Opening Bank Account

blaze_235 · #1 (**permalink**) 21st July 2012, 04:16 AM

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

Jupiter1 · #2 (**permalink**) 21st July 2012, 04:47 AM

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.

Maz25 · #3 (**permalink**) 21st July 2012, 05:49 AM

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.

blaze_235 · #4 (**permalink**) 21st July 2012, 05:50 AM

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

blaze_235 · #5 (**permalink**) 21st July 2012, 05:54 AM

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

Maz25 · #6 (**permalink**) 21st July 2012, 05:55 AM

Quote:

Originally Posted by blaze_235

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.

Maz25 · #7 (**permalink**) 21st July 2012, 05:57 AM

Quote:

Originally Posted by blaze_235

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.

Amondsham54 · #8 (**permalink**) 21st July 2012, 10:19 AM

what about the policy for the students?

lifeisgood · #9 (**permalink**) 21st July 2012, 09:56 PM

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

Quote:

Originally Posted by blaze_235

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

gg3103 · #10 (**permalink**) 22nd July 2012, 01:22 AM

Quote:

Originally Posted by blaze_235

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

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.

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