Banking & Finance

Get set up with an Australian bank account, a Tax File Number and the best ways to move money across borders. Some accounts can be opened from overseas weeks before you arrive.

1. Everyday account

An everyday (transaction) account is your main bank account – the one your salary lands in and the one you pay rent and bills from. You'll need one almost immediately: most employers won't pay you without Australian bank details, and most landlords expect rent by bank transfer. Several Australian banks let you open an everyday account online from overseas before you land, then finish the ID check in person once you arrive.

First account

These transaction accounts can be opened with only a foreign passport and Tax Identification Number (TIN) — some entirely online before you land, others requiring a branch visit or ID check on arrival. We recommend you open a first bank account pre-arrival and a second bank account after your arrival: if your first account runs into a problem — online banking is down, your card is lost, stolen or blocked — you'll have a working fallback while it gets sorted out.

Tip: Consider also opening a savings account to earn interest.

Commonwealth Bank

Everyday Smart Access + debit card + GoalSaver (newcomer)

No Australian address needed to set up the account (ID check at a branch when you arrive). No monthly fee if you deposit $2,000/month, are under 30, or meet other conditions.

Valid passport, foreign Tax Identification Number (TIN) or Australian Tax File Number (TFN), and an in-branch ID check within 14 days of opening. To earn the bonus rate: deposit any amount and grow your balance each calendar month.

Can be applied for online up to 14 days before arrival or within 12 months after arriving, or in-branch as a tourist.

Visit siteLast updated Aug 2026

Westpac

Choice Account + eSaver (newcomer)

Up to 5.25% intro rate for 5 months if you open online as a new customer, dropping to 1.25% after.

Valid passport, proof of an Australian address, and a foreign Tax Identification Number (TIN). The online bonus needs a sole applicant who has never held an eSaver before.

Allows online pre-arrival application, or in-branch verification upon arrival. The 5.25% total (3.55% introductory + 0.45% online bonus) applies for 5 months, then drops to the 1.25% standard variable rate.

Visit siteLast updated Aug 2026

Wise

AUD Multi-Currency Account

Easy and affordable currency conversion using a card, plus low-cost international money transfers.

Foreign passport or national ID, plus your home country address.

Non-bank multi-currency account — useful as a stopgap for receiving AUD before you have a local bank account. Unlike the bank accounts above, balances aren't covered by the Australian government's $250,000 deposit guarantee. The ~3.71% figure is an estimated variable return from Wise's optional "Interest" feature (run by Wise Australia Investments Pty Ltd, AFSL 545411), not a bank interest rate — it charges a 0.72% annual fee and capital is at risk, not guaranteed.

Visit siteLast updated Aug 2026

2. Payment card

Your everyday account normally comes with a linked debit card for tapping to pay in stores, shopping online and withdrawing cash. Australia is close to cashless day-to-day – even a coffee is usually paid by card or phone tap-to-pay – so having a working Australian card from day one matters. Some cards also add cashback or waive monthly fees once you meet a minimum deposit, which is worth comparing before you settle on one.

3. Savings account

A separate high-interest savings account is where you park money you're not spending day-to-day. Australian savings rates are unusually high, but many accounts only pay their advertised bonus rate if you also hold a linked everyday account and meet monthly deposit or spending conditions – and the bank will withhold tax from your interest at a flat, high rate until you've given them a Tax File Number.

ING Australia

BankingSavings

Orange Everyday + Savings Maximiser

$100 signup bonus with code Jmx362

5.50% interest on savings — one of the highest you can get without citizenship/PR — plus 1% cashback on utility bills. Conditions: deposit $1,000 + 5 card transactions + grow your balance each month (bonus up to a $100k balance).

Referral code: Jmx362

Passport or AU licence, Australian address, Australian TFN

Visit siteLast updated June 2026

Compare savings account rates

4. International transfers and currency exchange

If you're moving money from your home country – selling assets, a final paycheque, or ongoing support to family back home – sending it through your regular bank is usually slow and expensive, with a poor exchange rate baked in on top of the wire fee. Dedicated transfer services convert currency at close to the real market rate for a much smaller fee, and are worth using for pretty much any cross-border transfer over a few hundred dollars.

Wise

Transfers

International money transfer

Fee-free first transfer via referral link

Easy and affordable currency conversion using a card, plus low-cost international money transfers.

Visit siteLast updated Oct 2025

Revolut

Transfers

International money transfer

Referral perk on signup

Easy and affordable currency conversion using a card and money transfers.

Visit siteLast updated Oct 2025

Atlantic Money

Transfers

International money transfer

First transfer free for new users

Flat fee per transfer (around £3-equivalent, up to £1M) instead of a percentage cut, using the live institutional exchange rate with no markup — can work out cheaper than percentage-fee services for larger transfers. Supports AUD.

Currently available to residents of the United Kingdom and 30 European countries

Takes longer for transfers, roughly a week until the money lands in recipient's bank account

Visit siteLast updated July 2026

BBVA (Germany)

BankingEurope

Girokonto (current account)

€40 extra with code 1E4C0030E9F676

3.5% cashback up to €250/month — effectively covers exchange-rate loss — plus 3.5% interest on the current account for 6 months. Useful if you keep a European footprint.

Referral code: 1E4C0030E9F676

German address

Visit siteLast updated July 2025

5. Tax File Number (TFN)

A Tax File Number is Australia's equivalent of a taxpayer ID. You need one to work without being taxed at the highest emergency rate, to lodge a tax return, and – easy to overlook – to receive the full interest on your savings account instead of having tax withheld upfront by your bank. Apply as early as you can; it's issued by the ATO and can take a few weeks to arrive by mail.

ATO

First arrivalTax

Tax File Number (TFN)

Needed for work, but useful even if you don't plan to work — a TFN lets you earn full interest on savings, and Australian savings rates are high.

Best to apply immediately after arrival - needs an Australian address to where the ATO sends the letter with your TFN

Visit siteLast updated Oct 2023