Moving to a new country involves many exciting challenges, and setting up a bank account is one of the first steps to getting settled in Australia. Navigating the Australian banking system might seem daunting at first, but with the right information, you can find the best bank and bank account that suits your needs. This guide will help you understand the key aspects to consider, such as fees, ease of use, setup process, and customer service, along with some account recommendations tailored for newcomers in Australia.

Why do you need an Australian bank account?

An Australian bank account will be essential for managing your finances, receiving salary payments, paying bills, and making everyday purchases. While you can use an international bank account initially, it’s more convenient and cost-effective to have a local account.

Types of bank accounts in Australia

There are two main types of bank accounts to consider:

• Everyday transaction accounts: Used for daily transactions, these accounts allow you to deposit and withdraw money, pay bills, and make purchases with a debit card.
• Savings Accounts: These accounts offer interest on your balance, making them ideal for saving money.

Key factors to consider when choosing a bank

1. Fees
Bank fees can vary widely, so it’s essential to compare options. Look out for:

• Monthly account fees: Some banks waive these fees for students, pensioners, or if you meet certain deposit requirements.
• ATM fees: Using an ATM that’s not part of your bank’s network can incur additional costs.
• International transaction fees: If you plan to send money overseas or use your card internationally, check the fees for these transactions. (Don’t worry too much about this one, as you can use OrbitRemit for safe, fast and low-cost international money transfers). 

2. Ease of use and setup
An easy setup process will make your arrival in Australia all the more easy. Many banks offer online account opening, so you can even set up your account before you arrive in Australia. Look for:

• Online and mobile banking: Ensure the bank offers user-friendly apps and online banking services.
• Branch access: While online banking is convenient, having access to a physical branch can be helpful, especially when you first arrive.

3. Customer service
Good customer service is vital, especially if you’re unfamiliar with the banking system. Consider:

• 24/7 support: Some banks offer round-the-clock customer support, which can be a lifesaver in an emergency.
• Multilingual services: If English isn’t your first language, check if the bank provides customer service in your preferred language.

Best banks for newcomers in Australia

1. Commonwealth Bank of Australia (CBA)
CBA is one of Australia’s largest banks and offers a range of accounts suitable for newcomers in Australia. The Smart Access Account is a popular choice, offering easy setup, no monthly fees for students, and a robust mobile banking app.

2. ANZ Bank
ANZ’s Access Advantage Account is another good option. It has no monthly account fee if you deposit a certain amount each month. ANZ also provides excellent customer service and a comprehensive mobile app.

3. National Australia Bank (NAB)
NAB offers a Classic Banking Account with no monthly fees and no minimum deposit requirement. Their setup process is straightforward, and they have a solid reputation for customer service.

4. Westpac
Westpac’s Choice Account is tailored for migrants, with no monthly fees for the first 12 months and the option to open an account online before you arrive in Australia.

5. ING
ING’s Orange Everyday Account is a popular choice for its fee-free structure and competitive interest rates on savings accounts. ING’s user-friendly mobile app and renowned customer service make it a great option for tech-savvy newcomers. 

How to open a bank account in Australia 

Opening a bank account in Australia can be relatively simple. You’ll typically need:

• Identification: Passport, visa, and other proof of identity documents.
• Proof of Address: A rental agreement, utility bill, or any official document with your Australian address.
• Tax File Number (TFN): While not mandatory, providing a TFN helps ensure you’re not taxed at the highest rate on any interest earned.

Choosing the right bank and account in Australia will be a big help with managing your finances efficiently. Take the time to compare fees, ease of use, and customer service to find the best fit for your needs. With the right account, you can enjoy a smooth financial transition into your new life in Australia.

Once you’ve set up your new bank account, OrbitRemit is here to help you send money back home with ease. OrbitRemit offers reliable and affordable money transfer services, making it easier for you to support your loved ones back home while you adapt to your new surroundings. Trust OrbitRemit for fast and secure international money transfers, so you can focus on settling into your new life. Sign up today to start sending!