Major banks include Commonwealth Bank, ANZ, Westpac, and NAB with various account options.

Sections

As a Migrants

Opening a bank account in Australia is a straightforward process. Here’s what you need to do:

1. Choose a Bank

Research and select a bank based on your needs. Popular banks in Australia include:

Commonwealth Bank (CBA): Offers everyday accounts, savings accounts, and great online banking tools.
Westpac: Known for its extensive branch network and support for newcomers.
ANZ: Provides easy account setup and flexible options.
NAB: No monthly account fees on most accounts, suitable for personal and business banking.
ING: Popular for online banking with competitive savings interest rates.

2. Choose the Right Account

Decide on the type of account you need:

Everyday Transaction Account: For day-to-day banking like receiving salary and paying bills.
Savings Account: For saving money and earning interest.
Business Account: For business transactions if you run a business.

3. Gather Required Documents

You’ll need identification to meet the 100 points ID check. These typically include:

Passport: Required for international identification.
Visa or Immigration Document: Proof of your right to stay in Australia.
Proof of Address: Utility bill, rental agreement, or other official documents.
Tax File Number (TFN) (optional): Not mandatory but recommended to avoid higher tax rates on interest earned.

4. Visit a Branch or Apply Online

In-Person: Visit your chosen bank’s branch with your documents. The staff will help you complete the application.
Online Application:
- Most banks allow you to open an account online before or after arriving in Australia.
- You may need to visit a branch to verify your identity after applying.

5. Deposit Initial Funds

Some accounts require an initial deposit to activate. The amount varies by bank (e.g., AUD $0 to $50).
Transfer funds from your home country if needed.

6. Activate Your Account

Once the account is set up, you’ll receive a debit card (often by mail) and online banking details.
Activate your card and online banking through the bank's website or app.

7. Set Up Online and Mobile Banking

Download the bank’s mobile app for easy access to your account.
Set up internet banking to check balances, make transfers, and pay bills.

8. Use the Account

Start using your account for salary deposits, payments, and other transactions.

9. Optional: Open a Savings Account

If you plan to save money, consider opening a linked savings account to earn interest.

Tips for New Migrants

Newcomer Accounts: Some banks offer special accounts for new migrants with fee waivers or perks.
International Transfers: Look for accounts with low fees for transferring money from your home country.
Compare Fees: Ensure you understand fees like monthly account fees, withdrawal fees, or currency conversion charges.

As a Traveler

As a traveler, you can open a bank account in Australia. Many Australian banks allow non-residents to open accounts, even if you’re just visiting. Here’s how you can do it:

1. Check Bank Requirements

Different banks have slightly different policies for travelers. Some popular banks that allow travelers to open accounts include:

Commonwealth Bank (CBA): Offers accounts for temporary visitors.
Westpac: Provides bank accounts for international visitors and travelers.
ANZ: Allows non-residents to open accounts.
NAB: Offers flexible account options for non-residents.

2. Documents You’ll Need

To open an account as a traveler, you’ll typically need:

Passport: Your primary identification document.
Visa or Entry Stamp: Proof of your visitor status.
Temporary Address: You’ll need to provide a local address (hotel, hostel, or friend's address). Some banks accept overseas addresses initially.
Tax File Number (TFN): Optional but recommended to avoid higher taxes on interest earned.

3. Steps to Open the Account

In-Person

Visit a branch of your chosen bank.
Present your documents (passport, visa, and address).
Fill out the application form with your details.

Online (Before Arrival)

Many banks allow you to open an account online up to 12 months before arriving in Australia.
You’ll need to visit a branch after arrival to verify your identity and activate the account.

4. Features for Travelers

No Monthly Fees: Some banks waive account fees for non-residents or on basic accounts.
Low Minimum Deposit: Many accounts can be opened with $0 or a small initial deposit.
International Transfers: Look for accounts with low fees for receiving or transferring money internationally.
Debit Card Access: You’ll receive a debit card for purchases and ATM withdrawals.

5. Use Cases for Travelers

Deposit and withdraw cash while traveling.
Avoid carrying large amounts of cash.
Pay for local expenses like hotels, transport, or shopping.
Transfer money internationally at lower fees compared to currency exchange services.

6. Recommended Banks and Accounts

Commonwealth Bank Smart Access Account: Offers easy setup for travelers and no fees for the first few months.
Westpac Choice Account: Provides benefits like no fees for students or new arrivals.
NAB Classic Banking Account: No monthly fees and easy account access.
ANZ Access Advantage Account: Low fees and a wide ATM network.

Additional Tips

ATM Access: Use your bank’s ATMs to avoid additional fees.
Close the Account if Needed: When leaving Australia, you can close the account or keep it open for future use (check with the bank for requirements).
Avoid Dormancy Fees: Keep the account active by using it periodically.

Sydney

Opening Bank Account