Welcome to Australia — Let’s Get Your Banking Sorted
I still remember our first day in Australia, we are standing in a bank line, wondering which account would actually make our life easier. Between finding a home, starting work, and adjusting to daily life, the last thing we needed was banking stress. If you’ve just arrived, I’m sure you can relate!
The good news is many banks in Australia make it easy for newcomers to open an account sometimes even before you land. This guide will help you compare the best banks, avoid unnecessary fees, and settle in faster, so you can focus on enjoying your new life.
Pro tip: Opening a bank account is just one part of getting settled. Check out my guide on Essential Things to Do Upon Arrival in Australia, it covers SIM cards, TFN, Medicare, and other first-week essentials.
What New Immigrants Need in a Bank
When you first arrive, you’ll be juggling many priorities: accommodation, job hunting, and adjusting to daily life. The last thing you want is banking confusion.
Look for these key features:
- Easy account setup (online before arrival is a plus)
- Low or no monthly fees
- Support for international transfers
- Good mobile and online banking
- Helpful customer service familiar with newcomers
Top 5 Banks for New Immigrants in Australia (2025 Edition)
1. Commonwealth Bank (CommBank)
Why It’s Great:
CommBank lets you open an account online before arrival. Once in Australia, you can verify your ID at any branch. With the largest branch and ATM network in the country, it’s perfect for easy in-person support.
Watch-Outs:
Some accounts have monthly fees. Choose the Smart Access account with no monthly fee if you deposit $2,000+ per month.
Best For:
New immigrants who prefer in-person banking and want everything ready before arrival.
2. ANZ
Why It’s Great:
ANZ makes account setup simple and beginner-friendly for newcomers. Their customer support is helpful if you have questions about documentation or banking processes, making the start of your financial journey stress-free.
Watch-Outs:
You’ll need standard identification, including an Australian address (can be updated later).
Best For:
Newcomers who value simplicity and guidance during onboarding.
Once your account is set up, check out How to Create a Budget in 5 Easy Steps to get your money organized without stress.
3. Westpac
Why It’s Great:
Westpac offers accounts suitable for newcomers, including fee waivers for the first year. Their branches are widespread, and customer support can help with multilingual assistance.
Watch-Outs:
Introductory perks may expire after the first 12 months.
Best For:
Families or newcomers who want reliable customer support and branch access.
4. ING (and Other Digital Banks like Up Bank)
Why It’s Great:
ING’s Orange Everyday account has no monthly fees, no ATM charges, and excellent mobile banking. Digital banks like Up Bank offer instant setup and handy budgeting tools. These accounts are perfect for newcomers who are comfortable with digital-first banking.
Watch-Outs:
There are no physical branches so only ideal if you’re happy managing finances online.
Best For:
Tech-savvy immigrants who want convenience and zero fees.
For everyday savings tips, see 6 Practical Strategies to Manage the Rising Cost of Living in Australia.
5. HSBC (International Bank)
Why It’s Great:
HSBC allows you to open an Australian account from overseas and offers multi-currency options, making it easier to manage international funds.
Watch-Outs:
Some accounts require a minimum balance or have higher fees than local banks.
Best For:
Migrants who need global banking solutions and plan to transfer money internationally.
Why Ease + Low Fees Matter More Than Rewards
At the start of your journey, simplicity and affordability are more valuable than reward points. Look for accounts that offer:
- No monthly maintenance fees
- Free or discounted ATM access
- Easy online management
And while thinking about fees, don’t forget the bigger picture. Read 5 Benefits of Having an Emergency Fund in Australia to see why every newcomer should start one.
Quick Decision Guide
Your Need | Best Bank Option |
Open before arrival | CommBank or HSBC |
Need in-person support | CommBank or Westpac |
Lowest fees | ING or Up Bank |
Sending money overseas | HSBC or ANZ |
Step-by-Step: How to Open a Bank Account in Australia
- Pick your preferred bank.
- Apply online (ideally 1–2 weeks before arrival).
- Gather documents: passport, visa, proof of ID.
- Verify your ID in-branch upon arrival.
- Set up PayID and Internet Banking to easily receive wages.
Once your account is ready, start planning bigger goals with Unlocking the First Home Super Saver Scheme: Is It Worth It?
Fee-Saving Checklist for Newcomers
- Choose a no-monthly-fee or fee-waived account
- Use your bank’s ATM network
- Compare international money transfer rates
- Set up PayID for fast, free payments
Final Quick Summary
- Best overall for easy setup: CommBank
- Best for global banking: HSBC
- Best for low fees: ING
- Best for in-person support: Westpac
- Best for extra newcomer help: ANZ
Quick Recommendation
For a fast, stress-free start:
- Open a CommBank account online before arrival (or HSBC for international banking).
- Verify your ID once you land.
- Use ING as your main everyday account to minimize fees.
FAQs About Banking in Australia for New Immigrants
Q1: Can I open a bank account before arriving in Australia?
Yes! Major banks like CommBank, Westpac, ANZ, and HSBC allow online account opening up to 12 months before arrival. ID verification happens in person after you land.
Q2: Do I need an Australian address to open a bank account?
Not always. Some banks let you use your overseas address initially and update it later.
Q3: What documents do I need?
Typically your passport, visa, and arrival details. Some banks may ask for proof of Australian address after you settle in.
Q4: Are there bank accounts with no monthly fees?
Yes! ING, Up Bank, and CommBank Smart Access (with a $2,000 monthly deposit) offer no monthly fees.
Q5: What’s the best bank if I plan to send money overseas often?
HSBC and ANZ are reliable options, but always compare rates with transfer platforms like Wise or Remitly.
Final Thoughts:
This guide combines personal experience, practical tips, and newcomer-focused advice to help you start your Australian banking journey confidently. Open your accounts smartly, avoid unnecessary fees, and focus on enjoying your new life!
