How to Open a Bank Account in Australia

Opening a bank account in Australia is straightforward — most banks allow you to apply online in under 10 minutes. Here is what you need to know.

What You Need to Open a Bank Account

Australian banks are required by law to verify your identity under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). This is known as the Know Your Customer (KYC) process.

Standard ID requirements

You will typically need to provide enough identity documents to meet a 100-point check. Common documents and their point value:

A passport (70) plus drivers licence (40) = 110 points satisfies the requirement. Most applicants use a combination of these three: passport/birth certificate + drivers licence + Medicare card.

Online identity verification

Many banks now use digital ID verification services (e.g., illion Identity Verification, or via Australia Post Digital ID). You take a photo of your ID documents and a selfie. This satisfies the 100-point check without visiting a branch.

How to Open a Bank Account Online

1. Choose your bank and account — see Best Bank Accounts Australia for fee comparison
2. Go to the bank’s website and click “Apply” or “Open Account”
3. Enter personal details — full legal name, date of birth, residential address, email, mobile number
4. Verify your identity — upload ID documents or complete digital verification
5. Set a PIN and password — you will be prompted to create login credentials for online/mobile banking
6. Receive your account number — usually instantly or within minutes
7. Receive your debit card — posted to your address, typically within 5–7 business days

Opening a Bank Account In-Branch

If you prefer in-person or cannot complete online ID verification:

1. Visit a branch of your chosen bank with your ID documents
2. Advise the staff you would like to open a transaction account
3. The process takes 15–30 minutes
4. You will receive your account details immediately and card in the post

Branch availability varies — NAB, CommBank, Westpac, and ANZ have the largest branch networks. Challenger banks like ING, Macquarie, and Ubank are online-only.

Opening a Bank Account as a New Arrival to Australia

Australia has specific provisions for people who want to open a bank account before or just after arriving:

• New arrivals can apply up to 12 months before arriving at CommBank, ANZ, Westpac, and NAB under the Financial Sector (Shareholdings) Act facilitation rules
• You will need a passport and evidence of your intent to reside in Australia (e.g., visa grant letter)
• ING and HSBC also welcome non-residents and new arrivals
• Once in Australia, you have 6 weeks to complete full ID verification at a branch or online

Visa holders: Most visa types allow you to open a bank account, including working holiday visa (417/462), student visa (500), and skilled migrant visas.

Opening a Bank Account for a Child

Most banks offer accounts for children under 18:

• CommBank Youthsaver: free savings account for under-18s
• ANZ Progress Saver / Access: available for minors
• Westpac Bump Savings: designed for children
• NAB: minor accounts available

For children under 12, a parent or guardian must be a signatory. From age 12–14 (depending on the bank), children can have more independent access.

Opening a Business Bank Account

Business accounts require additional documentation:

• Sole trader: personal ID + ABN + business name registration (if trading under a different name)
• Company (Pty Ltd): ACN, certificate of registration, directors’ IDs, company constitution
• Partnership: partnership agreement, all partners’ IDs

Business accounts typically have monthly fees and are subject to different AML requirements.

FAQ

How long does it take to open a bank account online? For most banks: 5–15 minutes to apply, instant or same-day account number, debit card arrives in 5–7 business days. Some banks provide a virtual card number immediately for digital wallet use while you wait for the physical card.

Can I open a bank account without a Medicare card? Yes — Medicare card is just one option for the 100-point check. A passport alone (70 points) plus a drivers licence (40 points) totals 110 points, which is sufficient.

Can I open a bank account with a student visa? Yes. Student visa holders (subclass 500) can open bank accounts at most major Australian banks using their passport and visa grant letter as ID.

See also: Best Bank Accounts Australia | How to Switch Banks