The first time I helped a friend set this up after they landed, I was surprised how straightforward it actually was — assuming you go in knowing what to bring. Here is the process without the runaround.
Quick answer: You can open an Australian bank account online before you even land (Commonwealth Bank, ANZ, Westpac, and NAB all offer this), then verify your identity with your passport in person or via video call within the first few weeks of arrival.
Can You Really Open an Account Before You Arrive?
Yes. Australia’s four major banks — Commonwealth Bank, ANZ, Westpac, and NAB — all let you start a foreign resident account application online from overseas, sometimes up to 12 months before you land. You get an account number and BSB straight away, which means you can have your salary or savings ready to transfer the moment you touch down.
The catch: most of these accounts have limited functionality (no card, no full access) until you complete identity verification in person or via video call, usually within your first 6 weeks in the country.
What You’ll Need
- Passport — this is the main ID document for a new arrival with no Australian credit history
- Proof of address — sometimes needed once you have accommodation sorted; a lease agreement or utility bill works
- Visa details — your visa grant number or subclass, which the bank checks digitally
- Tax File Number (TFN) — not required to open the account, but you’ll want it soon after to avoid being taxed at the highest rate on any interest earned. You can apply for one through the Australian Taxation Office
The Big Four, Briefly
- Commonwealth Bank (CommBank) — the most widely used, with the biggest ATM network and a strong app; a common default choice for newcomers
- ANZ — well known for its “MoveBank” service aimed specifically at people relocating to Australia
- Westpac — offers a similar overseas account opening process with a solid international transfer setup
- NAB — generally competitive fees, worth comparing if you’re also planning to apply for credit down the track
Fees to Watch For
Most everyday transaction accounts for newcomers are fee-free if you meet a minimum monthly deposit (often around $2,000) or are under 25. If you don’t meet that, a monthly account-keeping fee can apply — usually somewhere between $4 and $10. Always check the current fee structure on the bank’s own site before signing up, since these change periodically.
What Happens When You Land
1. Head to a branch (or complete a video ID check) with your passport
2. The bank verifies your identity and activates full access to your account
3. You’ll receive a physical debit card, either in-branch or by mail within a few business days
4. Set up your Tax File Number through the ATO if you haven’t already — link it to your account to avoid the non-resident withholding tax rate on interest
A Few Things I’d Tell You Before You Go
- Opening an account before landing saves you a stressful first week — you’re not scrambling to sort out banking with jetlag
- Compare international transfer fees separately if you’re regularly sending money home — the everyday account fees and transfer fees are usually structured differently
- If you’re on a working holiday visa, ask specifically whether the account has any restrictions tied to your visa type before choosing a bank
Final Thoughts
The paperwork is lighter than people expect, mostly because Australian banks are used to processing new arrivals constantly. Start the online application before you fly if you can — even a partially set up account makes your first week noticeably smoother.
Once your account is set up, our guides on lodging your first Australian tax return and the current minimum wage cover what comes next financially.
The 100-Point ID Check, Explained
Australian banks are required by law — under the Anti-Money Laundering and Counter-Terrorism Financing Act — to verify your identity using a points-based system before they’ll open an account for you. You need at least 100 points, and each document is worth a set number of points depending on how reliable it is.
A valid foreign passport is worth 70 points on its own, which is why it’s the anchor document for most new arrivals. To reach 100, you’d normally need another 30 points from a secondary document — a birth certificate, a foreign driver’s licence, or a document showing your Australian residential address.
Source: AUSTRAC – Customer identification and verification.
The Six-Week Window Most People Don’t Know About
Here’s the detail that actually matters for anyone who’s just landed: if you open your account within six weeks of arriving in Australia, your passport alone is usually enough. Banks recognise that you can’t reasonably be expected to already have Australian-issued secondary documents in your first few weeks here, so they relax the 100-point requirement during this window.
Once six weeks have passed, the full 100-point check applies, and you’ll need to supplement your passport with something else — a Medicare card, an Australian bank statement from another account, or a certified translation of a foreign licence, for example. If you’re going to open an account, doing it early is genuinely the path of least resistance.
Common Mistakes People Make With Their First Account
A few patterns show up again and again with new arrivals:
- Waiting too long. Missing the six-week window means scrambling for extra ID later, sometimes before you’ve even set up utilities or a lease in your name.
- Not linking a Tax File Number early. Without a TFN on file, banks are required to withhold tax at the top marginal rate on any interest you earn — even small amounts.
- Assuming all “no fee” accounts are actually fee-free. Many accounts waive monthly fees only if you meet a minimum monthly deposit, which can trip up anyone between jobs.
- Not checking international transfer fees before choosing a bank. If you’re regularly sending money home, everyday account fees matter less than the foreign exchange margin on transfers.