# Opening Bank Account



## blaze_235 (Dec 11, 2010)

Hello Friends,

I am starting this thread for beginners like me moving to South Australia and exploring options on opening a Bank account.

I did some reading online and found NAB to be a good option. However I am little confused and would appreciate your views on:


Is NAB a good choice?
Since I am intending to create my account ahead of time what do I furnish for my house address since I do not have one in Australia yet ?

Cheers
Blaze


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## Jupiter1 (Jul 21, 2012)

I don't think you can create the account without a physical address. Regs seem pretty tight on that one. Also I seem to recall I was only issued a "Handycard" that could only be used for point of purchase and ATM - not a Master Card or Visa - until i had received my provisional residency under the Partner Visa program.


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## Maz25 (Jul 6, 2008)

1. I bank with NAB and have had no issues with them. I also opened my account online with them prior to arriving in Australia.

2. You can open an account online prior to your arrival in Australia. You provide your current physical address (does not need to be an Australian address), though NAB will only communicate with you via email prior to your arrival in Australia. Once you register for your account, they will send you an email 24 - 48 hours later with your bank details and the details of your personal bankers, who you will be required to contact prior to your arrival to set up a time to activate your account and verify your identity.

Do note that whilst you can transfer money into the account, you will not be able to withdraw any funds until you have physically presented yourself at the bank and they have confirmed your identity. This done, they will issue you with a EFPTOS card right there and then and your debit card will follow in the post a few days later or alternatively, you can collect it in branch.

You will also be required to change your address once you are in Australia.

Please note that you will only be able to open a basic account online though you can upgrade to another account when you are in the country. The basic account is free but you will have to pay a fee if you do not deposit a certain amount in your account every month should you choose to upgrade to for e.g. a gold account.


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## blaze_235 (Dec 11, 2010)

Thanks Jupiter1. What lead me to ask this questions is on the website of NAB it suggests that 1) You could open a Bank account 12 months in advance before coming to Australia, so my assumption was it is not possible to have a address in OZ before you come. I can provide my existing address in India though.
2) Also the address area has a *Your address before arriving in Australia.* section.
What am confused is how do I get my ATM card and other details .. do they send it to India?

Cheers


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## blaze_235 (Dec 11, 2010)

Thank Maz25. That pretty much answers one of my main concerns. Regarding the availability of Branches does NAB have a good foot print?

cheers
Blaze


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## Maz25 (Jul 6, 2008)

blaze_235 said:


> Thanks Jupiter1. What lead me to ask this questions is on the website of NAB it suggests that 1) You could open a Bank account 12 months in advance before coming to Australia, so my assumption was it is not possible to have a address in OZ before you come. I can provide my existing address in India though.
> 2) Also the address area has a *Your address before arriving in Australia.* section.
> What am confused is how do I get my ATM card and other details .. do they send it to India?
> 
> Cheers


The advice given to you by Jupiter is incorrect.

You only get your bank card when you are physically in Australia and the bank has verified that you are exactly who you say you are.


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## Maz25 (Jul 6, 2008)

blaze_235 said:


> Thank Maz25. That pretty much answers one of my main concerns. Regarding the availability of Branches does NAB have a good foot print?
> 
> cheers
> Blaze


Yes, they do. You will have to nominate which area you are intending to relocate to and they will advise you of your nearest branch.

They also have a lot of cash machines nationwide. If you log on to their website, they will show you the location of your nearest branch and/or cash machines.


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## Amondsham54 (Jul 18, 2012)

what about the policy for the students?


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## lifeisgood (Mar 30, 2010)

Hi ;
I have recently moved to SA(2 weeks back)...
I opened an account when I was in India ....You can deposit money in that account(from India itself) but the account will be activated only when you physically go to a bank and show your passport..

Almost all banks have this system in place..
I have opened an account in WestPac :
Banking in Australia with Westpac, Australia?s First Bank - Westpac

NAB link :
Moving to Australia - NAB

Moving to Australia - Commonwealth Bank Group

you will not need any proof of address initially...
other banks worth considering are ANZ,Commonwealth Bank 



blaze_235 said:


> Hello Friends,
> 
> I am starting this thread for beginners like me moving to South Australia and exploring options on opening a Bank account.
> 
> ...


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## gg3103 (Apr 26, 2012)

blaze_235 said:


> Hello Friends,
> 
> I am starting this thread for beginners like me moving to South Australia and exploring options on opening a Bank account.
> 
> ...


As you have received responses regarding the provision to open account prior to arrival, I wanted to add a point. I got my account opened with NAB. Its completely hassle free and quick too. One of my concerns was, how would I know if the amount I deposit has been credited to my account. Since you cannot activate your account before arrival, I wrote an email to them. I received a very prompt response and they offered to set up a read-only online banking with SMS alerts to my India cell. This was a great facility as now I can get the alerts as well as check online my account balance.

Sent from my iPad using ExpatForum


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## blaze_235 (Dec 11, 2010)

gg3103 said:


> As you have received responses regarding the provision to open account prior to arrival, I wanted to add a point. I got my account opened with NAB. Its completely hassle free and quick too. One of my concerns was, how would I know if the amount I deposit has been credited to my account. Since you cannot activate your account before arrival, I wrote an email to them. I received a very prompt response and they offered to set up a read-only online banking with SMS alerts to my India cell. This was a great facility as now I can get the alerts as well as check online my account balance.
> 
> Sent from my iPad using ExpatForum


Thanks gg3103. This is awesome. That was going to be next question. 

Cheers,
Blaze


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## amraj1982 (Apr 28, 2012)

Hi All,
A quick question. I am currently having an account with CITIBANK (UAE), is it ok for using that instead of creating a new account. Since its International and has branches all over, is it necessary to have a national bank also ? Are there any difference. All replies appreciated 
Thanks in advance.
Raj


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## roo_41 (Jul 27, 2012)

Im also with NAB and set up my account before coming to Australia. Maz has given you some good information as that is pretty much what I did. It was hassle free and so easy to do. You are assigned your own advisor whom you will need to contact via email at least 2 weeks before arrival to arrange an appoint to activate your account. 
NAB seem pretty good! We've never had any problems with them.


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## aspireaus (Apr 17, 2012)

blaze_235 said:


> Hello Friends,
> 
> I am starting this thread for beginners like me moving to South Australia and exploring options on opening a Bank account.
> 
> ...


Hi Blaze,

NAB is a good option so far. I have opened the account online when I was in India and got it activated once I am here. We have to show them our passport and immigration stamp as the ID proof and they will have the account activated.

We will be receiving the Debit Card via mail, so we need to provide them the correct mailing address. I hope by the time you are here, you will be having a postal address (atleast your frnd's). 

We have got our Debit card within 4 days after activation.

Cheers.


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## rafay (Jul 16, 2011)

I opened account in commonwealth when i was on validation trip to Adelaide last year. Now i want to open another account in NAB for my spouse. Could i do that being overseas for more than year passed to my validation trip. How much initial minimum deposit one has to keep in NAB to keep it active.


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## aspireaus (Apr 17, 2012)

rafay said:


> I opened account in commonwealth when i was on validation trip to Adelaide last year. Now i want to open another account in NAB for my spouse. Could i do that being overseas for more than year passed to my validation trip. How much initial minimum deposit one has to keep in NAB to keep it active.


Hi rafay - You can open NAB account from overseas. It doesn't matter whether you have previously travelled or not. Only that matters is you have to get it activated once you have travelled by showing your passport and immigration stamp.

The beauty of NAB is that they are not charging anything for $0 balance. The account can be operated with Zero balance. Hence there is no funda of minimum deposit 

Cheers.


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## Maz25 (Jul 6, 2008)

aspireaus said:


> Hi Blaze,
> 
> NAB is a good option so far. I have opened the account online when I was in India and got it activated once I am here. We have to show them our passport and immigration stamp as the ID proof and they will have the account activated.
> 
> ...


For anyone living in temporary accommodation, you also have the option of collecting your debit card in branch rather than having it posted to you.
I actually opted to collect my card in branch and NAB just gave me a call when it was ready for collection. A lot of branches are open on Saturdays as well, so if you have to work or simply do not have time to go to the branch during the week, you can just pop in during the weekend and collect your card.


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## rafay (Jul 16, 2011)

aspireaus said:


> Hi rafay - You can open NAB account from overseas. It doesn't matter whether you have previously travelled or not. Only that matters is you have to get it activated once you have travelled by showing your passport and immigration stamp.
> 
> The beauty of NAB is that they are not charging anything for $0 balance. The account can be operated with Zero balance. Hence there is no funda of minimum deposit
> 
> Cheers.


thanks aspireaus

it helps alot.


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## felixis6 (Jan 18, 2012)

Hi we have accounts open we haven't moved yet,but we used Australia's 1st bank Westpac.


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## lifeisgood (Mar 30, 2010)

ditto with WestPac......you can open an account without actually depositing an money...and its free for the first 12 months(i.e; there's no minimum account condition)



rafay said:


> thanks aspireaus
> 
> it helps alot.


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## vnainaus (Jul 14, 2012)

lifeisgood said:


> ditto with WestPac......you can open an account without actually depositing an money...and its free for the first 12 months(i.e; there's no minimum account condition)


I just got visa and was checking for bank account....Can anyone suggest whether Westpac is good or NAB?


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## lifeisgood (Mar 30, 2010)

Everyone will have a different view I guess. What I have seen so far in and around Adelaide is that Westpac has less number of ATMs. But the plus point is that you can use St George and Bank SA ATMs also for free. 
ANZ and Commonwealth SA seem to have the most ATMs.

I have a WestPac account and I am not facing any difficulty in terms of the service. 


vnainaus said:


> I just got visa and was checking for bank account....Can anyone suggest whether Westpac is good or NAB?


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## achinj (May 7, 2012)

vnainaus said:


> I just got visa and was checking for bank account....Can anyone suggest whether Westpac is good or NAB?


NAB is no frills account (free of cost) And also has some links to UBank which offers high interest on Fixed desposits.


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## teresacastillo (Aug 5, 2012)

dear expat,

I have been with westpac for 10 yrs and they have a very good service and the best mortgage offered in the market, why/ because we will finish paying our house in about 3 yrs while in Europe would not be possible at all, and when we were still abroad, we went to their website and they have a page where you can open an account from overseas, is exactly done for this kind of people that is going to relocate to Australia, you can even transfer your money before leaving your country to have it ready here when you arrive, then when we arrived we were requested to bring and ID to their main branch and we got our cards and access to our account, is a very good bank and has offices everywhere


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## vnainaus (Jul 14, 2012)

Thanks. I have opened Westpac account. 

How can one transfer money to this account. I mean which service provider is better to transfer money from indian bank account to Australian bank account.


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## ozbound12 (Mar 23, 2012)

Does anyone have any experience using HSBC in Australia? I have an HSBC account now and I figured it would be easy (easier?) to transfer funds between the accounts.


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## achinj (May 7, 2012)

ozbound12 said:


> Does anyone have any experience using HSBC in Australia? I have an HSBC account now and I figured it would be easy (easier?) to transfer funds between the accounts.


I use to have HSBC bank account too. ATMs are limited for HSBC in Melbourne City area. 

They have one bank branch only if I am not wrong in Melbourne CBD


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## achinj (May 7, 2012)

vnainaus said:


> Thanks. I have opened Westpac account.
> 
> How can one transfer money to this account. I mean which service provider is better to transfer money from indian bank account to Australian bank account.


you can check with bank too. Thought I feel remit2india / Citibank or other forex service counters should be fine. 

Else there are other options too - asking for your friend to transfer some funds here and u give him funds in other country if both of u agree.


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## lifeisgood (Mar 30, 2010)

just go to the bank and they will transfer it via SWIFT i guess...
I guess HDFC is good..I have asked the charges for this in SBI,HDFC and there's not much difference..



vnainaus said:


> Thanks. I have opened Westpac account.
> 
> How can one transfer money to this account. I mean which service provider is better to transfer money from indian bank account to Australian bank account.


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## rafay (Jul 16, 2011)

For NAB which account is good option (classic or classic & isaver). if planned destination/city in australia is changed after opening an account, can we activate account in any city branch


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## aspireaus (Apr 17, 2012)

rafay said:


> For NAB which account is good option (classic or classic & isaver). if planned destination/city in australia is changed after opening an account, can we activate account in any city branch


Hi Rafay - Please go for Classic along with iSaver. They are offering good interest rates. I have my account with NAB and no problems so far.


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## rafay (Jul 16, 2011)

thanks aspireaus for quick response

can any tell me that while opening account, if i fill the arrival city with sydney and later on plan to move to melbourne. can we activate account in any NAB branch in melbourne.


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## aspireaus (Apr 17, 2012)

rafay said:


> thanks aspireaus for quick response
> 
> can any tell me that while opening account, if i fill the arrival city with sydney and later on plan to move to melbourne. can we activate account in any NAB branch in melbourne.


Yes. We can activate the account in any branch of NAB. I don't think that should be a problem. All you have to show your passport and immigration stamp.


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## rafay (Jul 16, 2011)

thanks dear


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## gg3103 (Apr 26, 2012)

rafay said:


> For NAB which account is good option (classic or classic & isaver). if planned destination/city in australia is changed after opening an account, can we activate account in any city branch


I have opted for classic and iSaver accounts. I was adviced by the banking agents to transfer into isaver as it will fetch higher interests. Also i had initially asked for the account to be opened in Melbourne. But later I had to get it changed to Sydney. It just required an email and everything was taken care of without any hassles. Now when I land in Sydney, i just have to visit their banker in Sydney for the activation. The account number, routing number etc remains the same, so you never have any issues for transferring amounts.


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## Laugan2 (Apr 7, 2012)

We took the NAB classic with the isaver, we were told the classic doesn't earn interest but the isaver does and if you apply for Internet banking you can transfer money between accounts immediately and it's really easy. You don't have to use the isaver but good to have it if you need it.


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## lifeisgood (Mar 30, 2010)

I got exactly the same accounts with WestPac...



Laugan2 said:


> We took the NAB classic with the isaver, we were told the classic doesn't earn interest but the isaver does and if you apply for Internet banking you can transfer money between accounts immediately and it's really easy. You don't have to use the isaver but good to have it if you need it.


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## rafay (Jul 16, 2011)

lifeisgood said:


> I got exactly the same accounts with WestPac...


it means wespac offers same interest rate and same sort of flexibility like zero balance, 1 yr validity, etc. as offered by NAB.


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## superm (Jul 1, 2012)

Laugan2 said:


> We took the NAB classic with the isaver, we were told the classic doesn't earn interest but the isaver does and if you apply for Internet banking you can transfer money between accounts immediately and it's really easy. You don't have to use the isaver but good to have it if you need it.





gg3103 said:


> I have opted for classic and iSaver accounts. I was adviced by the banking agents to transfer into isaver as it will fetch higher interests. Also i had initially asked for the account to be opened in Melbourne. But later I had to get it changed to Sydney. It just required an email and everything was taken care of without any hassles. Now when I land in Sydney, i just have to visit their banker in Sydney for the activation. The account number, routing number etc remains the same, so you never have any issues for transferring amounts.


Is there any benefit of having just classic one?
or is there any -ve also of having iSaver? any charges?
I ask this because I read that iSaver with classic (I understand this is an classic account with additional iSaver account) has benefits - then why would anybody go for just classic? is there a catch somewhere?


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## ozbound12 (Mar 23, 2012)

superm said:


> Is there any benefit of having just classic one?
> or is there any -ve also of having iSaver? any charges?
> I ask this because I read that iSaver with classic (I understand this is an classic account with additional iSaver account) has benefits - then why would anybody go for just classic? is there a catch somewhere?


Classic is a transaction account, iSaver is a savings account. You need the classic account to write cheques, use EFTPOS, pay bills etc. But it is not an interest bearing account. iSaver is.


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## superm (Jul 1, 2012)

ozbound12 said:


> Classic is a transaction account, iSaver is a savings account. You need the classic account to write cheques, use EFTPOS, pay bills etc. But it is not an interest bearing account. iSaver is.


Thanks OZ.. so I guess everyone would get iSaver +classic, right?
they basically would be one account, right?

Is there any reason why someone might not go for iSaver?


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## rahulchhabra (Sep 24, 2012)

superm said:


> Thanks OZ.. so I guess everyone would get iSaver +classic, right?
> they basically would be one account, right?
> 
> Is there any reason why someone might not go for iSaver?


what is the options to transfer money to the account we open before leaving for australia?


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## ozbound12 (Mar 23, 2012)

superm said:


> Thanks OZ.. so I guess everyone would get iSaver +classic, right?
> they basically would be one account, right?
> 
> Is there any reason why someone might not go for iSaver?


Yeah it's the default. You don't have to use the savings account if you don't want to but if you are bringing a large sum of money with you and/or are trying to save money, it makes sense to put it in an interest bearing account. It's not a lot but it's something.

The other thing worth noting is that when you use EFTPOS you always press "savings" when asked what account you want to use. This does not mean that you are making the transaction on your savings account, it is coming from your transaction account. It's confusing I know.


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## superm (Jul 1, 2012)

ozbound12 said:


> Yeah it's the default. You don't have to use the savings account if you don't want to but if you are bringing a large sum of money with you and/or are trying to save money, it makes sense to put it in an interest bearing account. It's not a lot but it's something.
> 
> The other thing worth noting is that when you use EFTPOS you always press "savings" when asked what account you want to use. This does not mean that you are making the transaction on your savings account, it is coming from your transaction account. It's confusing I know.


Thanks OZBound.. Got it - atleast some of it.
I have applied for iSaver + classic.
Now the thing is that I had given my bro's Melbourne address and phone (as it did not allow country code to be entered) .. and it had no option of saying that am currently not in Oz.
It would not affect anything - right?

I have received a mail that welcome pack is mailed to me.. have not received any e'mail - hence it must have been posted to my bro's home Address! Was any of that stuff required to transfer funds from here? I guess there were some account details required for that.. !


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## ozbound12 (Mar 23, 2012)

superm said:


> Thanks OZBound.. Got it - atleast some of it.
> I have applied for iSaver + classic.
> Now the thing is that I had given my bro's Melbourne address and phone (as it did not allow country code to be entered) .. and it had no option of saying that am currently not in Oz.
> It would not affect anything - right?
> ...


That's weird. Did you apply for migrant banking? That is separate from their normal banking activities. Everything should have been emailed to you including account information.


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## superm (Jul 1, 2012)

ozbound12 said:


> That's weird. Did you apply for migrant banking? That is separate from their normal banking activities. Everything should have been emailed to you including account information.


oh god.. what did I do.. ?
I applied through this page:
Accounts - Term Deposit, Savings Account, Debit Card, Compare - NAB

I don't see any another option.. can you provide a link for the same?


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## ozbound12 (Mar 23, 2012)

superm said:


> oh god.. what did I do.. ?
> I applied through this page:
> Accounts - Term Deposit, Savings Account, Debit Card, Compare - NAB
> 
> I don't see any another option.. can you provide a link for the same?


http://migrant.nabgroup.com/en


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## superm (Jul 1, 2012)

oh god.. what shall I do now?


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## ozbound12 (Mar 23, 2012)

superm said:


> oh god.. what shall I do now?


Don't know. You could apply through migrant banking and when the banker emails you, write back and explain the situation. They should be able to help you.


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## s&s (Apr 9, 2012)

Thanks for the info

smile and wave


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## superm (Jul 1, 2012)

ozbound12 said:


> Don't know. You could apply through migrant banking and when the banker emails you, write back and explain the situation. They should be able to help you.


yeah .. I did the same. Applied through migrant link.
Wrote back on the mail got from first application, though am not sure - if that was a mail address I was supposed to send queries.. now will do like what you mentioned when I get mail from migrant accnt request!
Thanks OzBound for help!


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## Mr. Mojo Risin (Apr 17, 2013)

superm said:


> yeah .. I did the same. Applied through migrant link.
> Wrote back on the mail got from first application, though am not sure - if that was a mail address I was supposed to send queries.. now will do like what you mentioned when I get mail from migrant accnt request!
> Thanks OzBound for help!


I also had the same query regarding the mailing address supposed to be mentioned in the application form. This thread resolved it for me. Now, I am a NAB client having classic+isaver account. 

Thanks much for the info OzBound and Superm...


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## superm (Jul 1, 2012)

Just an update - I mailed them on the mail I received telling me that welcome pack has been couriered - now they have closed that account. Now waiting for the migrant one to be opened


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