How to open a bank account in Australia in 2025

For day-to-day money management, you may want to choose between opening an account with an Australian bank, one of the big international providers, or a digital-only service such as Wise. This guide explores your options.

Key takeaways: banking in Australia for expats

• Australian banks offer accounts to new arrivals including international students and expats. Some banks let you start to open your account up to 14 days in advance of moving to the country.
• Transaction and saving accounts from Australian banks are typically AUD denominated. Multi-currency accounts are offered by digital providers like Wise.
• Australian bank accounts normally have a monthly fee. This can often be waived if you meet certain conditions, hold a set minimum balance or deposit a fixed amount monthly.
• Major Australian and regional banks offer a full suite of services for Australian residents. Once you’re in Australia you may be able to get additional services like credit, loans and investment products.
• For multi-currency and international features, a provider like Wise may be a good choice. Alongside an Australian checking account, having a specific low cost international account can keep down your costs.

Banking in Australia

Australia has a sophisticated financial service market, which is stable, secure and reliable. Options include national, international, and regional banks – as well as specialist services like Wise which are not banks, but which offer safe money management options to customers based in Australia.

Banking in Australia is highly regulated to help keep customers and their money safe. The Reserve Bank of Australia highlights 4 separate bodies which form the regulatory framework in Australia:

• The Australian Prudential Regulation Authority (APRA) – the body which oversees the stability and competitiveness of the financial system
• The Australian Securities and Investments Commission (ASIC) – the corporate, markets, financial services and consumer credit regulator
• The Reserve Bank of Australia (RBA) – the central bank in Australia
• The Australian Treasury – the government’s lead economic adviser

Do you need a bank account in Australia?

Having a local bank account in Australia is not legally required – but it may be practically necessary for daily life, including getting salary payments, bill management, and access to local services like a cell phone. 

You’ll usually need a way to pay and get paid in AUD if you are employed in Australia or if you have to receive government benefit payments for example. An AUD account is also helpful to pay rent, utilities and other day to day necessities.

If you’re moving long term to Australia, using a local bank probably makes sense as you can also build a credit history and get loans, mortgages and other products. Usually you can only open an account with a bank in Australia if you’re a resident there – non-resident services aren’t often supported by banks, but are available through specialist providers like Wise.

If you’re a short term expat, digital nomad, or international student, you might find a multi-currency account from a provider like Wise or Revolut is enough to manage your money in AUD with the added flexibility of a multi-currency account.

Before you open a bank account in Australia

If you’re planning a move to Australia you may find you struggle to open a full feature account with a local bank before you physically relocate. 

Some options, like Commbank migrant banking services allow you to open a transaction account up to 14 days before you move to Australia. However you can’t use your account until you arrive in Australia in person and visit a branch. On arrival you can then activate your day to day account, and add in a Commonwealth bank savings account if you choose to. You can’t apply with visitor visas under subclass 600, 601 or 651.

You could also use ANZ migrant banking if you’d prefer an ANZ private bank account, although you can only open your account in advance of arriving if you’re from New Zealand.

This may mean you need alternative options to open before travelling or for when you first arrive.

You could choose to manage your money from your home country account at first – but this may mean paying high foreign transaction fees and losing out on currency conversion costs. Instead, a provider like Wise can be an excellent solution for managing money across different currencies during the transition period, with ways to receive, hold, send and spend AUD conveniently and cheaply.

Requirements and documents needed

Usually to open an account with a bank in Australia you need an Australian address, your tax information and some paperwork.

The documents and details typically needed, to open an account with an Australian bank include:

• Proof of ID like a driving license or passport – a primary and secondary may be needed 
• Your Tax Identification Number (TIN) for each country of foreign tax residency
• For migrant banking services – city you will enter Australia in, and your visa information 

You will need a local Australian address as part of your application – you might be asked for proof of this address like a recent utility bill or a paycheck, depending on the provider. If you don’t have a proof of address document yet, you might find it easier to open an account with a provider like Wise, which can accept proof of address documents from many countries, to open an account with AUD information even before you move.

Types of bank accounts in Australia

The most commonly available account types in Australia include:

Transaction account: Standard everyday banking account for transactions, salary, bills, debit card access and potential overdraft facilities.

Savings account: Interest-bearing accounts for savings with various access levels, notice periods, and fixed deposit options.

Joint account: Shared accounts for couples, families, or business partners with joint access and responsibilities.

Student account: Specialized accounts for students with favorable terms and reduced fees.

Accounts from Australian banks are usually intended to hold and manage AUD only. If you need to hold and exchange a selection of currencies you may like the Wise Account, for multi-currency holding and linked debit card spending, with the mid-market rate low conversion fees.

The best banks in Australia for expats

Let’s look at some ideas for the best banks in Australia for expats. We’ve looked at your options to open migrant banking services with Commbank, a Westpac bank account, or an account with ANZ. We’ve also touched on Wise as a more flexible option you can open before you arrive in Australia, or as a non-resident. Wise is not a bank but does offer AUD accounts which can be helpful for anyone living internationally. 

Here’s a side by side review of some important factors, with more detail right after the table.

	Wise	Commbank	Westpac	ANZ
Opening before arrival	Yes	No – apply 14 days in advance, activate on arrival	No – in some cases you can start to apply before arriving and activate on arrival	Only for New Zealand citizens
Account types	Multi-currency account for personal and business customers	Transaction and saving accounts for Australian residents	Transaction and saving accounts for Australian residents	Transaction and saving accounts for Australian residents
Multi-currency support	40+ supported currencies	AUD	AUD	AUD
English language support	Available	Available	Available	Available
Service options	In app, online and by phone	In app, online, by phone and in branch	In app, online, by phone and in branch	In app, online, by phone and in branch

Wise

Wise accounts support 40+ currencies for holding and exchange, including AUD. Get a Wise card to spend and withdraw, and access local and SWIFT account information to receive incoming payments in AUD and 20+ other currencies. 

There are no ongoing fees for a Wise account. Currency exchange uses the mid-market rate and low fees which you can see in the app before you transact.

How to open a Wise account

You can open a Wise account online or in an app, using your normal ID document like your passport, and a proof of address from your home country. 

Here’s the process to open a Wise account:

1. Download the wise app, or open the desktop site and tap Sign Up
2. Enter your email address or sign in using your Google, Apple, or Facebook account
3. Confirm if you want a personal or business account
4. Enter the required information and contact details
5. Upload an image of your ID document and proof of address

Commbank

Commbank recommends the Everyday Smart Access Account for new arrivals in the country. It’s an AUD denominated account which offers low or no fee local transactions, but has limited international features.

This account has a 4 AUD fee monthly, but it’s waived if you deposit 2,000 AUD or more monthly, and may also be waived for new arrivals in Australia. You can get free ATM withdrawals from Commbank ATMs, and digital and mobile baking solutions. International ATM use costs 2 AUD, and there’s a 3.5% foreign transaction fee if you use your account to spend in a currency other than AUD.

How to open a Commbank account

To open a Commbank account you can start your application online up to 14 days before you move to Australia, You will then need to collect the required documents and visit a Commbank branch location in person on arrival, to activate your account.

Westpac

You can open a Westpac transaction account with no monthly fee if you meet eligibility conditions – or with a fee of 5 AUD monthly if not. Accounts offer a lot of free local services, but there are costs for some international transactions which may matter to you if you’re a frequent traveller. Overseas ATM use may cost you 5 AUD for example, and there’s a 3% foreign transaction fee for card spending.

How to open a Westpac account

To open a Westpac account you will usually need to collect the required documents and visit a Westpac branch location in person. In some cases you can start your application online in advance of coming to Australia, but you still need to activate your account in a branch. You can schedule your appointment in advance to make sure you limit waiting time on arrival.

ANZ

ANZ offers everyday accounts which you can open once you arrive in Australia – or, if you’re from New Zealand you may be able to open your account before you move. ANZ can provide interpreters if you need help to open your account because English is difficult for you.

Accounts hold AUD only, but you can use your ANZ card overseas with a 3% fee for spending, and a 5 AUD overseas ATM fee to pay. Local ATM use may be free, depending on the ATM terminal you pick.

How to open an ANZ account

To open an ANZ account you will need to collect the required documents and visit an ANZ branch location in person to submit your application.

How to choose a bank account in Australia

Getting used to a new financial service sector can be a lot to take in. However, getting the right bank and account for your own needs can mean cutting down on unnecessary fees and frustration later. When selecting a bank take a look at factors like their fees, product range, accessibility, and reputation. 

As an expat you’ll also probably want to check your international service availability, and transfer fees, as well as card costs if you need to spend when you travel to your home country later.

Ultimately, the best account will depend on your individual needs. Bear in mind that as well as finding features you likely you’ll also need to check eligibility criteria to make sure you’re in the target market for the specific account you like.

How to open a bank account in Australia as an expat

Here’s a quick overview of the standard step-by-step process and application procedures, for opening an Australian bank account.

Step 1: Research the bank and account options available

It’s worth investing time to research different bank options and the specific account process they offer to choose the right fit for your needs. Remember to look at account features and fees, as well as practical considerations like branch and ATM availability in the area you plan to live in.

Step 2: Check your eligibility and gather your documents

Accounts tend to have their own eligibility requirements so make sure you’re in the target group for the account you like. Before you move forward, gather the documents you need to apply – usually ID, tax information and your proof of an Australian address. If you’re using a migrant banking service to apply before you move you also need your visa information.

Step 3: Make an appointment and visit the branch to apply

Banks like Commbank and Westpac may allow you to start your application online 14 days before you move to Australia. However you can’t use your account until you activate your account after landing, in a local branch. You can usually arrange your appointment in advance so you don’t need to wait for too long on arrival. The team member will review your application and check your documents to activate your account and give you your linked debit card.

Step 4: Fund your account and start to transact

Once your account is approved and activated you can add money and start to transact.

How to open a bank account in Australia from abroad

Australian banks normally only offer account opening services to overseas customers if they’re intending on moving to the country in the near future.

If you have your long term Australian visa in hand already you may be able to apply for a bank account 14 days before you travel. However, you can’t actually use your account until you get to Australia and visit a branch with your ID to activate your account.

How to open a bank account in Australia for your children

Banks like Commbank offer accounts for children. With Commbank as an example, if your child is aged under 14 you’ll need to open an account on their behalf, but children over 9 can get their own debit card to learn about responsible money management.

You may be able to open an account in your bank’s app if you have a full range of local documents available to apply with.

How to open a bank account in Australia if you are self-employed

Major Australian banks offer business accounts for sole proprietors and self employed people. Usually these accounts can be opened online with a personal ID and information about your registered business if you have one.

What to do if you are refused a bank account in Australia

If you are refused a bank account in Australia the first thing to do is to ask your bank the reason for your rejection. 

If you’re unable to resolve matters with the bank directly, the Australian Banking Association suggests you consider getting in touch with the Australian Financial Complaints Authority (AFCA) which may be able to help you resolve your issue through their dispute and mediation services.

Banking services in Australia

Once you’re in Australia you’ll find you can also get many additional services from major banks including loans, mortgages, insurance, investments, pensions, and specialized products. Eligibility requirements often apply for these products.

Australians use card payments including mobile payments regularly as well as services like PayID which allow instant AUD to AUD transfers through local banking agreements.

International money transfers in Australia

If you’re an expat in Australia you probably need options for sending money abroad, which can include bank transfer services, and alternative money transfer providers like Wise. Here’s a quick overview of how they measure up on costs and other important features.

	Wise	Commbank	Westpac	ANZ
Transfer fees	Low, transparent fees depending on currency	No fee for online transfers	No fee for online transfers	9 AUD to most countries, waived for payments over 10,000 AUD
Exchange rate	Mid-market rate	Rate may include a markup	Rate may include a markup	Rate may include a markup
Speed	Can be fast or instant	3 days	1 – 3 days	2 business days
Limits	High limits set by currency – around 1 million GBP	Limits may vary depending on account type	Limits may vary depending on account type	Limits may vary depending on account type
Support	In app, online and by phone	Phone, online and in branch	Phone, online and in branch	Phone, online and in branch

*Correct at time of research – 19th September 2025

Managing your bank account in Australia

Account management options in Australia can include branch visits, online banking, mobile apps, and telephone banking.

Method	Description
Face-to-face	Branches offer all services available, including higher value payments.
Phone	Phone support hours from banks in Australia varies, but can be longer than branch hours. Many banks offer more services by phone compared to online and mobile options.
Online	Online banking services are usually available 24/7 for lower value transactions and account management purposes.
Mobile app	Mobile banking services are usually available 24/7 for lower value transactions and account management purposes.

List of major national banks

There are many Australian banks which offer services to a broad range of people. Some popular options include:

• Commonwealth bank – more commonly known as Commbank
• ANZ – offering services in Australia and New Zealand primarily
• Westpac – bank account services you can open before you travel to Australia
• Mcquarie – get a Mcquarie bank savings account or transaction account
• Bank of Melbourne – savings account and transaction account services

Useful resources

• Australian Prudential Regulation Authority (APRA) – oversees the financial system
• Australian Securities and Investments Commission (ASIC) – the corporate, markets, financial services and consumer credit regulator
• Reserve Bank of Australia (RBA) – the central bank in Australia
• Australian Treasury – the government’s lead economic adviser
• Australian Financial Complaints Authority (AFCA) – for complaints about banks and similar services
• Finder – comparison site for Australian banks
• Canstar – comparison site for Australian banks

Conclusion

Australia has a large financial service sector and many providers to allow you to open a transaction or saving account. However, opening an Australian bank account before you move there is often impossible. While major banks might let you apply online if you’re relocating to Australia for the long term in the next 14 days, you can’t actually use your account until you arrive and get your identity checked in a local branch.

Instead – and to cover your international financial needs – take a look at alternatives to Australian banks such as Wise. Wise offers international accounts which can hold, send, spend and receive AUD alongside other currencies, to make transacting as an expat, international student or digital nomad that bit easier. 

FAQ: Opening a bank account in Australia

1. Can I open a bank account in Australia without residency?

You can not usually open an Australian bank account without an Australian address. If you cannot get an account with an Australian bank you may prefer digital services in AUD and other currencies from a provider like Wise.

2. How long does it take to open a bank account in Australia?

Once you have the paperwork sorted out you can usually open a bank account in Australia by visiting your local branch. The account could be opened during the visit, but you may then need to wait for your card to arrive by mail.

3. Can I open an Australian bank account online?

Expats often struggle to open accounts with Australian banks online, but you can open an account with a digital provider like Wise instead. Wise accepts digital applications from all over the world and supports AUD for holding and exchange.

4. How much does it cost to open a bank account in Australia?

There’s no fee in most cases to open a bank account in Australia although monthly fees can apply. Compare a few accounts looking at all the relevant fees before you sign up.

5. Can I use Wise instead of a bank account?

Wise is not a bank and the Wise account is not a bank account. You may find that the Wise account does not offer all the features your bank does – like credit or loan services. However you can use Wise to manage your money on a day to day basis, particularly when you need to transact in foreign currencies often.