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If you’re moving to Australia, you’ll need to have access to cash when you arrive. From buying food and supplies to organising accommodation, you won’t be able to get much done if you don’t have access to funds.It’s sometimes said that money makes the world go round.
And if you’ve ever been stranded overseas without access to any funds, you’ll know that this statement is pretty accurate.
With this in mind, opening an Australian bank account and perhaps setting up a credit card are important tasks. Rather than wait until you arrive in Australia to do so, sorting out your finances before you leave for the land Down Under can save you a lot of stress in the long run.
Customers of Australian banks can choose from a wide range of account options. These include:
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Sorting out your banking needs before you arrive in Australia is a sensible approach. It means you won’t have to worry about finances when you get here and can instead concentrate on finding your feet and exploring your new home.
To help new Australians sort out their financial situations before they arrive on Australian shores, some banks offer handy bank migration programs. These include:
ANZ aims to make the financial transition to Australia as hassle-free as possible. The bank has more than 800 branches throughout Australia and over 2,700 ATMs or cash points. ANZ can help you set up a bank account before you leave your country of origin, either online or through one of its regional contacts in your country. This means you can transfer money before you arrive in Australia, and can then access your money as soon as you have activated your account when you get Down Under. Activation typically takes just five minutes and you’ll soon receive an ANZ debit card. Other features at ANZ branches in most cities include complimentary personalised banking advice and bilingual personal bankers.
Commonwealth Bank operates the largest ATM and branch network in Australia. Its migration program allows you to open an account quickly and easily online up to three months before you arrive in Australia. There are two account types to choose from: one for those who want to live and work here, and one for students. Before you arrive you can transfer money from anywhere in the world and view your balance online. Once here, all you have to do is visit a branch to be identified before you can withdraw your money. You’ll also receive a Debit Mastercard, which allows you to make purchases with your funds in times when only credit is a payment option.
Westpac has almost 200 years of experience helping Australians with their banking needs and it has dedicated migrant banking specialists to help make your financial transition easier. You can apply for an account online in just 10 minutes without supplying an Australian address, and you can open an account up to 12 months prior to your arrival in Australia. You can also take advantage of no monthly service fees for the first 12 months, unlimited transactions at Westpac branches and some 2,800 ATMs, plus you’ll receive a debit Mastercard once you arrive in Australia.
Established in 1895, Bankwest has migrant banking specialists to help look after the financial aspects of your move. You can apply for an everyday account or a savings account quickly and easily online, and this can be done up to 12 months before you arrive in Australia. You can then deposit funds into your account and monitor your balance online, plus you’ll have free access to Australia’s largest bank ATM network.
NAB aims to make it as easy as possible to open a bank account before you arrive in Australia. It has a dedicated migrant banking team to provide the financial knowledge you need for a smooth transition. You can open Australian bank accounts up to 12 months before you arrive here and NAB also provides you with a named banker who understands the financial needs of migrants. There are migrant accounts available with no application fees, no minimum deposit and no monthly account-keeping fees.
Citibank operates 20,000 ATMs and 4,000 branches in 42 countries, including 3,000 Citibank and partner ATMs across Australia. If you’re already a Citibank customer in your home country, the bank can set up your Australian account(s) before you leave. In addition, Citibank provides a wealth of information on finding the right visa, studying in Australia and investing in Australia.
The simple answer to this question is: yes. 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. Click the links above to find out more about Australian banks and what they can offer you as a non-resident.
Australian banks make it fast and simple to apply for an account online. You can easily research the features offered by competing accounts before you make your decision on which financial institution to bank with. Of course, you’ll need to make sure you meet the eligibility requirements and provide any information and documentation that the bank requests.
Once you arrive in Australia, you’ll need to visit your bank for identification purposes. Most banks will request your details online to apply, but will require you to physically produce identification at a local branch for you to activate your account. Forms of ID you may have to bring include your passport, as well as your plane ticket or copy of the bank’s account-opening letter. Once you’ve been positively identified, you can access your funds and can receive a debit card and PIN.
If you decide to apply for a bank account when you arrive in Australia or have run out of time applying before you leave your home country, then it's still worthwhile comparing your options online. When applying for an account at a local branch, you'll need to provide 100 points of identification, which may be made up of a valid passport, birth certificate (this may need to be translated to English), Australian driver’s licence, or details of your Australian residential address. You can learn more about the accounts available either online or in a branch.
Once you’ve opened an Australian bank account, you may want to transfer funds from accounts in your home country to your new account. This is known as an international money transfer (IMT) and there are a couple of ways you can go about this: through your bank or via an independent company.
If you need to transfer money overseas, shop around for the best exchange rate and the lowest fees. The fees and charges applied can vary on the institution you use and how you make the transfer. For example, an IMT made via a branch may attract a higher processing fee than one made via internet banking. Some institutions will also charge a receiving fee at the other end, so keep an eye out for any hidden charges that may apply.
To transfer funds internationally to an Australian account, you’ll need to obtain certain details about your Australian account and bank. This usually includes the bank’s SWIFT/BIC (Bank Identifier Code), and IBAN (International Bank Account Number), as well as the address of the bank where you opened the account. You’ll also need to know your Australian account’s BSB (Bank/Branch) number and your account number. All these can easily be obtained by contacting the bank you’ve opened your account with. You can compare international money transfer companies below.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.
Some people may not need to open a bank account until more than six weeks after arriving in Australia. It’s absolutely fine to take this approach, but keep in mind that you’ll probably need to supply more forms of identification than you would have had you opened an account earlier. This may include your birth certificate, marriage certificate, driver’s licence, or perhaps a credit card from your country of origin.
A term deposit is a type of account that lets you boost your savings balance. It offers a higher rate of interest than transaction accounts, allowing you to earn more interest over time. A term deposit works as follows: you deposit money into an account for an agreed-upon period of time, but you are unable to access those funds until the term ends. Once that happens, you can access your initial deposit and the interest you have earned on it.
A wide variety of banks, credit unions and other financial institutions offer term deposits. They can typically be applied for quickly and easily online, and most will have a minimum deposit limit.
Back to topThere are various credit cards available for different purposes, shop around to find the one that best suits your needs and financial circumstance.
In addition to a bank account, it's just as important to considering signing up for a credit card when you get to Australia. Cards give you access to funds when you need them, allowing you to purchase goods and services you might not otherwise be able to afford to pay for. So it's worth comparing a card that suits your spending habits. In addition, credit cards also act as a handy form of identification, can be used for online purchases where debit payments aren’t accepted, and can help you build your credit history.
Establishing a good credit history allows you to apply for loans and other financing in the future. It’s a good idea to keep credit cards from your country of origin and continue to regularly pay off the balance on those cards. Some banks even have branch networks that stretch right across the globe, so signing up for a credit card from a bank with which you already have a relationship can be a sensible option. Even if you’ll need to endure a higher interest rate or fewer rewards, this can still help you establish your credit history.
If you’re a temporary resident of Australia, perhaps on a 457 working visa or another visa, it may be harder to access credit. However, it is still possible to get a credit card from the following companies:
Dealing with the currency and banking system of a new country can be confusing and sometimes daunting, so read on to discover the ins and outs of banking in Australia.
The Australian system of currency came into existence in 1966, replacing the British system of pence, shillings and pounds. Each Australian Dollar is divided into 100 cents.
In terms of money, you’ll soon come across Australia’s brightly coloured notes. You can get notes in $100, $50, $20, $10 and $5 form. In terms of coins, you can find $2 and $1 coins in gold, plus 50-cent, 20-cent, 10-cent and five-cent pieces in silver. When taking out money from an ATM, most machines dispense only $20 and $50 notes, although some will also dispense $100 notes.
As exchange rates obviously fluctuate regularly, it's worth looking into the conversion rates when it suits you. You can obtain these rates from your bank or xe.com.
Back to topThere are around 29,000 ATMs across Australia at which you can complete banking transactions. However, remember that you may be charged a small fee if you use an ATM that is not owned by your bank or financial institution.
In today’s world, a huge number of your banking needs can be managed online. This includes everyday transactions, direct debits, scheduled payments, paying bills and much more. All Australian banks provide their own internet banking systems.
Back to topWhen comparing banks, it's worth checking what fees and charges come with your account. With this in mind, make sure you’re aware of any hidden fees attached to your account. These fees can include:
Hi.I am in Australia now on a tourist visa and living with my Australian Fiancee. Originally, I am on a 3 months visa but now I got 6 months extension. Can I open a bank account on a tourist visa? How?
Hi Iljean,
Thank you for your question.
Yes, you can open an Australian bank account by visiting a local branch of your desired bank and providing your passport. You can click the links above to find out more about Australian banks and what they can offer you as a non-resident.
Meanwhile, you can read our Moving to Australia guide on this page to get more information that you might find helpful during your stay in Australia.
Cheers,
Liezl
Hi
I have a boyfriend who is a Netherlands citizen based in America and currently working in South Africa. Hes finishing the job in South Africa next month and he will be receiving a large pay out in USD. He is flying direct from South Africa to Australia for the first time to meet me and hoping to apply for a partner visa whilst in Australia. Can he open an account in Australia to deposit his cheque into?
Thanks
Hi Moira,
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. Click the links on this page to find out more about Australian banks and what they can offer you as a non-resident.
I hope this information has helped.
Cheers,
Harold
I have a son an Australian citizen living & working in America he has been there 20 years, he is looking at coming back to Autralia to live early 2018. My question is : can he open a bank account in Autralia & put a substantional amount unto it 12 months prior or is there any other way he can put money in Australia as he will need to purchase a property when he returns in 2018.
Thank you
Hello Margaret,
Thank you for your question.
Yes he can open and deposit funds up to 12 months in advance before he actually arrives in Australia.
I hope this information has helped.
Cheers,
Harold
I am a citizen of Netherlands Antilles. Is it possible to open a savings account and a debit master card with Australia NAB Bank?
Hi Lee,
Thanks for your question.
As mentioned in the article above NAB has a dedicated migrant banking team to provide the financial knowledge you need for a smooth transition. You can open Australian bank accounts up to 12 months before you arrive here and NAB also provides you with a named banker who understands the financial needs of migrants. There are migrant accounts available with no application fees, no minimum deposit and no monthly account-keeping fees.
To open an account with NAB please contact the bank direct.
Regards,
Stephanie
I am an Australian citizen living overseas. I plan to return to Australia in the next few months and would like to open a bank account in Australia (Tasmania). What kind of document I need to provide to the bank and can I open the account online?
Thanks
Hi Kin,
Thanks for your question.
You can certainly open a bank account online while you’re overseas. I would suggest taking a look at your options on this page under “Organise your banking before your arrive” – here is a table for comparison of the different bank accounts on offer as well as any requirements the bank may have for you to open an account. Simply click on the ‘More’ link of any product.
Typically, banks require forms of ID and once you arrive they will require you to physically private any documents at a branch to activate your new account.
Regards,
Clarizza
In that case, would I be able to deposit money from overseas before arriving Australia (through internet banking etc,) I need to deposit the money for the initial expenditure such as renting a house, buying food and daily essentials etc.
Hi Kin,
Yes, you can deposit money over internet banking, however please be aware of international transaction or conversion fees.
Once you open your account, you might want to consider a dedicated international money transfer to deposit funds into your new account. Money transfer companies typically charge lower conversion fees however you will need to check this at the time of transfer.
Please note, we are a comparison website and as such can provide general advice only.
Regards
Clarizza
I am an Australian citizen living permanently abroad in Switzerland. I am about to inherit AUD$100,000 from a deceased relative. I want to put this money into an Aust. bank for 10 months, until I visit next year and make use of it. All the banks I’ve researched so far require that I am resident in Australia when I open the account . I can’t fulfill this condition. Have you a suggestion?
Hi Ms Scharer,
Thanks for your comment.
If you still hold an Australian account (the one you had before you left), you can perhaps transfer it to that account. You can also an Australian account such as the accounts on this page – these are suitable if you’re arriving in Australia within 12 months and intend to make a deposit within 6 months. Please be aware of certain conditions associated with these, however generally the Big Four banks in Australia do provide bank accounts for non-residents.
Your other option is to open an account where you currently live and check your options for accessing the funds from overseas.
Hope this has helped.
Clarizza
Hi,
How do I open the bank account for my spouse,
she is now in 457 dependant visa.
I am already having the Australian bank account and I also in 457 visa.
If it is possible to open the account, then what would be the bank account opening charges, please clarify.
Thanks for your reply.
Hi Natarajan,
Thanks for you question.
Many banks have migrant services to help facilitate the process of opening a bank account in Australia. You can find more about this here. Charges will be dependent on what type of account you open with each bank. Please contact the bank directly to discuss the best account for your situation.
Regards,
Stephanie
Hi,
Would it be possible for me to open an Australian bank account if I plan to study there in 2017? I already have an offer letter from the school but still completing the documents needed for enrollment. I want to open an account early so that I could save up before I study.
Thanks a lot!
Hi May,
Thanks for your question.
Certain banks have migration programs that will allow you to open an account before arrival and then confirm and pick-up your card/s upon arrival.
You can find out which banks offer this in the article above, under the heading “Organise your banking before you arrive”. Feel free to contact your desired bank direct for details on how to open your account online.
Hope that helps,
Stephanie
Hi, can I ask if I can open a bank account with a temporary visa to australia?
Hi Irene,
Thanks for your question.
Yes you can open a bank account using the links on the page with a temporary visa to Australia.
Hope this helps.
Hi there, could you help me? I wanted to open a bank account in Australia as soon as possible. Can this be done? Because I want to produce a statement of evidence to get my nursing license. How should I get with this?
Hi Irene,
Thanks for your question.
If you’re a temporary resident or intend to move to Australia you can definitely open an account before you arrive. Please follow the links on this page to start your online application.
Hope this helps.