What do I need with me to open an account?
Opening a bank account and debit card is easy. You’ll need to meet any eligibility requirements (such as the minimum age), and have proof of ID and an Australian residential address.
Just click the ‘Apply Now’ button and you’ll be redirected to the bank’s website, where you can start your online application. It generally takes less than ten minutes to apply and have your account up and running.
Do debit cards have daily limits?
Yes, most limit the amount of cash you can withdraw to around $1,000. You can ask your bank to increase the limit, but that puts you more at risk if someone steals your debit card.
Will I pay a fee if I spend more than I have in my account?
Some banks have an overdraft facility in place, which means you can spend more than you have and the bank will charge you a fee for it. Often, you can ask the bank to cancel any overdraft ability.
Can I link any debit card to any bank account?
You’ll have to use the debit card that’s linked to the bank account. So, first find the account you like, and you’ll be issued the Mastercard or Visa debit card that comes with it.
Can I use a debit card to buy things online?
Yes, most cards are accepted online these days, although the odd business or two might require a credit card. Enter your card number, the expiry and the CVV (the 3-digit number on the back of your card) at checkout. Just remember, you’ll need to have the funds in your account for the payment to be accepted.
Should I choose a Visa debit card or Mastercard debit card?
Ultimately, there isn’t much difference between Visa and Mastercard. They’re both payment giants that are accepted almost anywhere in the world.
For you, the bigger factor is the bank account - also called an everyday transaction account - that’s linked with the Mastercard or Visa debit card. Compare the bank accounts first to find features you like. Consider monthly fees, rewards, free ATM access, charges for overseas spending, and digital wallet compatibility.
Debit cards make everyday life easy.