How long does it take to open a bank account?

The length of time it takes to open a bank account can vary, depending on the financial institution you choose and whether you want to open the account online or by visiting a branch in-person.

The advent of technology means you could have a new bank account up and running in just a few minutes.

For the most part, banking in Australia is a relatively simple undertaking which can be started by comparing the different types of bank accounts available and choosing one based on your needs.

Once you’ve selected the bank and type of account you want, you can start the application process.

There are two ways to open a bank account in Australia. Most banks will offer the option to open an account online - either via their website or through an app - or in-person at a branch. However, some neobanks only allow for digital applications and banking services.

Neobanks are licensed financial institutions that operate solely through smartphone apps and/or online banking. The apps typically have an in-built customer service platform.

The method you select to open a bank account will be based on availability and your preference. The amount of time it takes to open an account will often depend on a few different factors: 

• The time it takes to complete the application
• The bank’s processing time (if any) and;
• Any specific rules and regulations that apply to your account.

Opening a bank account online

Most banks and credit unions have simple online applications that usually take no more than 10 minutes to complete. The process can be especially fast if you have your identification documents, like your driver’s licence, handy.

In some cases, your application can be instantly approved and the bank account opened and ready for immediate use. However, depending on the financial institution, it may take a day or so to finalise the application and your account number to be issued.

Your account information and debit card will be mailed to you, which can take between five to 10 business days. In the meantime, you may be able to complete online transactions, such as money transfers and digital payments.

Opening a bank account in-person

If you decide to go into a branch or office to open a bank account, it may take anywhere from a few minutes to half an hour. The time will vary depending on how busy it is and the type of account you wish to open.

Make sure to bring all the relevant identification documents with you when you go to the bank. It may be sensible to research what you need beforehand by checking the bank’s website for details.

If possible, call ahead or check the bank’s website to see if you can book an appointment, otherwise you might be forced to wait in line. Sometimes your ATM or debit card will be issued on the spot, otherwise you’ll need to wait for it to arrive by mail, which usually takes between five to 10 business days.

Compare bank accounts