Australian Bank Account Opening Guide
From comparing the Big 4 banks to opening accounts and international transfers.
From comparing the Big 4 banks to opening accounts and international transfers.
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 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.).
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.
After 6 weeks, additional ID is required. You must accumulate 100 points or more from multiple ID documents.
| ID Document | Points |
|---|---|
| Passport | 70 pts |
| Australian Driver's Licence | 40 pts |
| Other Bank Card | 25 pts |
| Student ID (with photo) | 25 pts |
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.
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.
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.
CommBank Official — Account opening, app download
ANZ Official — Online account opening
NAB Official — Account comparison
Westpac Official — Account opening
International transfer service — Low rates, fast transfers
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.
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.
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.
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).
If you're not sure where your card is, use the app's temporary lock to block payments — you can unlock it the moment it turns up. If it's definitely lost or stolen, cancel and reorder it straight away in the app, or call your bank's 24-hour lost card line if you can't log in. A replacement card comes with a new number, so remember to update any saved payment details on subscriptions and the like.
If you spot a transaction you didn't authorise, report it to your bank immediately — under the ePayments Code administered by ASIC, you can often be reimbursed if you weren't at fault. By contrast, if a scammer tricked you into sending the money yourself (an authorised payment scam), getting it back can be hard, which is why prevention matters most. If you disagree with how your bank handles it, you can lodge a free dispute with AFCA (the Australian Financial Complaints Authority).
If copies of your passport or driver licence have been leaked, or accounts and loans you don't recognise are turning up, IDCARE (idcare.org) — the national identity support service for Australia and New Zealand, run as a not-for-profit — can walk you through your response for free. Asking the credit reporting bodies for a credit ban can help stop fraudulent loans being opened in your name. Turning on per-transaction notifications is the fastest way to catch signs of misuse.
Even within the same bank, monthly fees and waiver conditions (minimum monthly deposits, student or youth eligibility and so on) vary by account, so always check the fee schedule and the PDS (Product Disclosure Statement) before signing up. A common slip-up is leaving a student-waived account untouched after graduation and copping the monthly fee automatically. Moneysmart (moneysmart.gov.au), run by the government regulator ASIC, offers impartial guidance on comparing accounts — but for current figures, each bank's fee schedule is the source of truth.
The big four banks (CommBank, ANZ, NAB and Westpac) scrapped each other's ATM withdrawal fees back in 2017, so withdrawals between big four ATMs are mostly free. Private ATMs in convenience stores and pubs, on the other hand, charge a per-withdrawal fee shown on screen for you to accept — if it's not urgent, it's worth finding a bank ATM instead. Overseas ATMs often hit you twice, with a withdrawal fee plus a currency conversion margin, so check your card's conditions before you travel.
Most standard debit and credit cards charge an international transaction fee on foreign currency purchases, and the rate varies by card, so check the fee schedule. When shopping overseas online or travelling, if the payment screen offers to charge you 'in AUD', that's DCC (Dynamic Currency Conversion) — it usually carries an unfavourable exchange rate, so paying in the local currency is often the better deal. If you pay internationally often, keeping a separate card with no international transaction fee is worth considering.
The margin hidden in the exchange rate (the spread) can cost you more than the fixed fee, so compare services on the basis of 'how much the recipient actually receives for the same amount sent'. Bank telegraphic transfers can also attract correspondent bank fees taken by intermediary banks along the way, leaving the recipient with less than expected. Put a mid-market-rate service like Wise side by side with your bank's quoted rate at the same moment and the difference becomes obvious.
If a direct debit goes out when there isn't enough in the account, you can be hit with a dishonour fee or tipped into an informal overdraft. Get into the habit of checking your balance the day before big direct debits like rent or insurance, and switch on the overdraw-blocking setting some banks offer. Leave the account in the red and the interest and fees just keep stacking up.
At this stage you won't have the ID points or credit history, so life runs on a debit card. A common mistake is applying for a credit card straight off the plane and getting knocked back — all it leaves is a credit enquiry on your file. Focus instead on funnelling your pay and bill direct debits through one account to build a transaction record.
Once an Australian driver licence makes the 100-point ID check easier, adding a linked savings account at the same bank lets you move money instantly in the app and keep your emergency fund separate. New-customer introductory rates usually drop to the base rate after a set period, so put the expiry date in your calendar. And if you end up with a lump sum you won't need for a while, a term deposit gives you the option of locking in a fixed rate.
Your Australian credit history lives with the credit reporting bodies (Equifax, Experian and illion), not your bank, and overseas credit history generally doesn't carry across — you're starting from scratch. A post-paid mobile plan or electricity contract in your own name is often the first entry on your file, and under comprehensive credit reporting, a solid repayment record can actually count in your favour. Applying for several cards or loans in a short window racks up enquiries and can hurt you, so take it one application at a time.
Banks weigh up your visa type and time remaining, proof of income (payslips) and how long you've been in the country, and temporary visa holders can face restrictions on approval or limits. The classic first move is a no-annual-fee, low-limit card that you pay off in full every month to build a track record. Eligibility differs between banks, so look first for ones offering an eligibility check that doesn't touch your credit file.
Once you've gained permanent residency or are settled long term, it's worth looking at pairing a home loan with an offset account — a transaction account whose balance is offset against your loan when interest is calculated. Buying property as a non-resident or on a temporary visa can carry extra requirements such as FIRB (Foreign Investment Review Board) approval, so check before you commit. At this stage, alongside comparing bank products, talking to a qualified mortgage broker or financial professional is well worth it.
CommBank, NAB and Westpac offer most of their services in a single app, while ANZ runs its newer ANZ Plus platform separately from its existing app, splitting the product range in two. ANZ Plus accounts may not show up in classic ANZ internet banking, so check which platform a product belongs to when you sign up. App features change all the time — for the latest comparison, go by each bank's website and app store listing.
Most Australian bills — electricity, gas, council rates, phone and internet — carry BPAY details, and you pay by entering the Biller Code and Customer Reference Number in your app. Payments can take until the next business day to process, so allow two or three days rather than paying on the due date itself. Get even one digit of the reference number wrong and your payment can land on someone else's bill, so reusing your saved biller list is the safest approach.
PayID transfers run on Osko, built on the NPP (New Payments Platform), arriving near-instantly around the clock — and the recipient's registered name appears on screen before you send. That name-check screen is a powerful scam defence: if it doesn't match the name the other party gave you, don't send — check first. A single PayID (such as a phone number) can only be linked to one account at a time, so if you switch banks you'll need to unlink it and register it afresh.
Set your rent as a weekly or fortnightly scheduled transfer and you'll never fall behind, and lining up an automatic transfer to savings on payday builds a 'save first, live on the rest' structure. Scheduled transfers and direct debits aren't the same thing — the former is you sending money, the latter is the other organisation taking it, and cancelling each works differently. People often forget to switch off scheduled transfers when moving out or ending a contract, so set an end date at the same time.
The big four and most major digital banks support Apple Pay and Google Pay, and with tap-and-go so widespread in Australia, your phone covers most in-person payments. Wallets store a token rather than your actual card number, which makes them arguably safer against fraud than the physical card. Wallet details often update automatically when your card is reissued, but if payments start failing, remove the card from the wallet and add it again.
The headline rates on savings accounts are usually a 'base rate plus conditional bonus rate' structure — miss a condition like the minimum monthly deposit or no-withdrawal rule and you only earn the low base rate that month. The classic mistake is breaching a condition once and earning next to no interest for the month — track whether you've met the conditions with app notifications. Rates move with the RBA cash rate, so check each bank's website and Moneysmart's comparison material for current figures.
A term deposit locks in a fixed rate, but breaking it early can mean reduced interest or a required notice period. Watch out especially for automatic rollover at maturity — without instructions from you, it renews at whatever the rate is at the time, which can be lower than what new customers are offered. Read the notice your bank sends before maturity and actively choose whether to roll over, withdraw or change the terms.
The Australian Government's Financial Claims Scheme (FCS) protects deposits of up to $250,000 per person, per institution if an APRA-authorised deposit-taking institution (ADI) fails. Digital banks are covered just the same as long as they hold an ADI licence, so check for APRA authorisation before signing up. For balances above the cap, spreading funds across multiple institutions is the commonly cited approach — full details are at fcs.gov.au.
Australia has no equivalent of the UK's ISA or Canada's RRSP as a separate tax-free investment account — that role belongs to superannuation, which your employer must pay into and which carries tax concessions, but generally can't be touched until retirement age. The standard Australian structure is savings accounts and term deposits for short- and medium-term money, with super doing the heavy lifting for very long-term retirement savings. If you've worked here on a temporary visa, you may be able to claim a DASP (Departing Australia Superannuation Payment) when you leave — check the ATO website.
You can invest in ASX shares and ETFs through bank-affiliated platforms (such as CommBank's CommSec) or online brokers. Personal advice tailored to your situation can only be given by advisers qualified under the AFSL (Australian Financial Services Licence) regime — you can check a registration on Moneysmart's Financial Advisers Register. This guide is general information only, so before making investment decisions, seek advice suited to your own circumstances.
The biggest risk when switching banks is a forgotten direct debit failing on the old account. Ask your new bank about its switching service — there's a formal process for getting a list of the regular payments in and out of your old account over the past 13 months. Go through subscriptions, insurance, phone, rent and the gym, separating payments tied to your card number from those tied to your account number (BSB + account), and update each accordingly.
Give your employer's payroll your new BSB and account number, and make sure the first pay after the change actually lands in the new account. If you receive Centrelink payments or Medicare rebates, you'll need to update the destination account yourself in myGov. And don't forget your tax refund — give the ATO the updated account details when you lodge your next return.
Don't close the old account straight away — leave a small balance and run both for a month or two, and any missed direct debits or annual payments (like insurance renewals) will surface. It's safest to check the old account weekly for new withdrawals during this period before finally closing it. Just be aware that once your pay stops landing there, the old account's monthly fee waiver may no longer apply, so keep an eye on whether fees start accruing.
Before closing, bring the balance to zero, confirm all pending transactions have settled, destroy any linked cards, and get the closure confirmed in writing (email counts) for your records. If a PayID is linked to the old account, it has to be unlinked before that same phone number can be registered to the new one. An account left dormant with money still in it can eventually be transferred to ASIC as unclaimed money.
Your credit history sits with the credit reporting bodies (Equifax, Experian and illion), not any individual bank, so it doesn't disappear when you switch. That said, closing a credit card changes your available limit and account history, which can affect your credit assessment, and applying for a new card leaves an enquiry of its own. You can request a free credit report from each credit reporting body once every three months to compare before and after the move.
Yes. CommBank, ANZ, NAB, and Westpac all support online account opening before arrival. Apply online, then visit a branch within 6 weeks of arrival to complete identity verification. Opening before arrival means you can receive funds immediately upon landing.
BSB (Bank State Branch) is a 6-digit number identifying the bank branch, and Account Number identifies the individual account. Both are required for salary deposits and transfers. BSB format example: 062-000 (CommBank Sydney).
Most basic transaction accounts (Everyday Accounts) have no monthly fees or waiver conditions (under 25, students, etc.). Some premium accounts charge $5-$10/month but waive fees when conditions are met. Check fee conditions before opening.
You can use a bank international transfer, Wise (formerly TransferWise), OFX or a community remittance shop. Bank transfers cost more (around $20–$30 per transfer plus an exchange-rate margin); Wise is popular for offering the cheapest rates and fees.
Beyond the interest rate, a home loan can come with an application fee, a valuation fee, an annual package fee and a discharge fee when you pay it out. If your deposit is under 20% of the property price, LMI (Lenders Mortgage Insurance) may be added — and it can run to thousands of dollars, so build it into your budget. Compare products on the comparison rate, which factors fees in, rather than the advertised rate — Moneysmart explains the concept.
Online banking lets you export your transactions as CSV or PDF — handy for organising deduction evidence at tax return time or keeping a budget. The major banks' apps auto-categorise transactions into monthly spending reports, which are great for getting a handle on your cost of living in those early months. Turn on per-transaction push notifications and you get spending control and fraud detection in one.
When a house move and a bank switch overlap, new cards and security codes routinely get posted to the old address. Check straight after opening that the address on file with your new bank is your current one, and while you're still running the old account, keep both banks updated. If you're changing phone numbers, you can get locked out of login without SMS codes — the safe order is to update your contact details in the banking app before cancelling the old number.
Check balances, transfer funds, BPAY (bill payments), report/block lost cards, international transfers, Apple Pay/Google Pay setup, spending analysis, and savings goals. CommBank also offers Cardless Cash ATM withdrawals.
After 6 weeks, you need the 100 Point ID Check. Passport (70 points), Australian driver's licence (40 points), bank card (25 points), Australian birth certificate (70 points), etc. Passport + Australian licence is the most common combination.
Yes. Without a TFN registered, interest income is taxed at the highest rate (45% + Medicare Levy). Register your TFN within 28 days of opening. Registration is available via app or online banking.
Data as of 2026-05-05. Updated daily.
RBA Cash Rate
4.35%
For reference only. Verify actual rates and conditions on each bank's official page.