How to open a Virgin Money Australia account. The steps, fees and requirements.

Virgin Money offers a range of products to Australian customers including bank accounts, credit cards, home loans, insurance and superannuation. In this article we’re going to hone in on the everyday transaction and savings accounts on offer.

We’ll explore what bank accounts Virgin Money Australia has available, who can open one, how you do that and what the fees are. We’ll also look at how it compares to Wise, as an alternative everyday spending option.

Learn more about the
Wise Account

Types of accounts

Virgin Money Australia has three different accounts currently on offer. One is an everyday transaction account while the other two are saving accounts.¹

Virgin Money Go Account

Virgin’s take on an everyday transaction account, the Virgin Money Go Account comes with a linked Virgin Money Boost Saver Account. It has no monthly fees or interest, but you can earn 8 Virgin Money Points on every eligible purchase including direct debits and BPAY payments.

Here are some of the features of this account:

• Supports Apple Pay, Samsung Pay and Google Pay
• Bill tracking and spend tracking tools available
• Comes with a Visa debit card
• Option to automatically round up to the nearest $1 and save the difference

Virgin Money Boost Saver

A high interest savings account, the Virgin Money Boost Saver is bundled with the Virgin Money Go Account. When you meet the Monthly Criteria you can earn up to 5.05% interest p.a on the eligible balance, with an additional 0.30% variable interest rate available through the Lock Saver feature.

Virgin Money Grow Saver

If you only want to open a savings account then there’s the Virgin Money Grow Saver. It offers up to 2.00% interest p.a. when you make at least 1 deposit and only 1 withdrawal per month. It also has the Lock Saver feature giving you the option to gain an extra 0.30% variable interest p.a.

Cost, running fees that come with the Everyday account – Virgin Money Go Account

As with most accounts there are some fees associated with having a Virgin Money Go Account . To give you an idea of how they stack up, here are some of the main fees for that account compared to having a Wise Account.

*Reference rate only - actual rate may vary. Information last checked on 11 October 2024

Wise is not a bank and features available with traditional bank accounts will not be available with a Wise account.

As you can see one of the biggest differences is the cost for international transactions. If you’re someone who travels a lot or regularly purchases items from abroad then the Virgin Money Go account may not be the best value option.

What do I need to open an account? Requirements, documents and what to know.

To be eligible to open an account with Virgin Money in Australia there are a few requirements you’ll need to meet.²

• Be older than 14 years of age
• Australian resident
• Have an Australian residential address

You also need to be the intended account holder, you can’t open one on behalf of someone else even if you have Power of Attorney or are the legal representative.

Which documents do I need to open an account?

For documentation, you need to have a valid form of photo ID such as a driver's licence issued in Australia.² If you don’t you’ll have to complete your application at Australia Post.

How do you open these account types?

Conveniently, you can apply for the Virgin Money accounts online.¹

How to open an everyday account with Virgin Money?

Here are the steps you need to follow to open the Virgin Money Go Account & Boost Saver accounts.²

• Press on “Open an Account” on the Virgin Money website
• Choose “Go Account & Boost Saver”
• Select who the account is for and press “Get started”

From there you need to follow the prompts, inputting your contact and personal information as well as any other details required for the application process.

How to open a savings account with Virgin Money

If you just want to open the Grow Saver account the steps are almost the same.²

• Go to the Virgin Money website and press “Open an Account”
• Choose “Grow Saver”
• Select who the account is for then “Get started”

From there you need to follow the prompts, inputting your contact and personal information as well as any other details required for the application process.

How to open a joint account with Virgin Money?

In order to open a Virgin Money joint account you simply follow the same process as a single account, but at the beginning of the application make sure you select that you want to open the account for “Me and someone else”.² During the application process you’ll need to provide the details for both people, so make sure you have them on hand before you get started.

Do I need to deposit money to open a Virgin Money account?

There is no requirement to deposit money to open a Virgin Money account.

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

Virgin Money doesn't have any branches within Australia. Provided you meet the ID requirements and eligibility criteria you can apply online, and there is nothing to say you need to physically be in Australia at the time of applying.²

What else do I need to know?

One of the drawcards of the Virgin Go Money Account is the ability to earn Virgin Money Points. Once you’ve earnt these points, there’s a few ways you can redeem them.⁴

• Convert points to cashback
• Pay for select purchases with points
• Redeem them at participating hotels and airlines
• Transfer to eligible travel loyalty programs like Velocity Frequent Flyer
• Exchange for gift cards

You can find out more by contacting Virgin Money here.

If you have questions about the Virgin Money accounts you can contact them on 13 81 51 within Australia or +61 7 3033 5058 from abroad.

The Wise Account

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

You can open a Wise Account for free and 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.

Join over 16 million customers currently enjoying Wise. It’ll only take a few minutes to register and see what’s inside.

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

Note! Wise is not a bank and features available with traditional bank accounts, such as interest rates, loans or deposit insurance schemes, will not be available with the Wise Account. See how Wise safeguards your money.