Introduction- Have got plans to study or migrate in Australia next year? If that is the case then it is best to plan ahead of your finance and apply for bank account in Australia before entering the country.
It not only saves time but also give you a better understanding of the Australian banking system and the benefits you can get. There are two most well-known banks in Australia that are most popular amongst students and the migrants in Australia.
To make the process for banking system simpler and easier for our customers to understand we at Pathway Education and Visa Services created a step by step process for the following two banks.
Commonwealth Bank
Link- https://www.commbank.com.au/moving-to-australia/banking.html
There are few advantages for both students and migrants if anyone opens an account at least three months prior to their arrival in Australia. Opening Everyday Smart Access account do not require any proof of address in Australia, also the monthly account fees is waived off for one year.
However, students have an added advantage if they open the Smart access along with the sufficient proof of study, the account fee is waived off till their study period in Australia. You can migrate your business through Business Visa Services Australia
Eligibility- In order to be eligible for the application there are few criteria that one must meet.
- Must be of age 14 years and above.
- Are arriving in Australia in next three months or have arrived in the past three months
- Opening the account in their personal name.
- Tertiary student at an educational institution in Australia or are undertaking an Australian Apprenticeship
Application Process
Step 1 – Complete the application form with the required identification forms (such as passport)
Step 2 – Provide details of the city you will be staying in.
Step 3 – Have full details of your visa information.
Step 4 – Upon arrival in Australia visit the nearby branch, bring your identification documents, TIN of your country, student ID or enrolment letter from University.
Step 5 – Download the CommBank App and have full access to all the banking facilities.
Step 6 – If any of the documents are in foreign language that need to be translated in English by an accredited translator.
After successful completion of the application process it will take 2-3 business days to access your account.
NAB
Link – https://www.nab.com.au/personal/travel-and-overseas-banking/open-account-from-overseas
Nab is one of the top-ranked banks in Australia and have various benefits when you open an account with them, they have $0 monthly account fee, $0 overdrawn fees and no withdrawal fees. Nab also allows you to open an account before your arrival and send money up to one year.
Eligibility – In order to open an account with NAB one must be eligible of the following.
- Must be 18 years old
- Have valid identification documents, email address and valid visa documents
- Must provide the date and city you are arriving at.
- Must not be in tourist visa or working holiday visa type.
Application Process
Step 1- Easily apply online to open an account.
Step 2 – Opening a bank account in Australia takes up to three business days and if successful, the bank will provide you with welcome letter.
Step 3- In order to make any withdrawal you must present the ID to a NAB branch in Australia.
Step 4- The bank will then offer a debit card for purchases at the branch.
Summary
Opening a bank account in Australia is not a difficult process, if you have the valid documents and meet the criteria, everything is good to go. However, if you need any further assistance in your application we are at your service.