📋 In This Guide
How to Open a Bank Account in Australia as a New Immigrant
New immigrants can open a basic Australian bank account online before arrival with most major banks, then complete identity verification in person or via app within the first weeks of landing. Most people don't realise this is possible — and it removes one of the biggest early-arrival stress points, since you can land with a working local account and debit card already in motion.
This guide compares the best banks for new immigrants, walks through exactly what documents you need, gives a full step-by-step process covering both before and after arrival, breaks down realistic fees, and flags the mistakes that trip up new arrivals most often.
Best Banks for New Immigrants Compared
| Bank | Pre-arrival account opening | Monthly fees | Notable features |
|---|---|---|---|
| Commonwealth Bank (CBA) | Yes, online before arrival | $0 on basic transaction accounts | Largest branch/ATM network, strong app |
| ANZ | Yes, online before arrival | $0 on basic transaction accounts | Popular with international students, dedicated migrant account options |
| Westpac | Yes, online before arrival | $0 on basic transaction accounts | Long-established, wide branch access |
| NAB | Yes, online before arrival | $0 on basic transaction accounts | Competitive international student/migrant offers |
| Digital-only options (e.g., Up, ING) | Sometimes, after arrival with a local ID/TFN in some cases | $0 | Better savings interest rates, no physical branches |
What You Need to Open an Account
- Valid passport
- Visa grant number or confirmation — for pre-arrival applications
- Proof of Australian address — needed once physically in Australia to complete full verification, such as a lease agreement or utility bill
- Australian mobile number — usually needed to complete verification, often arranged on arrival
- Tax File Number (TFN) — not required to open the account, but strongly recommended immediately to avoid the highest tax rate being withheld on any interest earned
How to Open an Account — Step by Step
Before arrival
Compare the big four banks and digital-only options
Weigh fees, features, and pre-arrival account opening availability against your specific situation.
Start the online application
On your chosen bank's migrant or international account page.
Provide passport and visa details
Including your visa grant confirmation.
Set up your online banking login
You'll use this to manage the account before you even land.
Note your account number and BSB
Useful for setting up salary payments or transfers before you land.
After arrival
Verify your identity
Visit a branch (or complete app-based verification, if offered) with your original passport.
Provide proof of Australian address
Once available — this may take a few weeks to arrange after arrival.
Apply for a Tax File Number (TFN)
Via the Australian Taxation Office at ato.gov.au, as early as possible.
Link your TFN to your bank account
This avoids maximum withholding tax being applied to any interest you earn.
Activate your physical debit card
Usually mailed to your Australian address once identity verification is complete.
Costs and Fees
| Fee type | Typical amount (2026, AUD) |
|---|---|
| Basic transaction account (big four banks) | $0 monthly fee — standard for most migrant/student accounts |
| ATM withdrawal fees (own bank network) | Usually free |
| ATM withdrawal fees (other banks/international) | $2–$5 per withdrawal, plus possible foreign transaction fees |
| International transfer fees (via the bank directly) | Often $15–$30 per transfer, plus a weaker exchange rate margin |
| Savings account interest | Varies significantly — compare rates before committing long-term savings to a single account |
Processing Time
| Stage | Typical timeframe |
|---|---|
| Online pre-arrival application | Same day to a few days |
| Identity verification after arrival | Same day if done in branch with a passport |
| Physical debit card delivery | 3–10 business days after verification |
| Tax File Number (TFN) application processing | Up to 28 days, though usually faster online |
Basic transactional features — receiving transfers, checking your balance — are often available immediately after the online application, even before in-person verification is complete. Full features, including large withdrawals and some transfer types, may be limited until your identity verification is fully processed.
Common Mistakes and Problems
| Mistake | How to avoid it |
|---|---|
| Not applying for a TFN early | Apply within the first week to avoid maximum tax withholding on interest |
| Choosing a bank based only on brand recognition | Compare fees, ATM networks, and migrant-specific offers across all four major banks first |
| Sending large sums via the bank's own international transfer service | Compare dedicated money transfer providers for better exchange rates on larger transfers |
| Forgetting to complete in-person identity verification within the required window | Complete verification as soon as possible after arrival — delays can restrict account features |
| Using a temporary or incorrect address for account setup | Update your address as soon as you have a stable one to avoid mail or verification issues |
| Assuming all "no fee" accounts are genuinely free long-term | Check for fees that apply after an introductory period, or once student/migrant status expires |
Frequently Asked Questions
Yes — most major banks allow online account opening before arrival using your passport and visa details, typically up to around 12 months ahead of your landing date.
The big four — CBA, ANZ, Westpac, and NAB — are the most common choices due to pre-arrival account opening and zero monthly fees on basic accounts. The right pick depends on your priorities, such as branch access versus app quality.
No, a TFN isn't required to open the account itself, but it's strongly recommended immediately to avoid the highest tax rate being withheld on any interest you earn.
Your bank is required to withhold tax at the top marginal rate on any interest earned until a TFN is linked to your account — this can add up if your balance is meaningful.
Yes, initially — pre-arrival applications don't require an Australian address. You'll need to provide one once you've arrived and settled, to complete full account verification.
Generally no — most big four banks offer $0 monthly fees on basic migrant and student transaction accounts, though it's worth checking whether that waiver expires after a set period.
Typically 3–10 business days after your identity verification is complete, mailed to your Australian address.
A dedicated transfer service is almost always cheaper for larger amounts, since bank transfers typically combine a flat fee with a weaker exchange rate margin that isn't always obvious upfront.
Conclusion and Next Steps
Opening an account before you arrive is genuinely possible and worth doing — but a completed TFN application and finished identity verification are what actually unlock full account functionality. Compare current fee structures and interest rates before committing any long-term savings to a single bank, since these shift periodically.
Bookmark this page and start your account application before you fly, not after you land.
Once you're transferring larger sums internationally — whether that's initial savings, ongoing income, or money sent home — Wise is consistently the better option over a traditional bank transfer, both on the fee and the actual exchange rate you receive. This post contains an affiliate link. We may earn a commission at no cost to you.
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