How to Open a BOQ Account: A Complete Guide

Bank of Queensland (BOQ) is a well-established, independent regional bank in Australia, founded in 1874. It ranks among the top 100 companies on the Australian Securities Exchange and focuses on delivering quality service and building lasting customer relationships. This guide will walk you through BOQ’s account types, opening requirements, necessary documents, fees, and the step-by-step process to open a BOQ bank account.

BOQ Account Types and Features

BOQ offers three main types of accounts to suit different customer needs:

• Everyday Account

  • No monthly fees, no local ATM withdrawal fees, and no local transfer fees

  • Supports Osko fast payments, bill management, real-time transaction alerts

  • Rounds up card transactions to the nearest dollar and saves the spare change into a linked savings account

• Savings Accounts

  • Multiple savings options with interest rates varying by age and balance

  • For example, Future Saver for ages 14-35, Smart Saver for 36+, and Simple Saver with no age limit

• Term Deposits

  • Fixed-term deposits offering higher interest rates, suitable for medium to long-term savings

Eligibility to Open a BOQ Account

• Applicants can be Australian residents or non-residents; non-residents may need to provide additional documents for identity verification

• Valid photo ID such as an Australian passport or driver’s license is required

• No minimum deposit is generally required

• Accounts can be opened conveniently via the BOQ mobile app

Required Documents for Opening an Account

• Valid photo identification (passport, driver’s license)

• For non-residents, proof of visa or residency status

• Additional documents may be requested depending on individual circumstances

Step-by-Step BOQ Account Opening Process

1. Download and install the BOQ mobile app (compatible with iOS 12.0+ or Android 8.0+)

2. Complete the application form and upload your identification documents

3. If online identity verification fails, visit a branch in person to complete verification

4. For joint accounts, BOQ will send an invitation to the co-applicant; both must verify identity

5. If all documents are in order, account opening can be completed in as little as 5 minutes

BOQ Fees Overview (in AUD)

BOQ vs Wise Account: Which to Choose?

If you frequently send money overseas or spend abroad, BOQ’s international transfer and currency exchange fees can be costly. Wise offers no minimum deposit, supports over 40 currencies, and uses the mid-market exchange rate with transparent, low fees. Wise also provides local bank details in multiple currencies and a debit card for worldwide use, making it ideal for frequent cross-border transactions and travelers.

Summary

BOQ is well-suited for customers needing local everyday banking services in Australia, especially residents or long-term stayers. The account opening process is straightforward and fees are transparent, making it good for daily spending and savings. However, for those with significant international money transfer needs or looking to minimize cross-border fees, Wise is a more flexible and cost-effective alternative.