFTPOS fee: $0.00
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Compare bank accounts

Rates last updated October 19th, 2019
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
HSBC Everyday Global Account
Visa
$0
$0
Special offer: $100 bonus for new HSBC customers.
Earn 2% cashback on tap and pay purchases under $100.
Enjoy no foreign ATM or transaction fees and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available. T&C's apply to $100 bonus and 2% cashback offers.
NAB Classic Banking
Visa
$0
$0
Enjoy convenient, unlimited access to your money.
$0 monthly account fee.
Tap and pay with your NAB Visa Debit card or your phone using Apple Pay, Google Pay, Samsung Pay or NAB Pay for Android. Temporarily block your card at the touch of a button if you lose it.
Suncorp Everyday Options Account
Visa
$0
$0
Monthly account keeping fee waived for life.
$0 account keeping fee: Applies to all new accounts opened from 3 December 2018.
Save for your individual goals by linking to interest-earning sub accounts. Earn a fixed 1.95% p.a. for 6 months available with flexiRates. Google and Apple Pay available.
Westpac Choice
Mastercard
$0
$2,000
Special offer: $40 cash bonus for new customers under 30 (T&Cs apply). $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you meet other eligibility criteria. Access more than 50,000 ATMs globally for free via the Global ATM Alliance.
CUA Everyday Account
Visa
$0
$0
Enjoy flexible payment options and access to a wide network of ATMs.
$0 monthly account fee.
Access to Google, Samsung and Apple Pay. Enjoy fee-free cash withdrawals from 10,000+ ATMs across Australia. Deposit $1,000+ into this each month and receive bonus interest on a linked CUA eSaver Reward Account.
Suncorp Everyday Basics Account
Visa
$0
$0
A simple everyday account with low fees.
$0 monthly account fee.
Enjoy no monthly account keeping fees as well as the option to pay using Google and Apple Pay. Free ATM withdrawals at 3000+ Suncorp and rediATMs.
Bank of Melbourne Complete Freedom
Visa
$0
$2,000
Special offer: $50 cash bonus for new customers (T&Cs apply). $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you're a student. Access ATMs overseas via Westpac's Global ATM Alliance.
St.George Complete Freedom Account
Visa
$0
$2,000
Special offer: $40 cash bonus for new customers (T&Cs apply). $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month. No account fees for students and customers under 21.
BankSA Complete Freedom Account
Visa
$0
$2,000
Special offer: $40 cash bonus for new customers (T&Cs apply). $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you're a student. Access ATMs overseas via Westpac's Global ATM Alliance.
CUA Everyday Snap Account
Visa
$0
$0
Refund of international ATM withdrawal fees and international card transaction fees (conditions apply). Refund of overdrawn fees.
$0 monthly account fee. Unlimited fee-free everyday transactions.
Apple Pay, Google Pay and Samsung Pay available. Savings Top Up tool automatically transfers to linked savings account.
Citi Global Currency Account
Mastercard
$0
$0
Hold up to 10 currencies.
$0 monthly account fee.
Enjoy one linked debit card to hold up to 10 currencies and receive foreign currencies for free. Earn up to 1.50% p.a. interest on your AUD balance.

Compare up to 4 providers

When you’ve found the right one to suit your needs, go ahead and open the account.

2. Update debit and credit information

If you’ve already got some direct debit or direct credit payments going into or out of your account, you will need to transfer these over to your new account. You can ask a representative at your new bank to help you with this. They’ll get in touch with your old bank and ask them to provide a list of all your direct debits and direct credits. You’ll be shown the list and asked which of those payments you want shifted across to your new account.

These will include things like:

  • Salary credit payments
  • Regular direct debit payments for things like your home Internet, your phone bill and Netflix that come out of your account automatically

Be sure to give your new BSB and account number to your employer or payroll officer as soon as possible, to be sure your salary goes to the right account the next time you get paid. You should give the same account information to anyone else who pays you money regularly.

3. Leave a small amount of cash in your current bank account

Now that your new account is ready to go, you can simply transfer your money over by making a bank transfer. Depending on the amount of money you're transferring, you may have to increase your bank account's daily transfer limit so you don't have to split the transfer over a few days. You can do this via Internet banking or your mobile banking app.

Before you transfer all the cash in your old account over to your new bank account, you might want to consider leaving a small amount of money in your old account for a short period of time (for example a few weeks). While you may think you’ve covered all your usual direct debit payments, there is a risk that you may have forgotten something. Leaving some cash in your old account for a short time to cover any payments you may have overlooked will help you avoid missed payment fees or penalties.

4. Close your old account

When you’re sure your new account is up and running properly, it’s time to close your old account. This should only be done when you’re sure all your direct debits and credits have been successfully transferred over and you’ve given your new account details to anyone paying money into that account.

Some banks require you to go into a branch to close your account. Some may ask that you request for the account closure in writing, along with your signature to verify the process. Some banks will allow you to close your bank account over the phone, once you've verified your identity. The easiest way to know for sure which option your bank wants is to call them and ask.

However, don’t make the mistake of thinking your account will be closed over the phone just because you spoke to someone. Banks really don’t want to lose your business, so they will make you work just a little bit to finalise that account closure.

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10 Responses

  1. Default Gravatar
    peterNovember 4, 2015

    i was wondering do bank keep your personal detail after you close your account with them? detail like you address your name your phone number, your personal information? or will it be erase permanently?

    • Avatarfinder Customer Care
      ShirleyNovember 4, 2015Staff

      Hi Peter,

      Thanks for your question.

      Banks generally do keep your personal details for a period of time after you close the account, though it’s not for marketing purposes.

      After about 2-3 years it’s generally erased permanently. For more information, please get in the touch with the bank directly.

      Cheers,
      Shirley

  2. Default Gravatar
    yongdukJuly 18, 2015

    Hello. this is yongduk kim.
    I am from Korea. I have stayed in Australia for 5 years.
    I just have arrived Korea last week
    Unfortunately, I can’t go back to Australia.
    So I am just wondering that how can I close account?
    please reply for me, thank you

    best regards
    Duks

    • Avatarfinder Customer Care
      SallyJuly 20, 2015Staff

      Hi Yongduk,

      Thanks for your comment.

      You will need to contact your account provider directly to close your account. Depending on who you were banking in with in Australia, you should be able to find an international contact number on their website. You will then be put through to the relevant customer service team who will be able to guide you in the right direction.

      I hope this has helped.

      Thanks,

      Sally

  3. Default Gravatar
    HMTNovember 3, 2014

    I have recently moved back last minute over to England and would like to know how and the easiest way I can close my ANZ account? Thank you

    • Avatarfinder Customer Care
      ShirleyNovember 3, 2014Staff

      Hi HMT,

      Thanks for your question.

      Since your overseas, the quickest and easiest would be to give ANZ a call to close your account.

      All the best,
      Shirley

  4. Default Gravatar
    juiOctober 19, 2014

    how can i close my ANZ bank account

    • Avatarfinder Customer Care
      MarcOctober 20, 2014Staff

      Hi Jul,
      thanks for the question.

      You can close your ANZ account by calling them up directly. The process should take less than five minutes, and will require you to give the representative your card or account number, identify yourself, and then request you to close your bank account.

      I hope this helps,
      Marc.

  5. Default Gravatar
    christianFebruary 14, 2014

    how to close my bank account online? thanks

    • Avatarfinder Customer Care
      MarcFebruary 17, 2014Staff

      Hi Christian,
      thanks for the question.

      Most bank accounts cannot be closed online. To close an account, you’ll usually have to call your bank, visit a branch or send them a written request. Different banking institutions will have different ways of closing an account, so it’s best to contact your bank.

      Cheers,
      Marc.

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