How to open a bank account online in Australia: Eligibility, steps, and top providers

Everyone needs a bank account. For a very long time, it was the case that you had to walk into a branch and sit down with a service representative to open one. Nowadays, pening a bank account from the comfort of your own home is becoming more common, with many traditional banking institutions starting to offer this service. It’s much more convenient, and you still get the same level of features and services than you would if you opened it in-person.

In this guide, we’ll talk through what you need to know when opening a bank account online in Australia. We'll also compare some of the best providers, including an alternative to traditional banks: the Wise account. While Wise is not a bank, its multi-currency account offers a powerful solution for managing money in Australia and abroad.

Who is eligible to open a bank account online in Australia?

All Australian citizens and permanent residents are able to open a bank account online. In most cases, you’ll need to be over the age of eighteen, though this does vary depending on the provider. Some will allow children as young as thirteen to set one up, though the parent or guardian will usually be involved and will most likely need to be an existing customer¹.

If you are a temporary resident (student, visa worker) etc., you may also be eligible to set up an account.

What will I need?

As part of the application process, you will need certain identifying documents to help prove who you are and that you are eligible to set up an account. It’s usually a straightforward set of checks, with the most common documents required including:

• Passport for personal details
• A valid email address and residential/temporary address
• An Australian driver’s licence
• Your birth certificate
• A Medicare card
• A Tax File Number (TFN)

You’ll rarely need all of these at the same time, but it’s good to have them on hand just in case. Each provider will likely require something slightly different, so be sure to check this as you make your choice of provider.

What is the process?

Once you’ve collected your necessary documents and chosen your provider, you can start the process of setting one up. There may be slight differences depending on which provider you choose, but the process remains largely the same.

Fill in the application

This will be a fairly standard process where you fill in your key personal details that will be associated with the account. If you already have an existing account with your chosen provider, you might only need your customer number rather than having to fill in your details again.

Verify your identity

You’ll then be asked to upload copies of the key identifying documents we highlighted earlier. You’ll need to make sure everything matches exactly with the details you input on the applications (middle names will often trip people up). Additionally, you might be asked to come into a branch to verify your identity before you gain full access to services.

Activate your account

Once your application is submitted and your identity is verified, you’re just about ready to go. You may need to make a qualifying transaction to enable features - this can be done via the online app that most providers now have.

Wait for your card to arrive

Even though the account is designed for online use and transactions, you can still withdraw money the old-fashioned way. Your card will be mailed to you once the account is active. The PIN will often arrive separately.

Top 5 providers for setting up an account online

For this list, we’ve tried to provide a variety of options including names from the traditional ‘big 4’ Australian banks, as well as digital-only providers.

Wise

While Wise is not a bank, it’s a popular provider for multi-currency accounts and international payments. The multi-currency account is designed for everyday use, allowing you to hold and manage over 40+ currencies, including AUD, USD, and EUR, all in one place.

It’s a very quick and straightforward process, you can sign up for free online, and there’s no monthly fees either. This gives you the freedom to send, spend, and receive money like a local. Plus, you can get a linked Wise debit card for spending internationally at the mid-market rate. You even have the option to grow your money by earning interest on your AUD and USD.² You can fully access and manage your money from the Wise app or online, no matter where you are.

🚀 Sign up for a Wise account

National Australia Bank (NAB)

NAB is one of the ‘Big Four’ traditional institutions and offers a fully online process for setting up a bank account. It is available for Australian tax residents as well as those aged 14 and over, with a choice of the Classic account (used mainly for day-to-day transactions) or the Retirement account.³

There are no monthly fees and no monthly deposits on either account, and no ATM fees when withdrawing money from a NAB ATM source (though there are fees when not NAB). You also get to choose from two types of card; the NAB Visa Debit and the NAB Platinum Visa Debit.⁴

There is also the option to open up a joint account online.

ING

ING is another well-regarded digital-only option that many people are turning to. They offer two different accounts - the Orange Everyday Banking and the Savings Maximiser. It offers most of the usual features you would find with a traditional bank, including credit cards, loans, and insurance.

It follows the standard application process, with the only minor stipulation of note is that you have to make a deposit before the account is activated. There are no monthly fees, and the account is fully integrated with both Apple Pay and Google Pay digital wallets. There is also a fully Australian-based customer care team available 24/7.

Additionally, you can unlock additional bonus interest whenever you meet the monthly threshold and criteria of funds entering your account.⁵

CommBank

CommBank is the second of the ‘Big 4’ institutions we’ll feature on this list. The account setup is quick and easy, conducted through the CommBank app, which also gives all the functionality you’ll need for all your typical banking tasks. As with the other options on this list, it is free to set up. And through the app, you can start to use it before your card arrives, including at ATMs.⁶

Monthly account fees are a little less clearcut. There are no fees for under 30s or if you deposit more than $2000USD each month. However, if you don’t meet these criteria, you’ll incur a $4AUD fee.⁷

It does seem to excel in terms of security however, after entering into a partnership with JP Morgan to roll out anti-scam security technology.⁸

St George Bank

The last name on this list is also a digital only provider; however, it is linked to Westpac which is another of the ‘Big 4.’ As such, it enjoys certain advantages over other digital-only providers, including free access to a much larger number of ATMs all around the country.

The account itself is a breeze to set up, with any Australian resident over the age of 14 with a permanent Australian address eligible to apply. There are also no monthly account fees to worry about, though you’ll need to deposit $1AUD to activate the account. You’ll need two forms of ID to complete the setup⁹.

It’s also very generous in terms of cashback and rewards with its ShopBack program¹⁰. It does take a couple of business days to set up, which is perhaps its only slight downside.

Summary

Opening a bank account online has come a long way from being a rare feature to a standard offering from most financial institutions. The process is now easier, allowing you to get set up with a new account from the comfort of your own home.

Ultimately, the best choice depends on your specific needs. For day-to-day transactions with a physical branch presence, a traditional bank might be a good fit. For those who value multi-currency options, transparent fees, and highly digital services, a provider like Wise offers a powerful everyday account.

💻 Open a Wise account online for free in minutes 💻

Sign up for Wise 🚀

1. NAB - opening accounts for children
2. Wise - online account set up and fees
3. NAB - opening an account online
4. NAB - debit card options
5. IGN - Orange Everyday home page
6. CommBank - account set up
7. Commbank - fees breakdown
8. Wall Street Journal - CommBank partners with JP Morgan
9. Finder - St George eligibility criteria
10. St George - cashback page