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Opening a bank account is one of the first and most important things you will do in Australia. Without one, you cannot receive your salary, pay rent, or build a financial life here. The good news: Australian banks are well set up for new arrivals, and most major banks let you start the process before you even leave home.

This guide walks through exactly what to do — before you arrive, on the day you land, and in the weeks after.

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Before you arrive: open your account online

Most of Australia’s major banks let you begin the account opening process online from overseas. Your account will be in “deposit-only” mode until you verify your identity in person — meaning you can receive funds but cannot make withdrawals or transfers until you visit a branch.

Starting before you arrive means you have an account number ready to give your employer from day one, and you can send money to Australia in advance so funds are waiting when you land.

How long before arrival can you apply?

Bank	Pre-arrival window	Notes
CommBank	Up to 14 days before arrival	Must visit a branch to verify ID and activate before you can use the account
Westpac	Up to 12 months before arrival	Must visit a branch to activate; branch appointment can be scheduled in advance
ANZ	Contact ANZ directly for your situation	ANZ Plus (app-only) requires Australian mobile number and onshore selfie verification regardless; standard ANZ accounts vary by visa type
NAB	Requires physical presence in Australia	No pre-arrival opening; excellent “Phase 2” bank once you have settled

Recommended approach: Open a CommBank or Westpac account before you fly. On arrival, visit a branch to verify your identity and activate the account. Once you are settled and know your situation, consider opening a NAB Classic account as a permanently fee-free long-term option.

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Which bank should you choose?

CommBank (Commonwealth Bank)

CommBank is the largest retail bank in Australia and the most popular with new migrants. Around one in two new migrants to Australia choose CommBank as their first bank — confirmed in CommBank’s own 2024 Annual Report.

Everyday Smart Access account:

• $0 monthly fee if you are under 30, or if you deposit at least $2,000 per calendar month
• 12-month fee waiver for all new arrivals regardless of age (standard fee: $4/month after waiver)
• Australia’s largest bank-owned ATM network — fee-free cash withdrawals
• Multilingual ATMs and bilingual branch staff in major migrant communities (Parramatta, Springvale, Footscray)
• Open up to 14 days before arriving; must visit a branch to verify ID and activate the account before you can use it

Best for: Most new migrants — the widest branch network, the most newcomer-friendly portal, and the strongest community presence in migrant suburbs.

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Westpac

Westpac’s Choice account is popular with new arrivals for its flexibility and 12-month fee waiver.

Choice account:

• $0 monthly fee for the first 12 months (standard fee: $5/month)
• Continuing fee waiver if you are under 30, a full-time student, or make minimum monthly deposits
• Open up to 12 months before arriving — the most generous pre-arrival window of any major bank
• Must visit a branch to activate after arrival

Best for: Migrants who want to open their account well in advance, or those already familiar with Westpac from a previous relationship.

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NAB (National Australia Bank)

NAB’s Classic Banking account has permanently $0 monthly fees — no conditions, no minimum deposit, no age limit. This makes it the best long-term fee structure of any major Australian bank.

Classic Banking account:

• $0 monthly fees — permanently, no conditions
• No pre-arrival opening — you must be physically in Australia
• No minimum balance requirement

Best for: A “Phase 2” bank once you have arrived and settled. Open CommBank or Westpac before arrival, then switch to or add NAB once you are established to eliminate ongoing fees.

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ANZ

ANZ offers a standard Access Advantage account (fee waived if you deposit $2,000+ per month) and the ANZ Plus app-only account (no monthly fees, clean digital interface).

ANZ Plus:

• No monthly fees
• Requires an Australian mobile number and onshore selfie verification — cannot be set up before arrival
• Strong digital banking experience

Best for: Digital-native migrants who are comfortable with app-only banking and don’t need regular branch access.

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Beyond the Big Four: digital banks and alternatives

Once you have your first account set up at a major bank, many migrants add a second account at a digital bank for lower fees, better savings rates or international spending. Here are the best options for new arrivals in 2026.

Macquarie Bank — 2026 Finder Award winner

Macquarie Transaction Account won the 2026 Finder Award for best transaction account in Australia — the first non-Big Four bank to take the top spot.

Key features:

• $0 monthly fee — no conditions, no minimum deposit
• $0 international transaction fees on card spending
• ATM fees reimbursed globally — any ATM, anywhere
• Competitive savings rate on the linked Macquarie Savings Account
• Digital-first but backed by one of Australia’s most stable financial institutions

Best for: Migrants who travel frequently or send money between accounts internationally; anyone who wants genuinely fee-free banking without conditions.

Note: Requires Australian residency to open — set up after arrival, not before.

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ING Orange Everyday

ING is Australia’s original direct bank (launched 1999) and consistently one of the highest-rated by independent reviewers for everyday banking.

Key features:

• $0 monthly fee
• $0 ATM fees and $0 international transaction fees — if you deposit at least $1,000 per month and make 5+ card purchases per month; otherwise standard fees apply
• When paired with the ING Savings Maximiser, savings rate of approximately 5.50% p.a. (conditions apply — check ato.gov.au for current rates)
• No branches — entirely app and phone based

Best for: Migrants comfortable with digital-only banking who want to maximise savings interest and minimise fees on international card spending.

Note: Requires an Australian residential address to open — cannot be set up before arrival.

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Up Bank

Up is a digital bank built on Bendigo Bank’s banking licence — meaning your deposits are covered by the $250,000 Financial Claims Scheme guarantee. It has become the most popular banking app among Australians under 35.

Key features:

• $0 monthly fee, no conditions
• Instant spending notifications and merchant identification
• Excellent budgeting tools including subscription tracking (“Kill Bills”), automatic round-ups and savings goals (“Savers”)
• Seamless Apple Pay and Google Pay integration
• Backed by Bendigo Bank — APRA-regulated, FCS protected

Best for: Tech-savvy migrants under 40 who want the best app experience in Australian banking and strong personal finance tools.

Note: Requires Australian residency and a valid TFN — open after arrival.

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ubank

ubank is owned by NAB and offers the stability of a major bank with a digital-first experience. As of early 2026, ubank and ING lead the market for savings rates at approximately 5.50% p.a.

Key features:

• $0 monthly fee
• High savings rate with simpler conditions than ING
• Clean digital interface
• Backed by NAB — APRA-regulated, FCS protected

Best for: Migrants who want a high-interest savings account with fewer hoops than ING’s monthly requirements.

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HSBC Australia

HSBC is the best option if you already bank with HSBC in your home country — the global network allows for smoother account transitions and international transfers.

Key features:

• Around 36 branches across Australia
• Multi-currency accounts — hold and convert multiple currencies from a single account
• Global ATM access via the HSBC network
• Strong international transfer capabilities
• Can open before arriving if you are an existing HSBC customer overseas

Note: HSBC Expat services require a minimum deposit of AUD $50,000 or an annual salary of at least AUD $200,000 — standard accounts have lower thresholds.

Best for: High-earning migrants or expats already within the HSBC global ecosystem; migrants managing finances across multiple countries.

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Wise (not a bank)

Wise provides an AUD account with a BSB and account number — employers, landlords and payment services can pay you directly. Wise is widely used as a bridging account during the first week while your main bank account is being activated.

Key features:

• Multi-currency account: hold and convert 40+ currencies including AUD, NZD, GBP, USD, EUR, PHP, INR and more
• Mid-market exchange rate with transparent fees
• No ongoing monthly fees
• Physical Wise card for spending in any currency

Important: Wise is NOT a bank and is NOT regulated by APRA. Your money is NOT covered by the Australian Government’s $250,000 Financial Claims Scheme guarantee. Wise safeguards customer funds separately from its own operations, but this is different from the FCS protection at an APRA-regulated bank. Use Wise for transactions and transfers — keep your main savings in an APRA-regulated bank.

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The recommended strategy for 2026

Phase 1 — before arrival: Open CommBank or Westpac online. Transfer funds in so money is waiting when you land.

Phase 2 — on arrival: Verify your ID at a branch within the first week. Apply for TFN. Activate PayID.

Phase 3 — after 3-6 months: Once you know your banking habits, add a second account. Macquarie for zero-fee everyday banking with global ATM rebates. ING or ubank for high-interest savings. Up if you want the best budgeting app in Australia.

Most migrants end up with 2-3 accounts: one major bank for payroll and the branch network, one digital bank for fee-free everyday spending, and one high-interest savings account.

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What documents do you need?

Australian banks are required by law to verify your identity using a “100-point check” before you can fully use your account.

The critical detail most migrants miss: If you visit a bank branch within 6 weeks (42 days) of your arrival date, your foreign passport alone satisfies the full 100-point requirement. You do not need additional documents.

After 42 days, you will need to combine your passport with additional documents (utility bill, lease agreement, TFN letter, etc.) to reach 100 points.

Standard documents to bring to the branch

Document	Points
Foreign passport (within 42 days of arrival)	100 (full requirement met alone)
Foreign passport (after 42 days)	70
Australian visa confirmation (if not embedded in passport)	25
Lease or tenancy agreement	25
Utility bill (electricity, gas, internet)	25
TFN letter from ATO	25
Employment contract or letter	25

Tip: Go to the bank within your first week — when your passport alone is sufficient. It is the simplest and fastest way to complete identity verification.

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Your Tax File Number (TFN)

Your TFN is Australia’s equivalent of a national tax identification number. You need it before your first pay day.

Why it matters for banking: Without a TFN, banks are legally required to withhold tax on any interest earned in your savings account at the top marginal tax rate of 47%. Even if you earn very little interest, registering your TFN prevents unnecessary withholding and keeps your tax affairs clean.

How to apply: Apply at ato.gov.au online immediately on arrival. Processing takes up to 28 days by mail, but your TFN is usually available within a few days digitally. Add it to your bank account as soon as you receive it.

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What is a BSB number?

A BSB (Bank State Branch) number is a 6-digit code that identifies the specific bank and branch for Australian transfers. Every Australian bank account has a BSB.

When your employer asks for your bank details to set up payroll, you will need to provide:

• Your BSB number (6 digits, e.g. 062-000)
• Your account number (usually 8-10 digits)

You can find both in your bank’s app, on your bank statement, or on the welcome letter sent when you open your account.

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What is PayID?

PayID is a simpler way to receive money in Australia — you register an email address, phone number, or ABN as your PayID, and anyone can transfer money to you instantly using just that identifier, without needing your BSB and account number.

Activate PayID as soon as your account is live — it makes receiving salary, rent transfers and payments from friends faster and easier. Most Australian bank apps let you set it up in under two minutes.

PayID transfers arrive instantly (24/7) when sent from another PayID-enabled Australian bank account.

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The Financial Claims Scheme: your deposit guarantee

The Australian Government guarantees deposits at APRA-regulated banks, credit unions and building societies up to $250,000 per account holder per institution under the Financial Claims Scheme (FCS).

This means if CommBank, NAB, Westpac or ANZ were to fail (an extremely unlikely scenario), the Australian Government guarantees your deposits up to $250,000. This protection is automatic — you do not need to register for it.

Wise and some other digital platforms are not APRA-regulated and are not covered by the FCS.

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Step-by-step: what to do and when

Before you leave home

1. Open a CommBank or Westpac account online — takes around 15 minutes; have your passport and visa details ready
2. Note your account number and BSB — you will need these to send money to Australia in advance and to give your employer on day one
3. Download your bank’s app — and set it up on your phone; you will need it for OTP codes at the branch

At the airport or on day one

4. Buy an Australian SIM card immediately — you need an Australian mobile number for bank app verification and OTP codes; Lebara, Boost or Optus are all available at major airports
5. Log into your bank app to confirm your account is accessible

In your first week

6. Visit your bank branch with your passport — complete identity verification; your passport alone is sufficient within 42 days of arrival
7. Apply for your TFN at ato.gov.au — do this the same day or the day after arrival; takes 10 minutes online
8. Activate PayID in your bank app — register your Australian mobile number

In your first month

9. Add your TFN to your bank account — prevents 47% interest withholding; can be done in the app or at a branch
10. Send your BSB and account number to your employer — make sure payroll is set up before your first pay day
11. Consider opening a NAB Classic account — once settled, for a permanently fee-free everyday account

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FAQ’s (Frequently asked questions)

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Sending money home from Australia

Once your Australian bank account is set up and your salary is coming in, many migrants send money home regularly to support family, repay debts or save in their home currency.

OrbitRemit supports fast, affordable international transfers from Australia to 52+ countries.

• Transfers to India: $0 fee from Australia (AUD to INR always fee-free)
• Transfers to the Philippines: $0 fee on mobile wallet (GCash); low flat fee on bank deposits
• Transfers to New Zealand, Canada, UK and more: flat $4 fee (fee-free above AUD $10,000)
• Over 85% of transfers arrive within 2 hours
• Rate fixed at confirmation — no hidden charges
• Regulated by ASIC in Australia (AFSL: 470646)
• Rated Excellent on Trustpilot from over 34,000 reviews

Fees and rates subject to change. Check orbitremit.com for current rates.

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This guide is for general information only and does not constitute financial advice. Bank account features, fees and requirements are subject to change — always verify current details directly with your chosen bank before applying. Last updated July 2026.

Sources: CommBank — Moving to Australia (commbank.com.au) | First Migration Service Centre — Opening an Australian Bank Account 2026 | SettleMate — How to Open Your First Australian Bank Account | OzMoneyTalks — Migrant Banking in Australia 2026 | Wise — Opening a bank account in Australia as a foreigner | CommBank 2024 Annual Report | ato.gov.au — Tax File Number