A bank account is one of those things you need to sort out early. Without one, you can't get paid, can't pay rent, can't even receive the money you sent yourself from home — everything stalls. The good part: there are two paths, and both work. Open one before you board, or leave it for your first days after landing. Not opening in advance is no drama, really. It just means thinking ahead about how you'll bring money and get by in the first days.
Study agencies help with opening an account in your first days
Came through a study or exchange agency? They usually walk you through opening the account in your first days — some will literally go to the bank branch with you. Before you fly, it's worth asking yours what they offer here.
This article is informative — not financial advice
Fees, account conditions and bank requirements change often and can vary depending on your visa and situation. Always check directly with the bank's website or branch before making any decision.
Why opening an account is a top priority
Without an Australian account — with a BSB and account number — you can't:
- Get paid. Employers here only pay by deposit, no exceptions
- Receive whatever comes through Wise, Remitly or similar services
- Pay rent, electricity, internet, the everyday stuff
- Pay the bond on a formal rental, the one registered with the state authority
- Use PayID — Australia's answer to instant payments
Opening before you board is convenient, but not mandatory. If you don't, bring cash (A$500–1,000) or a travel card as a backup — each option has its own costs and risks. See what makes sense for your case.
The main banks — Big Four and neobanks
Australia's banking system is solid, nobody argues with that. The market is dominated by the four big ones — the so-called Big Four — with branches and ATMs spread across the whole country. Then on the other side you have the neobanks: 100% digital, no physical branches, very good apps and lower fees. Among younger immigrants, they're quite popular.
| Bank | Type | Open before arriving | Monthly fee | Highlight |
|---|---|---|---|---|
| Commonwealth Bank | Big Four | ✅ Up to 3 months before | Free for students / A$4 (waived with A$2,000/month) | 🥇 Most popular among new arrivals — largest ATM network (4,300+) |
| NAB | Big Four | ✅ Online | A$0 | Basic transaction account with no fee from day one |
| ANZ | Big Four | Some products | Varies by product | Good network with 900+ own ATMs |
| Westpac | Big Four | ✅ Online | Free for students | Cardless withdrawals via app — 3,850+ ATMs |
| UP Bank | Neobank | ❌ Only after arriving | A$0 | 🌟 Best app on the market — 0% on overseas purchases — Wise integration |
| ING | Neobank | ❌ Only after arriving | A$0 with regular use | Refunds third-party ATM fees with regular use |
Opened early and already transferred money — watch out when activating
Opened the account from abroad and already sent money to it? Careful: you may not be able to touch that money until you activate the account in person at a branch. Many banks lock everything until they've verified your identity face to face — the money is there, you just can't reach it. Check this condition with the bank before transferring. And always keep a cash reserve or travel card for the first days, just in case.
Opening before vs. after arriving — both paths work
Before arriving You land with your BSB and account number ready to go — good if you're in a hurry to receive your first pay or a transfer. The catch is the one above: the account may stay locked until you activate it in person.
After arriving You go to a branch in your first days — with your agency alongside or on your own — and sort everything out in one visit. You just need a plan for the first 1 to 5 days: cash, a travel card, a loaded Wise card, or even your home bank's international card.
A strategy many arrivals end up using: two banks
One of the Big Four as your base — that's the physical branch for when something goes wrong, plus the big ATM network. Then, once the dust settles, a neobank like UP or ING for everyday life: zero fees, modern app, better experience for international payments. With both, you're covered for everything.
The 100-point system — identity verification
To open an account at a branch, Australia uses a points-based identity system. Each document is worth so many points, and the total needs to reach at least 100. A passport alone is worth 70 — so something's missing. You'll need at least one more secondary document to close the gap.
| Document | Points | Note |
|---|---|---|
| Passport (any country) | 70 | Primary document — mandatory for foreigners |
| Australian driver licence | 40 | After converting your licence, this helps a lot |
| Medicare card | 25 | Available if you have Medicare access |
| Utility bill (power, gas, internet, phone) | 25 | In your name, with an Australian address |
| Rental agreement | 25 | In your name, with an Australian address |
| Letter from an Australian school or employer | 25 | With name, address and date |
| TFN (Tax File Number) | — | Doesn't count for points, but avoids higher tax withholding |
| Minimum combination for new arrivals | 95–100 | Passport (70) + school letter or rental agreement (25) |
⚠️ Points and accepted documents can vary by bank. Always confirm with the bank before going to the branch. Source: AUSTRAC
How to open the account before arriving in Australia
Some of the big banks let you start the process online from your home country, up to 3 months in advance. But pay attention to the detail: the account gets created, but it only truly activates once you show up at a branch after arriving — generally within 20 to 30 days of arrival.
Go to the bank's official website and look for the account option for new residents. Enter your expected arrival date and pick the account type — if you're a student, check first whether there's a version with no monthly fee.
Name exactly as it appears in your passport, email, your current phone number and arrival date. At the end, you'll get a confirmation with the provisional account details.
Once approved, you'll receive the BSB (6 digits) and the account number (8–10 digits or so). Worth asking the bank here whether the account accepts deposits before in-person activation — not all of them do.
Within the bank's stated window, go to a branch with your passport and visa. That visit is what unlocks the account for full use.
Got your Tax File Number? Tell the bank — via the app or at a branch. Without a TFN on file, they withhold a higher tax rate on your savings interest.
BSB, account number and SWIFT — what each one is
| Item | What it is | What it's for | Example |
|---|---|---|---|
| BSB | Bank-State-Branch — a 6-digit code. Like a branch number. | Domestic transfers within Australia | 062-000 |
| Account Number | Your account number — usually 8–10 digits | Domestic and international transfers | 12345678 |
| SWIFT / BIC | The bank's international code — used for transfers from overseas | International transfers (Wise, Remitly etc.) | CTBAAU2S (CommBank) |
| PayID | A quick identifier (email or phone) linked to your account. Australia's instant-payment ID. | Instant payments between Australian accounts | Your email or AU mobile |
Fee comparison
| Bank | Monthly fee | Own ATM | Third-party ATM | Overseas purchases | Receiving from overseas |
|---|---|---|---|---|---|
| CommBank | A$0 students / A$4 others | Free | ~A$2–3 | ~3% spread | Free |
| NAB | A$0 | Free | Varies | ~3% spread | Free |
| ANZ | Varies by product | Free | Varies | ~3% spread | May have a fee |
| Westpac | A$0 students | Free | Varies | ~3% spread | Free |
| UP Bank | A$0 | Free | Free (mostly) | 0% | Free (via Wise) |
| ING | A$0 with regular use | Free | Refunded | Varies | Free |
⚠️ Fees and conditions change frequently. Always check the bank's official website.
Practical tips
- Get a mobile phone plan in your first days. The bill in your name becomes proof of address — and proof of address earns points in the 100-point system
- Ask your agency if you can use their address. Some allow it as a temporary mailing address when opening the account
- Stuck somewhere? Ask your agency for help. They've done this process hundreds of times; your case won't scare them
- Don't send all your money at once. Bring a cash reserve — around A$500 to 1,000 — for the first days
- Physical card in a safe place, always. Replacements take days to arrive
- Turn on notifications for every transaction. It's the fastest way to catch a strange charge or fraud on the spot
- PayID: set it up right after activating the account. Getting paid back by mates, splitting bills — everything gets easier
- Verification codes by SMS are never to be shared. Ever. Scammers ask for the code "to confirm your identity"; banks never do
- As soon as your TFN comes through, tell the bank. Without it, they withhold a higher tax rate on your interest
- And if you go with a neobank: keep a traditional bank as backup. With no physical branch, some situations simply get stuck
Comments
Have something to add or a question? Leave a comment below — your experience can help other immigrants in Australia.
Comments are public. You can delete yours from the same browser and device you used to post.
Loading comments…