How to set up a bank account in Australia

Need to set up an Australian bank account? Don’t worry - the process is simple!

Having an Australian bank account will allow you to easily pay bills and rent, shop for groceries, accept income, and send and receive money to and from friends.

So how do you set up a bank account in Australia? Let’s run through the process.

Australia is one of the few countries where most banks will allow you to set up a bank account from overseas.

You can do this online on your chosen bank’s website, and it should only take about ten minutes. You’ll likely need a form of identification, like a passport, driver’s license, or proof of address (this is generally your Australian address, but some banks allow you to use your overseas address initially).

Once you arrive in Australia, you might need to visit a local branch of your bank to show your ID, allowing you to withdraw money and pick up your debit card.

Can’t open a bank account until after you arrive? Consider converting some of your money to AUD with an app like Wise or Revolut. This means you’ll be ready to go when you arrive in Australia, and you won’t have to carry large amounts of cash into the country.

If you’re setting up your first bank account in Australia, it might be best to open an account with one of the ' Big Four' - ANZ, CBA, NAB or Westpac. These four major banking organisations have long-standing relationships with overseas banks, often making the process of opening an account easier. 

Your Australian bank account details will always include your name, a six-digit BSB (Bank State Branch) number and an account number, which may be six to ten digits long.

All Australian banks offer internet banking online and via their apps. This enables you to transfer funds between accounts, send and receive money without going to the bank, pay bills, check your balance, download statements and much more. In Australia, banks encourage their customers to use their online services rather than visiting a branch.

All banks have different fees and charges - chat with a customer service representative to understand any fees for your account.

If you need to visit a branch, most Australian banks are open from Monday to Friday. Some branches open on Saturdays. On public holidays (sometimes known as ‘bank holidays’ in other countries), all banks are closed

Most employers pay wages directly into your bank account. Cash payments are rare, and if an employer offers ‘cash in hand’ payments, be cautious. In Australia, all earnings must be taxed, and unreported cash payments are illegal. If paid in cash, always request a payslip as proof of income.

This protects you from employers who underpay international visitors or new residents with cash. Make sure you receive fair pay for your work, and avoid dishonest employers who could get both you and themselves in trouble with the Australian Taxation Office.

If you’re opening an Australian bank account from overseas for the first time, make sure to be careful of scams. If someone requests your personal details for verification or offers you a loan, it may be a scam. Scammers can misuse your information to steal your money or take out debt in your name.

If you think you’ve been the target of a scam, call your bank right away. Many banking apps have the option to freeze your card, which can be useful as a first step. It is also recommended to change your internet banking passwords,.  

In Australia, banks are open and welcoming environments, some even with concierges that direct you to the appropriate assistant.

Keep your money safe in a bank account. Australia is a customer-friendly nation with excellent banking facilities to protect and help grow your money.