Opening a bank account in Australia

You can start before you even land

You do not have to wait until you arrive. Most of the big Australian banks let you open a "migrant" or "newcomer" account online while you are still overseas, often weeks or months before your move. Each bank sets its own window, so check its "moving to Australia" page. Your money can sit in the account, and you finish the last step, showing your ID, at a branch after you land.

Opening early has one more quiet benefit. In your first six weeks in Australia, your passport alone is usually enough to prove who you are at most banks. After that, banks ask for more documents, because Australian law requires them to check the identity of every customer (the rules are set by AUSTRAC). Starting early keeps things simple.

What you need to open an account

Have these ready. You will not always need every item, but this list covers most banks.

• Your passport.
• An Australian address where you are staying. A friend's place, a rental, or short-stay accommodation is fine to begin with.
• An Australian mobile number. A local SIM makes verification much easier. See our guide on getting an Australian phone number.
• Your Tax File Number if you already have one. You do not need it to open the account, but linking it early avoids extra tax on your interest.

The main banks, and what to look for

Australia has four big banks. Any of them will serve you well. The differences are small, so choose on the things that affect daily life.

When you compare, look for three things: no monthly account fee on the everyday account, a good mobile app, and a branch near where you live for the ID step and for cash. The government's free money site, Moneysmart, explains how to compare bank accounts and fees.

Your money is also protected. Deposits with an Australian bank, building society or credit union (an "ADI") are covered by the government's Financial Claims Scheme up to $250,000 per account holder at each institution.

How to open your account, step by step

1. Choose a bank from the list above, based on branches near you and app reviews.
2. Apply online, either before you fly or once you arrive. Look for the "moving to Australia" or "newcomer" page on the bank's website.
3. Verify your ID. If you applied from overseas, book a short visit to a branch with your passport after you land. If you applied locally, you may be able to verify in the app.
4. Get your card. You can usually pay through the app right away. Your physical debit card arrives by post, normally within a week.
5. Set up the basics. Add the card to your phone wallet, turn on notifications, and save your account and BSB numbers for when an employer or landlord asks.

If you are on a working holiday visa

A working holiday visa is no barrier to opening an account. You get the same everyday account as anyone else, and there is no separate "backpacker" product you need to ask for.

Two things are worth doing differently. First, open the account before you start work, because your employer will ask for your BSB and account number in your first week and it is an awkward conversation to delay. Second, pick a bank with a branch near where you will actually be, not just near where you land. If you are heading to a regional town for farm work, check the branch and ATM network out there before you choose, because coverage thins quickly outside the cities.

If you plan to move around the country, a bank with a wide ATM network saves you a surprising amount in withdrawal fees over a year.

If you are an international student

Most banks have a student account with no monthly fee, and they are genuinely easy to open. Bring your passport, your visa, and your confirmation of enrolment, which is the document your university or college issued when you accepted your place.

You can normally start the application online before you fly, then complete the ID check at a branch when you arrive. Many campuses have a branch on site or nearby, and during orientation week the banks usually run a desk specifically for this.

One thing students often miss: if you receive money from family overseas, compare the bank's international transfer fee and exchange rate against a dedicated transfer service. On regular transfers the difference adds up quickly.

Opening an account without a Tax File Number

You do not need a Tax File Number to open a bank account. This trips people up because the two often get mentioned together, but they are separate steps and the account comes first.

What happens is this: if the bank does not have your Tax File Number when it pays interest, the Australian Taxation Office requires it to withhold tax at the top rate on that interest. Note that this applies only to interest, not to your wages, so on an everyday account with a small balance the amount involved is usually tiny. Any extra tax withheld is counted when you lodge your tax return.

If you are not an Australian resident for tax purposes, different rules apply to interest. Tell your bank your residency status when you open the account. The ATO website explains how residency for tax works.

The practical order is: open the account, apply for your Tax File Number which is free and done online, then add it to your bank profile in the app when it arrives. Nothing is lost by doing it in that order.

After your account is open

A few small steps make life easier:

• Give your bank your Tax File Number once you have it, so you are not taxed extra on interest.
• Set up your pay. When you start a job, your employer will ask for your BSB and account number.
• Learn PayID and Osko. These let people send money to your phone number or email, and it arrives in seconds. It is how friends split a bill or a landlord confirms a deposit.
• Watch for scams. Your bank will never ask for your password or a one-time code by phone, text or email. If something feels wrong, hang up and call the bank on the number in its app. You can check current scams and report one at Scamwatch.

If you have a problem with your bank that it does not fix, you can complain for free to the Australian Financial Complaints Authority.

A quick word on tax

Your bank account and your tax are linked, but they are separate steps. You can open the account with just your passport. To work and to be taxed correctly, you also need a Tax File Number from the Australian Taxation Office. It is free and you can apply online. See our guide on getting a Tax File Number for the full process.

Settling in is a lot of small firsts. A bank account is one of the easier ones, and once it is done, renting, working, and getting paid all get simpler.

This guide is general information, not financial, tax or legal advice. Bank products and rules change, so check the official sources below and your bank for your own situation.

Official sources

• Moneysmart: the government's free guide to bank accounts, fees and managing money.
• Australian Taxation Office: Tax File Numbers, tax on interest and tax residency.
• Financial Claims Scheme (APRA): how your deposits are protected up to $250,000 per account holder per institution.
• AUSTRAC: the agency behind the identity checks banks must do.
• Scamwatch: current scams and how to report one.
• Australian Financial Complaints Authority: free, independent help if you have a dispute with your bank.