Open bank account in Portugal for South Africans
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Open bank account in Australia for South Africans
Whether you’re going for a long working holiday or you’re relocating to Australia permanently, moving to such an incredible country is super exciting. However, there are a few things you need to think about, with one of the most important being how you will access money when you’re there.
So, in this article, we’re going to take a look at how you can open a bank account in Australia as a South African.
We’ll also be introducing Wise, a payment provider, that allows you to both hold money in Australia and transfer money from Australia to South Africa.
Good to know: Currently, Wise allows you to send money back to South Africa. In the near future, more features will be added for those in South Africa.
What documents are needed to open a bank account in Australia?
Australia has a points system that allows banks to either accept or deny people when applying for an account. To open a bank account in Australia you need to reach 100 points on the point system⁵. To get to 100, you simply need to have specific documentation (each worth its own weighting in points).
The documents you need to open a bank account in Australia are as follows⁵:
- Proof of identity (valid passport) or citizenship certificate - 70 points
- Drivers’ license, public service ID card or a Commonwealth or State financial entitlement card - 40 points
- Land Rates (Only for homeowners) - 35 points
- A card that has your correct, full name on it, such as credit card or store card - 25 points
- Proof of address with your address and name, such as a utility bill - 25 points
For example, if you have your passport, a card with your name on it (e.g, a store card), and a document with your name and proof of address on it (e.g, a utility bill, for example), you will have 125 points, allowing you to open a bank account.
Can I open a bank account in Australia without a proof of address?
Yes, some banks allow you to open a bank account without a proof of address if you want to open a non-resident account⁵.
Otherwise, for a resident account, you will need to follow the above, 100-point requirement⁵.
Send money to South Africa from Australia using the mid-market rate
If you’re a South African expat living in Australia, Wise can help you save money¹ when making international money transfers back to South Africa.
Although the majority of Australian banks will allow expats to make international transactions, they typically add fees onto the mid-market exchange rate, meaning you end up paying more for your transfer than you might expect.
The mid-market exchange rate is the rate that banks use to transfer money between them and is considered the fairest rate in the market. Find out what you would pay for an international money transfer with Wise:
Wise customers don’t have to pay any additional markup fee but only a transparent fee to make an international transaction¹. That’s because Wise uses the mid-market rate for overseas payments!
With Wise, South African expats may save money¹ when making international payments from Australia to South Africa.
Can I open a bank account before I arrive in Australia?
Yes, you can open a bank account before you arrive in Australia, but only certain banks facilitate this⁶. Additionally, you may need to head to a branch in person when you arrive in Australia to verify your documentation.
Can I open a bank account online?
Yes, as mentioned briefly above, you can open a bank account before you arrive in Australia, with Commonwealth Bank⁶.
Commonwealth Bank allows you to open a bank account before you arrive by doing the process online, needing your details and documentation, as well as your arrival date into Australia, employment status, and address of where you’ll be living when you arrive⁶. However, you will still need to head to a branch in person once you’re in Australia, so they can verify your documentation - this is when you can start using the account.
If you do want to try and open a bank account before you arrive in Australia with Commonwealth Bank, the general process is as follows¹³:
- You first need to make sure that you won’t be applying for the Migrant account unless you are arriving to Australia within 14 days of opening the account
- Then, you need to head online and complete the form. To complete this form you will need your details, current address, email, and number.
- The next parts are all then completed when you enter Australia: you will need to visit a Commonwealth branch to confirm your identity.
- During your visit to the branch and once they have verified your documentation (they will need to see your passport and information about where you pay tax) you can get your debit card.
- You can then access your money and download the Commonwealth online banking app.
Which bank in Australia is best for my needs?
There are several banks in Australia, and although they might be similar, they have a few differences. Let’s take a look at the easiest bank account to open in Australia and the top four Australian banks.
The Top Four Australian banks
The top four Australian banks are all fairly easy to open accounts with, but they do have their own unique account features. So, let’s take a look at them and the specific bank accounts that are best for South Africans moving to Australia.
Bank 1 - NAB
NAB (National Australian Bank) is the biggest bank in Australia, so it’s a good choice.
It’s no longer possible to apply for any NAB accounts from overseas - you will need to go into the branch in person to open an account and verify your documents⁷.
However, the NAB Classic Account has no monthly fees and has a debit card for free. Plus, there are also no minimum deposits, so maybe it’s not a big deal that you can’t open it from overseas⁸.
Bank 2 - Commonwealth Bank
Commonwealth Bank claims they’re the bank that most people who move to Australia use⁹ - they have a lot of information, support and services for foreigners, so we understand that.
The Smart Access Account is specifically for people who are relocating to Australia, whether short or long-term. You can apply for it online if you are going to be arriving in Australia within 14 days, or you are within 3 months of arrival. However, in both cases, you have to provide your ID and documentation 20 days after opening the account⁹.
The account has a maintenance fee of AUD$4 a month, but it’s free for 12 months if you open an account online¹⁰.
There are no ATM withdrawal fees.
Bank 3 - ANZ
ANZ is another of the biggest banks in Australia. You can apply for a bank account with them once you are in Australia.
The best account to open with them for everyday banking is the ANZ Plus Accountas it doesn’t have monthly maintenance fees and ATM withdrawals are free¹¹.
However, they do charge for some transactions - for international transactions, this is charged at 3%¹¹.
Bank 4 - WestPac
WestPac is a popular choice for foreigners moving to Australia. Like ANZ and NAB, you can only apply for a bank account with them once you are in Australia.
They suggest that the best account to open with them if you’re moving to Australia is the Everyday Banking Account - this is for people who have arrived in Australia within the last 12 months¹².
They have no monthly maintenance fee for the first 12 months, after which the fee is $5 unless you deposit $2,00 a month, are under 30, or are a student¹². ATM withdrawals are free¹².
Wise: An alternative method for international transfers to South Africa
If you want a truly international account that works pretty much anywhere³, take a look at Wise. Wise is an international money transfer service provider, offering a multi-currency account, international money transfer services and a debit card³, depending on where you are located⁴ and product availability.
Open a Wise account online and you can manage your money in multiple major currencies, including ZAR, USD, CHF, GBP, EUR, and many more¹ depending on the region you are located in and according to product availability.
When sending money internationally or converting currency, you’ll only pay a transparent fee while also getting the mid-market exchange rate every time¹.
Plus, you can spend just like a local in multiple countries worldwide with a Wise card³, giving you the ability to automatically convert currency whenever you spend.
What are the fees to open a bank account in Australia?
- ATM fees:
In Australia the majority of the banks are part of a central service that allows you to make ATM withdrawals fee-free.
- International Transfer Fees:
International transfer fees differ from bank to bank in Australia. However, most banks do have a small fixed fee added on top of the mid-market exchange rate or charge a percentage of the amount you’re sending. For example, ANZ charges 3% for international transfers¹¹.
Whilst opening a bank account as a South African in Australia is quite simple, there are often expensive international transfer fees on these accounts. So, if you’re looking for a way to both spend money like a local in Australia and send money back to South Africa, Wise might be a good choice for you⁴.
It might be important for you to know that although Wise users can use other products and services in some locations, South Africa has limited product availability at the moment and you can only send money to South Africa - more features will be added for South African users in the near future.
Sources
- Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.
- Eligibility is subject to verification of customer identity. Wise may request additional documents to verify a customer's identity.
- Please note that certain products or features may not be available in all regions.
- Please visit www.wise.com to check for availability and learn more about our offerings.
- World Remit - How To Open A Bank Account In Australia
- CurrencyShop by Wise - How to Open a Bank Account Online in Australia from Overseas 2024
- NAB - International Banking, Moving to Australia
- NAB - Classic Banking Account
- Commonwealth Banking - Moving to Australia
- Commonwealth Banking - Rates and Fees Moving To Australia
- ANZ Plus - A New Way To Banking
- Westpac - Everyday Bank Account for New Arrivals
- Commonwealth Bank - Migrants
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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