Opening a bank account in Australia as a foreigner.

If a move to Australia is on the cards, whether as a student, skilled migrant or due to a job relocation opportunity, you’re likely to need an Australian bank account.

While your existing overseas account may permit you to use it while in Australia, opening a local bank account can make it easier to get paid if working, pay any bills, eat out and shop.

Generally, opening a bank account in Australia as a foreigner is quite straightforward, though this can vary from bank to bank. In most instances, with just a few documents to confirm your identity and residency status you can set up an account and begin using it almost immediately.

To help you on your way, we’ve prepared this essential guide covering everything you need to know about opening an Australian bank account.

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What are the biggest Banks in Australia?

While there are many different banks in Australia including regional banks and credit unions, four main banks dominate this space. Known as the ‘Big Four’ these are:

1. Commonwealth Bank of Australia (CBA/Commbank)
2. Westpac
3. National Australia Bank (NAB) and
4. Australia and New Zealand Banking Group (ANZ)

Can foreigners open an account in Australia?

Currently, no legislation prohibits foreigners from opening a bank account in Australia.

This means there are no restrictions on opening an account as a non-resident or citizen. However, not all banks may facilitate this or they may have differing eligibility criteria or documentation requests.

What documents do you need to open an Australian bank account?

So what documents will you need to apply for your new Australian bank account? As noted above, the requirements may vary from bank to bank, but generally, you’ll need the following:

• Proof of ID, such as a valid passport
• A valid visa or proof of residency
• Proof of your student status, if you’re applying for a student account
• A Tax Identification Number (TIN) for your country of tax residency

While some banks such as Commbank¹ permit you to begin a new account application before arriving in Australia, others, including Westpac², NAB³ and ANZ⁴ will not.

Remember that even if you can start an application in advance of arrival, most banks will still ask you to attend a branch in person once in Australia to finalise its opening and verify your ID.¹

Proof of ID

Your foreign passport is one of the best forms of photo ID you can provide and should be accepted as proof of ID by all Australian banks.

Visa/residency proof

As a foreign national, most Australian banks will want to confirm your visa type or residency status before opening an account in your name.

You can provide this proof through evidence of your visa within your passport or a letter from Australia’s Department of Immigration and Border Protection.

Proof of student status

If applying as a student, your chosen bank may also request to see your student ID card or letter of enrolment for the school or university you are attending.

Tax Identification Number (TIN)

Australian taxation laws require you to provide your country of tax residency details via your TIN when opening a bank account.⁵

What else will you need?

Aside from the documentation above, you may also need to provide:

An Australian residential address

Depending on your chosen bank, a temporary address may be accepted or you may need to provide proof of your current address.

In Australia, proof of your residential address is usually accepted in the form of a utility bill (electricity, gas or water) that is no more than three months old. If you cannot provide this the bank can offer further guidance on other evidence they will accept.

An Australian mobile number

Whether you are using an interim travel SIM you picked up on arrival or have already signed up for a new plan with a local provider, most banks will want to have an Australian contact number for you.

What is the procedure to open an account in Australia

To give a general indication of what is involved with opening a bank account in Australia, we’ve reviewed the procedure for each of the Big Four banks mentioned above.

Aside from NAB who only accept in-person applications, you can open an account online once in Australia with Commbank, Westpac or ANZ as follows:

1. Go to your chosen bank’s website, navigate to their new arrivals or migrant account page and begin an application
2. Complete the application form, providing all details and proof of identification as requested
3. Submit the application form
4. Await for approval

If applying from overseas with Commbank, follow the above up to step 3. Then On arrival in Australia, you’ll need to attend a Commbank branch within 20 days of submitting your application to provide ID and confirm the account opening.

If applying with NAB or if you prefer to apply in person with the assistance of a bank employee:

1. Prepare all the necessary documentation and information required to open an account as per your chosen bank’s website
2. Attend your selected bank branch
3. Complete the application form and provide all documentation for verification
4. Submit your application
5. Await for approval

Common bank fees in Australia

Like most banks globally, there are some fees and costs to look out for when banking in Australia.

These can vary between banks and between different types of accounts so it’s recommended to read the fine print before applying. Below is a basic roundup of what to expect based on the Big Four banks.

Transaction fee/type	Typical fee
Account maintenance fees	AUD$4 per month AUD$0 for accounts that meet minimum monthly deposit requirements
Domestic ATM cash withdrawals	Free at ATMs owned by your bank or those partnered with them. Other ATMs may charge a fee, these typically start from $2 per withdrawal
Getting a debit card	Free with account opening
Getting a credit card	Annual or monthly fee generally applies. Monthly can be as low as AUD$6⁶ yearly or AUD$295 or higher annually⁷
Domestic bank transfers (i.e. within Australia)	Free
International bank transfers (i.e. sending money overseas)	Most often fee free if the transfer is initiated via online banking or your bank’s mobile app Fees for in-branch, assisted international transfers usually range between AUD$15 to AUD$30 per transfer NB: Intermediary fees charged by third parties may also apply

General info only, please refer to individual bank terms and conditions for confirmation of fees and charges.

Alternative account options

If you’re not ready to open a bank account in Australia just yet or prefer not to, there are a few options that you can use to manage your money while in Australia.

Most alternatives may not offer traditional services like the banks do – such as loans, credit or interest – but they offer similar services such as the ability to receive, send and spend money in AUD as well as some popular world currencies.

Wise Account

A non-bank international financial services provider, Wise aims to make it cheaper and easier to send, receive or spend money across borders.

While not a bank⁹, with a Wise Account you can spend, send and receive money like a local. Enabling easy international money transfers with transparent fees and the mid-market rate, Wise can also make moving money between your home country and Australia simpler and more affordable.

Revolut

Another alternative you may like to consider is Revolut. Revolut offers plan-based accounts that let you spend, save, transfer and invest your money without the need for a bank account. Currency exchange is available in 30+ currencies and they support international card payments and ATM withdrawals.⁸

Western Union

A decades-old and well-established name in the international money transfer scene, Western Union offers some basic services such as international money transfers, cash transfers and prepaid debit cards. With comparatively fewer features than some bank alternatives, Western Union may also limit which of its services are available based on your country of residence.

Foreign banks in Australia

There are several well-known foreign banking institutions also operating in Australia, many of these with branches in major cities.

You may be able to continue banking with your current overseas bank while in Australia if you are a citizen of or bank with:

Nationality	Bank
New Zealand	ANZ, Westpac
United Kingdom	HSBC
United States	HSBC
China	Bank of China, HSBC
Singapore	HSBC

It's worth noting that even if your existing bank operates within Australia, you will likely still need to open an Australian bank account with them to avoid international transaction fees and receive an AUD salary.

The Wise Account and Debit Card

Opening a bank account overseas can be a bit of a process that’s made more difficult if you aren’t considered a resident yet.

The Wise Account from Wise — while not a bank account — enables you to store 40 international currencies and get local account details for a number of different countries, including AUD, CAD, GBP, NZD, EUR and USD. You can use these to easily transfer your money to Wise or get paid by others. However, do note that features that are offered by traditional bank accounts such as interest, loans and in some countries, deposit protection, will not be available with the Wise account. See how Wise safeguards your money.

You’ll also avoid high international transaction fees and get access to the mid-market rate on all conversions. The best part - you can open and manage your Wise account completely online.

To make everyday spending easier you can order a Wise Debit card for your Wise Account and generate virtual cards as needed. If you have the local currency in your Wise Account the Wise card will use it. If you don’t have local currency converted, it uses smart technology to auto-convert your money at the mid-market rate, for a transparent conversion fee.

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Please see Terms of Use and product availability for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Note! Wise is not a bank and features available with traditional bank accounts, such as interest rates, loans or protection under the Financial Claims Scheme (for deposits up to $250,000AUD), will not be available with the Wise Account. See how Wise safeguards your money.

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Sources:

1. Commbank - Open An Australian Bank Account
2. Westpac - Banking For New Arrivals
3. NAB - Banking In Australia
4. ANZ - Migrant Banking
5. ATO - TIN Legislation
6. Commbank - Credit Cards
7. NAB - Credit Cards
8. Revolut - Accounts
9. Wise is not a bank and features available with traditional bank accounts, such as interest rates, loans or protection under the Financial Claims Scheme (for deposits up to $250,000AUD), will not be available with the Wise Account. See how Wise safeguards your money.

Sources checked on: 16 May 2024