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Who need bank queues? It only takes about 10 minutes to securely open a bank account online. All you need to provide is some basic information about yourself as well as an approved form of ID and your tax file number (TFN). Here's how to find the right bank account for you and open it online in 5 simple steps.
Follow these steps to open a bank account online.
Shop around to find the best bank account. Find the right account and order products by standout features such as the monthly service fee or ATM fees by clicking the arrows in the table headings. You can compare accounts by the card type, the ATM withdrawal fee and the minimum monthly deposit required for the monthly fee waiver.
These are the main features of a bank account; however, there are additional fees which may apply, you can find this information listed on our bank account review pages. You can also go directly to the bank account provider’s website and the secure online application from the comparison table if you’re ready to apply.
Click ‘Open’ and a new window will open directing you to the account provider’s website and a secure online application. You’re required to provide some basic information about yourself such as your name, date of birth and residential address, driver’s licence number and tax file number (TFN) if you have it. Make sure you have this information on hand before you start the application as the application can time out and close if you leave your computer unattended for a period of time.
After you complete an online application for a bank account, you’ll get an email from the account provider with information about what happens next. This email should come within a minute or two after you submit the application to the bank. You may need to verify your identity before you’re granted full approval, or else you’ll get a welcome pack in the mail shortly after.
If you're a new customer, you will need to verify your identity before you’re approved for the account. This can be done over the internet depending on the identification documents you can provide. Some banks require that you verify your identity in person. If you’re already a customer of the bank, you won’t need to complete this step.
Once the verification has been completed you can make deposits to the account but you won’t be able to make withdrawals if you haven't verified your identity.
The bank account debit card will arrive in the mail after you’ve been approved, you’ll find out how long it takes when you get the confirmation email once you submit the online application. The debit card and PIN are sent to you separately for security reasons. When you get your card, you need to sign the back and activate it so you can make withdrawals. This is a simple process that can be completed over the phone or online.
The whole process shouldn't take more than 10 minutes online. If you're at least 18 years old, you can apply for most accounts online. You'll be provided with a checklist of things you should have with you before you apply. This will make the process go a lot faster. Having your Tax File Number (TFN) handy is a good idea. If you're an existing customer of the bank, make sure you have your relevant customer ID number.
If you're a new customer to the bank, you'll need to visit a branch after you've opened the account with 100 points of ID. The 100 Points of ID is a legal requirement in Australia.
If you're currently a US citizen or tax resident and intend to open a bank account in Australia, you'll be asked to provide your Tax Identification Number (TIN) or social security number.
Most accounts in Australia allow for joint applications with one other person. If you require more than one persons, a business bank account may be suitable instead. You can also add the third person as a signatory on the personal account, but this means he or she won't be liable for the account.
The Anti-Money Laundering and Counter Terrorism Financing Act 2006 and Account Tax Compliance Act (FATCA) was introduced by the Australian Government to detect financial crime and tax evasion. As a result, before you become a signatory to a personal or business account, you'll need to have your ID verified.
Private companies and incorporated bodies can nominate a officer who can certify signatories to any accounts opened by company. Although the company must be identified, certified signatories do not require further identification.
Isolated-area Indigenous Australians and Torres Strait Islanders, as well as recent arrivals in Australia, have special provisions. It may be best to visit your nearest branch or phone the bank instead.
There’s no need to visit a branch to open a bank account anymore. You can open a bank account, deposit money and set up automatic payments all from the comfort of your home. Once you’ve applied, just wait for the card to be sent you in the mail, activate the account and you’re good to go.
Make sure you’ve considered the following when you open a bank account online.
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is it the same process if I want to open an account in a company or group name, if it is different what is the correct process
Hi Alex,
Thanks for your question.
The process is somewhat similar, though the documentation required would be different.
You’ll need to provide information about yourself and your business, provide your ACN or ABN, company name and business incorporation details.