How to open a bank account with Bankwest. The requirements, account types and fees.

A division of Commonwealth Bank, Bankwest endeavours to take a more personal approach than its big bank counterpart.

Purporting to deliver better banking with fewer hassles, Bankwest operates primarily online with no branches open outside of Western Australia (WA).

Offering a variety of services and a range of accounts for both business and personal use, in this guide we’ll focus on the latter.

We’ll delve into the types of accounts available, eligibility, any associated fees, the documentation required to open an account and other key details. Ensuring you’ll be fully informed and best placed to decide if Bankwest is right for you.

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Types of accounts available with Bankwest

If you are hoping to discover a Bankwest migrant account as a newcomer to Australia or someone planning to make the move, this is currently not an option.

They do, however, offer several types of personal banking accounts that are readily accessible and easy to apply for.

Everyday Accounts

Below is a brief look at two of Bankwest’s main everyday banking accounts.¹

Easy Transaction Account

This Bankwest everyday account requires no minimum deposits and minimal fees. It can be paired with an Easy Saver account for simplified management of your funds.

This account supports digital wallets while also providing a physical account card for easy payments online or in person.

Bankwest Qantas Transaction Account

Suited to customers who maintain a high account balance and make regular transactions, this account allows you to earn Qantas Frequent Flyer Points.

Points are available on balances of up to $50,000 and for eligible purchases per month. A minimum deposit of at least $2000 per month is required to avoid fees.

Savings Accounts

Bankwest currently offers three different types of savings accounts, here we have focused on the main two for easy comparison.²

Easy Saver

This account requires no minimum opening balance or minimum deposit amount each month. You are required to have a linked Easy Transaction Account through which you can transfer and withdraw funds.

It offers a variable interest rate of 5.10% on balances up to $250,000.99 for new accounts for the first four months before reverting to a lower variable rate.

Hero Saver

Operating as a stand-alone account, you are not required to have a secondary linked Bankwest account to open or manage a Hero Saver account.

Earn 4.6% interest each month on balances up to $250,000.99 so long as you deposit a minimum of $200 monthly and make no withdrawals before the last business day of the month.

Joint Accounts

A Bankwest joint account is available through their existing transaction and savings account options.³

This must be done at the time of application as while a signatory can be added to an existing account, only new accounts can be set up as joint.

How do you open these account types?

To open a Bankwest new account, online or phone access is necessary. In some instances, branch attendance may be requested to verify documentation (WA residents only).

How to open an everyday or savings account with Bankwest

Most applications can be processed online with transaction and savings accounts following the same steps outlined below.

1. Select your chosen account type on Bankwest’s website
2. Click ‘apply now’
3. Complete all the necessary details outlined in the application form
4. Upload required identification documentation (detailed further on)
5. Once approved, you can begin using your account

How to open a joint account with Bankwest?

To open a joint account with Bankwest customers are required to attend in person (WA only) or call the bank's customer care team for assistance.³

Identification documents will be required for each applicant and eligibility must also be met for both account holders.

Costs and running fees that come with Bankwest’s Easy Transaction Account

The following is a comparison of the Bankwest bank account fees associated with the Easy Transaction Account against an alternative everyday account option offered by Wise.

Fees (all in AUD)	Bankwest- Easy Transaction Account¹	Wise
Account monthly fees	$0 monthly fees	$0 monthly fees
International transfer fee (for a sample amount of $1,000 AUD to GBP)	$15 fee per transfer initiated online.⁴ $35 per transfer requested in branch or over the phone. These fees are in addition to any third-party fees levied by intermediary banks en route.	Payout fee + variable conversion fee starting from 0.42% (e.g. for a transfer of $1,000 AUD to GBP, the total fee charged is $5.32 AUD) You can make a fee calculation here.
ATM withdrawals	$0 ATM withdrawal fees both within Australia and overseas. **Note: **ATM service providers may charge additional fees. Check their terms of use.	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. Note: ATM service providers may charge additional fees. Check their terms of use.
Card maintenance fees	None	None

*Information as seen on 23 January 2024

What do I need to open an account? Eligibility, documents and other key details.

Who is eligible to open an account with Bankwest?

Before making an account application with Bankwest it is recommended to check your eligibility. Bankwest requires that you⁵:

• Are aged 16 years or over
• Are an Australian citizen, temporary or permanent resident
• Have an Australian residential address
• Hold an Australian passport or driver’s license or internationally recognised equivalent

What documentation will I need to open an account?

To complete your application, Bankwest requires you to provide the following details and documentation⁶:

• Name, date of birth and contact details
• Your tax file number
• Country (or countries) of residence
• One form of primary photo ID such as a passport or driver's license

Alternative ID proof is available if photo identification is not possible. Please check Bankwest’s site for more details.

Do I need to deposit money to open a Bankwest account?

Depending on which account you are applying for, a deposit may be required upon opening the account.

We recommend checking the terms and conditions carefully before applying to determine if this is required.

Do I need to go to a bank branch, can I do this online or from abroad?

As the majority of account applications can be made online, there is rarely a need to attend a branch in person. On occasion and depending on the nature of your enquiry, phone assistance may be required.

This makes it possible to open a Bankwest account from overseas if needed. Keep in mind, however, that if you do not have an Australian residential address or phone number, your application may be declined.

What else do I need to know?

Perth-based, Bankwest currently has no physical locations open outside of Western Australia.

For this reason, if you are someone who likes to have the option to attend a branch in person when needed, Bankwest may not be suited to you.

You can find out more by contacting Bankwest here.

To speak with a Bankwest representative regarding a new account whether from overseas or within Australia, you can call⁷:

• 13 17 19 or +61 8 9449 2840

These lines are open 24/7.

Alternatives to Bankwest

If Bankwest is not well suited to your needs, you may like to consider opening an account with one of Australia’s big four banks, these being:

• Commonwealth Bank
• Westpac
• ANZ Banking Group and
• National Australia Bank

Being bigger institutions, a broader range of products and services is likely to be available. This includes the potential to offer specialised migrant accounts.

If dealing with a bank altogether doesn’t appeal, Wise gives you easy access to your funds both in Australia and overseas. Allowing you to enjoy unmatched convenience, flexibility and minimal fees.

The Wise Account

If you’re looking for a flexible account that is great for daily spending in Australia and overseas, the Wise Account is worth a look.

The Wise Account can be opened for free and allows you to hold money in 40+ currencies and send money to 160+ countries. You can also order local account details for 10 world currencies including AUD.

You can also use the Wise Debit card to spend money in 150+ countries without markups and hidden transaction fees. The mid-market rate is used when switching between currencies, helping to keep costs low when sending money internationally. It’s the rate you see on a Google conversion search.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

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Sources:

1. Bankwest – Everyday Accounts
2. Bankwest – Savings Accounts
3. Bankwest – Joint Accounts
4. Bankwest – International Transfers
5. Bankwest – Eligibility
6. Bankwest – Documentation
7. Bankwest – Contact Us

Sources checked on: 16 January 2024