Open a Bank Account in Australia

Foreigners can open a bank account in Australia. This can be useful in many situations, especially in the case of those who want to relocate to this country for a longer period of time. Our team of lawyers in Australia can assist both individuals and corporate clients who need legal representation during this procedure.

What are the main categories of bank accounts in Australia?

In Australia, clients can set up the following types of bank accounts: 1) bank accounts for individuals (including the Australian bank account for non-residents) and 2) bank accounts for companies. 

What kind of bank accounts can foreigners open in Australia in 2026? 

The Australian banking system offers the same types of bank products that one can find anywhere else on the planet. Thus, a person who wants to open a bank account in Australia can set up one of the following: 

1. term deposit accounts – a bank account where the owner of the account deposits money and can’t use it until a certain period of time has passed by;
2. credit card accounts – they grant access to borrowed money to be used for immediate needs;
3. regular transaction accounts – the most basic bank account, used for deposits, money withdrawals, payments and other transactions;
4. joint accounts – available for those who want to share the account with another person (a spouse, a family member, etc.);
5. savings accounts – they provide a higher interest rate to increase the savings’ value; 
6. for all the above, one can request to open a bank account online in Australia.  

What are the minimum conditions to open a bank account in Australia as an individual? 

Although Australia allows foreigners to set up a bank account rather easy, there are still some aspects foreigners should take into consideration in this case. Our lawyers in Australia have prepared a short list regarding the basic requirements all Australian banks apply: 

• Australian banking applies a 100 points system, representing the documentation of the applicant;
• in general, applicants must be 18 years old, regardless if they are opening a bank account in Australia from overseas or in the country; 
• however, the easiest bank account to open online in Australia is provided by few local banks, which allow persons of minimum 14 years old to set up the account; 
• opening a bank account in Australia from overseas is possible with maximum 12 months before the arrival in the country (this is advantageous for those who need an Australian bank account for non-residents).

Are there any guarantees for my deposits?

Please know that if you want to open a bank account for personal purposes in 2026, the local legislation offers guarantees to bank’s clients for deposits of up to $250,000. It must be noted that the banks where the bank accounts are set up have to be registered with the Australian Prudential Regulation Authority (APRA).

How can I open a bank account if I am a corporate client?

Corporate clients need to provide a larger set of documentation and need to pass more complex checks completed by the bank they have chosen. While all banks in Australia apply similar procedures, in accordance with the Australian laws and requirements, small differences can appear from one bank to another. Below, our team presents some of the rules available for corporate clients:

1. banks will need an identity check of the person who applies for a corporate bank account – this can be done online or in-person, depending on the services provided by the bank;
2. then, the applicant must provide the legal entity’s documentation – this differs in accordance with the business form for which the account is necessary;
3. another step is to complete the bank’s application form issued for the specific company type for which the account is set up;
4. the client must also complete a tax residency declaration form.

What information must I provide about my company when opening a bank account?

Banks will ask for a wide range of documents. In the case of sole trader, there are fewer requirements, given that the entity itself represents a simple business form. For corporate entities, such as private or public companies, investors must present more documents. Given that the private limited company is a very common business form, our team will present below the papers necessary in this case:

1. the company’s registered trade name (registered with the Australian Securities & Investments Commission – ASIC);
2. the documentation reflecting that the legal entity is a private company (statutory documents);
3. the full address of the company’s registered office;
4. the address where the company has its place of business;
5. the ABN (Australian Business Number) and the ACN (Australian Company Number);
6. the name of the person appointed as company director;
7. personal information of the company’s beneficial owners (all persons listed as beneficial owners), which includes their name, their residential address, tax residency;
8. the licenses issued for the company (if applicable);
9. foreign tax residency details.

How long does it take to process the bank account application?

The bank will process the application in approximately 2 days and will decide on whether the applicant can open a bank account in Australia or if additional steps must be taken. 

If you need further information on how to open a bank account in Australia, please contact our Australia law firm.