Banks in Australia: A guide to the biggest Australian banks

Moving to Australia for work, study, or a fresh start means sorting out your finances early. Choosing from the many banks in Australia can feel daunting, especially from the UK, but the system is well regulated and accounts are relatively easy to open.

This guide covers the biggest Australian banks by total assets, what each one offers, and how to pick the right account for your situation.

We’ll also show you a smart alternative to a bank account from the money services provider Wise - the Wise account. It’s not a bank account but offers some similar features, and your money is safeguarded.

You can register for a Wise account online in minutes and start managing your money in GBP, AUD and dozens of other currencies. There are no monthly fees and Wise carries out all foreign currency exchanges at the mid-market exchange rate, only adding a low, transparent fee.

➡️ Learn more about the Wise account

Note: Eligibility is subject to verification of customer’s identity.

Banking in Australia (an overview)

Four major banks dominate Australia's banking system: Commonwealth Bank (CBA), Westpac, National Australia Bank (NAB), and Australia and New Zealand Banking Group (ANZ). Known as the "Big Four", they collectively hold around AUD $4.1 trillion in total residents' assets, which is roughly 70% of the country's banking system.¹

A federal policy called the "four pillars policy" prevents any of them from merging with each other, preserving competition at the top of the market.²

All banks operating in Australia are regulated by the Australian Prudential Regulation Authority (APRA). APRA also oversees the government's deposit guarantee scheme, which protects deposits of up to AUD $250,000 per account holder per bank.³

Opening an account is simpler than many people expect. Most major banks let you apply online before you arrive, and all you typically need is your passport. Opening a bank account in Australia is covered in detail in a separate guide, including what to prepare and which banks make the process easiest.

Many accounts come with a monthly fee, though some banks waive it if you meet a minimum deposit or transaction threshold. It's worth checking the conditions before you apply.

10 biggest Australian banks ranked by total assets

The table below ranks the 10 biggest Australian banks by total residents' assets, using APRA data from April 2026.¹

Commonwealth Bank of Australia

Best for: All-round banking, newcomers to Australia

CommBank is Australia's largest bank by total assets.¹ It covers everyday accounts, savings, credit cards, personal loans and international banking, making it a genuine one-stop shop for most banking needs.

Its Smart Access account is a popular choice for new arrivals: it comes with a Mastercard physical and digital debit card, a well-rated app, and access to the country's largest ATM network.⁴ See more of their offer here.

If you're also thinking about how to send money between the UK and Australia, it's worth exploring your options. Sending money to Australia through different providers can vary significantly in cost.

Westpac Banking Corporation

Best for: Under-40s, students

Westpac is Australia's second-largest bank and has a broad customer base. It has a particularly strong offering for younger customers and students. If you're under 41 or a full-time tertiary student, Westpac waives the monthly fee on its Choice transaction account.⁵

Westpac also has a solid app and a wide branch network across Australia's major cities and regional areas.

National Australia Bank

Best for: Everyday banking, international students

NAB is one of Australia's most widely used banks, with a well-established reputation for customer service. Its NAB Classic Banking Account has no monthly fee or ATM fee at over 4,000 ATMs across the country.⁶

NAB also offers dedicated savings and term deposit accounts, as well as an everyday account that earns interest for retirees.⁶

Australia and New Zealand Banking Group (ANZ)

Best for: Full-service banking, digital tools

ANZ rounds out the Big Four and has invested heavily in its digital offering. Its ANZ Plus account combines a transaction account and a savings account in one app, with no monthly fee and a competitive interest rate on savings.⁷

ANZ also completed its acquisition of Suncorp Bank in July 2024, strengthening its position in Queensland and expanding its home loan book significantly.⁸

Macquarie Bank

Best for: Fee-free banking, investors

Macquarie has grown rapidly to become one of the largest banks in Australia outside the Big Four, and its retail banking offer is genuinely competitive. Its Transaction Account charges no monthly fee and no ATM fees at major networks, and comes with one of the stronger savings rates available.⁹

Macquarie is entirely digital. Since there are no branches, it suits customers who are comfortable managing money through an app.

ING Australia

Best for: Digital-only banking, high-interest savings

ING Australia is a fully online bank with no physical branches. Its Savings Maximiser account is one of the more competitive options on the market for bonus interest, subject to meeting monthly deposit and spending conditions.¹⁰

A common question about digital-only banks is whether deposits are as protected, and the answer is yes. ING Australia holds an APRA banking licence, so the AUD $250,000 deposit guarantee applies in the same way as it does for any major bank.³ See ING Australia's full account range for current rates.

Bendigo and Adelaide Bank

Best for: Community banking, regional areas

Bendigo and Adelaide Bank takes a different approach to mainstream banking. It returns a share of profits to local communities and has a strong presence in regional Australia, particularly for customers who want a more personal banking relationship.

Its Everyday Account is straightforward, with no monthly fee and a debit Mastercard included.¹¹ If community-focused banking matters to you, Bendigo is one to consider.

Bank of Queensland (BOQ)

Best for: Regional residents, small business

The Bank of Queensland is a Queensland-based bank with a branch network across the state and selected locations nationally. It offers a range of personal banking products, including everyday accounts, savings accounts, home loans, and credit cards, as well as business banking services.¹²

BOQ is a reasonable alternative to the Big Four if you're based in Queensland and want a regional bank with a physical presence. See the BOQ website for its current account range.

Suncorp Bank

Best for: Queensland residents

Suncorp Bank or Norfina Limited has a long history of community banking in Queensland and remains a familiar brand across the state.

It’s worth noting that ANZ completed its acquisition of Suncorp Bank in July 2024, so Suncorp Bank now operates as part of the ANZ Group.⁸ However, it continues trading under the Suncorp name under a brand licence arrangement.

Suncorp offers a range of everyday and savings accounts suited to Queensland residents.¹³

HSBC Australia

Best for: Expats, multi-currency banking

For expats moving from the UK, HSBC Australia is frequently cited as one of the best banks in Australia for expats, given its multi-currency account and global network.

Its Everyday Global Account supports banking in multiple currencies, which is useful when you're managing money between the UK and Australia.¹⁴ If you're researching your options for expat banking more broadly, our guide to the best expat accounts in the UK is a useful companion read. See HSBC Australia's account range for full details.

Top online banks and money management alternatives in Australia

If branch access isn't a priority and you prefer managing everything through your phone, Australia has a growing number of digital-focused options. Beyond ING Australia, which is featured in the main rankings above, here are two more digital options worth considering::

• ME Bank - a fully online bank offering everyday and savings accounts. It's now owned by Bank of Queensland and operates independently.¹⁵
• UBank - a digital bank owned by NAB¹⁶, with a no-fee transaction account and a well-reviewed app. Because UBank and NAB share a banking licence, any deposit held with both would be covered by a combined AUD $250,000 guarantee, not separate ones. This is worth bearing in mind if you're spreading savings.

Online-only banks often offer more competitive savings rates than major banks, since they have lower operating costs. The trade-off is limited to no in-person support.

Wise – An international alternative to a bank account in Australia

If you're an expat looking for an international account with multiple benefits, then consider checking out the Wise account.

With the Wise account you can manage your money in 40+ currencies and send international payments worldwide to 140+ countries for low, transparent fees and mid-market exchange rates. You’ll also get dedicated support and volume discounts when sending large amounts. On a £50,000 transfer, you could save up to £1,000 with Wise vs your bank.

There’s even a Wise card you can get for a one-time cost of £7 for spending in countries. This clever card automatically converts your pounds to the local currency at the mid-market exchange rate, only adding a low, transparent conversion fee – or it’s free if you already have the currency in your Wise account.

✅ Sign up with Wise for free

**Investments are not guaranteed, and your capital is at risk.

Wise is an Electronic Money Institution (EMI), so features like Interest and Stocks may be covered by the Financial Services Compensation Scheme (FSCS). For standard cash balances, we safeguard your funds to meet regulatory obligations.

In the UK, Interest and Stocks are provided by Wise Assets, the trading name of Wise Assets UK Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA number 839689).

We do not provide investment advice, and taxes may apply. If unsure, seek qualified financial advice. Full fund information is available on our website.

How to choose the right bank in Australia

Choosing the right bank comes down to a few practical factors.

• Fees: Most accounts carry a monthly fee, though many are waived if you meet a deposit or spending threshold. Macquarie and ANZ Plus both offer genuinely fee-free accounts without conditions.⁷ ⁹
• Digital tools: If you're regularly managing money across time zones or currencies, a strong app matters. CommBank, ANZ Plus, and ING Australia all have well-rated apps.
• Branch access: The Big Four have the widest branch networks. If you prefer in-person banking, CommBank or Westpac are worth shortlisting. Regional banks like Bendigo and BOQ have smaller but still physical presences.
• International services: Banks in Australia, like banks elsewhere, often build their margin into the exchange rate rather than charging a flat transfer fee, meaning the total cost of an international transfer can be higher than the headline suggests. Compare total costs, not just stated fees.

For expats and international students, newcomer packages can help reduce costs in your first year. If you already have international banking relationships (with HSBC, for example), it may be worth checking whether those carry over to their Australian operations.

If you're thinking about the broader picture of relocating, our guide to the best countries to move to from the UK covers the wider considerations beyond banking. And if you need to send money to Australia before or after your move, comparing providers in advance can make a difference.

Frequently asked questions about banks in Australia

What are the 4 major banks in Australia?

They are Commonwealth Bank (CBA), Westpac, National Australia Bank (NAB), and ANZ, collectively known as the "Big Four". Together they hold around AUD $4.1 trillion in residents' assets, or roughly 70% of the market.¹

Which Australian bank is best for expats?

There's no single answer, as the right bank depends on your circumstances. HSBC Australia is a practical option if you're already an HSBC customer in the UK, given its multi-currency account and international presence.¹⁴ CommBank has the largest bank-owned ATM network in the country.⁴ The key is to match the bank's strengths to your own priorities.

Which bank has the most branches in Australia?

Commonwealth Bank has one of Australia's largest branch and ATM networks, with 1,819 machines available according to data from June 2025.¹⁷ The other Big Four banks (Westpac, NAB, and ANZ) also have substantial branch networks across the country. If you plan to bank primarily online, this distinction is less relevant.

Which bank is best for international transfers in Australia?

It depends on how often you transfer and in which currencies. HSBC Australia's Everyday Global Account supports multiple currencies and can be convenient for regular transfers.¹⁴

Wise is another option. It’s a financial institution that offers international transfers at the mid-market exchange rate with a transparent fee.

Banks in Australia typically build their margin into the exchange rate rather than charging a flat fee, so the total cost of a bank transfer can be higher than it first appears. Comparing the full cost instead of just the headline fee is the clearest way to assess your options.

Can I open an Australian bank account from the UK?

Yes, most major Australian banks allow you to open an account online before you arrive. The process is straightforward, and your passport is typically the only document required. Our guide to opening a bank account in Australia covers which banks are easiest to open remotely, what to expect during the application, and what you'll need once you're in the country.

Key takeaways

• Four major banks known as the "Big Four" dominate Australia's financial system, collectively holding roughly 70% of the country's banking assets.
• The regulatory framework overseen by the Australian Prudential Regulation Authority (APRA) includes a government deposit guarantee scheme that protects accounts up to AUD $250,000 per holder per bank.
• Newcomers can easily apply for an account online before arriving in the country, though many traditional bank accounts carry a monthly fee unless specific deposit or transaction requirements are met.
• While international money management can often lead to high exchange rate markups and account complexity, a Wise account solves this pain point by allowing travellers and expats to hold multiple currencies and spend abroad with no monthly fees and mid-market exchange rates with low, transparent fees.

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Sources used:

1. APRA - Monthly authorised deposit-taking institution statistics (April 2026)
2. Forbes - Big Four banks
3. APRA - Financial Claims Scheme
4. Commonwealth Bank - Everyday Account Smart Access
5. Westpac - Choice bank account
6. NAB - Personal accounts
7. ANZ - ANZ Plus
8. ANZ - ANZ completes acquisition of Suncorp Bank
9. Macquarie - Transaction account
10. ING Australia - Homepage
11. Bendigo Bank - Everyday account
12. Bank of Queensland - Homepage
13. Suncorp Bank - Bank accounts
14. HSBC Australia - Everyday Global account
15. ME Bank - Who owns ME Bank?
16. UBank - Who owns UBank?
17. Commonwealth Bank - CBA 2025 Annual Report

Sources last checked on date: 09-Jun-2026