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How to open a bank account in Australia for foreigners
If you're migrating, studying or working in Australia, you open a bank account. It's even possible to open an Australian bank account before you arrive.
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.
Finder survey: How long do Australians keep their savings account for?
Response
13+ yrs
35.4%
1-3 yrs
23.27%
4-7 yrs
21.2%
8-12 yrs
12.04%
Less than 1 year
8.09%
Source: Finder survey by Pure Profile of 1113 Australians, December 2023
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
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 include CommBank, Westpac, NAB and ANZ which are 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 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.
The Bank Australia Pension Access savings account gives you on-call access to your money, a rewarding tiered interest rate and no monthly or transaction fees.
Use your SMSF pension money wisely through an account that gives you unlimited free transactions to spend it along with interest to help keep it growing.
I am not an Australian and am not intending to stay in Australia. I have a property in Australia which is collecting rent and I would like to open a bank account for this monthly rentals. What are the bank accounts which I can apply? And if I am physically at the bank for the application, how long is the process for the approval?
However, as a non-resident who owns property in Australia and collects rent, you can open a bank account to manage your rental income. Refer to our guide above will give you a basic idea about various accounts and requirements on the same.
The approval process usually involves verifying your identity, and this can be done at a local branch after you arrive in Australia. The time it takes for approval may vary depending on the bank and your individual circumstances, but it’s typically a straightforward process.
Keep in mind that each bank may have specific requirements, so it’s a good idea to contact the bank of your choice and discuss your situation with them to ensure you choose an account that suits your needs and to get more precise information about the application process.
I was working and living in Australia for 10 years, and had my bank account at ANZ. I moved back home and still have my account open. If changing my address and mobile number online, will I be able to keep my account open and thereby keeping my savings safe? I would like to transfer my savings with an international transfer, and I am wondering if I can change my daily allowance and change my mobile number without running into difficulties. Please advise.
One of ANZ requirements for a bank account is customers will need an Australian residential address. If you’re changing your address to a New Zealand address, then it goes against their requirements. It would be best to contact ANZ and speak to them about your specific needs in keeping the account open and transferring the money.
I am an Australian citizen with dual citizenship and passports. Can i open a bank account using my foreign passport for use when travelling overseas with my foreign passport?
Hi Peter,
In the case of using just your foreign passport, you’ll need to speak to a local bank that has international ties with a bank in Australia for you to be able to open an account. Ideally, the same country as the country of your foreign passport.
Usually, most Australian banks require Australian documentation and residence to open an account.
Hi,
I live in Australia, my mom visits every 2 years. Can she open an account and keep it open/active during the time she is not residing in Australia?
Yes, your mom can keep an account open even when she’s overseas. Her account can only become dormant/inactive if the account has not received a deposit or a withdrawal for seven years. When this happens, it will be taken over by the Australian Securities and Investment Commission (ASIC).
I will send my daughter to Sidney to study. Now we live in Indonesia.
Can I open bank account in Sidney although I don’t have Australian Tax File number and residential address?
I’d like to be able to transfer money from Indonesia to Sidney each month as low cost as possible. I’ll use this bank account also to auto debit my daughter’s credit card account.
What bank is recommended?
While an Australian address and foreign tax details may be required, you can reach out to some banks to see if you can have an account set up without these details. Most banks in Australia will allow you to open an account up to three months before your daughter’s arrival in Australia through an online application form on their website. Please feel free to check our guidelines for opening a bank account for the list of the requirements needed.
When it comes to choosing the best bank, it would depend on the factors that are most important to you and your daughter and your current circumstances. There’s no one account that is considered best. You could utilize our comparison table to check and compare banks.
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I am not an Australian and am not intending to stay in Australia. I have a property in Australia which is collecting rent and I would like to open a bank account for this monthly rentals. What are the bank accounts which I can apply? And if I am physically at the bank for the application, how long is the process for the approval?
Hi Keith,
Thankyou for your question.
However, as a non-resident who owns property in Australia and collects rent, you can open a bank account to manage your rental income. Refer to our guide above will give you a basic idea about various accounts and requirements on the same.
The approval process usually involves verifying your identity, and this can be done at a local branch after you arrive in Australia. The time it takes for approval may vary depending on the bank and your individual circumstances, but it’s typically a straightforward process.
Keep in mind that each bank may have specific requirements, so it’s a good idea to contact the bank of your choice and discuss your situation with them to ensure you choose an account that suits your needs and to get more precise information about the application process.
I hope this helps.
I was working and living in Australia for 10 years, and had my bank account at ANZ. I moved back home and still have my account open. If changing my address and mobile number online, will I be able to keep my account open and thereby keeping my savings safe? I would like to transfer my savings with an international transfer, and I am wondering if I can change my daily allowance and change my mobile number without running into difficulties. Please advise.
Hi Gudi,
Thanks for contacting Finder.
One of ANZ requirements for a bank account is customers will need an Australian residential address. If you’re changing your address to a New Zealand address, then it goes against their requirements. It would be best to contact ANZ and speak to them about your specific needs in keeping the account open and transferring the money.
Thanks
Raj
I am an Australian citizen with dual citizenship and passports. Can i open a bank account using my foreign passport for use when travelling overseas with my foreign passport?
Hi Peter,
In the case of using just your foreign passport, you’ll need to speak to a local bank that has international ties with a bank in Australia for you to be able to open an account. Ideally, the same country as the country of your foreign passport.
Usually, most Australian banks require Australian documentation and residence to open an account.
Thanks
Raj
Hi,
I live in Australia, my mom visits every 2 years. Can she open an account and keep it open/active during the time she is not residing in Australia?
Hi Shish,
Yes, your mom can keep an account open even when she’s overseas. Her account can only become dormant/inactive if the account has not received a deposit or a withdrawal for seven years. When this happens, it will be taken over by the Australian Securities and Investment Commission (ASIC).
Best,
Alison
I will send my daughter to Sidney to study. Now we live in Indonesia.
Can I open bank account in Sidney although I don’t have Australian Tax File number and residential address?
I’d like to be able to transfer money from Indonesia to Sidney each month as low cost as possible. I’ll use this bank account also to auto debit my daughter’s credit card account.
What bank is recommended?
Hi Joyce,
While an Australian address and foreign tax details may be required, you can reach out to some banks to see if you can have an account set up without these details. Most banks in Australia will allow you to open an account up to three months before your daughter’s arrival in Australia through an online application form on their website. Please feel free to check our guidelines for opening a bank account for the list of the requirements needed.
When it comes to choosing the best bank, it would depend on the factors that are most important to you and your daughter and your current circumstances. There’s no one account that is considered best. You could utilize our comparison table to check and compare banks.
I hope this helps.
Best,
Alison