How to open a bank account with Heritage Bank. The requirements, account types and fees.
Looking for how to open a bank account with Heritage Bank? We’ve got you covered. Here’s the process, fees and what you need to know.
How to open a bank account with ANZ Australia. The requirements, account types and fees.
Looking to open a bank account in Australia? You’ll have lots of banks to choose from, including the Australia and New Zealand Bank — ANZ. It’s one of the country’s ‘big four’ banks.
In this guide, we’ll walk you through how to open a bank account with ANZ. Below, we’ll look at the different account types on offer, the documents you’ll need to apply and any costs you need to know about. So, let’s get started.
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Types of ANZ accounts
ANZ offers a wide range of personal accounts, whether you’re looking for an everyday banking solution or a way to start saving. Here are just a few of the most popular:
ANZ everyday banking
ANZ’s most popular everyday transaction account is called ANZ Access Advantage¹. It comes with a debit card, unlimited ANZ transactions and secure internet banking — but you can also manage your money through the ANZ app.
ANZ Access Advantage can be opened as a joint account², and it’s also suitable for students. If you’re under 25 or a full-time student, you’ll get all the benefits of the account but with no monthly service fees³.
ANZ savings accounts
There are a couple of savings accounts to choose from at ANZ⁴. These include:
- ANZ Online Saver — a flexible, fully accessible savings account with interest, linked to your ANZ everyday account
- ANZ Progress Saver — a savings account with bonus interest to reward you for regular deposits and no withdrawals.
If you’re happy to lock money away for fixed returns and higher interest, you can also choose a Term Deposits account from ANZ.
How do you open these account types?
Let’s take a quick look at the process for opening each of the most popular account types with ANZ.
How to open an Access Advantage everyday account with ANZ
If you’re an Australian resident with an Australian home address, you can apply for the ANZ Access Advantage account online. According to ANZ, it should only take around 10 minutes¹.
Follow these steps:
- Head to the ANZ website² and click Apply now’ to start your application
- Follow the online application process for the Access Advantage account, providing all requested personal details and tax information. You can also choose to open an ANZ savings account at the same time if you wish.
- Complete the security check, which may involve verifying your ID online (we’ll cover the ID documents you’ll need in just a moment)
- Select your preferred account options.
- Review and submit your application.
If you prefer, you can also apply by phone or in an ANZ branch.
How to open a savings account with ANZ
To open an ANZ Online Saver account, you must first open an eligible ANZ everyday account⁵ by following the steps above. Alternatively, you can open both accounts in the one application. If you already have an ANZ everyday account, you can apply for a new savings account by logging into your internet banking.
You don’t need to be an existing ANZ customer to apply for the ANZ Progress Saver account.
Both savings accounts can be opened online following the same process as the Access Advantage account, provided you’re an Australian resident with a home address in Australia⁴.
If you prefer, you can also open your savings account by phone or by visiting a local ANZ branch in Australia.
ANZ accounts for expats and new arrivals
You might have spotted that so far, all ANZ accounts require applicants to be Australian residents with a home address in Australia. This can make life tricky for expats, who haven’t yet moved but want to get a bank account set up.
Luckily, ANZ has a solution. The bank has made its Access Advantage account available to applicants outside of Australia, as well as its Online Saver. You can apply online using your personal details, ID documents and your country’s equivalent of the Tax Identification Number. Your account will be set up, but to use it for withdrawals, transfers or payments, you must visit an ANZ branch in person for an ID check once you arrive in Australia⁶.
Cost, running fees that come with the account
| Fees | ANZ Choice Account⁷ | Wise |
|---|---|---|
| Account monthly fees | $5 (waived for under 25s, students, over 60s and for monthly deposits over $2,000)¹ | Free to hold up to $23,000 AUD per month. 0.00437% daily holding fee for any amount over $23,000 AUD |
| International transfer fee | $9 if sent in foreign currency from an AUD account¹⁰ + bank’s margin on the conversion rate and potential intermediary/recipient bank fees¹¹ | 0.45% variable fee (e.g. for a transfer of $1,000 AUD to GBP, the fee charged is $5.14 AUD) You can make a fee calculation here. |
| ATM withdrawals | Free within Australia or at ANZ global ATMs. $5 for international withdrawals at non-ANZ ATMs⁷ | You can take out money for free twice a month — as long as the total amount is under $350 AUD. After that, there is a $1.50 AUD per transaction fixed fee. If you take out over $350 AUD in one month, there is a 1.75% on the amount exceeding that. See card fees here. |
*Information last checked on 30.09.21
What do I need to open an account? Requirements, documents and what to know
If you’re ready to open an ANZ account, here’s what you need to know.
Which documents do I need to open an account?
To apply for most ANZ accounts as a new customer, you’ll need two of the following documents ready for ID verification⁸:
- Australian passport, or foreign passport with Australian visa
- Australian driver’s licence
- Australian Medicare card.
Do I need to deposit money to open an ANZ account?
There’s no minimum opening deposit required to apply for an ANZ everyday bank account, but remember that the $5 account-keeping fee is waived if you can deposit at least $2,000 a month¹.
Do I need to go to a bank branch, can I do this online or from abroad?
If you meet the eligibility criteria — being an Australian resident with an Australian home address — you should be able to complete your ANZ bank account application online in just a few minutes.
But if you’re applying from outside Australia, you will need to visit a branch in person to complete an identity verification check. Only then will you be able to use your account to withdraw money, make transactions and so on.
You can find out more by contacting ANZ here
- Call 13 13 14 from anywhere in Australia
- From overseas, call +61 3 9683 9999
- Make an inquiry on their online form⁹.
Alternatives to ANZ
Of course, ANZ isn’t the only major bank in Australia. You may also want to take a look at some of the other big banks, including National Australia Bank, Commonwealth Bank of Australia and Westpac Bank.
Have a look at Wise
Wise offers international payment services as well as a smart and flexible Multi-Currency account. If you’re looking for an alternative to traditional banks, which also cuts the costs of sending money overseas, Wise is tailor-made for you.
Your multi-currency account can hold 40+ currencies, receive fee free payments using your very own AUD account details, send money to 160+ countries, always using the real exchange rate — with a low and transparent fee. You can also have a debit card to spend with at home and avoid foreign transaction fees while abroad.
(https://wise.com/au/account/)
If you’re an expat, this could be a great money-saving option for sending money to and from your Australian bank account before the big move.
Register your Wise account in minutes
Sources used for this article:
- ANZ Access advantage account. Monthly fee waiver
- ANZ apply online app
- ANZ student banking
- ANZ savings accounts details
- Online Saver eligibility criteria
- Moving to Australia account packages and information
- ANZ personal account fees. ATM withdrawal fees on page 11
- Branch or Online application ID verification
- ANZ contact information
- ANZ International transfer fee details
- Currency converter stating bank's margin on conversion rate and intermediary bank fees
Sources checked on 30 September 2021.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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