Personal Finance Bank accounts

Opening a bank account in Australia from Ireland: How does it work?

Gabrielle Figueiredo

28.11.24

Read time 2 minutes

White sandy beaches, a warm climate and some of the world’s most unique animals, it’s no wonder that so many people choose to visit or immigrate to Australia. If you’re considering heading to the land “Down Under”, you’ll need to work out the best way to manage your finances.

Here you’ll learn all about opening a bank account in Australia as an Irish person, including what’s possible as a non-resident and some options for managing EUR and AUD. We’ll also introduce the Wise Account, which might be a simpler way to kickstart your Aussie adventure!

Manage EUR and AUD
in the Wise Account 💰

How to open a bank account in Australia from Ireland

open-bank-account-australia

In general there are three ways to open an Australian account, with the banks deciding which ones they will offer.¹ Only one option allows for the process to start while you’re still in Ireland.

Check the options on how you can open a bank account in Australia:

1️⃣ While you’re still abroad, begin the online application process. To finish the process, head into a branch once you've arrived in Australia.
2️⃣ Once you're in Australia, fill out the online or in-app application. Visit a branch after it’s been submitted to fulfil any criteria they may have, such as proving your identity or providing information about your tax residency or Australian address.
3️⃣ Bring all of your supporting papers to a branch and complete the account application procedure there.

🔎 Read more: What is Wise and how does it work in Ireland?

Can you open a bank account in Australia as a non-resident?

As a non-resident located outside of Australia there are banks that will allow you to start opening an Australian bank account from abroad, but it won’t be fully active until you meet all the criteria.¹

The most significant criteria to fully open a bank account in Australia are things like possessing a valid Australian address, having an Australian visa, and physically visiting the bank once you arrive. What this means is non-residents moving to Australia can generally open an account, but non-residents who don’t plan to move or live there can’t.

Opening a bank account in Australia from overseas: What documents are needed?

While it varies between institutions, these are the things Australian banks usually want from non-residents when they apply to open an account.¹

Your full name, birthdate, and contact information

Identity verification, using the 100-point system

Details of your tax residency

An Australian address (Overseas address may suffice until arrival)

Details about your Australian visas

Some banks will allow you to start the process without giving an Australian address or being in the country, but both of these criteria do need to be met before the account will be fully activated by the bank.

Wise Account: Send and receive AUD as a local

wise-account

Getting started in a new country is complicated enough without having to immediately navigate the world of local banking, not to mention what to do if you want an Australian account without having to move there. As an option to manage Euros and Australian dollars, you could open a Wise Account from Ireland instead.

With a Wise Account you can hold, send and convert money in 40+ currencies, with the added bonus of getting local account details for 9+ of those. This includes EUR and AUD, which enables you to send and receive money like a local in Australia and Ireland.

When completing foreign currency exchanges, for example switching between AUD and EUR, Wise is completely transparent with no hidden fees or margins on the exchange rate. Wise will use the mid-market rate with a variable fee that you can see before committing to the transfer.

Once you have your Wise Account, you can also order a Wise card. The Wise card is accepted in locations around the world to make card payments in person and online, in +40 currencies too.

Since the card it's connected with the Wise multi-currency account, when you spend money, it will take from your local balance first and then if needed, automatically convert the remaining money from another currency to complete the transaction. Meaning, you can use your EUR or AUD balance to pay, for example.

Other benefits of the Wise Account:

No opening or monthly fees

Manage your account online via website or Wise app

Get access to a physical and virtual card

Convert money in just a few clicks.

Open your Wise Account
for free 🚀

Sources used:

Commbank - Open an Australian bank account

Sources last checked on date: 5 November 2024

*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.