Yes. Foreigners migrating, studying or working in Australia can open a bank account.
Opening a bank account with an Australian bank is a simple process given that you’re migrating, studying or working. If you reside in another country and don’t intend to migrate to Australia, you’ll need to speak to a local bank who has international ties with a bank in Australia. Those on a tourist or visitor visa can open an Australian bank account by visiting a local branch and providing your passport.
Australia enjoys an excellent reputation as one of the top destinations for holiday-making, but also for foreigners considering studying and/or working overseas. Foreigners in Australia constitute 28% of the general population, which includes 1.2 million from the UK.
Thanks to the sheer volume of emigrants studying and working in Australia, banks often have migrant services to help make the transition as smooth as possible.
How do I open a bank account in Australia?
You can open an account online before arriving in Australia, on the phone or in person at the branch once you arrive.
If you do decide to visit a branch, remember to bring valid forms of ID with you. This includes your passport, overseas credit card/student ID and letter addressed to yourself proving Australian residence. For more information, please see our 100 points ID article.
Do Australian banks have migrant services?
Most major Australian banks have migrant services with staff who can speak a range of languages. This makes it a lot easier to open a bank account and avoid miscommunications.
These banks include (but are not limited to): Commonwealth Bank, Westpac, NAB, ANZ, Citibank and HSBC.
Moving to Australia? See our comprehensive guide here.
Which kinds of accounts are available to foreigners?
The type of account depends on your personal situation, your reasons for being in Australia and how much you’re willing to pay for additional services and add-ons. Students pay little or no withdrawal and/or management fees since their accounts are quite basic. Professional people would require more elaborate account types, like those that allow for joint accounts and access to loan and investment facilities. Here are a few of the account types available to foreigners.
Transaction accounts
Also known as a current or cheque account, this option is an everyday account from which to pay bills, send and receive money, and manage your daily expenses.
Savings account
This account pays you interest on the amount you have in your account: the more you have in this account, the more interest you earn. Since these funds are not intended for everyday use, account holders are usually penalised with high fees or loss of interest when withdrawing from this account.
Term deposits
Sometimes called a fixed deposit, this type of account is ideal for people who want to lock away a large amount of money for a fixed period. The length of the fixed period depends on the bank, and terms can last from as little as one month to over five years. As far as the interest rate goes, it pays to shop around for a bank that offers a decent rate over the fixed term. At the end of the fixed period, you can either roll over the amount plus interest for another fixed term, withdraw just the interest or make a full withdrawal.
What are the benefits to opening a bank account in Australia?
While a myriad services are now at foreigners’ disposal to send and receive money internationally, there are some advantages to having a local account.
- 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. You’ll be asked to present positive identification when collecting your bank card.
- 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. These kinds of fees are usually waived for students.
- Professional advantage. When you open an account before leaving, you can provide your future employer with your banking details ahead of time, saving yourself time on administration.
Dear Sir
I’m planning to relocate in 6 months time to Perth, which is the best bank to open my account having in mind I would like to get mortgage for a home.
Regards
Benedette
Hello Benedette,
Thank you for your inquiry.
Choosing your bank would depend hugely on the accessibility, interest rates and their migration services/assistance to offer for you. We recommend that you take time to review the listed banks on this page to get a clearer picture of the services they can provide.
As for the home loans, you can check this comprehensive guide to get you started.
Hope this helps.
Cheers,
Jonathan
Hi. I used to reside in Australia a few years ago and still have an active savings account. I am currently living in New Zealand but plan to move to Australia in a few years time. I would like to put my money into a term deposit. Will I have to pay tax on interest? Thanks.
Hello Dee,
Thank you for your inquiry.
Yes, if you are considered Australian resident for tax purposes, tax will be deducted on your actual interest earnings. Upon account opening, although not required, you will to nominate your Tax File Number (TFN) so that the bank can report these to the Australian Tax Office (ATO). Without your TFN, the banks would still withhold them.
You can read this guide to know more.
Hope this helps.
Cheers,
Jonathan
Hi, i am about to come to Australia and I wish to open a bank account.
At first I would like to transfer 30000 euros.
For now I live and work at Greece.
Will this amount be taxed ?
Hi Paris,
Thank you for your inquiry.
If you do not intend to move in and have provided your an address as outside of Australia, you will not have to pay tax on bank account.
I hope this information has helped.
Cheers,
Harold
Good day!
I am personally interessted to open an bank account in Australia to enable me to send funds to an account for savings purposes. I do not intend to move there but want to keep my funds safe due to high fluctuations in Namibia country and government problems. Is this possible and which account type do I need?
Hi Franz!
We know domestic situations can sometimes worry people. We want you to talk to your local bank and ask if they have Australian bank partners who can assist you with this. If granted, they will tell you which account types are available for you to open.
Hope this helps.
Cheers,
Jonathan
My wife and myself are South African citizens . Our children are married and settled in Australia. We applied and waiting for the Australian permanent residence permit and used to visit Australia . We were teachers in South Africa now retired and is residing in India at present.
Shall we open an account in Australia and transfer our savings to Australia for a fixed period ?
Shall we supposed to pay the tax for the interest earned ?
Hi Kuriakose,
Thanks for your question.
Banks often have migrant services to help make the transition as smooth as possible. Most of the major Australian banks have migrant services with staff who can speak a range of languages. This makes it a lot easier to open a bank account and avoid miscommunications. If you are on a tourist or visitor visa, you can open an Australian bank account by visiting a local branch and providing your passport. You can find on this page – https://www.finder.com.au/foreigners-open-a-bank-account-in-australia – what are these banks and the guide on how you can apply.
Once you’ve opened an Australian bank account, you may want to transfer funds from accounts in your home country to your new account through your bank.
Hope this helps.
Regards,
Jhezelyn
I am a Canadian citizen and I will be visiting Australia in August. I want to open an non resident bank account so that I get a debit card to use it while I am there. Can I open a bank account while I am still in Canada.
Hi Sam,
Thank you for your inquiry.
Typically, you can open an account online before arriving in Australia, on the phone or in person at the branch once you arrive. Also, the type of account depends on your personal situation, your reasons for being in Australia and how much you’re willing to pay for additional services and add-ons.
I hope this information has helped.
Cheers,
Harold
Hi,
I lived in Australia for about 7 years under a working visa, my visa was cancelled last year and I am not living in Australia at the moment however I am waiting for an answer from the appeals tribunal to be reintegrated in Australia with a new working visa which it will probably take a year or so (estimated time communicated by appeals tribunal). I still have a bank account in Australia, can I still use it even if I am living in the Philippines with my girlfriend and having some incomes from the US as I’m working on a US website?
Hi Spillo,
Thanks for your question.
When you say you can still use your bank account, do you mean to have access to it like taking in / out money from it? If so, you’d be best to directly contact your bank. Basically, for transactions like depositing money to your bank account, if you are overseas, you may be able to transfer funds through wire/money transfers. If withdrawing cash, that would depend on your financial institution if your account can be used overseas. In case yes, you’d need to be aware of the applicable fees when using your account outside Australia.
Cheers,
May
Hi,
I was lived in Australia more than 1 year with Working holiday Visa(subclass 417). That time I made bank account on NAB.
I’m just worried about one thing.
Now, I don’t have AUS visa but My money still save in the account. It’s not problem for me?
Thank you.
Regards,
Lee
Hi Lee,
Thank you for your inquiry.
In this case, you would need to coordinate with your bank directly to discuss the available options on how to claim the funds you’ve left on your account.
I hope this information has helped.
Cheers,
Harold
Hi,
I am a Singaporean who has just bought a property in Melbourne. My daughter who is married to an Australian lives and works in Sydney. Can I open a bank account if I am not a resident and am on Tourist Visa? The account is for transactions – payment for the property; as well as monthly rental to be collected in the near future.
Please advise. Thank you.
Regards,
SR
Hi SR,
Thank you for your inquiry.
Non-resident accounts (for tourists and visitors) do exist with certain banks, for example, the big four: Commonwealth Bank, ANZ, NAB and Westpac. Contact your desired bank direct with the details of your situation to discuss your options.
I hope this information has helped.
Cheers,
Harold
Hi,
I want to open an account here in Australia for my daily use. I am here on short term work Visa. I have doubts about taxes. Would my money become taxable if I open an account here? What are the taxation rules here?
Regards,
Nagendra
Hi Nagendra,
Thanks for your question. If you do not intend to move here and have provided your address as outside of Australia, you will not have to pay tax on this bank account.
Please be advised, we are a comparison website and as such, can provide general advice only.
Regards,
Clarizza