Opening a Bank Account in Australia as a New Migrant 2026
How to open an Australian account before you even arrive, the documents you need, the major banks compared, and how to move your money across
Overview
An Australian bank account is one of the very first things you need when you move here, your salary is paid into it, your rent comes out of it, and you cannot really function without one. The good news for new migrants is that opening an account is straightforward, and you can often start the process before you even land, so your account is ready and your settlement funds are waiting when you arrive.
This guide walks through the whole process: why and when to open an account, the documents you need, the major banks and how they compare, the types of accounts, how to open one before versus after arrival, the identity check, the fees to watch, and how to move money across from Hong Kong. It is written for someone arriving fresh, so it flags the timing and the traps, and connects to the two things that go hand in hand with a bank account: your proof of address and your Tax File Number.
The key insight: opening an Australian account is one of the few settling-in tasks you can get done in advance, so treat it as an early win that unlocks almost everything else.
1. Why (and When) to Open an Australian Account
You need a local account for the basics of daily life: receiving your salary, paying rent and bills, using a debit card, and avoiding the high fees of spending on an overseas card. Employers pay wages into an Australian account, and landlords and utilities expect Australian direct debits, so this is not optional.
On timing, the important thing to know is that many Australian banks let you open an account before you arrive, often up to around 12 weeks before, through their migrant or newcomer banking programs. You provide your details online, deposit funds if you wish, and then simply verify your identity in a branch when you land to activate full access and collect your debit card. Opening early means your account is ready on day one, your settlement money is already in Australia, and you can give account details to an employer or landlord immediately.
1.1 How migrant banking programs work
The Big Four all run some form of newcomer or migrant banking program aimed exactly at people in your situation. Broadly, they let you apply online from overseas, open the account remotely, and deposit funds into it before you arrive, so your money is safely in an Australian dollar account waiting for you. Some programs also bundle helpful extras for arrivals, such as guidance on setting up, and a smooth path to verify your identity in a branch once you land. The details differ between banks and change over time, so compare the current programs directly, but the underlying idea is the same: get you banking-ready before you touch down.
It is worth noting that these programs are a genuine competitive battleground: because banks want to capture new migrants as long-term customers, the newcomer offers can be quite generous, and they actively want your business. That works in your favour, so it is reasonable to compare a couple of programs and pick the one whose combination of fees, app, network and onboarding suits you, rather than simply defaulting to the first bank you hear of.
2. Documents You Need
The exact requirements vary by bank and by whether you open before or after arrival, but you will generally need:
Passport — your primary identity document, essential in every case.
Visa or evidence of your right to be in Australia — confirming your status.
Australian residential address — needed to complete the account (this is where proof of address comes in; see the separate guide).
Tax File Number (TFN) — not required to open the account, but you should provide it once you have it, to avoid tax being withheld on your interest (Section 8).
Some personal details — date of birth, contact details, and sometimes an initial deposit.
A useful point: you can usually open the account before you have an Australian address or a TFN, especially if you open online from overseas. You then add your address and TFN once you have them. So a missing address or TFN is not a reason to delay starting the process.
3. The Major Banks
Australia's banking is dominated by the Big Four, which have the largest branch and ATM networks and the most developed migrant-banking programs:
Commonwealth Bank (CBA) — the largest retail bank, with a widely used app and a well-known newcomer program.
Westpac — one of the oldest banks, with migrant-focused onboarding.
ANZ — strong in international and migrant banking.
NAB (National Australia Bank) — another of the Big Four with newcomer services.
Beyond the Big Four, there are strong alternatives such as Macquarie, ING, Bendigo Bank and various digital banks, which often compete on lower fees or higher savings rates but with smaller physical networks. For a new migrant who values branches and a migrant-onboarding process, one of the Big Four is often the simplest starting point; you can always open a second, lower-fee or higher-interest account later once you are settled.
4. Types of Accounts
You will usually want at least one of each of the first two, and possibly the third later:
Everyday / transaction account — your main account for salary, spending and bills, with a debit card; look for one with no or low monthly fees.
Savings account — a separate account that pays interest on your balance, for your savings and emergency fund; compare interest rates and any conditions.
Offset account — a transaction account linked to a mortgage that reduces the interest you pay; only relevant once you have a home loan (see the separate offset guide).
Most new migrants start with an everyday account plus a linked savings account, which is enough for salary, spending and saving. The debit card from your everyday account is what you will use day to day, and it usually works on the major international networks so you can use it immediately.
One thing to understand early is the difference between a debit card and a credit card as a new arrival. Your everyday account comes with a debit card that spends your own money, and you can use it from day one. A credit card, by contrast, requires the bank to assess your creditworthiness, and as a newcomer you start with no Australian credit history, so credit cards (and later, loans) can be harder to obtain in your first months. This is normal, it builds over time as you hold accounts, pay bills and are paid into your account, so begin with the debit card and let your Australian credit profile develop before expecting easy access to credit products.
4.1 Joint and family accounts
Families moving together should think about account structure early. A joint account (held by two people, typically partners) is convenient for shared household expenses like rent and bills, and both holders can access and manage it. Many families run a joint account for shared costs alongside individual accounts for personal spending. Banks can usually set up joint accounts as part of the same migrant onboarding, and children can often have their own youth or student accounts. Deciding your structure, individual, joint, or a mix, before you open makes the setup cleaner.
A few pieces of Australian banking vocabulary are worth learning early. Your account is identified by a BSB (a six-digit branch/bank code) plus your account number, and you give both to anyone paying you or setting up a direct debit. PayID lets you link your account to your phone number or email so people can pay you using that instead of the BSB and account number. Osko is the fast-payment system that moves money between Australian banks almost instantly.
And direct debit is how most rent, utilities and subscriptions are collected automatically from your account. Getting comfortable with these early makes everyday money admin, being paid, paying rent, splitting bills, much smoother.
5. How to Open an Account: Before vs After Arrival
5.1 Before you arrive (online)
Most Big Four banks let you apply online from overseas, typically within a few months of your move. You complete the application with your passport and personal details, and you can often transfer your settlement funds into the account before you land. At this stage you have an account number, but full access (and your debit card) is usually activated once you verify your identity in person after arrival. This is the ideal route: it puts your money in Australia early and means you hit the ground with an account already open.
One practical tip for the before-arrival route: start it earlier than you think you need to. Applications from overseas can take a little longer than a walk-in, funds transfers take time to clear, and you want everything settled before the chaos of the actual move. Opening six to twelve weeks out, where the bank allows it, gives you a comfortable buffer so that on landing your only remaining task is the quick in-branch identity check to activate the account and collect your card.
5.2 After you arrive (in branch or online)
If you did not open in advance, you can open an account after arrival, either in a branch or online, by verifying your identity. In a branch you present your passport and other documents for the identity check (Section 6); online, the bank may verify you digitally. After arrival you can usually provide an Australian address, which lets the bank complete the account fully and issue your card. Either way, the process is quick once your identity is verified.
6. The 100-Point Identity Check
Australian banks must verify your identity under anti-money-laundering law, commonly using the 100-point identity check. Different documents are worth different points, and you must reach 100 to be verified:
Primary documents (worth the most points) — a passport is the key one for migrants and carries a high value.
Secondary documents — things like a foreign or Australian driver's licence, or documents showing your name and address.
Reaching 100 — your passport plus one or two supporting documents will usually get you there comfortably.
If you are worried about the identity check as a newcomer, do not be: banks deal with new migrants every day, and the system is designed so that a valid passport gets you most of the way. Where you fall a little short on points, staff will tell you exactly what additional document would complete the check, and things like a foreign driver licence or an official letter can top you up. Bring your passport and whatever other identity documents you have, and the branch will guide you through the rest.
For a new migrant, your passport does most of the heavy lifting, so the identity check is rarely a problem as long as you bring it. If you open before arrival, the online process handles verification differently, and the in-branch check on arrival simply confirms your identity to unlock full access.
7. Fees and Features to Compare
Accounts differ more than people expect, so it pays to compare a few things before choosing:
Monthly account fees — many everyday accounts charge none, or waive the fee if you deposit a minimum each month; avoid paying a fee you do not need to.
International transaction and ATM fees — important for new migrants who will spend or withdraw overseas or use an overseas card initially; these can add up.
Overseas transfer fees and exchange rates — relevant when moving money from Hong Kong (Section 9).
Savings interest rates and conditions — some savings accounts pay a good rate only if you meet monthly conditions (a deposit, no withdrawals).
App and digital features — the quality of the mobile app matters a lot day to day.
Branch and ATM network — larger for the Big Four, smaller for digital banks.
A sensible approach is to open a simple, low-fee everyday account with a major bank to get started, then, once settled, add a higher-interest savings account or a low-fee digital account for the parts where they are better. You are not locked into your first choice.
When comparing, weigh what actually matters for your stage. In your first months, easy setup, a good app, a large ATM network and low everyday fees usually matter most, which favours a major bank. Once you are settled and have a steady income and savings, the calculus shifts toward maximising savings interest and minimising international and account fees, which is where digital banks and specialist accounts shine.
Because Australians commonly hold accounts at more than one institution, you do not have to choose one bank forever, you can layer the right accounts for the right jobs as your needs evolve.
8. Your TFN and Why the Bank Wants It
You do not need a Tax File Number (TFN) to open an account, but you should give it to the bank once you have one. The reason is simple: if the bank does not have your TFN, it must withhold tax at the top rate on the interest your account earns, and you then have to reclaim it through your tax return. Providing your TFN avoids this over-withholding.
So the sequence for a new migrant is: open the account (no TFN needed), apply for your TFN soon after arriving, then add the TFN to your account through the app or a branch. It is a small step that quietly saves you tax and hassle, and it ties directly into your first tax return (see the separate tax-return guide).
9. Moving Your Money from Hong Kong
Getting your funds across is a big part of the exercise, and it deserves care because exchange rates and fees can cost, or save, you a lot:
International transfer — you can transfer from a Hong Kong bank to your Australian account; compare the total cost (fees plus the exchange-rate margin), not just the advertised fee.
Specialist transfer services — services such as Wise and others often offer better exchange rates and lower fees than a traditional bank wire for moving money internationally.
Timing large transfers — exchange rates move, so for a large settlement sum some people transfer in stages or watch the rate; there is no guaranteed best time, so weigh certainty against trying to time the market.
Reporting of large transfers — large international transfers are reported to the authorities (AUSTRAC) as a routine anti-money-laundering measure; this is normal, but keep records of the source of large funds.
Keep evidence of source — especially if the money will go toward a property, keep clear documentation of where the funds came from.
Opening your Australian account early helps here too: with the account ready before you arrive, you can move your settlement funds across in good time and have them available in Australian dollars from day one, rather than scrambling after landing.
A note on holding the money once it arrives: settlement funds sitting in your account are handy, but a plain transaction account pays little or no interest, so if you will not need the money immediately, moving it into a linked savings account (or, later, an offset account against a mortgage) puts it to work. Just keep enough in your everyday account for near-term costs like bond, rent, furniture and the general expense of setting up a home, which always adds up faster than expected in the first months.
9.1 Why the total cost matters: a quick example
It is worth seeing why comparing the total cost, not the headline fee, matters (figures illustrative). Suppose you are moving a large settlement sum. One provider advertises a low or zero transfer fee but builds a wide margin into its exchange rate; another charges a small fee but gives you a rate close to the real mid-market rate. On a large transfer, the difference in the exchange rate alone can dwarf any fee, so the zero-fee option can actually cost you more in the end. The lesson: always compare how many Australian dollars you will actually receive for your Hong Kong dollars after everything, because that final figure, not the advertised fee, is what really counts.
If the money is destined for a property purchase, take extra care with the paper trail. Large sums moved for a home, especially by an overseas or new-arrival buyer, will attract scrutiny from banks and, where relevant, other authorities, so keep clean documentation showing the source of the funds (savings, sale of an overseas asset, and so on). Getting the money into your Australian account in good time, with its origin well documented, avoids delays later when it matters most, at settlement. This connects directly to the financing and FIRB steps covered in the property guides.
10. Common Mistakes
Waiting until after arrival to start — you can often open before you land, so you miss an easy head start.
Not providing your TFN — leading to tax withheld on your interest until you add it.
Ignoring international and ATM fees — these quietly add up for new arrivals spending across borders.
Only comparing the advertised transfer fee — the exchange-rate margin often costs more than the fee; compare the total.
Assuming you need an address or TFN first — you can usually open the account without them and add them later.
Sticking with a high-fee account — you can switch or add a better account once settled.
11. Three Scenarios
11.1 The organised mover
A few weeks before leaving Hong Kong, you open an account online with a Big Four bank's migrant program and transfer your settlement funds in. You land with money already in Australia, verify your identity in a branch, collect your debit card, and give your new account details to your employer and landlord immediately. Later you add your TFN and open a higher-interest savings account.
11.2 The arrival who did not plan ahead
You arrive without an account. You visit a branch with your passport, complete the identity check, and open an everyday account; once you have a lease you add your Australian address, and once you have your TFN you add that too. It works fine, just with a little more to do after landing than if you had opened in advance.
11.3 The fee-conscious saver
You start with a simple Big Four everyday account for convenience, then, once settled, open a low-fee digital account and a high-interest savings account to minimise fees and maximise interest, keeping the major-bank account for its branch network and everyday use.
11.4 The family setting up together
A couple with children opens a joint everyday account for household bills plus individual accounts for personal spending, and youth accounts for the kids. They open the joint account online before arriving through a migrant program, move their settlement funds in, and verify identities together in a branch on arrival. Rent and utilities are set up as direct debits from the joint account, giving the household one clear place for shared money.
12. FAQ
Q1. Can I open an Australian bank account before I arrive?
Yes, many major banks let you apply online from overseas, often within about 12 weeks of your move, and you verify your identity in person after you land.
Q2. What documents do I need?
Primarily your passport, plus your visa, and eventually an Australian address and Tax File Number, though you can often open the account before you have the address or TFN.
Q3. Which bank should I choose?
The Big Four (CBA, Westpac, ANZ, NAB) offer the largest networks and migrant programs, while digital banks like ING or Macquarie compete on fees and rates; many start with a Big Four account and add another later.
Q4. Do I need a Tax File Number to open an account?
No, but you should add your TFN once you have it, or the bank must withhold tax at the top rate on your interest, which you then have to reclaim.
Q5. What is the 100-point identity check?
A points-based verification where documents are worth set points and you must reach 100; for migrants the passport carries most of the weight, plus one or two supporting documents.
Q6. What account types should I open?
Usually an everyday transaction account for salary and spending plus a linked savings account for interest, and later an offset account if you get a mortgage.
Q7. What is the best way to move money from Hong Kong?
Compare the total cost of transfers (fees plus exchange-rate margin); specialist services like Wise often beat a traditional bank wire, and keep records of the source of large sums.
Q8. Are large transfers reported?
Yes, large international transfers are routinely reported to AUSTRAC as an anti-money-laundering measure, which is normal, so keep documentation of where the money came from.
Q9. What are BSB, PayID and Osko?
A BSB is your six-digit bank/branch code used with your account number, PayID links your account to your phone or email for payments, and Osko is the system that moves money between Australian banks almost instantly.
Q10. Should we open a joint account as a family?
Often yes for shared expenses like rent and bills, typically alongside individual accounts for personal spending, and children can have their own youth accounts.
Q11. How early should I open before arriving?
Ideally six to twelve weeks out where the bank allows, so the application, funds transfer and any checks are settled before you move, leaving only the in-branch verification on arrival.
5.3 Your first week: a simple banking sequence
If you did not open in advance, a clean first-week sequence looks like this: on arrival, take your passport to a branch (or open online) and set up an everyday account and a savings account. Get your debit card and set up the mobile app and PayID. Once you sign a lease, add your Australian residential address so the account is fully complete. Apply for your Tax File Number, and as soon as it arrives, add it to your accounts. Finally, set up direct debits for rent and utilities, and give your BSB and account number to your employer for salary. Done in that order, your money life is fully operational within a week or two of landing.
13. Bank Account Checklist
To get banking sorted smoothly:
Open early — apply online before you arrive if you can.
Bring your passport — the key document for the identity check.
Choose an account — a low-fee everyday account plus a savings account to start.
Move funds in good time — compare total transfer costs, not just the fee.
Verify on arrival — complete the in-branch identity check to unlock full access.
Add your address — once you have a lease (proof of address).
Add your TFN — once you have it, to avoid tax withheld on interest.
Review later — add a lower-fee or higher-interest account once settled.
Conclusion: An early win that unlocks everything else
Opening an Australian bank account is one of the smoothest parts of moving here, and one of the few you can genuinely get done in advance. By opening early, ideally before you arrive, you land with your money already in Australia, an account ready for your salary, and a debit card waiting to be activated, which removes a huge amount of friction from your first weeks.
Open online before you fly if you can, bring your passport, choose a low-fee everyday account plus a savings account, move your funds across at a sensible total cost, and add your address and TFN once you have them. Do that, and your banking becomes the solid foundation on which the rest of your settling-in, your rent, your bills, your tax and eventually your property plans, comfortably sits. Paired with your proof of address, it is the first real step to being financially set up in Australia.
Seen in the round, your bank account is the hub that the rest of your Australian financial life plugs into: your salary flows in, your rent and bills flow out, your savings grow in a linked account, your tax refund lands here, and one day your mortgage and offset account connect to it too. Getting it right early, ideally before you arrive, and then layering on the right savings or low-fee accounts as you settle, means this hub is solid from the start. It is the least glamorous and one of the most important of all the settling-in tasks.
A final note: bank products, fees, migrant programs and requirements vary between institutions and change over time; this is general information only, not financial advice. Compare current offers directly with the banks and confirm the requirements for your circumstances before deciding.
