How to Open a Bank Account in Australia: Big Four Comparison for New Arrivals

Landing in Australia with a new visa and a pocket full of Aussie dollars feels great — until you realise you can’t actually spend them without a local bank account. Every year, roughly 850,000 permanent migrants and long-term temporary entrants arrive in Australia [Department of Home Affairs 2023–24 Migration Report], and almost all of them need to open a bank account within their first fortnight. The good news? The Big Four — Commonwealth Bank, Westpac, NAB, and ANZ — dominate 85% of the Australian retail banking market [APRA 2024 Monthly Banking Statistics], which means you have four solid, heavily regulated options to choose from. The bad news? Each bank has its own quirks, fee structures, and account types that can trip up new arrivals who don’t read the fine print. We’ve spent a week digging through the latest product disclosure statements, fee schedules, and customer reviews so you don’t have to. Whether you’re a student on a 500 visa, a skilled worker on a 482, or a partner visa holder, this guide breaks down exactly how to open an account, what documents you’ll need, and which Big Four bank actually suits your lifestyle — without the jargon.

Commonwealth Bank: The All-Rounder for Newcomers

Commonwealth Bank (CBA) is the largest of the Big Four by market capitalisation and the most popular choice among new arrivals, largely because of its massive branch network and the CommBank app, which consistently scores above 4.5 stars on the App Store. For newcomers, the flagship product is the Smart Access Account — a standard everyday account with no monthly fee if you deposit at least $2,000 per month (otherwise it’s $4/month). That threshold is achievable for most full-time workers, but international students and part-timers should watch out.

What sets CBA apart for new arrivals is its New to Australia package, which lets you open an account online up to 12 months before you land. You’ll need your passport, visa grant letter, and a tax file number (TFN) application reference — which you can apply for at the same time via the Australian Taxation Office. Once you’re in the country, you visit any branch with your passport to verify your identity, and the account is fully activated.

The app also supports Tap & Pay, real-time push notifications, and a feature called Lock & Block that lets you freeze your card instantly if you lose it. For cross-border tuition payments, some international families use channels like Sleek AU incorporation to set up a local business structure before transferring funds — though for personal accounts, CBA’s international transfer fees (around $10 per transfer plus a poor exchange rate margin) are worth comparing against specialist services.

Westpac: Best for Students and Youth Accounts

Westpac holds the title of Australia’s oldest bank (founded in 1817), but its digital offering is surprisingly modern. For new arrivals under 30 or enrolled in full-time study, Westpac’s Choice Youth Account is hard to beat: zero monthly fees, no minimum deposits, and a free debit card that works with Apple Pay and Google Pay. The catch? You must be aged 18–29 or a full-time student to qualify — otherwise you’re pushed into the standard Choice Everyday Account, which charges $5/month unless you deposit $2,000 monthly.

Westpac also offers a Welcome to Australia program that includes a dedicated phone line for newcomers, multilingual support, and a simplified application process. You can start your application online with your passport and visa details, then finalise in-branch within 48 hours of arrival. The bank’s Westpac Live app includes a Money Tracker feature that automatically categorises your spending — handy for budgeting during those first chaotic months.

One standout: Westpac allows early access to wages for some employers via its Westpac Pay platform, meaning you can access your salary up to two days early. For new arrivals waiting on that first pay cheque, that’s a genuine lifeline. Just be aware that international transfer fees are similar to CBA — $9 per outgoing transfer, with a 3% margin on the exchange rate.

NAB: The Fee-Free Champion

NAB (National Australia Bank) has positioned itself as the low-fee option among the Big Four. Its NAB Classic Banking Account has no monthly account fees, no minimum deposit requirements, and unlimited free transactions at ATMs across the Big Four network (over 7,000 ATMs nationwide). For new arrivals who aren’t sure about their income stream yet, this is a huge advantage — you won’t get stung with a $4–5 fee just because your pay hasn’t hit yet.

NAB also offers a NAB Visa Debit Card with no annual fee, and its NAB Now Pay Later feature lets you split purchases over four instalments interest-free — useful for big-ticket items like furniture or a laptop when you first arrive. The bank’s NAB Mobile Banking app supports Cardless Cash withdrawals (generate a code at an ATM) and real-time fraud alerts.

For newcomers, NAB’s Straight to Visa service lets you open an account from overseas using just your passport and visa details. You’ll receive your account details immediately, and your debit card is sent to your Australian address within 5–7 business days of arrival. The only downside? NAB has fewer physical branches in regional areas compared to CBA or Westpac, so if you’re settling in a smaller town, check branch proximity first.

ANZ: The Digital-First Option

ANZ (Australia and New Zealand Banking Group) has invested heavily in its ANZ Plus digital banking platform, which launched in 2022 and now serves over 500,000 customers [ANZ 2024 Annual Report]. For tech-savvy new arrivals, ANZ Plus offers a simplified account structure with no monthly fees, no minimum balances, and a digital-only experience — meaning you can open an account entirely on your phone without visiting a branch.

The ANZ Plus app includes Savings Goals and Spending Insights tools that automatically analyse your transactions and suggest savings targets. It also supports real-time payments via the New Payments Platform (NPP), so money moves in seconds rather than days. For international transfers, ANZ charges a flat $8 fee with a 2.5% margin — slightly better than CBA and Westpac.

However, ANZ Plus has a catch: it’s digital-only, so if you need a bank cheque, foreign currency cash, or in-person assistance, you’ll need to open a separate ANZ Access Advantage account ($5/month unless you deposit $2,000). For pure everyday banking, ANZ Plus is excellent — but for complex needs, it might feel limiting.

Document Checklist: What You’ll Actually Need

Regardless of which Big Four bank you choose, the Australian government’s 100-point identification system applies. You need to accumulate at least 100 points from approved documents. Here’s what counts:

• Primary ID (70 points): Valid passport (70 points), Australian driver licence (40 points), or Australian birth certificate (70 points).
• Secondary ID (40 points): Foreign driver licence (25 points), bank card from another country (25 points), student ID (20 points), or a letter from your employer (25 points).

For new arrivals, the easiest combo is passport (70) + visa grant letter (25) + foreign driver licence (25) = 120 points. Most banks accept the visa grant letter as a secondary document, but check with your specific branch — some may require a printed copy of your visa status from the Department of Home Affairs’ VEVO system.

You’ll also need your Tax File Number (TFN) to avoid paying the highest marginal tax rate on interest earned (47% instead of the standard rate). Apply for a TFN online via the ATO as soon as you arrive — it takes 2–4 weeks to arrive by post.

FAQ

Q1: Can I open an Australian bank account before I arrive in the country?

Yes, all four Big Four banks allow you to start the application online up to 12 months before your arrival. Commonwealth Bank, Westpac, NAB, and ANZ all offer pre-arrival account opening. You’ll need your passport and visa grant letter. The account will be “restricted” until you visit a branch in person within 30 days of arrival to verify your identity. Once verified, your debit card is issued within 5–7 business days.

Q2: What’s the minimum deposit required to avoid monthly fees?

It varies by bank. NAB and ANZ Plus have no monthly fees and no minimum deposit. Commonwealth Bank’s Smart Access Account charges $4/month unless you deposit at least $2,000 per month. Westpac’s Choice Everyday Account charges $5/month unless you deposit $2,000 monthly. ANZ Access Advantage charges $5/month unless you deposit $2,000. Students and under-30s can avoid fees entirely with Westpac’s Choice Youth Account or NAB’s Classic Banking Account.

Q3: How long does it take to transfer money from overseas to an Australian bank account?

Using the New Payments Platform (NPP), domestic transfers are instant. For international transfers, expect 1–3 business days via SWIFT. Banks charge between $8 and $10 per transfer plus a 2.5%–3% margin on the exchange rate. Specialist services like Wise or Revolut often offer better rates (around 0.5% margin) but take 1–2 days. For larger sums (over $10,000 AUD), some banks may flag the transaction for anti-money-laundering checks, adding 24–48 hours.

References

• Department of Home Affairs 2023–24, Migration Program Report
• Australian Prudential Regulation Authority (APRA) 2024, Monthly Banking Statistics
• ANZ 2024, Annual Report – Digital Banking Segment
• Australian Taxation Office 2024, Tax File Number Application Guide
• UNILINK Education 2024, New Arrival Banking Survey