Savings accounts for expats and residents on a temporary visa

Lots of banks in Australia provide savings accounts that you can open as an expat. Some financial institutions let you open these accounts online, even before you arrive in the country. Here are some options below.

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HSBC Everyday Global Account

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• Apple Pay, Google Pay
• Monthly fees: $0

HSBC Everyday Global Account

The HSBC Everyday Global Account is one of the best bank accounts for travelling as it has no account keeping fees, no international transaction fees and access to free ATMs around the world. You can hold up to 10 different currencies in the one account, which allows you to top up on a currency while the exchange rate is good, then spend in that local currency while you're overseas. Plus, earn 2% cashback on tap and pay purchases (T&Cs apply).

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The HSBC Everyday Global Account is one of the best bank accounts for travelling as it has no account keeping fees, no international transaction fees and access to free ATMs around the world. You can hold up to 10 different currencies in the one account, which allows you to top up on a currency while the exchange rate is good, then spend in that local currency while you're overseas. Plus, earn 2% cashback on tap and pay purchases (T&Cs apply).

• Bank accounts for expats/temporary residents
• Savings accounts for expats/temporary residents

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Name	Monthly fee	Govt. Guarantee	Own network ATM fee	Card type
HSBC Everyday Global Account Finder AwardApple Pay Google Pay10 Currencies	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	Go to siteMore Info Compare	If you live in a country that is part of HSBC's global network, visit a local branch to open this account prior to your arrival in Australia. Hold up to 10 currencies at a time and instantly transfer funds from one to the other at HSBC's competitive foreign exchange rates.
Suncorp Everyday Options Account Apple Pay Google Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	Go to siteMore Info Compare	Non-residents can open a Suncorp Everyday Options Account online as long as they verify their identity within 60 days.
Westpac Choice Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay Digital Card	Monthly fee $5	Government Guarantee	Own network ATM fee $0	Card type Mastercard	Go to siteMore Info Compare	Open a Westpac Choice account up to 12 months before arriving in Australia. Enjoy $0 monthly account fees for the first 12 months, and withdraw money after completing an identity check at any Westpac bank branch in Australia.
St.George Complete Freedom Account Apple Pay Google Pay Samsung Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	More Info Compare
NAB Classic Banking Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	More Info Compare	You can apply for a NAB Classic Banking account once you have arrived in Australia and receive account details within 3 business days.
HSBC Day to Day Transaction Account Apple Pay Google Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	More Info Compare	Apply for an Australian bank account in person at one of HSBC's global branches and get exclusive shopping deals at over 1,500 retailers worldwide through HSBCS home&Away privilege program.
NAB Classic Banking with Platinum Visa Debit Card Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay	Monthly fee $10	Government Guarantee	Own network ATM fee $0	Card type Visa	More Info Compare	You can apply for a NAB Classic Banking account once you have arrived in Australia and begin depositing funds as soon as you receive your account details (usually takes 3 business days). Present your ID at a NAB branch to receive your Platinum Visa debit card.
Bendigo Bank Student Account Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Mastercard	More Info Compare	Open a Bendigo Student Account and deposit your money prior to arriving in Australia. Simply present your photo identification at a Bendigo Bank branch within 6 weeks of arriving.
ANZ Access Advantage Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay	Monthly fee $5	Government Guarantee	Own network ATM fee $0	Card type Visa	More Info Compare	Apply for an ANZ Access Advantage account before arriving in Australia, receive account details within 2 days and begin transferring funds. When you arrive, present your ID in branch to receive your debit card. Enjoy $0 monthly account fees for the first 12 months.
Commonwealth Bank Smart Access Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay	Monthly fee $4	Government Guarantee	Own network ATM fee $0	Card type Mastercard	More Info Compare
ANZ Plus Account Apple Pay Google Pay Samsung Pay Garmin Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	More Info Compare
Commonwealth Bank Everyday Account Smart Access for students Apple Pay Google Pay Samsung Pay Fitbit Pay Garmin Pay	Monthly fee $4	Government Guarantee	Own network ATM fee $0	Card type Mastercard	Compare
St.George Complete Freedom for U21s and Students Apple Pay Google Pay Samsung Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	Compare

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1 - 13 of 13

Updated regularly

We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.

Learn how we maintain accuracy on our site.

Close

Name	Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Intro Period	Government Guarantee	Monthly Max Rate Conditions
Westpac Life (18-29 year olds only)	Maximum Variable Rate p.a. 5.20%	Standard Variable Rate p.a. 2.00%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow your balance 5 debit card purchases	Go to siteView details Compare	loading Fetching your data...
Citibank Online Saver	Maximum Variable Rate p.a. 4.60%	Standard Variable Rate p.a. 4.60%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	View details Compare	loading Fetching your data...
HSBC Bonus Savings Account	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 2.50%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance by $300	View details Compare	loading Fetching your data...
Commonwealth Bank GoalSaver Account	Maximum Variable Rate p.a. 4.90%	Standard Variable Rate p.a. 0.40%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $200 No withdrawals	View details Compare	loading Fetching your data...
HSBC Foreign Currency Bonus Savings Account USD	Maximum Variable Rate p.a. 0.25%	Standard Variable Rate p.a. 0.25%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	View details Compare	loading Fetching your data...
ANZ Progress Saver	Maximum Variable Rate p.a. 4.25%	Standard Variable Rate p.a. 0.01%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $10 No withdrawals	View details Compare	loading Fetching your data...
HSBC Everyday Savings	Maximum Variable Rate p.a. 5.15%	Standard Variable Rate p.a. 3.30%	Intro Period 3 months	Government Guarantee	Monthly Max Rate Conditions No withdrawals	View details Compare	loading Fetching your data...
NAB iSaver	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 2.00%	Intro Period 4 months	Government Guarantee	Monthly Max Rate Conditions N/A	View details Compare	loading Fetching your data...
Westpac Life	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 2.00%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow your balance	View details Compare	loading Fetching your data...
NAB Reward Saver	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.35%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions 1 deposit No withdrawals	View details Compare	loading Fetching your data...
ANZ Online Saver	Maximum Variable Rate p.a. 3.65%	Standard Variable Rate p.a. 1.50%	Intro Period 3 months	Government Guarantee	Monthly Max Rate Conditions N/A	View details Compare	loading Fetching your data...
NAB Business Cash Maximiser	Maximum Variable Rate p.a. 1.25%	Standard Variable Rate p.a. 1.25%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	View details Compare	loading Fetching your data...
ANZ Business Online Saver	Maximum Variable Rate p.a. 1.25%	Standard Variable Rate p.a. 1.25%	Intro Period Ongoing	Government Guarantee	Monthly Max Rate Conditions N/A	View details Compare	loading Fetching your data...

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What is an expat or non-resident?

An expatriate, or expat, is an individual who lives in a country other than that of his or her citizenship, temporarily or permanently, as an immigrant. The word comes from the Latin term ex patria, which literally translates to ‘out of country/fatherland’. In modern day parlance, use of the term expat is common when referring skilled employees or professionals deputed overseas by businesses.

Expats tend to reside in their host countries temporarily. However, an increasing number of expats now choose to continue living in their host countries because of reasons such as higher standards of living, career opportunities and marital relationships.

As long expats don’t become permanent residents of Australia or get Australian citizenship, they remain, for legal purposes, non-residents.

How can I open a savings account before arriving in Australia?

If you wish to apply for a savings account before you get to Australia you can do so online. Some banks don’t require Australian addresses for you to complete the application. Some let you apply for an account up to three months prior to your arrival. Once the bank opens your account you can transfer funds into it from anywhere in the world. You should get access to online banking, which lets you view your account balance at any time.

You’ll have to complete an identity verification process before you can access funds from your new savings account. You can do this by visiting a branch of the bank you choose, in your country, if it has one there. You can also through an approved certifier, an Australian consular officer or an Australian diplomatic officer. Alternatively, you can verify you identity after you reach Australia.

What are the types of savings accounts available for expats and non-residents?

As an expat or a non-resident you can open different types of savings accounts:

• Everyday bank accounts. These accounts give you access to your money in different ways, which include Visa or Mastercard debit cards. You may have to pay ongoing monthly fees, although you may also qualify for fee waivers. These accounts tend to provide access to online and phone banking. They normally don’t offer interest.
• Online savings accounts. With a typical online savings account your money stands to earn interest. You may not get access to a debit card. However, you should get access to funds in your account using online and phone banking.
• International student bank accounts. Some financial institutions offer bank accounts for overseas students that they can apply for even before arriving in Australia. Access to your money can come in different ways such as a debit card, online banking and phone banking. Students can find accounts that don’t charge ongoing account keeping fees.

How do I compare expat savings accounts?

When you’re comparing expat savings accounts, pay due attention to these aspects:

• Sending money back home. If you plan to send money back home every now and again, look for an account that lets you make international electronic fund transfers easily. Find out how much you’ll have to pay as fees.
• International services. Find out if the bank you choose offers international services such as foreign currency accounts, foreign exchange services as well as foreign cheques and drafts.
• Foreign exchange services. While many Australian financial institutions provide foreign exchange services, not all are equally good. They vary in terms of the exchange rates they offer as well as turnaround times.
• Ability to open instantly. The time taken to open a savings account can vary from one financial institution to the next. Some that let you apply online before you arrive open your account on the day you submit your application.
• Online banking facilities. While most Australian banks offer online banking facilities to their customers, what you can use these platforms for requires your attention. For example, in some cases you can use online banking platforms to pay bills.
• Fees and charges. Find out if the account you wish to open attracts any ongoing account keeping fees or debit card fees. You may have to pay to get cheque book access. Other fees and charges can also apply.

What are the pros and cons to opening a savings account as an expat?

Before you apply for an account take some time to go through its terms and conditions. This should give you a clear indication of all applicable fees and charges you may have to pay in different scenarios. Avoid applying for an account that you think charges unreasonably high fees. Look for other options instead.

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Frequently asked questions

How quickly can I apply for a savings account?

If you have all the required information close at hand the process should take around five to 10 minutes.

What do I have to do to verify my identity after I arrive in Australia?

If you get to a branch within six weeks of your arrival you’ll have to provide an Australian residential address, your passport and a valid Visa. Any later, and you’ll have to provide two forms of ID which can include your driver’s license, passport, birth certificate or Medicare card.

I’m already in Australia. What documents do I need to apply?

You can apply using two valid forms of ID that can include your passport, Australian driver’s licence and Medicare card.