Moving to a new city, especially one as exciting as Sydney, involves a lot of preparation. One essential task is setting up a bank account, and thankfully, you can get a head start even before you arrive!
Why Open an Account Before You Arrive?
Having a local bank account makes settling into Sydney much smoother. You can:
- Receive your salary: Essential if you’ve already secured a job.
- Pay rent and bills: Easily manage your living expenses.
- Access funds conveniently: Use ATMs and EFTPOS facilities across the city.
- Build your financial history in Australia: Important for future credit applications.
Opening an Account Online
While not all banks offer this service, some allow you to begin the application process online.
Several banks in Sydney allow you to open an account while you’re overseas. Here are a few of the most popular options:
Commonwealth Bank of Australia (CommBank): You can apply for a CommBank account up to 14 days before you arrive in Australia. However, you’ll need to visit a branch with your identification documents once you arrive to activate the account.
HSBC Australia: HSBC offers the Everyday Global Account, which you can apply for from outside Australia. This allows you to manage your finances before you even arrive.
https://www.hsbc.com.au/accounts/products/everyday-global/
National Australia Bank (NAB): NAB has a migrant banking service that allows you to apply for a Classic Banking account once you have an Australian working visa. However, you won’t be able to use the account until you arrive in Australia and visit a branch to activate it.
https://www.nab.com.au/personal/banking-in-australia
Australia and New Zealand Banking Group Limited (ANZ): ANZ offers a Migrant Banking package allowing you to apply for an Access Advantage account online up to 12 months before arriving in Australia. You’ll need to visit a branch with your identification documents upon arrival to activate the account.
https://www.anz.com.au/personal/bank-accounts/everyday-accounts/migrant-banking/
Westpac Bank: Offers a dedicated banking solution for newcomers to Australia. You can open a Westpac Choice account with a high introductory interest rate. However, you’ll need to complete an identity check at a Westpac branch in Australia to activate the account.
https://www.westpac.com.au/personal-banking/bank-accounts/new-to-australia/
Completing the Process in Sydney
Once you’re in Sydney, you’ll need to finalise your application in person.
- Visit a branch: Locate the nearest branch of the bank you’ve chosen.
- Bring your documents: Typically, you’ll need:
- Your passport
- Your digital welcome letter (if applicable)
- Meet with a bank representative: They’ll guide you through the remaining steps and answer any questions.
