Opening an account at a bank is one of the most critical actions which a person undertakes in organising their finances in Australia. This is because it allows an individual to receive his wages and salary, pay the rent, and cover daily expenses, such as food bills or travelling expenses. Without an active bank account, living in Australia becomes quite challenging.
However, applying for the creation of an account is a relatively easy task provided that one possesses the proper documentation required by financial organisations in order to open an account in Australia. Such a regulation is imposed to prevent any fraud activities and guarantee the security of personal information.
Hence, it is essential to understand how to verify one’s identity and which particular documents are necessary for this. Below is a brief list of all papers that one needs to organize in order to establish a bank account.
Primary Identification Documents
For the beginning, one will have to present primary identification documents to verify one’s identity. These documents usually provide the most points during the process of verification, accounting for 70 out of the 100 needed. An internationally recognised passport of the Commonwealth of Australia is the most widely accepted document used for the identification purposes. However, if a person does not have such a document, he or she may choose an Australian driver’s license to verify identity.
The reason why these documents are used as primary identification is simple – they include such data as the applicant’s photograph, name, and date of birth. Also, it is crucial that all of these documents are valid. For instance, expired passport or driver’s license will not be accepted.
Documents to Complete Application
Since a single document is not enough to obtain a certain number of points, one will have to present additional documents to reach the required limit of points. It could be an Australian Medicare Card, an Australian birth certificate, or a citizenship certificate.
However, if a person is a recently arrived individual and does not possess any of the above-mentioned certificates, they will be able to submit a foreign national ID card or secondary photo ID from their country. Another possibility would be presenting an ATM card from another Australian financial institution bearing the applicant’s name.
Providing a Proof of Address
In order to confirm one’s residence and be able to deliver letters, financial organisations require to present proof of address. In Australia, all major banks ask applicants to present this document. Utility bills from one’s name will serve the purpose excellently; moreover, it will be necessary for the bill to be issued no more than three months ago.
When a person’s utilities are paid through rent, then a tenancy agreement from the real estate agent would be suitable. Another option would be presenting any official letter issued within the last year that includes the applicant’s name and address, for example, from such government agency as the Australian Taxation Office.
Special Conditions for Particular Situations
Some people might find themselves in a special situation while trying to obtain no fee bank accounts from ING, for instance. Therefore, it is better to consider these cases separately. For example, if a person is an international student, they should present student ID card and a letter from an Australian university confirming the student’s enrolment. Most of Australian financial institutions offer special accounts for students that eliminate monthly fees and other expenses. Consequently, it is essential for an international student to prove their identity as soon as possible to obtain this benefit.
Also, if a person does not yet qualify as a resident of Australia, they still can apply for a bank account during the first month after arriving to the country. Some banks have special services that allow newly arrived individuals to create their bank accounts providing only passport information within the first six weeks after arrival.
Also, children younger than eighteen will need a guardian to accompany them, while parents will have to present their identification and a minor’s birth certificate.
Final Thoughts
Organising all the necessary documents may seem to be a tiresome task, especially for an international individual. Nevertheless, it is the first step to organise one’s finances in Australia properly. With a valid passport, secondary document, and proof of residence, the person will be ready to apply for an account opening.
Before applying, one should make sure that none of the documents is expired and that there are no mistakes with names. Now it is time to visit the bank’s website and begin the process of applying!
