There are many important tasks to keep you busy when you're immigrating to a new country, and opening a bank account should be right at the top of your list. Having a reliable banking solution will help you stay on top of life's essentials and provide you with a way to pay your rent and bills, buy groceries, and receive a salary. Opening a new bank account in Australia is simple and can be done either before or after you arrive in the country.
Opening a bank account in Australia from overseas
Most of the major Australian banks will allow you to open an account online, which can be done before you arrive in Australia. But, before you get too far into researching suitable banks, make sure your current international bank doesn't already have branches there. That way, you might not need to switch accounts, saving you the hassle of having to sign up for a brand-new bank.
But if you do need to open an account at a new bank, you can do so online. The process is straightforward, and all you will need is some personal information, including several forms of identification. Requirements differ between banks, so make sure you understand precisely what is required by studying the website of your preferred banking institution. For instance, some banks require an Australian address and phone number. In contrast, others allow you to use your international details if you don't have a residential address in Australia yet.
Once you have an Australian address, you can add it to your bank account. Then, once you arrive in the country, you will need to visit your local branch with your identity documents to verify your account with them.
Important:
Accounts can be opened online up to 12 months before arrival in Australia.
Opening an account in Australia
If you want to wait until you are in Australia to open your bank account, it is a simple process that can be done at most branches. Read up before you go so that you can have everything taken care of in one visit. You will need to provide proof of identification, such as your passport, driver's license, or bank or credit card from another bank. Once your new account is open, you can transfer funds from your existing bank while you are in the branch, or you can do it online or via a phone call. The bank will then mail a bank or debit card to your home. Once you have received your Tax File Number from the , you can add that to your account too, to ensure that any savings and interest earned are taxed at the correct rate.
Popular banks in Australia
Australia's top banks, known as the 'Big Four,' are listed below, along with links to their information on migrant banking:
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All major banks in Australia offer online banking, branches nationwide, and automatic teller machines (ATMs) where you can deposit or withdraw funds.
Other notable banks and credit unions in Australia include:
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Types of bank accounts in Australia
There is a range of different accounts that you can set up with your new bank. However, the most popular type of account is an 'Everyday' or 'Transaction' account. This type of account is used for day-to-day spending on essentials such as rent, bills, and groceries. This type of basic bank account normally comes with a debit card that you use to make purchases, and you can also use your card to withdraw money from an ATM. Some everyday accounts have no monthly fees, but no interest earned either. These flexible accounts are a convenient way to access your cash with integration with digital wallets.
Another popular type of bank account is a 'Savings' account. A savings account is a high-interest account, and some banks offer extra interest if you regularly deposit money into your account and don't make many withdrawals. The purpose of this account is to grow your savings; therefore, a debit card is usually not provided to encourage you to save your money. It's a secure way to watch your money grow.
For longer-term savings options, there are 'Term Deposit' accounts. This type of account offers higher interest but is a fixed-term account, which means that you cannot withdraw your money during the agreed term. Terms can range from one month to five years or more and are a great way to save money — you invest your funds at a fixed interest rate for the period you decide on.
There are also 'Business' accounts, which enable business owners to keep their personal finances and business earnings separate. Business accounts can be synced with your accounting software and come in a range of different types to suit your business needs. Some business accounts are like transaction accounts with a debit card to help you pay for business expenses, while others are like longer-term savings accounts.
'Foreign currency' or 'Multi-Currency' accounts can be helpful if you are still managing expenses in the currency of your home country. Some banks allow account holders to hold more than 10 different currencies, and this type of account can help you avoid unfavorable currency conversion fees. However, you will need to shop around as not all Australian banks offer this type of account.
How to choose a bank account
When it comes to choosing the right bank account in Australia, it's important to understand what your banking needs will be. Then look for accounts with low or no monthly fees. Also, take into account things like interest rates if you plan on building up your savings. Another thing to consider is whether your bank has convenient access to ATMs. Most banks now have easy-to-use online banking platforms, so the majority of your banking and bill paying can be done from the comfort of your own home. If you are unsure of which bank or bank account to choose, it's okay to ask your manager or payroll department at work for some advice.
Most people in Australia have both an Everyday account and a Savings account, and comparison websites like Finder are a great way to analyze what each bank is offering. For instance, this is their comparison of the that are suitable for students.
ATMs in Australia
You will need the bank card connected to your account, as well as your PIN, to withdraw or deposit funds at your bank's ATMs. Your own bank's ATMs are usually free to use, and those with an Australian debit card can typically use the ATMs of the other major banks (ANZ, Commonwealth, NAB, Westpac) for free. ATMs can be found at your local bank branch, in pubs, shopping centers, and convenience stores, but it's important to note that independently-owned ATMs will charge a fee to withdraw cash, and this will be displayed on the machine's screen. Although there have been significant bank branch and ATM closures in Australia in recent years, the Reserve Bank of Australia reports that as of June 2024,
If you use a foreign card at an Australian bank's ATM, you will usually be charged AUD 2 (USD 1.32) per transaction. Additionally, some ATMs only accept debit cards, not credit cards. Keep in mind that fees at privately owned ATMs may be higher. Most ATMs in Australia accept Mastercard's Maestro and Cirrus, as well as Visa's Plus, and each ATM will display the network logos it is compatible with.
To avoid fees, consider using your debit card instead of a credit card. Additionally, check if your bank has a partner bank in Australia and use their ATMs. Also check out Allpoint Network, a global network of more than 55,000 ATMs worldwide that offers surcharge-free cash access. You can find the participating Australian ATMs via this link, .
Debit, credit cards, and accounts in Australia
You will most likely have a debit card associated with your new bank account, which allows you to pay for purchases directly from your transaction or savings account. Most cards offer 'Tap and Go', which will enable you to pay for goods or services with a value of AUD 100 (USD 66) or less by tapping your card, no PIN necessary. If you are spending more than that amount, you will need to enter your four or six-digit PIN to approve the purchase. This PIN is the same number you use to withdraw cash at ATMs. Debit cards are accepted almost everywhere, even in remote areas, although smaller businesses will sometimes charge a small transaction fee for debit card payments.
Credit cards can also be applied for via your bank. However, eligibility is determined by factors such as residency, employment, and income, so temporary visa holders may have difficulty in obtaining an Australian credit card. This looks at which banks offer credit cards to temporary visa holders in Australia, with most credit card companies refusing Student Visa holders but approving applications for those on working or business visas. You must also have an Australian address and have opened or applied for an Australian bank account. These types of credit card applications also usually require you to apply in person at a bank.
Important:
It is very important that you have a on record, or you can incur tax fees. You can update the information in your account at any time, either over the phone, online, or at a local branch.
Bank fees in Australia
In addition to sometimes charging fees for ATM use, there are other bank charges that you need to be aware of. These include monthly account fees, overdrawn account fees, and charges for making certain kinds of transactions, like international banking. Before committing to a bank and account type, compare the financial institutions and their offerings to determine which one best suits your needs. Look into the details of each account type and look at the types of transactions they allow you to make, as well as any charges that apply.
Banking apps in Australia
Each of the big banks has an app for online banking, where you can pay bills, transfer funds, and manage your finances via mobile devices.
The Commonwealth Bank has the .
The National Australia Bank has the .
The ANZ Bank has the .
Westpac Bank has the .
Australians have strongly embraced online banking in recent times, which has unfortunately seen the closure of a number of bank branches across the country. Being able to speak to bank staff in person is important for the elderly, for those who are new to the country, and for complex financial matters. So while digital banking is fast and convenient, thankfully, you can still access in-person support for confusing and complicated matters that can't be resolved online or over the phone. Just be prepared to have to wait in line for a while to speak to someone.
International money transfer options in Australia
If you need to transfer money overseas while you are living in Australia, you have several options available to you. All of the major banks offer international transfers from your bank account; however, there are usually fees involved. For instance, the Commonwealth Bank and the NAB both charge AUD 30 (USD 19.75) to transfer from a branch, while fees can be waived if you do the transfer yourself online.
provides international money transfer services, which can be faster than traditional banks and offer favorable exchange rates. A Wise account is free and quick to set up. And the person you are transferring funds to doesn't even need to have a Wise account — you just enter their bank details to transfer.
Meanwhile, the app has more than 750,000 users in Australia and allows you to send money globally to other Revolut accounts. With low transfer fees and great exchange rates, you can send money in more than 40 currencies to over 150 countries.
is another way to send money overseas from Australia, with online and in-person options available. Voted the most trusted money transfer brand in 2024, you can even transfer money via Western Union at . When transferring funds overseas, you can choose for the funds to be received at a Western Union agent as cash, directly into a bank account, or into a mobile wallet by using the recipient's mobile phone number. It is essential to compare exchange rates and transfer fees, as these may vary depending on the mode you use to transfer the funds.
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