Opening a Bank Account in Australia: 2026 Guide
Everything international students, working holiday makers, and new migrants need to know before their first pay run.
Whether you’re arriving as an international student, a working holiday maker, or a new migrant worker, one of the first practical jobs on your checklist is sorting out a local bank account. Employers pay wages directly into an Australian account, so you’ll want this ready before your first shift.
Can you open an account before you arrive?
Yes. Australia is one of the more accommodating countries for this. All of the “Big Four” banks (Commonwealth Bank, ANZ, Westpac, and NAB) have programs aimed at newcomers, including students, working holiday makers, and skilled migrants, that let you start an application online from your home country, typically up to three months before you land.
You can usually transfer money into the account and have it ready and waiting, but you generally can’t withdraw funds or fully activate the account until you’ve verified your identity in person, either at a branch or, in some cases, using app-based verification within your first few weeks.
Eligibility depends on your visa. Most banks are comfortable with:
- Subclass 500 (Student)
- Subclass 417/462 (Working Holiday)
- Subclass 482 (Skilled work)
- Permanent residents
Tourist or visitor visas are usually more limited, and some providers exclude them outright.
The typical process
- Apply online from your home country (or after arrival, if you’d rather do it all in person). Usually 20–30 minutes.
- Provide your documents: typically your passport, visa details, and an Australian address (or your arrival/hostel/university accommodation if you don’t have a permanent one yet).
- Land in Australia and verify your identity in person. Usually a straightforward branch visit with your passport, around 30 minutes, though some banks now offer app-based verification instead.
- Activate your everyday account, and add a savings account if you want one.
If you’d rather skip the pre-arrival step, you can do the whole process in person once you’ve landed. It just means your account won’t be usable from day one.
Comparing the major banks
Australia’s largest bank, with a well-established migrant banking pathway. The Everyday Smart Access account is commonly recommended for new arrivals, with a dedicated version for international students. Fees are commonly waived for new migrants in year one.
Offers Migrant Banking and multilingual support, including interpreters. Modest monthly fee, often waivable. Pre-arrival account opening is currently easiest for applicants coming from New Zealand.
Both offer newcomer-focused accounts as part of the Big Four. Features and fee waivers are broadly comparable, so it’s worth comparing current offers directly before choosing.
Mobile-first, no monthly fees, popular with younger arrivals and backpackers who want a purely app-based experience. Generally requires a valid visa to open.
What about multi-currency accounts like Wise or Revolut?
If you want money ready to spend in Australian dollars before you’ve sorted a local bank account, or if you’re only in the country short-term, a multi-currency account from a provider like Wise or Revolut can bridge the gap. These aren’t a full substitute for a local bank account long-term (you won’t get access to credit, loans, or some domestic features), but they’re a genuinely useful option for the first few weeks, or as a lower-cost way to hold and convert money in multiple currencies alongside your Australian account.
Fees to expect
| Waiver condition | Typical requirement |
|---|---|
| Minimum monthly deposit | Often around $2,000 (varies by bank/account) |
| Age-based waiver | Commonly under 30 |
| Student status | Often exempt from fees automatically |
| Minimum balance | Varies by bank |
Most everyday accounts carry a small monthly fee (commonly around $4–5) that’s frequently waived under one of the above conditions. It’s worth checking current waiver terms directly with each bank, since these criteria do change.
A note on PayID
Once your account is set up, look into linking it to PayID, Australia’s instant payment system, which lets people send you money instantly using just your phone number, email, or ABN instead of your full BSB and account number. It’s free and widely used for everyday transfers between friends, flatmates, and employers.
Frequently asked questions
Most banks require at least a visa or visa-pending status. Some tourist visa holders (like ETA) can open with limitations, but it’s best to check with the specific bank.
Not necessarily. You can often use your arrival address (hostel, university accommodation, or a friend’s address) when applying, and update it once you’re settled.
No. Super is a separate, retirement-only account that your employer pays into automatically. It’s not something you spend day-to-day, and it’s a different process to claim when you leave Australia.
A bank account and a Tax File Number usually go hand in hand. You’ll need both sorted early, since your employer will ask for both before your first pay run.
Get job ready before your first pay run
Our courses help you understand Australian workplace expectations from day one.
Explore CoursesBank fees, eligibility rules, and promotional offers change regularly. Always confirm current terms directly with the bank before applying.