How to open a bank account in Australia for foreigners

If you're coming to Australia to work, study or migrate you can open a local bank account. You'll need to verify your identity in a bank branch when you arrive before you can activate and start using the account.

What type of account do you need?

• Transaction account. This option is an everyday bank account to make daily purchases, pay bills, send and receive money and manage your daily expenses. You can link a debit card to your transaction account.
• Savings account. A savings account pays you interest on the money in your account: the more you have, the more interest you earn. You have to pay tax on the interest you earn, so banks require an Australian Tax File Number to open these accounts. And you may need to be an Australian resident for tax purposes.

Transaction accounts are the easiest accounts for new arrivals to open because there are no tax considerations.

How to open a bank account in Australia as a foreigner

Some Australian banks let you open an account online before you arrive, then require you to visit a bank branch to establish your identity after you arrive. Some banks will only create your account if you visit a branch in person.

To open a transaction account after you arrive in Australia, you will need the following documents:

• Your passport (the original, current passport, not a copy).
• Details of your Australian visa. Your passport may contain these details, including an arrival stamp.
• You need to provide a Tax Identification Number for the country (or countries) you are a resident of for tax purposes.
• Your student ID or a letter of enrolment (if you're on a student visa).

If any of your documents aren't in English then you'll need to bring along translations completed by an accredited translator.

How to compare bank accounts

If you want to open an Australian bank account as a non-resident, you can start by researching different options online. Here are a few of the main things to consider as a when choosing a bank account:

• The fees. Look for an account that charges low or no account keeping fees or ATM fees.
• Branch access. If you'll be making regular in-branch transactions (such as depositing foreign cash or cheques), make sure you select a bank with branches in your local area. Some banks are online only with no branches.
• International transfers. If you'll need to send money back home, check what the fees are for transferring money internationally, as well as the exchange rates.
• Multiple currencies. Some bank accounts let you hold several foreign currencies in the one account, which could be handy if you're going back home regularly and need the local currency there.

Benefits to foreigners of opening a bank account in Australia

• Immediate access to your money. If you transfer money to your Australian bank account before you leave, you'll be able to withdraw from your account as soon as you land in Australia and verify your identity with the bank.
• Lower fees when using domestic services. Moving or withdrawing money between international and Australian accounts incurs high fees, whereas you'd pay low transaction fees when using a local account.
• Professional advantage. When you open an account before leaving, you can provide your future employer with your bank details ahead of time, saving yourself time on administration.

Frequently asked questions

• What documents do I need to open a bank account in Australia?

  You'll need your passport, your visa details (this could include visa details and entry stamps in your passport or a Visa Entitlement Verification Online (VEVO) check), evidence of your enrolment and student ID if you're a student and your tax identification number if applicable.

• What are the Big Four banks in Australia?

  The Big Four banks include CommBank, Westpac, NAB and ANZ which are the largest banks in Australia.

• What bank account should an international student open?

  Some bank accounts are more suited to students as they have minimal fees and extra features.

• How safe are Australian banks?

  Australian banks are very safe, and your deposit up to $250,000 is covered under the government's Financial Claims Scheme.

To make sure you get accurate and helpful information, this guide has been edited by Richard Whitten as part of our fact-checking process.

Written by

Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio

Alison's expertise

Alison has written 652 Finder guides across topics including:

• Superannuation
• Savings accounts, bank accounts and term deposits
• Budgeting and money-saving hacks
• Managing the cost of living