How to open a bank account in Australia in 2026

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.
• Everyday transaction and savings accounts are usually AUD-denominated. Some banks also offer separate foreign currency products, while multi-currency providers like Wise let eligible customers hold multiple currencies in one account.
• Monthly account fees vary by bank and product. Some everyday accounts have no monthly account fee, while others charge one unless you meet waiver conditions. New-arrival offers can also waive monthly fees for a limited period.
• 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 transaction account, a separate international account can be useful when you regularly receive, hold, spend or send different currencies.

Banking in Australia

Australia has a sophisticated financial services market with national, international and regional banks, as well as specialist non-bank services such as Wise.

There is an important difference in how customer money is protected. Eligible deposits with Australian authorised deposit-taking institutions (ADIs) are covered by the Financial Claims Scheme up to AUD 250,000 per account holder per ADI. Wise is not a bank and uses safeguarding, which keeps customer money separate from Wise’s own money, rather than bank deposit insurance.

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 access products such as loans or mortgages if you meet the eligibility criteria. Account-opening rules vary by provider: CommBank and Westpac let eligible migrants begin setting up an account up to 14 days before arrival, while ANZ generally requires you to have arrived in Australia first, apart from its Trans-Tasman process for eligible New Zealand residents. Specialist providers like Wise may also be available before you move, depending on where you live and which features are supported there.

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, some banks let you begin setting up an account shortly before you travel, but the timing and identity checks vary by provider. 

CommBank migrant banking lets eligible customers open an Everyday Smart Access account up to 14 days before arriving in Australia. You do not need an Australian address to set up the migrant account, but after arrival you must visit a CommBank branch with your original passport and tax residency details before you can use it. CommBank says you should complete the branch identification within 20 days of opening the account. Visitor visas under subclasses 600, 601 and 651 are not accepted for this migrant process.

Westpac also lets eligible new arrivals start a Westpac Choice application online when they are already in Australia or arriving within the next 14 days. Westpac asks for an Australian address, although it can be temporary. After arrival, customers from India, China or New Zealand can use Smart Verify online; customers from other countries generally need to show valid ID at a Westpac branch.

With ANZ migrant banking, most new arrivals set up an account once they are in Australia. New Zealand residents can use ANZ’s Trans-Tasman account-opening process before moving.

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 foreign transaction and currency conversion fees may apply. Another option is a provider like Wise, subject to availability where you live, which can let eligible customers receive, hold, send and spend AUD alongside other supported currencies during the transition period.

Requirements and documents needed

Requirements vary by bank and account. You will commonly need identity and tax-residency information, while address, visa and arrival details depend on the provider and whether you apply before or after moving.

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 

Address requirements are not the same everywhere. CommBank says no Australian address is needed to set up its migrant account before arrival, while Westpac asks for an Australian address even if it is temporary, and ANZ asks new migrants for an Australian residential address after arrival. With Wise, verification requirements depend on your situation and can include photo ID, proof of address and/or a live photo; account and feature availability also depends on where you live.

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.

Everyday transaction and savings accounts are generally designed for AUD, but that does not mean Australian banks only support AUD. CommBank and Westpac, for example, offer separate foreign currency accounts, while ANZ offers foreign exchange and international payment services. If you prefer to hold and exchange many supported currencies in one place, you may like the Wise Account, which supports multi-currency holding and linked debit card spending with currency conversion at the mid-market rate plus a fee.

The best banks in Australia for expats

Let’s look at some ideas for banking in Australia as an expat. CommBank and Westpac both have processes for eligible migrants arriving within the next 14 days, while ANZ generally opens accounts after arrival except for eligible New Zealand residents. We’ve also included Wise as a non-bank alternative that may be available before you move, depending on your country of residence and the features supported there. 

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

Wise

Wise accounts support 40+ currencies for holding and exchange, including AUD. Eligible customers can order a Wise card to spend and withdraw, and Wise currently offers account details to receive money in 22 currencies. Availability varies by country and feature. 

There is no subscription fee for a personal Wise account. Other fees can apply: in Australia, a Wise debit card currently costs AUD 10, while sending and currency conversion fees vary by currency and start from 0.19% at the time of review. Currency exchange uses the mid-market rate and the applicable fee is shown before you confirm the transaction.

How to open a Wise account

You can open a Wise account online or in the app where the service is available. Verification depends on your circumstances and can include government-issued photo ID, proof of address and/or a live photo. 

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. Complete any verification Wise requests, which can include photo ID, proof of address and/or a live photo

CommBank

CommBank recommends the Everyday Smart Access Account for new arrivals. It is an AUD-denominated everyday account with a Debit Mastercard, digital banking and international money transfer access. CommBank also offers separate foreign currency accounts for customers who need to hold a supported foreign currency.

For eligible new-arrival customers, the Everyday Smart Access monthly account fee is AUD 0 for the first 12 months. After that, the standard monthly fee is AUD 4 unless a waiver applies, including if you are under 30 or deposit at least AUD 2,000 a month. Cash withdrawals are fee-free at CommBank ATMs in Australia. Overseas, CommBank charges AUD 2 at ASB Bank ATMs in New Zealand and CommBank ATMs outside Australia; other overseas ATM withdrawals cost AUD 5 plus 3.5% of the transaction value. A 3.5% international transaction fee also applies to relevant card purchases with an overseas connection.

How to open a CommBank account

To open a CommBank migrant account, you can start your application online up to 14 days before you arrive in Australia. After arrival, visit a CommBank branch with your original passport and tax residency information before using the account; CommBank says this identification step should be completed within 20 days of opening.

Westpac

The Westpac Choice account usually has an AUD 5 monthly account-keeping fee, but new arrivals and expatriate customers receive a waiver for the first 12 months and other waiver conditions can also apply. Westpac charges no withdrawal fee at Global ATM Alliance partner ATMs, while a non-Global Alliance overseas ATM withdrawal costs AUD 5. Card transactions made in a foreign currency where the merchant or financial institution is outside Australia attract a 3% foreign transaction fee.

How to open a Westpac account

You can start a Westpac Choice application online if you are already in Australia or will arrive within the next 14 days. You will need an Australian address, even if it is temporary. After arrival, eligible customers from India, China and New Zealand can verify their identity online with Smart Verify; customers from other countries generally need to show valid ID at a Westpac branch.

ANZ

ANZ offers everyday accounts for new arrivals once they are in Australia. Eligible New Zealand residents can use ANZ’s Trans-Tasman account-opening process before moving. ANZ also offers interpreter support if you need help because English is difficult for you.

ANZ everyday accounts are AUD-denominated, with foreign exchange and international payment services available separately. For classic ANZ personal accounts covered by its current personal fees booklet, an overseas transaction fee of 3% applies to international transactions and a non-ANZ ATM withdrawal outside Australia costs AUD 5. ANZ Plus is a separate digital service with its own fees and terms.

How to open an ANZ account

Most migrants can apply once they have arrived in Australia. ANZ Plus can be opened through the ANZ Plus app if you meet its eligibility requirements, including having an Australian residential address. Classic ANZ accounts such as ANZ Access Advantage can be opened in a branch, while eligible New Zealand residents have a separate pre-arrival Trans-Tasman process.

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.

How to open a bank account in Australia from abroad

Pre-arrival account opening is available from some Australian banks, but it is aimed at people who are moving to Australia and the rules differ by provider.

CommBank and Westpac let eligible new arrivals start an application up to 14 days before arrival. CommBank requires a branch identification check after you land before you can use the migrant account. Westpac also verifies identity after arrival, but eligible customers from India, China and New Zealand can use Smart Verify online instead of a branch. ANZ generally requires migrants to have arrived before opening an account, except for eligible New Zealand residents using its Trans-Tasman process.

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 a parent or legal guardian generally opens the account on their behalf, while children aged 9 and over may be eligible for their own Debit Mastercard.

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, ask the bank why and use its internal complaint process if you believe the decision or process should be reviewed. 

The Australian Banking Association recommends contacting your bank first. If the issue is not resolved, you can check whether your complaint is eligible and lodge it with the Australian Financial Complaints Authority (AFCA), the independent external dispute resolution service for financial complaints.

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.

*Correct at time of research – 18 August 2026. Fees, exchange rates, limits and delivery estimates can change, so check the provider before sending.

Managing your bank account in Australia

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

List of major banks

Australia has many APRA-authorised banks. Some major institutions include:

• Commonwealth Bank of Australia – commonly known as CommBank
• ANZ – Australia and New Zealand Banking Group
• Westpac Banking Corporation
• National Australia Bank (NAB)
• Macquarie Bank

Conclusion

Australia has a large financial services sector and many providers offering transaction and savings accounts. If you are moving to Australia, CommBank and Westpac let eligible migrants begin the process up to 14 days before arrival, although identity verification is completed after you arrive. CommBank requires a branch visit for its migrant account, while Westpac offers online Smart Verify to eligible customers from India, China and New Zealand and generally uses branch verification for other new arrivals. ANZ usually opens migrant accounts after arrival, except through its process for eligible New Zealand residents.

For international financial needs, you can also compare non-bank alternatives such as Wise. Where available, Wise can let eligible customers hold, send, spend and receive AUD alongside other supported currencies. Remember that Wise is not a bank and uses safeguarding rather than the Australian bank deposit protection provided through the Financial Claims Scheme. 

Useful resources

• Reserve Bank of Australia – overview of Australia’s financial regulatory framework
• Australian Prudential Regulation Authority (APRA) – Financial Claims Scheme coverage and the AUD 250,000 limit
• APRA register of authorised deposit-taking institutions – current list of authorised banks and other ADIs
• Australian Securities and Investments Commission (ASIC) – financial services and consumer credit regulator
• Australian Treasury – government economic and financial policy
• Australian Financial Complaints Authority (AFCA) – external financial complaints
• CommBank migrant banking – new-arrival eligibility, timing and identification
• Westpac new-arrival banking – pre-arrival setup and identity verification
• ANZ migrant banking – requirements for new arrivals and New Zealand residents
• Wise Australia pricing – current account, card, conversion and transfer fees
• Wise availability – countries and regions where Wise services are available