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February 15, 2023

How to open a bank account in Australia

Dealing with some initial paperwork is essential for you to set yourself up in Australia. Opening an Australian bank account is one of the most important things. 

Money change when you get to Australia

You can surely change some money before leaving for Australia or once you get to the airport and you can withdraw with your Visa or Mastercard. However, all of this methods have pretty high exchange rates and fees. The best option is to withdraw a little amount for the first days and open your Australian bank account as soon as possible, you can then transfer money into your account and start using the Australian card.

Opening a bank account in Australia 

Opening an Australian bank account is one of the first things to do when you arrive to Australia! Finding a job is pretty easy and in order do get paid you need a local bank account.

Can I open a bank account before arriving in Australia?

Many people would love to start this process before arriving in Australia; the answer is kind of, you can start opening a bank account before getting to Australia with Commonwealth Bank of Australia: https://www.commbank.com.au/moving-to-australia/banking.html Please note you will finalise it once you get to Australia and you visit the bank with your ID.

Our advice is to wait until you get here to open it.

How to open a bank account in Australia?

The answer is simple: you just visit the nearest bank with your passport and your visa.
Once you are there you just need to let them know you want to open a bank account; if you already have it, bring along your TFN, if not you can add it later on from your home banking.

How to transfer money to your Australian bank account? Come spostare i soldi dall’Italia all’Australia? 

The best way to transfer money into your new Australia bank account is using Wise https://wise.com/it/send-money/ a cheap and quick service that allows you to pay both through a bank account and a credit card.
How many bank account do I need?
You may need two different bank accounts: Everyday Accounts e Saving Accounts.
Our suggestion is to open them both.  The ‘everyday’ account has lower interest rates and has a connected debit or credit card.
The Saving account is not associated to a credit or debit card and you receive interest rate for your savings.
The ideal situation is to have a saving bank account to save up money and a everyday account associated to a debit card for your daily expenses.

Where to open an Australian bank account

There are plenty of available options, these are the main banks in Australia and the relative options:

  • Commonwealth Bank
    One of the main pro for this bank is its presence all around Australia.
  • Australia and New Zealand Banking Group (ANZ)
    ANZ doesn’t have any management cost and its app is super user friendly.
  • National Australian Bank (NAB)
    It’s an historical bank and it doesn’t have any management cost.
  • ING Direct
    It usually has higher interest rate. Please note you can’t use this bank to deposit cash because it’s an online bank.
  • Westpac
    Their website mention special bank account for whoever has just arrived in Australia and for those who want to open a new business. ù
These are not the only options but they are the most popular in Australia.
Things you may be interested in when you arrive in Australia

If you have any other question our info point is here for you, email us @ infopoint@atlasmigration.com

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