How to Open an Australian Bank Account as a Migrant

One of the most reassuring things about moving to Australia is that you do not have to land first and scramble for a bank account. Most major banks let you start the process online from overseas, so your salary, rent and deposit can have somewhere to go from day one.

• Commonwealth Bank (CommBank): apply up to 14 days before you arrive, or within 12 months after arriving. You do not need an Australian address to start.

• Westpac: if you are arriving within the next 14 days you can begin setting up your account and get your Customer ID and online banking before you fly.

• ANZ: offers dedicated migrant banking and lets you apply before you arrive, then finish identity verification at a branch once you land.

• NAB: the process has tightened. NAB now generally requires you to be physically in Australia to open an account, so plan to do it on arrival.

Bank policies change, so confirm the current rule on the bank's own website before you rely on it. Whichever bank you choose, the online application typically takes only a few minutes and asks for your passport details, visa information and contact details.

When you open from overseas, the account opens in a restricted state, often called deposit-only mode. You can receive money into it, for example transferring your savings across or having a deposit paid in, but you cannot withdraw, transfer out or spend until you have proven who you are in person or online.

This is not a catch. It is a legal anti-money-laundering requirement. Australian banks must verify your identity under rules overseen by AUSTRAC, the financial-crime regulator, before they let money move freely.

The practical upside: you can safely park your relocation funds in an Australian account, in Australian dollars, before you arrive, then unlock full access within days of landing once you complete the identity check.

Australia verifies identity using a points system. Different documents are worth different points, and you need to clear 100 points in total. You will see it called the 100-point check.

How the points stack up (values can vary slightly by bank and state):

• Passport (Australian or foreign): 70 points (a primary document)

• Other primary documents: Australian driver's licence, birth certificate, citizenship certificate or ImmiCard, also up to 70 points

• Foreign driver's licence: around 25 points

• Centrelink card: 40 points; Australian tertiary student ID: 40 points

• Bank statement, or a utility or rates bill from the last 6 months showing your address: 25 points each

Your foreign passport alone is 70 points, so it does not reach 100 on its own. In practice, most banks accept your original passport as the cornerstone and combine it with your visa and one or two address or secondary documents to get you over the line. Some banks apply extra flexibility for very recent arrivals who only have a passport, but this is a bank policy, not a guaranteed legal right, so confirm with your bank.

Important: foreign documents are not accepted as proof of an Australian residential address. For that 25-point address piece you will eventually need a local document, such as an Australian bank statement, lease or utility bill. A hotel, Airbnb or a friend's address is fine to get started.

Once you land, finishing the account is quick if you walk in prepared. Take the originals, not photocopies.

• Your current passport (originals are required; photocopies are not accepted)

• Your visa grant notification letter, or be ready to do a free VEVO check at immi.homeaffairs.gov.au to show your visa and conditions

• Your foreign Tax Identification Number (TIN) for each country where you are a tax resident, which banks must collect

• An Australian address and mobile number where possible (temporary accommodation is fine to start)

If any document is not in English, it must be translated by a translator accredited by NAATI (the National Accreditation Authority for Translators and Interpreters).

Mind the deadline. Banks set a window to verify your identity after the account opens. CommBank, for example, requires you to provide ID at a branch within 20 days of opening, or the account is automatically closed. Do not let the account sit unverified while you settle in. With Westpac and several others you can complete verification either online or in a branch shortly after you arrive.

The big four banks (CommBank, Westpac, ANZ and NAB) have the largest branch and ATM networks, dedicated migrant teams, and the ability to open from overseas. They are the safe, well-supported default for a new arrival, especially if you want a branch to walk into.

Australian digital banks (neobanks) such as Up and ubank are fully licensed Australian banks with a BSB and account number, app-based, usually no monthly fee, and far friendlier on overseas card use. They are excellent as a low-fee everyday or travel account, though some are app-only and may not offer pre-arrival opening.

Money apps like Wise and Revolut are not full Australian banks but are useful for moving money internationally at close to the real exchange rate while you set up. A common, sensible setup is one big-four account for salary and stability, plus a neobank or Wise account to dodge currency fees.

Whatever you pick, check it is covered by the Australian Government's Financial Claims Scheme, which protects deposits up to 250,000 dollars per person per licensed bank.

Your bank account and your Tax File Number (TFN) go hand in hand. A TFN is your personal tax reference number, and you will give it to your bank and your employer.

Apply only at the official Australian Taxation Office site, ato.gov.au. It is free. As a permanent migrant or temporary visitor with a work-rights visa, you apply online once you are in Australia; it takes about 20 minutes, needs no documents posted in, and your TFN arrives by mail to your Australian address in up to 28 days.

Why it matters for your bank: if you do not give your bank a TFN, it must withhold tax on your interest at the top rate, and an employer without your TFN withholds your pay at the highest rate too. You get this back at tax time, but it is money tied up unnecessarily.

Scam warning: never pay a third-party website to get your TFN. Many sites charge a fee to do something the ATO does for free, and some are outright scams. The only official place is ato.gov.au. Be equally wary of fake job offers asking for bank or TFN details upfront, and never share your passwords or one-time codes.

A bank account that looks free can still cost you, especially in your first months when you are moving money across borders. Watch these:

• Monthly account fees: big-four everyday accounts often charge a monthly fee that is waived if you deposit a set amount (for example, ANZ Access Advantage waives the fee with 2,000 dollars deposited per calendar month). Many accounts are fee-free if you are under 30 or a full-time student.

• Foreign currency and card fees: traditional bank debit and travel cards can charge roughly 2 to 3.5% on overseas or foreign-currency transactions, plus ATM markups. Neobanks like Up and ubank, and apps like Wise, typically charge no foreign-transaction fee and use a near-wholesale exchange rate.

• ATM fees: withdrawing at your own bank's ATMs is free; other operators charge a per-withdrawal fee.

• International transfer fees: shop around when moving your savings over. Banks often build a margin into the exchange rate; specialist services like Wise show the fee upfront and use the mid-market rate.

A simple rule for newcomers: keep one mainstream account for salary and a low-fee neobank or transfer app for anything involving another currency.

Opening a bank account is straightforward and you can do it yourself. Your visa is different. In Australia, only an OMARA-registered migration agent or an Australian legal practitioner (immigration lawyer) can lawfully give you immigration assistance for a fee.

If your situation is complex, getting professional help is worth it. Before you pay anyone, verify them free on the OMARA Self-Service Portal at portal.mara.gov.au. You do not need an account or a fee to check.

Treat these as red flags of a scam: a guarantee of visa approval (no agent or lawyer can promise this, only the Department of Home Affairs decides), claims of special contacts inside Home Affairs, cash-only requests with no receipt, or an inability to give you a MARN (migration agent registration number). Report suspected fake agents and visa scams through immi.homeaffairs.gov.au.

Immigration rules, visa charges and conditions change often. Always confirm anything visa-related against the official source, homeaffairs.gov.au.