Where To Start With Banking In Australia
It can be a daunting process trying to open a bank account in a new country, but it is actually quite simple. Follow our steps below and you’ll have no trouble
Life is a sum of all of your choices
Getting Set Up!
Best Banks
Below is a list of banks that are best for setting up accounts as an international
ANZ:
Citibank:
Commonwealth:
HSBC:
ING Direct:
NAB:
St Georges:
Westpac:
ANZ, Commonwealth, NAB, and Westpac are found in all major cities and towns. Opening a bank with one of these will be the easiest option,
Making Transfers
You can use your bank to directly transfer however this can be costly. We recommend using a transfer service like OFX or TransferWise to get your money usually for free.
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You can also open online banks or Neo banks such as Revolut, and put money into this account while still at home. Most of the online banks come with free and unlimited other country withdrawals, which can be great if you’re traveling to other countries besides Australia.
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We use Revolut personally, however, there are multiple online banks that offer similar services. Again, decide what you want from your bank before making the choice.
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If you decide to create a Revolut, click here to set up an accounts and receive a bonus between $50-$100AUD depending on what promotions they are running at the time of sign up
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Documents Required
Your passport
A phone number
Tax File Number
Address in Australia
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Some banks require you to call or go in to arrange an appointment. They will then confirm with you everything you will need to open the account and give you an appointment. Some banks even let you start the process online (from Australia or your home country) and you will just need to present your passport to them in person at your appointment.
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Saving Accounts
Are internationals able to get savings accounts?
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YES! And we strongly recommend doing so. Besides helping you to manage your money and save for those important travels, it is actually safer to keep the majority of your funds in the savings account and just transfer what you need to your everyday account (just in case you lose your card on a night out and someone taps {contactless payments} their drinks for the rest of the night at your expense)
How To Choose?
We cannot make that choice for you, however some things to consider before making your own choice are:
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Are there fees when withdrawing and saving?
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Does it come with a Superannuation?
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Is the bank nationwide?
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Do they have high interest rates on your savings account?
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Can you link it to your bank back home?
Why Bank in Aus?
A few reasons to consider when deciding whether to bank in Australia or not
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Its the only way you can get paid by an Australian company​​​
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You will avoid fees from using your bank cards from home (usually)​​
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Free cash withdrawals
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BB recommends getting yourself set up with an Australian bank account as it will make life more simple while here (preferably within the first 6 weeks as they require more documentation from you after this point)