How to Open a Bank Account in Australia as a Foreigner (2025 Guide)

Moving to a new country is a big step, filled with excitement, but also uncertainty. What jobs are available? Should I buy a car? Will it really cost $12 for a cup of coffee?

Before considering any of these questions, the most important thing to do early on is to set up your finances. You’ll need a place to receive your wages, pay bills, and manage daily expenses.

We’ve created this guide to help you open a bank account in Australia. We cover what documents you'll need, which banks to consider, and what alternative options are available for newcomers like you.

What Are the Biggest Banks in Australia?

Whether wandering through the tropics of the north or strolling through the hustle of the cities in the south, you can’t miss any of the following banks wherever you go.

Australia's banking landscape is dominated by the "Big Four" banks, which hold a significant share of the market

• Commonwealth Bank of Australia (CBA): The largest bank by assets and market capitalisation.
• Westpac Banking Corporation: Australia’s oldest bank, known for its extensive branch network and services.
• National Australia Bank (NAB): Offers a range of personal and business banking solutions.
• Australia and New Zealand Banking Group (ANZ): The smallest of the “Big Four”, but provides comprehensive banking services across Australia and New Zealand.

These institutions offer various account types suitable for residents and non-residents alike.

Can Foreigners Open a Bank Account in Australia?

Yes, foreigners can open bank accounts in Australia. Most banks allow non-residents, including students, workers, and migrants, to open accounts either online or in person. Some banks, like Commonwealth Bank, even permit account opening up to 14 days before arrival in Australia.

Documents You Need to Open an Australian Bank Account

Make sure you have all of the following documents before you open a bank account. Though you may not need all of them, having them all ready will ensure a smooth process.

• Proof of Identity: A valid passport is your strongest proof.
• Visa or Residency Proof: Details of your visa or residency status.
• Proof of Student Status: If applicable, such as a student ID or enrolment letter.
• Tax Identification Number (TIN): From your home country, if requested.
• Australian Residential Address: Some banks may require a local address.
• Australian Mobile Number: Useful for account verification and communication.

Step-By-Step Process to Open a Bank Account in Australia

So what does the process look like? Is it as easy as walking into a bank and speaking to the team? Or can you open a bank account online?

• Research and Choose a Bank: A very important first step to help you make an informed decision about who you open an account with. Consider factors like fees, services, and accessibility. Dedicate some time to consider and compare what services each bank offers you.
• Prepare Necessary Documents: Gather all required identification and proof documents. Again, it’s best to be prepared for all of the documents listed above to be requested.
• Apply Online or In-Person: Many banks offer online applications, and will likely have language options on their websites to help. But if you’d like face-to-face assistance, visit a branch.
• Verify Identity: All banks require you to verify your identity, so make sure you have your passport or other identity document ready
  Activate and Use Your Account: Once approved, you can deposit funds and start banking.

Common Bank Fees in Australia

While banking in Australia is generally straightforward, be aware of potential fees:

• Account Fees: Monthly account fees.
• ATM Withdrawal Fees: Charges for using out-of-network ATMs.
• International Transaction Fees: Fees for overseas purchases or transfers.

It is useful to review the fee structures of different banks to choose the most cost-effective option for you.

Foreign Banks Operating in Australia

You can also explore some of the international banks that have a presence in Australia:

HSBC Bank Australia: Offers global banking services and is recognised for promoting sustainable finance and environmentally responsible practices.
Citibank Australia: Provides a range of financial products, including trade solutions and security services.
ING Bank: Known to specialise in online banking with high-interest, fee-free accounts.

Alternative Account Options for Newcomers

If none of the big four or international banks sound right for you, widen your search to some alternatives known for catering for newcomers.

Up Bank: Known for its innovative, mobile-first approach to digital banking in Australia
Revolut: Provides multi-currency accounts with competitive exchange rates.
Wise: Wise specialises in making it easier and more affordable to send money to and from various countries

Wrapping Up: The Best Way to Manage Your Money in Australia

A bank account is crucial to starting a new chapter in a different country. Choosing the right bank that accommodates your needs will help you enjoy the diverse culture and magnificent scenery that attracts the world to Australia. By understanding the requirements and options available, you can make an informed decision about the bank you choose.

Whether opting for a traditional bank or a newcomer-friendly service, choose a service that aligns with your financial goals and lifestyle.

Extra Resources

How to Close an Old Bank Account and Switch Easily

Closing your old bank account is a straightforward process, but it's essential to ensure all direct debits and credits are transferred to your new account to avoid missed payments. Most Australian banks allow you to close accounts online, via mobile apps, or by visiting a branch. Before initiating the closure, ensure your account balance is zero and all pending transactions have cleared. For a step-by-step guide, visit:

How to close your bank account

Common Banking Mistakes for Foreigners to Avoid

Navigating a new banking system can be challenging. Common mistakes include ignoring account fees, and not understanding the tax system. Being aware of these pitfalls can help you manage your finances more effectively. For a comprehensive overview, read:

Avoiding Costly Financial Mistakes in Australia

International Money Transfers

Sending sums internationally requires careful consideration of exchange rates, fees, and transfer times. Bless Payments offers competitive rates and low fees for transfers, ensuring your money reaches its destination efficiently. For insights on transferring amounts internationally, check out:

International Money Transfers Made Easy