When you’re working your way through your moving to Australia checklist, shipping your belongings to Australia and generally running around trying to tie up all of the loose ends of your life to get ready to relocate to Australia, your time is precious. There is a lot to do and cramming it all in can feel challenging! Getting your bank account in Australia set up ready before you move is one of those tasks some people leave until they land in Australia but here are three reasons I think it’s so much better to open your Australian bank account from overseas before you move.
I receive a referral fee when you’re opening an account with Commonwealth Bank through my link at no cost to you. My full disclosure statement is available in the footer.
Three reasons to open your Australia bank account BEFORE you move!
I can tell you three very valid reasons why opening your bank account from the UK or elsewhere overseas before you move to Australia is a good idea!
1. It gets the task out of the way
If you open your Australian bank account from the UK (or whichever country you’re moving from), it’s a task completed off your long list of tasks. It means you have one less thing to worry about when you arrive in Australia, and there will be plenty of other things keeping you busy when you land (trust me!).
As an ex-project manager, I’m a big list writer and I love nothing more than being able to tick things off (that’s a reason why I created my Ultimate Emigration Checklist because lists are how I stay organised and keep things as stress-free as possible). Opening your Australia bank account before you move means you’ve ticked it off your migration checklist and it’s one less thing you need to do later. Less things on your to-do list frees up brain space (and every bit of brain space counts!)
2. It prevents decision fatigue
When you’re relocating to Australia you can get decision fatigue (it’s a real thing!) You’ve got to decide on so many things when you land – where to live, which school to send your kids to, which car to buy…It can just feel exhausting so if you can choose the best Australian bank for your needs and do your research about the banks in Australia BEFORE you move then that is a decision you don’t need to think about when you land. You’ll just make the decision before you arrive in Australia and then you don’t need to think about it again other than to show up at the branch to validate your account. It keeps things easy and smooth.
3. It gives you extra support
Open an Australian bank account from overseas and you immediately have some extra support in your corner and a new point of contact for questions. My banking partner, Commonwealth Bank of Australia, has staff dedicated to supporting migrants and they can answer any questions you might have. It’s always better having more support when you’re going through a life-changing event like moving across the world.
Want to find how much money you need to move to Australia? Check out this post!
When to open your Australian bank account from overseas?
The best time to open your Australian bank account is close to your moving date. The old advice was to open it around three months before you move, but due to financial regulation changes, you aren’t able to open it earlier than 14 days before your intended arrival date.
The new world situation has changed banking regulations around moving your money into the account before you arrive. You will need to go into the branch to validate your account in person before you’re able to move your money into it. Going into the branch to validate the account is a simple process and you’ll also get to meet a member of staff with experience onboarding new arrivals so it’s a great opportunity to ask any banking questions you have.
Open bank account Australia
Even though you can’t have your money waiting for you in your Australian bank account anymore (with regulations as they stand, at least), I still think opening your Australia bank account before you move is worth the few minutes it takes. Get it sorted out ahead of your move and then all you have to do it show up at an organised time and date to validate it and you can hit the ground running. (A Wise account is a great interim account to use until you’ve managed to validate your new main Australian bank account).
You can now only open solo accounts from abroad – not joint accounts. This rule was brought in for added security. However, you can discuss joint accounts with the bank when you arrive to validate your account in person.
How to open bank account in Australia from overseas:
Opening an Australian bank account from the UK or anywhere else overseas with my banking partner, Commonwealth Bank of Australia, is easy and just takes a few minutes. With Commonwealth, it’s now only possible to open single accounts before you move to Australia (this is for your privacy reasons as joint accounts involve two people so for your protection they need you both to be present to open a joint account). If you want to open a joint account, you can open a single bank account online before you move and then open a joint one when you’ve arrived at the branch to validate your account later.
Open your Australian bank account online here.
All you need for opening an account with Commonwealth Bank are…
– Your passport details.
– Your visa details.
– And you need to know which city you’re moving to.
It just takes minutes to open your Australian bank account online and it’s another thing you can tick off that looooon to-do list! Yay!
What are you waiting for? You can get started here.