Australia is one of the countries with the greatest openness and opportunities for foreign migrants. This long-standing policy has allowed this country to position itself as one of the great economies of the world, thanks to the migration of foreign talent that have considerably enhanced the different economic and business ecosystem of the country.

Being an entrepreneur, it is necessary to have all the necessary knowledge about the destination where our capital and investments will be made. The freedom to do business, the potential of these businesses, and also, but not least, the institutions where those resources will go, i.e. banking services.

The Australian banking system is internationally recognized as one of the most stable in the world. It has a large presence within the country's financial system, acting within the operations of shares, stock exchange, insurance, and different investment funds. And if we are talking about a country with an accelerated and constant growth rate, its banking system could not be the exception.

Advantages of Banking in Australia

There are several benefits both for migrants and investors who are looking to Australia as a potential destination. This country promotes the employment of talented foreigners and is open to foreign investment, so its banking system also complies with this policy. Advantages of this system that are worth mentioning:

-A reliable and transparent environment.

-There is an ongoing deregulation and privatization process. This tells us that the State approves and respects the labor carried out by private institutions.

-Several banks will allow you to open a bank account as a non-resident.

-Most banks will also allow you to apply to open a bank account through their website, if you’re not in the country.

-Great stability and international recognition.

-Through Australian banks, you will be able to enjoy access to many financial services.

-Several Fintech Solutions are in Australia as an alternative to classic banking.

-Lower fees at doing domestic operations.

-Ample access to a large number of branches of the different banking institutions in Australia.

-Your money is protected and several programs and services will allow you to save and make your capital grow.

Are non-Residents Allowed to Open a Bank Account in Australia?

As we already mentioned, Australia is happy to open its doors to qualified workers who are of benefit to the country's economy, the development of different fields of work, and in general, the business environment.

In a previous article, we’ve talked to you about the visa programs you can apply to in Australia (click here). This openness extends to the chance of having your Australian bank account. If you are in the process of moving to Australia because you got a job opportunity, getting a place to put your income is vital. You will be able to open a bank account before you arrive in the country so that you can make deposits and do some paperwork that will allow you to have funds at the time of your arrival while allowing your employer to send you your first payment once you start working.

You need to know that these advantages are only set for those who are going to stay in the country once they arrived. If your plans are different, the process to open your bank account could be a little harder.

In any case, our team of experts will be by your side when the time for your trip to Australia comes. Every bank has its requirements to open a bank account, but in general, the documents that you need to go through the process are these:

-A confirmation of your arrival date to Australia

-The city where you’ll be living, alongside the address

-Australian visa

-Passport number

-Other documents that the bank may require

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Type of Bank Accounts you Can Open in Australia

In the Australian banking system, you will be able to open 2 main types of bank accounts, depending on the use you are going to give to your account. These types are:

a) Transaction Account:

With this type, you will be able to make every daily operation you could need (paying goods, receive the deposit of your work income, etc). It’s the most common and it’s the way into the Australian banking system.

b) High-Interest Savings Account:

This type of account has several advantages for investors and regular workers. It can help you to generate passive incomes and a lot of profits. The regulations for this account set a couple of conditions that must be fulfilled before earning the high rate. Australian banks have great deals for those who make a monthly deposit into their account. That is a great option if you are moving to Australia. The more you have into this account, the more interest you earn.

The best news is that you can have as many accounts as you want, and use each one for specific expenses.

It’s worth mentioning that Australia also counts with the presence of several Fintech Solutions, who work as regular banks, but with a lot less stressful and demanding applying process. Services like Wise (TransferWise) offer their services of money transferring, at the same time that let you operate them and use them in several countries and continents.

How is the Process to Open a Bank Account in Australia from Overseas?

We have already said to you that you can open a bank account in this great country even before you get to it, as well as provide the documentation required for such a process. Now, we’d like to tell you about the process itself and are the steps to go through it:

1) Make your online application

Most of the Australian banks, especially the so-called “Big Four” allows you to apply to open a bank account using their websites. Within this first step, you will have to complete the application form and supply the institution with your passport details.

Be advised that if any document you supply is in a foreign language, you will have to get it translated by a professional translator recognized and accredited by the National Accreditation Authority for Translators and Interpreters (NAATI).

2) Receive an answer from the institution

The banking institution to which you apply will process and subsequently respond to your application. If the answer is affirmative, you will be notified and given your bank account details (number, passwords, etc.), and you will immediately be able to start depositing money into your account.

This is a huge advantage as it will allow you to start accumulating savings before you are in Australia so that once you enter the country, your life will be considerably simpler in financial terms.

3) Go to the bank once you have arrived in Australia

After you get the approval and complete your move to Australia, the first thing you’ll need to do is go to the bank and show them your passport, so you will be able to access your money. Once this confirmation is complete, you’ll receive a debit card linked to your account with which you will be able to make different types of operations, purchases, payments, etc.

Opening a bank account in Australia is generally a pretty easy process. Whether you are an investor, migrant, worker, student, or even a tourist, there is a solution for you to get an account in some of the most popular a recognized banking institutions in the country.

The sixth biggest country in the world and one of the freest economies on the planet has built an important economic and business infrastructure, determined to provide opportunities for foreign workers and investors with the necessary qualities to generate profits and development for the country. Its visa programs, easy access to the banking system, and a large number of operations and businesses that can be accessed through this make Australia an enormously attractive destination and certainly worth studying when deciding where to carry out your next investment.

At Mundo, your development, stability, and wealth well-being are our aspirations, so our team of experts will be at your disposal at all times with the most suitable plan for you, whether to settle in Australia as an investor or as a worker. Contact us today and start this new stage!

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