How to open a bank account with Bank of Queensland. The requirements, account types and fees.

A leading regional bank in Australia, Bank of Queensland (BOQ) is not connected to any of the big four banks, instead operating independently.

Typically run by local owner-managers, BOQ markets themselves as being focused on building lasting customer relationships through the provision of quality service.

Offering a limited range of accounts, in this guide, we’ll take a closer look at what is involved in opening a bank account with BOQ.

This includes how to open an account, types of accounts available, documentation you will need and other key details so you can make an informed choice on whether BOQ is right for your needs. Let’s right dive in.

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Types of accounts available with BOQ

If you are a newcomer to Australia, you may have heard of migrant accounts or migrant packages offered by some banks.

Currently, there is no BOQ migrant account option or specific package for newly arrived migrants. Instead, BOQ offers two main types of accounts which are available to all qualifying customers, these are as follows.¹

Transaction accounts

A basic transaction account, the BOQ Everyday Account offers easy, unlimited access to your funds with in-person and mobile payment options available.

Additionally, it comes with real-time payment updates, budgeting tools, bill tracking, savings options and some other useful features.²

Savings accounts

BOQ offers a few variations in their savings account options with interest rates and age guidelines applied to each.¹

For example, their Future Saver account is for 14 to 35-year-olds with a 5.40% interest rate on balances up to AUD$50,000. Whereas their Smart Saver account is for customers 36 years and over with 5% interest on balances up to AUD250,000.

Alternatively, their Simple Saver account is less restrictive, with no age limits applied and a 4.5% interest rate offered on balances up to AUD$5 million. ¹

How do you open these account types?

Below is a brief guide on how to open an everyday or a savings account with BOQ. For this guide, we will focus only on the Simple Saver account.

How to open an Everyday or Simple Saver Account with BOQ

The process of opening an account with BOQ is virtually identical regardless of the account type chosen.

You will need to³:

1. Either download the myBOQ app or visit their website
2. Navigate to the Everyday Account or Simple Saver Account page and click ‘Apply’
3. Complete the application form using your ID and personal details
4. Once approved, you can start using your new account

How to open a joint account with BOQ

A BOQ joint account is possible with the Everyday Account and their Future and Simple savings accounts, they are not separate entities.⁴

The application process remains much the same as for a solo account holder. You jointly apply by ticking ‘me and someone else’ when asked to nominate who the account is for during the application.

You can also add an authorised party to an existing account if desired by contacting BOQ by phone, attending a branch in person or by making a request via the myBOQ mobile app.

Costs and running fees that come with BOQ’s Everyday Account

The following is a brief look at the fees and charges associated with BOQ’s Everyday Account in comparison with an alternative everyday account option offered by Wise.

Fees (all in AUD)	BOQ - Everyday Account Fees⁵	Wise
Account monthly fees	$0 monthly fees	$0 monthly fees
International transfer fee (for a sample amount of $1,000 AUD to GBP)	$20 per international payment request made via online banking.⁶ This is in addition to any third-party fees levied by intermediary banks en route.	Payout fee + variable conversion fee starting from 0.42% (e.g. for a transfer of $1,000 AUD to GBP, the total fee charged is $5.32 AUD) You can make a fee calculation here.
ATM withdrawals	$0 fee for withdrawals made within Australia. $5 per transaction for withdrawals made at an overseas ATM. A $2 charge also applies for international balance enquiries made via an ATM. **Note: **ATM service providers may charge additional fees. Check their terms of use.	You can take out money for free twice a month — as long as the total amount is under $350 AUD. After that, there is a $1.50 AUD per transaction fixed fee. If you take out over $350 AUD in one month, there is a 1.75% on the amount exceeding that. See card fees here. Note: ATM service providers may charge additional fees. Check their terms of use.
Card maintenance fees	None	None

*Information as seen on 23 January 2024

What do I need to open an account? Eligibility, documents and other key details.

Who is eligible for a BOQ bank account?

To complete your application for a a new account with BOQ and establish your eligibility, BOQ requires that you³:

• Be aged 14 years or over
• Be the intended account holder
• Have an Australian residential address
• Hold an Australian passport or driver's license or foreign equivalent
• Have an Australian mobile number

Which documents do I need to open an account?

BOQ requires that at least one primary photographic identification document be provided at the time of application.⁷

This includes documents such as a passport, another international travel document or a National Identity card.

Where this is unavailable, additional documentation will be necessary. You may be asked to provide a combination of identifying paperwork such as:

• A birth certificate or citizenship certificate
• An Australian Medicare or interim Medicare card
• Rental or lease agreement
• Tax assessment notice

For non-Australian applicants, proof of your right to live and work in Australia will also be required such as a copy of your current Visa.

Do I need to deposit money to open a BOQ account?

At the time of writing, there is no indication on BOQ’s website that a deposit must be made at the time of opening a new BOQ account online.

Do I need to go to a bank branch, can I do this online or from abroad?

As per BOQ documentation, applications to open a new account can be handled online.

While this can assist in making an application from abroad, you may find this is not possible as you may not yet have the required information such as a phone number and residential address.³

Need help from BOQ to open an account from overseas? We recommend contacting them on the details outlined below before making an application.

What else do I need to know?

BOQ advises using their myBOQ app for easier account applications and management of your subsequent account(s). To do this your smartphone must support iOS 12.0+ or Android 8.0+ or later versions of this software.³

You can find out more by contacting BOQ here.

For any queries related to opening an account with BOQ whether within Australia or from overseas, you can contact them at:

• 1300 55 72 72 or +61 7 3336 2420 between 8 am to 8 pm Monday to Friday and 9 am to 5 pm Saturday AEDT.

Alternatives to BOQ

Should BOQ be unable to assist with your needs, you may like to consider an account with one of the big four banks in Australia, these being:

• Commonwealth Bank
• Westpac
• ANZ Banking Group and
• National Australia Bank

As larger entities, they may offer a broader range of products and services, including the ability to open a specialised migrant account from overseas.

Alternatively, Wise allows for simplified transactions with minimal fees and easy access to your funds both in Australia and overseas for the utmost flexibility and convenience.

The Wise Account

If you’re looking for a flexible account that is great for daily spending in Australia and overseas, the Wise Account is worth a look.

The Wise Account can be opened for free and allows you to hold money in over 40 currencies and send money to 160 countries. You can also order local account details for 10 world currencies including AUD.

You can also use the Wise Debit card to spend money in 150+ countries without markups and hidden transaction fees. The mid-market rate is used when switching between currencies, helping to keep costs low when sending money internationally. It’s the rate you see on a Google conversion search.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

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Sources:

1. BOQ – Account Types
2. BOQ – Everyday Account
3. BOQ – Application & Eligibility
4. BOQ – Joint Accounts
5. BOQ – Fees & Charges pg. 3
6. BOQ – International Payments
7. BOQ – Documentation pg. 2
8. BOQ – Contact

Sources checked on: 15 January 2024