Setting Up Banking in Australia
Opening a local bank account is essential for receiving your salary, paying rent and avoiding foreign transaction fees. The good news is you can often start the process before you even leave home.
Quick answer
You can open an Australian bank account online up to 12 months before arrival with most major banks. Once you land, you visit a branch with your passport to verify your identity and activate full access, including a debit card.
Can you open an account before you arrive?
Yes. The four major banks — Commonwealth Bank, Westpac, ANZ and NAB — all let migrants open an everyday account online before arrival. Your money can be deposited and held, and you complete identity verification in a branch once you're in Australia.
What do you need to open an account?
Identity verification in Australia uses a points-based system. Your passport and visa usually cover the main requirement, and you'll provide an Australian address once you have one.
- Valid passport
- Australian visa details
- Australian residential address (can be added after arrival)
- Tax File Number (to avoid withholding tax on interest)
Why apply for a Tax File Number early?
A Tax File Number (TFN) lets your employer withhold the correct amount of tax and prevents your bank withholding tax on savings interest at the top rate. You can apply online once you arrive, and it's free.
Frequently asked questions
Which Australian bank is best for newcomers?
All four major banks offer migrant-friendly accounts. Commonwealth Bank has the largest branch and ATM network, but compare monthly fees and international transfer costs to find the best fit for you.
How do I transfer money from overseas affordably?
Specialist currency transfer services usually offer better exchange rates than banks for large transfers. Compare the total cost including fees and the margin on the exchange rate.
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