Opening an Australian Bank Account: What Migrants Need to Know in 2026

Why Open Your Bank Account Before Arrival?

Setting up your Australian bank account before you land offers several advantages:

• Transfer funds early - Have money waiting for you when you arrive
• Receive your first salary - Be ready for your employer's pay cycle
• Secure rental bonds - Most landlords require funds in an Australian account
• Avoid carrying large amounts of cash - Safer and more convenient

Most major Australian banks allow you to start the account opening process online from overseas. However, 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.

Important Warning: Don't transfer ALL your savings to your Australian account before arrival. If your travel is delayed (visa issues, flight cancellations), you cannot access those funds until you complete in-branch verification. Keep some money accessible in your overseas account or a Wise account as a safety buffer.

The Big Four Banks: A Comparison for New Arrivals

Australia's banking sector is dominated by four major banks (the "Four Pillars"), which together hold approximately 70-80% of household deposits. Your funds are protected by the Australian Government's Financial Claims Scheme up to $250,000 per account holder.

Commonwealth Bank (CommBank)

CommBank is the largest retail bank in Australia and offers an extensive "Welcome to Australia" package. Their Everyday Smart Access account includes:

• $0 monthly fee for those under 30, or if you deposit $2,000+ per month (standard fee: $4/month after 12-month waiver)
• Australia's largest branch and ATM network
• $0 international transfer fees via NetBank or the CommBank app
• Cardless Cash - withdraw money using the app before your physical card arrives
• Award-winning mobile banking app (Canstar Bank of the Year - Digital Banking 2025)

Pre-arrival process: Start your application up to 14 days before arriving. Deposits can be made immediately, but withdrawals require in-person identity verification within 20 days of opening-this is stricter than the statutory 6-week rule.

Westpac

Westpac's Choice Account is popular among new arrivals:

• $0 monthly fee for the first year (standard fee: $5/month)
• Continuing fee waivers if you're under 30, a full-time student, or make minimum monthly deposits
• Award-winning value (Canstar Outstanding Value 2024 & 2025)
• Cardless Cash functionality
• Multilingual support and settlement resources

Key Feature: Global ATM Alliance Westpac is a member of the Global ATM Alliance, allowing fee-free ATM withdrawals at partner banks including:

• Bank of America (USA)
• Barclays (UK)
• BNP Paribas (France)
• Scotiabank (Canada, Mexico)
• Deutsche Bank (Germany)

Note: The ATM fee is waived, but Westpac still charges 3% foreign exchange commission.

Pre-arrival process: Begin setup up to 12 months before arrival. Full activation requires branch visit upon landing.

ANZ

ANZ offers two main products: the traditional Access Advantage and the digital-first ANZ Plus:

• $0 account-keeping fees for the first year (standard fee: $5/month)
• Fee waiver for under 25s, students, or $2,000+ monthly deposits
• Support with Tax File Number (TFN) applications
• Seamless transition if you already bank with ANZ overseas (especially popular with New Zealanders)

Pre-arrival process: Open up to 12 months prior via their migrant portal. Note that ANZ Plus requires an Australian mobile number and onshore verification via selfie ID.

NAB (National Australia Bank)

NAB has the simplest fee structure-permanently $0-but with a key limitation:

• No monthly account fees, no minimum balance, no conditions
• Interpreter services available in 14+ languages
• Dedicated "Banking in Australia" program
• No overdraft fees

Important: NAB currently does not offer pre-arrival account opening. You must be physically in Australia to open an account. This makes NAB an excellent "Phase 2" option: open a CommBank or Westpac account before arrival, then switch to NAB once settled to avoid ongoing fees.

The 100-Point ID Check: What You Need to Know

Australian banks are required by the Financial Transaction Reports Act 1988 to verify your identity using the "100-point check" system. Different documents are assigned point values, and you must present enough to total 100 points.

How Points Work

The 6-Week Rule: Your Most Important Advantage

Here's the crucial information many migrants don't know:

If you visit a bank branch within 6 weeks (42 days) of your arrival date, your foreign passport alone satisfies the 100-point requirement.

This "new arrival exemption" acknowledges that you cannot reasonably be expected to have Australian secondary documents yet. After 6 weeks, the full 100-point check applies strictly-you'd need to produce secondary documents like an Australian driver's licence or utility bill, which may take months to obtain.

Strategy: Prioritise your bank branch visit in the first week. Don't wait until the deadline.

Your Pre-Arrival Secret Weapon: Wise

While traditional banks require in-person verification before you can spend, Wise (formerly TransferWire) offers a solution to the "cashless landing" problem.

Why Wise is Essential for Migrants

• Fully functional before arrival - Unlike bank "deposit-only" accounts, Wise works immediately
• Card delivered overseas - Wise can mail debit cards to addresses in UK, EU, NZ, Singapore, Canada, Japan and more (US delivery currently restricted)
• Better exchange rates - Uses the mid-market rate with transparent fees (approx. 0.4-0.6%), compared to banks' hidden 3-5% markup
• Australian bank details - Wise provides a BSB and Account Number so employers or agents can pay you directly

Recommended Strategy:

1. Open Wise before departure and order your card to your overseas address
2. Load AUD for immediate arrival expenses (transport, food, accommodation)
3. Open a Big Four account for your main banking (salary, rent, bills)
4. Use Wise for ongoing international transfers at better rates

The Account Opening Process: Step by Step

Before You Arrive (1-3 Months Out)

1. Open a Wise account - Verify identity with home country documents, order card overseas
2. Apply for CommBank or Westpac - Generate your BSB and Account Number
3. Transfer funds strategically - Keep some accessible via Wise, transfer bulk to your Australian account
4. Print your welcome letter - You'll need it for the branch visit

First Week After Arrival (Critical)

1. Buy an Australian SIM card - Essential for OTP codes and app verification (do this at the airport)
2. Visit your nominated bank branch - Bring your passport and welcome letter
3. Complete identity verification - Your passport alone is sufficient within 6 weeks of arrival
4. Activate Cardless Cash - Access funds while waiting for your physical card
5. Apply for your Tax File Number (TFN) - Do this online immediately; takes up to 28 days by mail

After Settlement (Months 2-6)

1. Add your TFN to your bank account - Prevents 47% withholding tax on interest
2. Re-evaluate your banking - After the fee waiver expires, consider switching to NAB (always free)
3. Build credit history - Take out a phone plan or utility bill in your name

Key Tips for New Arrivals

• Get your TFN within the first week - Without it, banks withhold 47% of any interest earned (you can claim this back at tax time, but it's a cash flow hassle)
• Keep your overseas account open initially - Useful for emergencies and receiving any final payments from your previous employer
• Avoid airport currency exchange - Rates are predatory; use your Wise card instead
• Set up PayID - Australia's instant payment system links your mobile number to your bank account

Common Questions

Can I open an account on a tourist visa? Most banks require a work-eligible visa (student, work visa, permanent residency) to open an account before arrival. Tourist visa holders typically need to apply in person and may face restrictions.

Do I need an Australian address? Not for the initial application. You'll need to provide an Australian address for full account activation, but initially you can use temporary accommodation (hotel, Airbnb, friend's address).

What happens if I miss the 6-week deadline? You'll need to satisfy the full 100-point check, which typically requires secondary documents like an Australian driver's licence or utility bills-documents that take time to obtain. This can leave your banking access in limbo, so don't delay your branch visit.

Will my overseas credit history transfer? No. Australian credit bureaus maintain separate records. You'll start fresh, which is why establishing local credit (phone plan, utility bills) early is important.

How First Migration Can Help

While setting up your bank account is an important step, it's just one part of your migration journey. At First Migration Service Centre, we help you navigate the entire visa process-from application to approval-so you can focus on practical preparations like banking.

Ready to take the next step? We invite you to submit a free visa assessment so we can understand your situation and provide tailored advice on your migration pathway.