A bank account is one of the first things you need to sort out — without one you can't receive your salary, pay rent, transfer money from home, or manage anything in an organised way. The good news is that you have options: open one before you fly or sort it out in your first few days after arriving. Not opening one before you come is not a major problem — but it does require some planning about how to bring money and manage your finances in those first days.

Your agency can help you open an account in the first few days

If you came through an immigration or exchange agency, they usually guide and accompany you through the bank account opening process in the first days — including going to the branch with you. If you have questions about the process, ask your agency before you fly about what they offer in this regard.

This article is informational — not financial advice

Fees, account conditions and bank requirements change frequently and may vary depending on your visa and situation. Always check directly with the bank's website or branch before making any decision.

Why opening a bank account is one of the first priorities

Without an Australian bank account with a BSB and account number, you cannot:

  • Receive your salary from an Australian employer — all payments are made by deposit
  • Receive international transfers from Wise, Remitly or similar services
  • Pay rent, electricity, internet and other local expenses
  • Pay a formal rental bond registered with the state authority
  • Use the PayID payment system (Australia's equivalent of instant bank transfers)
  • Accumulate superannuation — your employer's contributions require an account linked to your TFN

Opening before you arrive is convenient but not mandatory. If you don't open one beforehand, bring cash (A$500–1,000) or a travel card as an alternative — each option has costs and risks. Consider what makes most sense for your situation.

The main banks — Big Four and neobanks

Australia has a very solid banking system. The four largest banks (known as the Big Four) dominate the market and have branches and ATMs across the country. Neobanks are 100% digital, with no physical branches, excellent apps and lower fees — very popular among younger immigrants.

BankTypeOpen before arrivingMonthly feeHighlight
Commonwealth BankBig Four✅ Up to 3 months earlyFree for students / A$4 (waived with A$2,000/month)🥇 Most popular among immigrants — largest ATM network (4,300+)
NABBig Four✅ OnlineA$0Basic transaction account with no fee from the start
ANZBig FourSome productsVaries by productGood network with 900+ own ATMs
WestpacBig Four✅ OnlineFree for studentsApp with cardless cash — network of 3,850+ ATMs
UP BankNeobank❌ After arriving onlyA$0🌟 Best app on the market — 0% on overseas purchases — Wise integrated
INGNeobank❌ After arriving onlyA$0 with regular useRefunds third-party ATM fees with regular use

Opening before vs. after arriving — both approaches work

Before arriving: you already have your banking details (BSB and account number) ready. An advantage if you need to speed up receiving your first salary or transfer. Downside: the account may be blocked until you activate it in person.

After arriving: with support from your agency or on your own, you go to a branch in the first few days and set everything up at once. You need a financial alternative for the first 1–5 days — cash, a travel card, a pre-loaded Wise card or your home country's international bank card.

A strategy used by many immigrants: two banks

One Big Four bank as a base — physical branches for resolving any issues, wide ATM network. Then, once you're settled, a neobank (such as UP or ING) for everyday use — zero fees, a modern app and a better experience for international payments. Together they cover all your needs.

The 100-point system — identity verification

Australia uses a points system to verify identity when opening an account in a branch. Each document is worth a number of points — you need to total at least 100 points. A passport on its own is worth 70 points, so you need at least one secondary document.

DocumentPointsNotes
Passport (any country)70Primary document — required for foreign nationals
Australian driver's licence40After converting your overseas licence, this makes things much easier
Medicare card25Available to those with Medicare access
Electricity, gas, internet or phone bill25In your name and with your Australian address
Rental agreement25In your name, with an Australian address
Letter from an Australian school or employer25With name, address and date
TFN (Tax File Number)—Does not count as points, but avoids higher tax withholding
Minimum combination for new arrivals95–100Passport (70) + school letter or rental agreement (25)

⚠️ Points and accepted documents may vary by bank. Always confirm with the bank before visiting a branch. Source: AUSTRAC

How to open an account before arriving in Australia

Some of Australia's major banks allow you to start the process online from your home country, up to 3 months in advance. The account is created but only activated when you visit a branch in person after arriving — generally within 20 to 30 days of arrival.

Choose a bank and start the online application

Go to the bank's official website and look for the option to open an account for new residents. Enter your expected arrival date and choose the account type — check whether there is a fee-free monthly account for students.

Fill in your personal details

Your name as it appears on your passport, email, phone number from your home country (+country code) and arrival date. At the end you will receive a confirmation with your provisional account details.

Note your BSB and account number

Once the application is approved, you receive the BSB (6 digits) and account number (usually 8–10 digits). Check with the bank whether the account can accept deposits before in-person activation.

Activate the account at a branch after arriving

Within the timeframe specified by the bank, go to a branch with your passport and visa. Activation unlocks the account for full use.

Provide your TFN as soon as you have it

Once you have your Tax File Number, give it to the bank — via the app or in a branch. Without a TFN, the bank withholds a higher rate of tax on savings account interest.

BSB, account number and SWIFT — what each one is

DetailWhat it isWhat it's used forExample
BSBBank-State-Branch — a 6-digit code. Equivalent to a bank branch code.Domestic transfers within Australia062-000
Account NumberYour transaction account number — usually 8–10 digitsDomestic and international transfers12345678
SWIFT / BICInternational bank code — used for transfers from overseasInternational transfers (Wise, Remitly etc.)CTBAAU2S (CommBank)
PayIDA quick identifier (email or phone) linked to your account. Australia's equivalent of instant bank transfers.Instant payments between Australian accountsYour AU email or mobile

Fee comparison

BankMonthly feeOwn ATMThird-party ATMOverseas purchasesInternational transfers in
CommBankA$0 students / A$4 othersFree~A$2–3~3% spreadFree
NABA$0FreeVaries~3% spreadFree
ANZVaries by productFreeVaries~3% spreadMay have a fee
WestpacA$0 studentsFreeVaries~3% spreadFree
UP BankA$0FreeFree (most)0%Free (via Wise)
INGA$0 with regular useFreeRefundedVariesFree

⚠️ Fees and conditions change frequently. Always check the bank's official website.

Practical tips

  • Get a mobile phone plan in the first few days — a bill in your name counts as proof of address and contributes to the 100-point system
  • Check with your agency whether you can use their address — some agencies allow you to use their address as a temporary mailing address when opening an account
  • Ask your agency for help if you're unsure — experienced agencies have been through this process hundreds of times
  • Don't transfer all your money at once — bring a cash reserve (A$500–1,000) for the first few days
  • Keep your physical card somewhere safe — a replacement card can take days to arrive
  • Enable push notifications for all transactions — this is the quickest way to spot unauthorised charges or fraud
  • Set up PayID as soon as you activate the account — it makes it easy to receive payments from colleagues and split bills
  • Never share an SMS verification code — scammers ask for the code "to confirm your identity". A bank will never ask for this
  • Give your TFN to the bank as soon as you have it — without a TFN, the bank withholds a higher tax rate on interest
  • For neobanks, keep a traditional bank as a backup — neobanks without branches can be difficult to deal with in situations that require in-person assistance
First 30 days checklist
Includes bank account, TFN, super fund and everything else so you don't miss a step
ExcelPDF 30 days
Official sources