Australian Bank Account Opening Guide
From comparing the Big 4 banks to opening accounts and international transfers.
1. Big 4 Bank Comparison
Australia's largest bank. Best app, Cardless Cash ATM, most popular among WHV/students. Most branches.
Australia + New Zealand based. Excellent online banking, easy international transfers. Rebranded to ANZ Plus.
Strong for business/corporate clients. No monthly fee basic account, overseas ATM fee waiver.
Australia's oldest bank (1817). Reliable service, diverse savings account options. St.George, BankSA group.
Digital / Neobank Alternatives
Digital banks like Up Bank, ING Australia, and Macquarie Bank are also available. Benefits include fee waivers and high deposit rates, but the Big 4 are better for branch services (cash deposits, etc.).
2. Account Opening Process
Within 6 Weeks of Arrival (Easy Opening)
Within 6 weeks of arriving in Australia, you can open a bank account with just your passport. This is the simplest method, so open one quickly after arrival.
- Valid passport (visa sticker or visa approval letter)
- Australian residential address (for card delivery, accommodation address OK)
- Email address and Australian phone number
3. BSB / Account Number
What is BSB?
BSB (Bank State Branch) is a 6-digit number identifying the bank and branch. Format: XXX-XXX (e.g., 062-000). Both BSB + Account Number are required for salary and transfers.
Major Bank BSB Prefixes
PayID (Easy Transfer)
Instead of BSB/Account Number, register your phone number or email as PayID for easy transfers. Set up PayID in your banking app so others can transfer using just your phone number.
4. International Transfers / FX
Sending money from Australia to your home country
Cheapest exchange rate + low fees. Mid-market rate. ~0.4-0.6% fee. 1-2 business days.
$20-$30 per transaction + 2-3% exchange margin. Safe but expensive. 3-5 business days.
Professional remittance services. Cheaper than banks, rate negotiation available for large amounts.
Found in the community precincts of Sydney and Melbourne. Instant transfers, service in your own language. Compare the rate, and check the business is an AUSTRAC-registered remittance provider — registration is a legal requirement.
Overseas transfers of $10,000 AUD or more are automatically reported to AUSTRAC. Legal fund movements have no restrictions, but structuring transfers to avoid reporting may cause legal issues.
Banking Deep Dive — Security, Fees, Step-by-Step Upgrades & Managing Your Money
Opening an account is only the beginning. From dealing with scams and hidden fees to expanding your banking products as you settle in — and eventually switching banks altogether — here's the deeper side of banking life in Australia.
Account Security & Scam Protection
Password & PIN Hygiene
Never reuse your internet banking password on other sites, and keeping your card PIN written down in your wallet breaches your bank's terms — which can count against you if you ever claim for an unauthorised transaction. No bank staff member, police officer or telco will ever ring and ask for your password, full PIN or a one-time code — the moment someone does, treat it as a scam and hang up. Sharing your login details with anyone, even family, can void your protection if a dispute arises.
Turn On Two-Factor Authentication
Set things up so that adding a new payee or transferring above a set limit requires an SMS one-time code or in-app approval. App-based authentication is safer than SMS against SIM swapping, so if your bank's app supports it, make that your default. A common trick is a caller posing as the 'bank's security team' asking you to read out the code that's just arrived — never share that code with anyone, under any circumstances.
Spotting Phishing & Smishing — and Reporting to Scamwatch
Never tap links in texts claiming to be from your bank — always go through the official app or an address you've typed yourself. Scammers can even slip fake messages into your bank's genuine SMS thread, so 'it's the same number, it must be real' is dangerous thinking. Report scam attempts to Scamwatch (scamwatch.gov.au), run by the ACCC, and report cybercrime involving financial loss to ReportCyber (cyber.gov.au).