How to set up a new bank account online — it’s easy, promise!

How to set up a new bank account online in 4 steps

1. Compare banks and choose your new account. When you're looking for a new bank, consider if you want a debit card. Are you likely to need a physical card for withdrawing cash from ATMs? If so, make sure to choose an account with no or low ATM fees, along with low or no account fees.
2. Have all your ID information ready. You'll need several pieces of identification such as a driver's license or passport, plus documentation that shows your address.
3. Complete the application online. This should take 5 to 10 minutes.
4. Activate your account, set up online banking and add funds to the account. Log into your account, save your passwords, and transfer some money to the new account.

OK there's one more step: if you have an account with a debit card, you will need to wait it to arrive. This can take a few days or a week. Usually, there is a separate letter containing a Personal Identification Number (PIN). Then you can activate the card in your bank's app or online. Often, you can change your PIN online or in the app as well.

Most banks also let you add a digital debit card to their app, which you can use via Google/Samsung/Apple Pay. You may be able to use a digital card while you're waiting for the physical card.

What information do I need to set up a bank account?

• ID. At a minimum you'll need a driver's license, passport or other ID to verify your identity. You can't set up a bank account without this. You can also use birth certificates and other non-photographic ID.
• Date of birth. Enter your date of birth.
• Residential address. You'll need a residential Australian address to open an account.
• Phone and email. You'll need these contact details.
• Tax file number (TFN). You don't need this to open an everyday bank account. But if you don't provide one, your financial institution must withhold tax on interest earned

Note: If you just want to open a new bank account with your current bank they already have your information. You'll need to log on to your bank's app or website to apply.

• Types of ID banks accept

  You generally have to choose one of the following options:

  • One form of primary photographic ID: such as a driver's license, passport or proof of age card. Make sure the license or passport hasn't expired.
  • Two forms of primary non-photographic ID: such as a birth certificate, citizenship certificate or pension card.
  • One of each: One form of primary non-photographic ID (such as a birth certificate, citizenship certificate or pension card) and one form of secondary ID (such as a government financial benefits notice from the past 12 months, an ATO notice of assessment from the last 12 months, or a rates notice or utility bill issued in the last three months)

Verifying your ID in person at a branch

If for whatever reason you don't want to upload ID documents online you can go into a bank branch and verify your ID there. But this may means you must complete the application in branch rather than online.

How to choose a good bank account?

What really matters is what you're looking for. Here are some tips to help you choose.

• Look for a bank with a good app and online banking. Most Australian banks should offer all of this now. But not every bank has a really great, smooth online experience.
• Read online reviews and use word of mouth. It's hard to know which banks are actually good until you use them. Online reviews can help and Finder also gives out the Finder Score. Word of mouth from friends and family helps too.
• Focus on fees and features. You're better off with a bank account that doesn't come with any monthly fees. You should be able to check your account balance easily, move money around as you need, and do things like block your card if you've lost it, track your spending, and set up automatic payments. Also look out for international transaction fees and optional perks like cashback offers.
• Check eligibility criteria before applying. Read up on a bank account's eligibility criteria on the bank's website before opening an account. That way you can check if you're missing anything.

Finder survey: How do Australians open bank accounts?

I still have more questions

• How do I activate my account and card?

  The bank account debit card will arrive in the mail after you've been approved. You'll find out how long it takes when you get the confirmation email once you submit the online application, however it usually takes between 3-7 business days.

  You can activate your new card online or over the phone. The easiest way is to go to your mobile banking app and select 'activate new card' and set up a PIN. The primary account holder must activate their card first before additional cardholders can do the same.

• How do I switch my automatic payments?

  Switch your automatic payments to your new bank account simply by filling out a form. An automatic payment consent form gives your new bank permission to contact your old bank and transfer all of your direct debits so you don’t have to.

• How do I set up online banking?

  Once you’re approved for the account you can register for online banking. You can do this over the phone. Create a password and use your details to log on to internet banking so you can manage your money and make payments to other accounts.

• How do I set up a joint back account?

  Most accounts in Australia can be opened as joint bank accounts with one other person (or sometimes more). There will be an option at the start of the application form to select if you're opening the account as a joint account. If you are, each person will need to verify their ID.

• How do I get my bank statement?

  Your bank statements will be readily available to view and download via your Internet banking platform. You can request to receive these in the mail if you'd prefer, although there may be a small fee for this.

• Can I open a bank account online from outside Australia?

  Some bank accounts are available to temporary residents and visitors on special visas, if this is you, refer to the provider’s website once you’ve completed your comparison for further information. You may be able to save time by completing the online application from overseas so you’re good to go once you arrive in Australia.

To make sure you get accurate and helpful information, this guide has been reviewed by Serina Bird, a member of Finder's Editorial Review Board.

Written by

Richard Whitten

Editor

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

Richard's expertise

Richard has written 553 Finder guides across topics including:

• Home loans
• Property
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• Money-saving tips