How to Open an Australian Bank Account from New Zealand
Our comprehensive guide compares traditional banks and modern alternatives like Wise to make opening an Australian bank account hassle-free and efficient. We explain the process step-by-step to let you move forward with confidence.
Updated 18 July 2024
Summary:
Our guide covers:
Disclaimer: Wise is a non-bank payment provider.
In the video below, MoneyHub Founder Christopher Walsh overviews this guide in detail:
Summary:
- The options are simple - get an account fast and in advance of leaving New Zealand, or do it the traditional way (think forms and delays) after you arrive.
- MFAT, a New Zealand government department, has detailed guidance about needing '100 points of identification' for opening an account when you get to Australia, suggesting you need Australian phone accounts or a lease document. Given the complexity, we suggest following our guide and suggested fast-and-transparent option, the Wise account. MoneyHub's team members, friends and family have been using Wise for 3+ years and are very positive about how easy it is to open an Australian bank account once you're a customer.
- Know This: Some New Zealanders have previously used HSBC to open an Australia bank account. However, in June 2023 HSBC announced it was exiting New Zealand so this is no longer an option. However, in comments around the news, one reader confimed that he/she "was able to apply, authorise and credit a WISE multicurrency account and receive a virtual Visa debit card in 15 minutes entirely online with no problems at all". This is consistent with our experience with Wise and the reports we've received from MoneyHub users. Our Wise review has more information.
- Our view is simple - you'll likely join an Australian bank once you establish yourself in Australia and settle in a month or two after arriving. However, before then, Wise's offering, low money transfer fees and ease of setup are unrivalled for a ready-to-go solution for anyone moving to Australia.
Our guide covers:
- Step-by-Step Guide to Opening an Australian Bank Account from New Zealand
- Australian Bank Accounts for New Zealanders
- Frequently Asked Questions
Disclaimer: Wise is a non-bank payment provider.
- It is not a bank, as regulated by Australian law. This means a Wise account is, by definition, an "electronic money account" and not a bank account. It does, however, function in a similar way.
- When you put money in your Wise account, it's kept in bank accounts completely separate from the ones used in the everyday running of the business. Wise is a multi-billion dollar company with its shares traded on the London Stock Exchange. However, New Zealanders have asked about the safety of their Wise account money (as outlined by this Reddit post from December 2022) which further explains how Wise operates.
- We remind MoneyHub users that a Wise account doesn't allow direct debits and overdrafts, nor does it pay any interest on deposits. However, given the speed of setting it up and the ability to arrive into Australia with a fully functional account, we believe what Wise offers is far superior to any other solution.
In the video below, MoneyHub Founder Christopher Walsh overviews this guide in detail:
MoneyHub Founder Christopher Walsh shares his views on opening an Australian Bank Account before moving to Australia:
"There are two ways to arrive in Australia - with a bank account set up, a functioning debit card, and NZD to AUD money transfers sorted out (option 1), or without a bank account fully signed-off and therefore the need to visit a branch, get your card and figure out how to transfer money to your new account (option 2). I would always go with option 1 to avoid the hassle, so I'm a huge fan of the Wise account over the traditional Westpac or ANZ approach.
Unlike Australian banks and their 'migrant accounts', Wise offers an Australian account in minutes. It is fast, convenient, and simple - you can apply in New Zealand for an account and then open an Australian bank account in less than twenty minutes. You'll get a debit card posted to you in New Zealand, a digital card, integrations with Apple Pay and Google Pay, and an app to live-track payments you receive and make. Wise is more than a bank account - it's also far more cost-effective to transfer NZD to AUD using Wise than any bank, and the money moves much faster. If I were moving to Australia in the next few weeks, my first step would be to join Wise. The service and solution are convenient, and all the benefits are unrivalled. Wise is also free to join, and you can get an AUD account for free. However, if you want the physical debit card, there's a one-off cost of NZ$14. Otherwise, there are no signup costs. Your Wise account comes with AUD account details - our video explains this more:
My view is simple - a Wise account offers a quick signup and approval process, great value transfers and a debit card in your hand before flying into Australia. No Australian bank comes close to offering any of these important benefits. And we don't see that changing any time soon. |
MoneyHub Founder
Christopher Walsh |
Step-by-Step Guide to Opening an Australian Bank Account from New Zealand
The typical process for most New Zealanders is as follows:
- Choose a Bank: We argue that the main banks are all similar in their offerings for everyday accounts, and what matters is getting a bank account set up that you're comfortable with. Outside of Wise's account and debit card, banks offering 'migrant accounts' include ANZ, Commonwealth Bank, NAB and Westpac.
- Complete the Application: Gather the necessary documents, which typically include your passport and a proof of address. If you have a TFN, you can provide it, otherwise you'll need to apply for one and give the number to the bank to avoid overpaying tax.
- Visit a Branch, Verify and Activate: Once you're in Australia, you'll need to visit a branch and verify your identity and activate the account - until you do this, no Australian bank will give you a bank account number or debit card.
Australian Bank Accounts for New Zealanders
The banks below offer accounts to New Zealanders arriving into Australia, but for all of them you'll need to visit a branch to get verified and set up. Generally, each bank will require:
Know This: Most banks also won't offer overdrafts, and in some cases the bank account may have some limitations around sending outbound International Money Transfers.
The alternative is the Wise account, which can be set up in 15-20 minutes from New Zealand and is a completely different experience compared to the big Australian banks, and one which we're very excited about sharing with New Zealanders heading to Australia.
- Australian residential address
- Valid form of ID such as a New Zealand Driver Licence, New Zealand/International passport
- Australian mobile number
Know This: Most banks also won't offer overdrafts, and in some cases the bank account may have some limitations around sending outbound International Money Transfers.
The alternative is the Wise account, which can be set up in 15-20 minutes from New Zealand and is a completely different experience compared to the big Australian banks, and one which we're very excited about sharing with New Zealanders heading to Australia.
ANZ
|
Commbank
|
NAB
|
Suncorp
|
Westpac
|
Wise
|
Important: Please be aware that since HSBC announced the closure of its New Zealand bank in June 2023, you cannot open an Australian bank account with HSBC before arriving in Australia given New Zealand is no longer listed on its pre-approved list. However, as with any Australian bank, you can apply for an HSBC account once you arrive in Australia, although it's unlikely to be the first choice for most New Zealanders.
Important: If you're planning to transfer money from a New Zealand bank account to an Australian one, it's crucial to consider the varying fees and foreign exchange rates between different services. Wise and traditional banks, for instance, have significant differences in this aspect. Our informative video below highlights these differences, helping you make a more informed and cost-effective decision:
Important: If you're planning to transfer money from a New Zealand bank account to an Australian one, it's crucial to consider the varying fees and foreign exchange rates between different services. Wise and traditional banks, for instance, have significant differences in this aspect. Our informative video below highlights these differences, helping you make a more informed and cost-effective decision:
MoneyHub Founder Christopher Walsh shares his views about using a Wise Account:
|
MoneyHub Founder
Christopher Walsh |
Frequently Asked Questions
As a New Zealander, you can open an Australian bank account. Traditional banks all require you to be in Australia to finalise the process, while alternatives like Wise allow you to do everything online before arriving. The questions below are published to help make sense of related concerns:
Will I need an Australian address to open a bank account in Australia?
While most Australian banks usually require an Australian residential address, some, like Wise, do not require this. You don't need a lease or rental agreement to provide an address; we believe it's more of a formality.
Can I open an Australian bank account online from New Zealand?
Yes, with some banks like Wise, you can open an account online from New Zealand. Traditional banks like ANZ, Commonwealth Bank, NAB, and Westpac typically require you to visit a branch in Australia to finalise the process, which means you'll not be able to move forward (or move money to Australia) until you visit a branch and sort it out. This makes Wise a far more attractive option for many people.
Do I need an Australian Tax File Number (TFN) to open a bank account?
While not necessary to open a bank account, you must provide your TFN to the bank once you have it to ensure you are not taxed on interest at the highest marginal rate.
Can I transfer my New Zealand credit history and records to Australia?
No - credit records are not transferable between countries. You will need to build a credit history from scratch in Australia.
What are the fees for transferring money between my New Zealand and Australian bank accounts?
This depends on your bank. Our guide to money transfers has more details - the banks are not competitive compared to alternatives like Wise, which use the real exchange rate and charge a low, transparent fee.
How long does it take to set up an Australian bank account?
The time it takes to set up an Australian bank account can vary; it's likely to be at least 1-2 hours. With Wise, you can set up an account in about 15-20 minutes. Traditional banks may take longer, especially as they typically require you to finalise the process in person in Australia.
Can my salary be deposited into my new Australian bank account?
Yes, once your bank account is set up and active, your salary can be deposited directly into your Australian bank account.
MoneyHub Founder Christopher Walsh shares his views about using a Wise Account:
|
MoneyHub Founder
Christopher Walsh |