Opening a Bank Account in Australia: A Newcomer's Guide
Llandora·Updated 2026-10-14
⚠️ Disclaimer: For general information only — not tax, financial, legal, or medical advice. Figures may be outdated or incorrect; tax rules change frequently. Verify important decisions with the CRA/IRS or a qualified professional (for health topics, a licensed healthcare provider). You use this information at your own risk.
The short answer
You can sort out banking within your first week — and in some cases before you even board the plane. Here's how.
The Big Four and the alternatives
Australia's retail banking is dominated by the Big Four: Commonwealth Bank (CBA), Westpac, ANZ, and NAB. All four have dedicated migrant banking teams and multilingual support. Alongside them are smaller banks, credit unions, and online-only options that often compete on fees and app experience. For most newcomers, any Big Four account is a safe default; compare monthly fees and ATM networks before committing.
Opening an account before you arrive
Some banks let you open a migrant account from overseas before you arrive in Australia. The account is typically limited until you visit a branch in person with your ID documents to complete verification. If your bank offers this, apply 2–4 weeks before your flight so the account is ready when you land.
The 100-point ID check
Banks must verify your identity under Australia's 100-point check system: different documents carry different point values (a passport is worth 70 points) and you need to reach 100 points with a combination of primary and secondary documents. Bring your passport plus a second document (driver's licence, or a bank card/statement once you have one).
Get a Tax File Number (TFN)
Apply for a TFN from the Australian Taxation Office after you arrive. Give the TFN to your bank — otherwise the bank must withhold tax from the interest your accounts earn. You can open the account first and add the TFN later.
Everyday vs savings accounts
Everyday/transaction account — for salary, bills, and daily spending; usually comes with a debit card and fee-free electronic transactions.
Savings account — higher interest, sometimes with bonus rates for regular deposits and no withdrawals.
Ask about monthly account fees and how to avoid them (e.g. minimum monthly deposit).
International transfers
To move money from home, compare your bank's international transfer service against specialist transfer providers on exchange rate and fees — the difference on large sums is significant. Avoid airport currency exchanges for anything beyond pocket cash.
Frequently asked questions
Can I open an account without an Australian address?
Yes — some banks allow pre-arrival applications using your overseas address; you'll update it after you move. A hotel or temporary address is usually accepted at account opening.
Do I need a TFN to open an account?
No. Open the account first, then provide your TFN once issued to stop withholding tax on interest.
How long until I can use the account?
Online access is usually same-day; the debit card arrives by mail in about a week , or can sometimes be collected in branch.
Are there fees?
Many everyday accounts charge a monthly fee, often waived with a minimum monthly deposit — check the conditions.
Sources
ASIC Moneysmart (moneysmart.gov.au) — the Australian government's official consumer finance site
Australian Banking Association (ausbanking.org.au)
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