If you’ve just arrived in Australia, one of the first things you’ll need is a local bank account. It’s how you’ll get paid by your employer, pay rent, and manage daily expenses. The good news? Opening a bank account here is simple — and you can often do it online even before you land.
1) Everyday vs Savings Account
There are two main types of personal bank accounts in Australia:
| Type | What It’s For | Typical Features |
|---|---|---|
| Everyday Account (Transaction Account) | For your salary, bills, and daily spending | Debit card, online/mobile banking, ATM access, and PayID for instant payments |
| Savings Account | For money you want to set aside and grow over time | Earns interest, often with bonus rates if you deposit regularly or avoid withdrawals |
2) What Is PayID (and Beem)?
PayID lets you receive money instantly without sharing your bank account number. Instead of giving someone your BSB and account number, you link your bank account to something easy to remember — like your mobile number or email address. Payments to your PayID usually arrive within seconds, even between different banks.
Example: If your PayID is your phone number, someone can transfer money using just that number instead of your full account details.
Prefer not to share personal details like phone or email? Use the Beem app (by eftpos). Beem lets you send and receive money instantly without exchanging PayIDs or personal information — you can pay or get paid with a Beem username. It’s a simple, privacy-friendly option for casual transactions.
3) Comparing Australian Banks (Grouped)
Major banks offer large branch/ATM networks and familiar onboarding. Digital banks focus on low fees, great apps, and speed. Here’s a side-by-side view:
| Bank | Monthly Fee | Key Features | Mobile App |
|---|---|---|---|
| Major Banks | |||
| Commonwealth Bank (CBA) | $0 for first 12 months | Open before arrival, wide ATM network, multilingual support | Excellent |
| Westpac | $0 for first 12 months | “Choice for Migrants” program, open up to 12 months before arrival | Very good |
| NAB | $0 (no conditions) | No monthly fee ever, easy setup, strong digital tools | Excellent |
| ANZ | $0 for first 12 months | Online setup for new arrivals, good customer support | Good |
| Digital Banks | |||
| ING | $0 | Fee rebates on ATMs and overseas transactions (with deposit/spend conditions). Great for travel and saving. | Excellent |
| Up Bank | $0 | Instant transfers, smart budgeting tools, real-time spending insights | Excellent for tech-savvy users |
4) What to Look For
No or low account fees — avoid monthly charges where possible.
Large ATM network — saves you out-of-network fees.
Good mobile app — most Aussies manage money on their phone.
Fast international transfers — handy if you send/receive money overseas.
Newcomer support — multilingual staff, pre-arrival setup, clear onboarding.
5) Documents You’ll Need
To open a bank account in Australia, you usually need:
Passport
Visa or immigration documents
Australian address (temporary is fine)
Tax File Number (TFN) — optional, but helps avoid higher tax on interest
💡 If you’re still overseas, banks like CBA, Westpac, or ING let you open an account online and verify your ID in-branch once you arrive.
6) Sending and Receiving Money From Overseas
Many newcomers send money home or receive support from family abroad. Here’s how it works:
| Action | What You Need | Typical Timing / Fees |
|---|---|---|
| Receiving money from overseas | Provide your bank name, BSB, account number, and SWIFT/BIC code | Arrives in 1–3 business days; banks may charge about $10–$20 incoming fee |
| Sending money via your bank (CBA, Westpac, NAB, ANZ, ING) | Use your online banking or branch service | Convenient and secure, but higher fees and less competitive exchange rates |
| Sending money via Wise or Remitly | Sign up and verify identity online | Low fees, transparent exchange rates, fast delivery (often same day) |
💡 Tip: Use Wise to compare the real exchange rate and total cost before sending money.
7) Final Thoughts
Start simple — open a no-fee everyday account for salary and bills, and add a savings account once you’ve settled in. If you prefer an easy online option with travel flexibility, ING is a great choice — you can open an account below:
💰 ING $100 Bonus Offer
New to Australia? Open an ING Everyday Account using the link below and you could earn a $100 bonus when you meet the eligibility conditions.
- No monthly account fees
- Fee rebates on ATMs and overseas transactions
- Simple mobile app and fast account setup
*T&Cs apply. Bonus available to eligible new customers only. Offer and details current as of FY2025.
At Tiga Panah Advisory, we help newcomers navigate Australia’s financial system — from your first bank account to long-term financial growth.