We know that switching banks can be a time-consuming process, especially when you’ve got existing regular payments coming in or out of your previous bank account.
Let us help you make this transition easier through our account switching process, which enables us to work with your old bank to switch over your regular payments to your new Australian Military Bank account.
Simply follow the steps below to get started.
Step 1. Open an Australian Military Bank Everyday Account.
If you don’t already have an Australian Military Bank everyday account, you can open one easily via digital banking.
First, decide which one of our Everyday Accounts meets your needs.
Then open internet banking or download our app and follow the prompts to open your new account – you will need 2 forms of ID; Australian Passport, Drivers’ Licence, Medicard Card.
If you have linked a Visa Debit card to your new account, you will be able to download it to your preferred digital wallet^ immediately to start using your account.
Helpful Tip: You may want to set up multiple accounts to meet you everyday banking needs such as an account for daily spending with Visa Debit card access, one for bills, one for savings, etc.
Step 2. Switch your Salary
Depending on your place of employment, there are a few different ways to switch your salary.
Defence Pay
If you receive Defence pay, you can easily change your banking details in PMKeyS.
- Log in to PMKeyS
- Go to ‘My Pay’ and select the ‘ADF Banking Details’ tab.
- In this section you will be able to modify your existing bank instructions or create new banking instructions. You’ll need to provide details of your Australian Military Bank Account details, including our BSB (642-170), your account number and name.
- Make sure to save your changes.
Alternatively, fill out the form below and give it to your employer to notify them of your change in bank accounts.
Download: Switch Salary Letter
Other Employers
Your employer may offer the option to update your bank account details online.
If not, you’ll need to inform the payroll team at your current place of employment that you've changed your bank account. Simply fill out the form below and give it to your employer to notify them of your change in bank accounts.
Download: Switch Salary Template
Step 3. Switch your Regular Payments
To start using your Australian Military Bank account for your everyday banking, you will generally have other regular payments (other than your salary) that you need to update. This may include:
- BPAY payments: businesses you pay via BPAY using their biller code and customer reference number (e.g. mobile, utilities).
- Pay Anyone: external payments you make via digital banking (e.g. weekly pocket money).
- Periodic payments: standing instructions with your financial institution to make regular payments from your accounts (e.g. home loan repayment, monthly transfer to savings account).
- Reccuring payments: are made to businesses where you have supplied your Debit card or bank account details (e.g. streaming subscriptions, insurance premiums, gym memberships).
- Direct Debits: are payments where you authorise a business to automatically debit agreed amounts from your account (e.g. mobile, utilities).
- Direct Credits: are payments automatically credited into your account (e.g. salary, rental income, share dividends, child support).
We can help you switch your regular Direct Debit and Direct Credit payments from your bank account using our Account Switching service. You will need to manually change any other regular payments yourself including Direct Debits / Credits using your Visa / Mastercard Debit or Credit card details.
Note: Before you switch over any regular payments, it’s important to make sure you have enough funds in your old and new bank account to cover any outgoing payments until you have received confirmation from businesses that your bank account details have changed.
Our Account Switching Service
You can use this service to switch your regular Direct Debit and Direct Credit payments.
All you need to do is:
- Download and complete the Switch Regular Payments Form
-
Return the completed form by:
- Email: payments@australianmilitarybank.com.au
- Dropping it off at your local branch
We’ll then work with your previous bank to switch over your regular payments as soon as we can. Please keep in mind, the switching of regular payments may take up to 2-4 weeks depending on the response of your old bank and billing cycles.
Download: Switch Regular Payments Form
Manual Switching Regular Payments
If you don’t wish to use our Account Switching service, you can also manually switch your regular Direct Debits and Direct Credit payments yourself. You will also need to do this for any other regular payments such as BPAY and Pay Anyone which are not covered by our Account Switching service.
- BPAY, Pay Anyone and Periodical payments: Log into internet banking or our mobile app to set these up. Don’t forget to cancel any regular payments with your previous bank.
- Direct Debits, Direct Credits and other Recurring payments: You will need to contact each company that debits money from or credits money directly to changed banking details. Most businesses will allow you to do this online via their website.
Before starting the manually switching process, first you’ll need to identify your regular payments. You may remember some of them off the top of your head, but we recommend reviewing your account transaction statements for the last 13 months for your old account. You can use our Regular Payments Tracker to list each one as you identify them.
Download: Regular Payments Tracker
Any Questions?
Below are some of our members’ most frequently asked questions about this process.
Alternatively, call us on 1300 13 23 28 and one of our friendly team members will walk you through the process. They are available Monday to Friday, 8am – 6pm and Saturday 9am – 12pm (Sydney time).
FAQs
Will I be charged for using the Account Switching service?
No. Our Account Switching services is provided free to Australian Military Bank members.
Am I able to close my old bank accounts used the Account Switching process?
No. You will have to contact your old financial institution to close your old bank accounts with them.
How do I obtain a list of all my regular payments?
You can contact your old financial institution to request a list of your regular payments from the last 13 months.
How will I know when my payment details have been updated?
Most businesses will send you a confirmation that your payment details have been updated. If you are unsure, you can contact them to double check.
How long should I expect for it to take businesses to transfer a payment over to my new Australian Military Bank account?
Each business will differ. Make sure you have sufficient funds in your old bank account to ensure that your payments don’t get missed in case it hasn’t been transferred over to Australian Military Bank.
Can I switch my BPAY, Pay Anyone and other regular payments using the Account Switching service?
No. Our Account Switching service is only available for switching Direct Debit and Direct Credit arrangements.
Can I switch my Direct Debit and Direct Credit arrangements on my Visa / Mastercard Debit or Credit card using the Account Switching service?
No. Our Account Switching service only covers switching payments from bank accounts (i.e. using BSB and account numbers) not payments from Visa / Mastercard Debit and Credit cards (i.e. using your card number and expiry date).
Are there any other things I should consider before or while I'm switching over my accounts?
Some companies may require a notice of a change of bank details when you’re switching regular payments to a new account well in advance of the next billing date. This may delay the switching of your regular payment until the next billing cycle.
This is why it’s important to ensure that you have adequate funds in your old bank account to cover the costs of any payments until you receive confirmation from the businesses you are regularly making payments to (e.g. phone company, utility providers) that your payment details have been modified.
Disclaimers:
^ Requires an eligible Australian Military Bank account with Visa card access and compatible device. Refer to our Digital Wallet terms of use for more details.