Welcome to Banking in Australia. Starting life in a new country begins with finding a safe home for your money. This guide helps you understand how the Australian banking system works, which banks are available for new migrant or permanent resident to choose from. Whether you are sending money home, saving for your first car, or opening a joint account with your partner knowing your options helps you make smart, low-fee and secure choices.
2. The Big Four Australia’s Banking Backbone
The “Big Four” dominate the market and are trusted by most Australians.
They have strong branch coverage, reliable apps, and newcomer-friendly services.
3. Other National Banks Worth Considering
These are large but not part of the Big Four, they offer great digital options and competitive savings rates.
4. Regional & State Banks (Great for Settling Locally)
If you have moved to a regional area or a smaller city, these banks often have more local branches and community-driven services
5. Mutual & Customer-Owned Banks (For Ethical Banking)
Mutual banks are owned by customers not shareholders.
They focus on community values, lower fees, and ethical lending
- Bank Australia
- Heritage Bank
- Teachers Mutual Bank
- Great Southern Bank
- Beyond Bank / IMB / Regional Australia Bank
6. Digital & Neobanks (For the Tech-Savvy)
Perfect for those who prefer managing money entirely from their phone
- Up Bank
- UBank (by NAB)
- Judo Bank
- Revolut / Wise (non-banks)
7. International Banks
If you frequently send money home or travel often, these banks offer global reach.
- HSBC Australia
- Citibank (now NAB)
- Bank of China Australia
- Rabobank
- ICBC Australia
8. Credit Unions & Building Societies
These smaller, member-based institutions are ideal if you value community focus and low fees.
Many started as employee or local community banks.
- Police Bank
- Defence Bank
- Australian Unity Bank
- G&C Mutual Bank
9.How to Choose the Right Bank as a Newcomer
- If you want an easy start: Choose one of the Big Four.
- If you prefer online banking: ING, Macquarie, or Up Bank.
- If you care about ethical banking: Bank Australia or Heritage Bank.
- If you’re regional: Bendigo, BOQ, or Suncorp.
- If you need global access: HSBC or Wise (for transfers).
10. Opening a Bank Account in Australia (Step-by-Step)
- Prepare documents: Passport, visa, and Australian address (if available).
- Apply online: Most major banks allow pre-arrival setup within 12 months of landing.
- Visit a branch: If required, bring original ID within 6 weeks of arrival.
- Activate your debit card: Once verified, your card will be mailed or picked up.
- Link to your salary & transfers: Set up PayID or BSB/account number for payments.
11. Useful Resources
- MoneySmart — Government financial guidance
- APRA’s ADI list — To verify if a bank is government regulated
- Compare Banks — Independent comparison
OzMoneyTalks: How to Open a Bank Account in Australia — Detailed guide
Banking in Australia doesn’t have to be confusing.
Once you understand the main players, you can choose based on your goals whether that’s low fees, global convenience or great digital tools. Also you can move easily from one bank to another once you gain your understanding and experience.
