Finding a new home for your money is one of the first financial steps every migrant takes when moving to Australia. Whether you are a student, skilled worker, or new permanent resident, the right bank account helps you manage daily expenses, receive your salary, and start saving for the future. This migrant banking guide (2025) explains how to open a bank account in Australia both before you arrive and after you land. Inside, you will find step-by-step instructions, document checklists for different visas, and a clear comparison of major banks.
What you need to Know about the Australian Banks
Australia has four major banks called the “Big Four”
- Commonwealth Bank (CBA)- Most popular with migrants, offering comprehensive digital banking services and wide ATM network access
- Westpac – Good rewards program with specialised migrant packages
- ANZ – Strong international services with competitive interest rates
- NAB – No monthly account fee on basic accounts, making it cost-effective for new arrivals
These banks control more than 80% of the market and have branches everywhere. They are convenient for new arrivals who need in-person help to open your account and understand Australian banking systems.
Other Banking Options:
Beyond the Big Four, smaller banks and digital options like ING, Macquarie, and UBank often provide lower fees, superior online service, and competitive interest rates on savings accounts. Many digital-first banks offer advanced account online management tools, though they have limited branch networks for face-to-face assistance.
Documents Needed for Migrant Banking in Australia before & After Arrival
New arrivals or those planning their move need proper documentation for smooth account opening. Documentation requirements vary based on application timing and visa status.
If you are an international student migrating to Australia, you may benefit from accounts specifically designed for student migrants. To explore the best student-friendly accounts and step-by-step guidance, check out our dedicated guide: Student Banking Guide: Best Banks for International Students in Australia
Pre-Arrival vs Post-Arrival Applications
| Bank | Who can apply (Visa types) | Apply before arrrival (days allowed) | Key documents before arrival | Documents required after arrival (branch ID check) |
|---|---|---|---|---|
| Commonwealth Bank (CommBank) | Students, skilled migrants, working Visa, PR | Up to 14 days before arrival (or within 12 months after arrival) | Passport scan, Visa grant numbe, Overseas address, Email & phone | Original passport Visa (print/eVisa), Proof of AU address (rental, hotel, uni letter), Student enrolment (for fee waivers) |
| Westpac | Students, skilled migrants, working holiday Visa, PR | Apply online up to 12 months before arrival | Passport scan, Visa details, Overseas address | Original passport, Visa, AU address proof- Student enrolment (if student account) |
| ANZ | Students, skilled migrants, working holiday Visa, PR | Apply before arrival via migrant banking team (timing flexible, usually within 12 months) | Passport copy, Visa grant details, Overseas contact info | Passport- Visa- Proof of AU address- Student enrolment/offer (if needed) |
| NAB | International students, skilled workers, PR | Apply online before arrival (generally within 12 months of arrival) | Passport scan, Visa information and Overseas address | Passport, Visa, Proof of AU address, Student enrolment (if student account) |
| ING (Orange Everyday) | Migrants, PR, WHV, students with AU address | Must have AU address, application usually starts after arrival | Not practical before arrival, needs AU address) | Passport, Visa, AU address proof, TFN optional |
- Before arrival: Only the “Big Four” (CommBank, Westpac, ANZ, NAB) let you pre-open accounts online. ING and other digital banks require you to already have an AU address.
- Days restriction: CommBank = 14 days before; Westpac = up to 12 months; ANZ/NAB = typically up to 12 months before; ING = after arrival only.
- Documents overlap: Passport + visa are non-negotiable. Proof of AU address is only required after arrival for activation.
- Students benefit most: Bring your Confirmation of Enrolment (COE) or student ID to get monthly fee waivers.
Migrant Banking Fees and Account Comparisons (2025)
Choosing the right everyday transaction account in Australia can save you money and make banking easier as a new migrant. Most banks offer a standard ‘everyday account’ (also called a transaction or checking account) for daily use—covering deposits, withdrawals, bill payments, and debit card purchases. The table below compares the main fees for everyday accounts at Australia’s biggest banks and migrant-friendly options, so you can see which account best suits your needs.
Choosing the right bank is also a crucial part of your migrant banking journey or a detailed comparison of major banks, features, and tips for new migrants, see our article: How to Choose the Right Bank in Australia for Migrants
| Bank & Account Name | Monthly Account Fee | Fee Waiver Options | International Money Transfer Fees | Notes for Migrants |
|---|---|---|---|---|
| Commonwealth Bank (CBA) – Smart Access Account | $4 | Waived if under 25, student, or deposit $2,000+ monthly | From $6 (online), higher in branch | Largest ATM network, good for first arrivals |
| Westpac – Choice for Migrants | $5 | First 12 months free for new arrivals | From $10 | Specifically designed for migrants, can apply up to 12 months before arrival |
| NAB – Classic Everyday | $0 | N/A | From $0 (via NAB app) | No monthly fees ever, migrant-friendly |
| ANZ – Access Advantage | $5 | Waived if deposit $2,000+ monthly | From $6 (online) | Can open online before arrival, strong digital banking |
| HSBC – Everyday Global Account | $0 | N/A | From $0 (online international transfers between HSBC accounts) | Best for frequent global transfers, multi-currency support |
| Bendigo Bank– Everyday Account | $6 | Waived if under 18, full-time student, or Centrelink recipient | From $10 | Regional bank, limited branches in big cities |
- NAB Classic Everyday Account – No monthly account fees, great for long-term savings.
- Westpac Choice for Migrants – First 12 months fee-free, ideal if you’re new to Australia.
- ANZ Access Advantage – Fee waived if you deposit $2,000+ each month.
- CommBank Smart Access – Everyday account with wide ATM access, fee waived for students.
Step-by-Step Guide: How to Open Your Australian Bank Account
Before Arrival
- Research and compare banks based on your needs
- Read terms and carefully for chosen bank
- Apply online up-to 12 months before arrival (Big four banks)
- prepare required documents in digital format
- Schedule branch visit for account activation
After Arrival
- Visit selected bank brand within timeframe provided by Bank
- Bring all original documents
- Complete identification process
- Receive your debit card
- Set up digital banking process
OzMoneyTalks Takeaway: Your Banking Journey in Australia
Getting the right bank is important for your financial situation when you start life in Australia. You may choose Commonwealth Bank for lots of branches, NAB for no fees, or another bank , the key is understanding your options and planning ahead. Remember to:
- Open an australian bank account before arrival when possible
- Compare monthly account fees and withdrawal fees
- Leverage digital banking for convenience
- Read all terms and conditions carefully
- Plan for future needs like credit cards and savings accounts
Tip –Start with the bank that gives you the right initial benefits. Once you are settled and gained local knowledge, you can always switch to the account that best fits your long-term needs.
Migrant banking in Australia refers to banking services and accounts specifically designed for people moving to Australia on various visa types, such as permanent residents, skilled workers, students, working holiday visa holders or temporary visa holders. These accounts help migrants manage their finances from day one, covering essentials like salary deposits, everyday spending, international transfers, and fee-free options tailored to newcomers.
Yes. Even though a working holiday visa is temporary, you are considered a migrant in Australia for banking purposes. Banks offer accounts for working holiday visa holders with features such as low or no monthly fees, easy online access, and international transfer options, so you can manage your earnings and expenses while in Australia.
Yes. Most major banks allow new migrants to open a bank account online before arriving. Typically, you can open your account up to 12 months in advance, depending on the bank. You will need key documents such as your passport, visa grant notice, and sometimes proof of address or enrolment (for students). Opening an account early helps you receive funds quickly after arrival.
Yes. Once your account is opened and approved by your chosen bank, you can transfer funds from your home country before arrival. Many banks support international transfers via SWIFT, and digital banks may offer faster and cheaper options. Make sure to check transfer fees and exchange rates, and keep your account details handy to ensure smooth transactions.
No, you can open a bank account without a TFN. However, providing a TFN allows you to earn interest on your savings without higher tax deductions. New migrants can apply for a TFN online after arriving in Australia or sometimes even before arrival through the Australian Tax Office.
Major banks like Commonwealth Bank, NAB, Westpac, and ANZ are popular among migrants due to wide branch networks, online banking, and support for pre-arrival accounts. Digital banks like u Bank etc also offer low-fee, migrant-friendly options. Student migrants may benefit from accounts with fee waivers and international transfer perks.
References & Resources: Migrant Banking in Australia
For more detailed information, visit the official bank pages for migrant and student accounts
- Commonwealth Bank (CommBank) – Open a Bank Account for New Arrivals
- Westpac – Banking for Migrants
- ANZ- Migrant Banking
- NAB (National Australia Bank) – Banking for New Arrivals
Note : Always check with the bank directly for the latest account features, fees and document requirements, as these can change frequently.
