Opening a bank account in Australia

An Australian bank account is one of the first things you need: your employer pays into it and landlords take rent from it. Some banks let you start before you fly, but every bank needs to see you and your passport in a branch.

Opening before you arrive

Rules differ by bank. Two examples from the big four banks, as their websites described them when we checked:

Other banks have their own rules. Both of these exclude visitor visas. Opening early means you have account details to give your employer and to receive money from the UK: see Moving money from the UK.

Proving who you are

Banks must check your identity in person. Bring:

• Your passport (the original), valid for at least 6 months at some banks
• Your visa details
• An Australian residential address. A temporary address may do at first: ask the bank
• An Australian mobile number (see Phones and internet)

You will often hear of the “100-point check”, a system where each ID document scores points and you need 100 in total. Banks, landlords and others use versions of it. As a newcomer, your passport is the key document; an Australian driving licence, Medicare card and bank card all help later. Points differ between organisations. For example, the Australian Federal Police’s checklist for police checks gives a current foreign passport 100 points and a Medicare card or bank card 40 points each, and asks for at least one “primary” document such as a passport.

Once you have your TFN, give it to your bank. Without it, the bank must withhold more tax from your interest: see Your TFN and Australian tax.

Which bank?

The four biggest banks are CommBank, Westpac, NAB and ANZ. There are also many smaller banks, online-only banks, building societies and customer-owned banks. We don’t recommend any. Compare:

• Monthly account fee, and how to avoid it (some waive it for a first year or if you pay in a set amount)
• Fees for using other banks’ cash machines
• Fees for using your card abroad, and for sending money overseas
• Whether there are branches near you, if you prefer face-to-face help
• The app, and whether it supports PayID, Apple Pay or Google Pay

Example: CommBank’s basic account had no monthly fee for under-30s, or for the first year for over-30s, when we checked. After that a monthly fee applies unless you meet conditions, such as paying in A$2,000 a month.

Is my money safe?

Australia’s Financial Claims Scheme protects deposits up to A$250,000 per person, per bank, building society or credit union. It works like the UK’s FSCS. Check the institution is an authorised deposit-taking institution (ADI) with APRA, Australia’s banking regulator.

Cards, PayID and paying people

Debit cards and phone payments are widely used. Instead of a sort code, accounts have a BSB (a 6-digit branch number) plus an account number.

PayID lets you link your mobile number or email to your account, so people can pay you without your BSB and account number. Payments usually arrive within seconds. Before you send, you are shown the name linked to the PayID: check it. PayID never contacts you directly, so any email or text claiming to be from PayID is a scam.

Your credit history starts at zero

Your UK credit record does not transfer. In Australia you start with no credit history, so a credit card, car loan or phone contract can be harder to get at first. Equifax, one of Australia’s credit reporting bodies, says recent migrants are among those most likely to have no or only a “thin” credit history, and that a post-paid mobile phone or electricity contract in your own name can help start one. Moneysmart says whether you pay on time is one of the things that affects your credit score. Read Credit history in Australia.