How to open a bank account in Australia as a non-resident
Opening an Australian bank account as a newly arrived student, worker or temporary resident is simple. But you will need ID plus an Australian address and mobile number.
You need ID, an Australian address and a local mobile number to open an account.
Consider fees, branch access and international transfer costs when comparing options.
While some banks offer online applications, many require an in-person branch visit.
You don't need to be a citizen or permanent resident to open an Australian bank account. Temporary workers, students and newly arrived migrants can all open bank accounts very easily.
Australian banks will need to see some ID, a residential Australian address and possibly evidence of your visa when you open a bank account. Some banks also require you to visit a branch in person to activate your account.
Getting started: What type of account do you need?
You probably want to open a transaction account first
In Australia, a bank or transaction account is the type of account you use to make daily purchases, pay bills, send and receive money and manage your daily expenses. These accounts come with a debit card for spending.
This is the account you're probably looking for.
You could also open a savings account
A savings account pays you interest on the money in your account. These accounts are for holding money in the long term and earning interest rather than for daily spending.
Because you have to pay tax on the interest you earn, you need an Australian Tax File Number (TFN) to open a savings account.
You can get a TFN from the Australian Tax Office, whether you're a permanent or temporary resident.
How to open a bank account in Australia in 4 steps
Compare banks and choose a bank account. At a minimum, make sure you're eligible to open an account. We've got more tips on how to compare bank accounts below.
Gather your ID documents, visa details, address and phone number. If any of your documents aren't in English then you'll need to bring along translations completed by an accredited translator.
Complete the application. Most banks let you do this online. Some banks 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.
Deposit funds into your account and wait for your debit card to arrive in the mail. You can add money to your account via bank or money transfer, or deposit cash at a bank branch or ATM.
How do I add funds to my new Australian bank account?
You can add money to your account in a few ways:
Bank transfer. You can transfer money from an overseas bank. You'll just need your new Australian account number and BSB (this is a six-digit number used to identify Australian banks and branches).
Money transfer. Another option is using a money transfer service. This can work out cheaper than a bank transfer, as money transfers often have better exchange rates.
Deposit cash. You can deposit cash at a local bank branch or even via an ATM.
How to compare Australian 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 Australian 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.
Frequently asked questions
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.
The Big Four banks are CommBank, Westpac, NAB and ANZ. These are by far the largest banks in Australia.
Some bank accounts are more suited to students as they have minimal fees and extra features.
Australian banks are very safe, and your deposit up to $250,000 is covered under the government's Financial Claims Scheme.
Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards.
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Can foreigners as tourist open a fixed deposit account to earn interest in Australia? Thanks.
Finder
ShirleyJune 14, 2016Finder
Hi J Chen,
Thanks for your question.
Unfortunately, it’s very difficult for someone on a tourist Visa to open a term deposit here in Australia. The reason is that you might have a short length of time staying in the country.
If you would like to open savings account here in Australia, but don’t actually live here, you may want to check our guide about foreigners opening Australian bank accounts.
It's common to have a few different bank accounts that each have a different purpose. Here's how you may benefit from having multiple bank accounts and the traps to avoid.
Now is the best time to start looking at the new bank account offers and promotions available. There is fierce competition between banks for your business so you should take advantage of this opportunity and get yourself a deal.
International transaction fees can add up to a lot of wasted money. These debit cards are great for travelling and online shopping and will save you money by waiving this annoying fee.
The best bank account will help you manage your everyday spending with low fees and easy access to your money. Check out our Top Picks curated by experts.
When used wisely, a debit card provides you with great flexibility when it comes to handling your everyday financial needs.
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Can foreigners as tourist open a fixed deposit account to earn interest in Australia? Thanks.
Hi J Chen,
Thanks for your question.
Unfortunately, it’s very difficult for someone on a tourist Visa to open a term deposit here in Australia. The reason is that you might have a short length of time staying in the country.
If you would like to open savings account here in Australia, but don’t actually live here, you may want to check our guide about foreigners opening Australian bank accounts.
Regards,
Shirley