Opening a bank account in Australia

AUSTRAC, Australian Taxation Office (ATO), ASIC Moneysmart, APRAVerified 22 Oct 2026Official pages checked daily

In Australia, wages and government payments almost always go straight into a bank account, so open a local account soon after you arrive. Under anti-money laundering law, banks must verify your identity; if you have just arrived, your passport is usually enough. Once you have your TFN, tell your bank, or tax will be withheld from your interest at the highest rate. This page explains the general rules only and does not recommend any bank.

Key facts

Opening an account within 6 weeks of arrival (Home Affairs guidance): If you open an account within 6 weeks of arriving, your passport is the only identity document you need. After 6 weeks, you need at least two documents, and one of them (such as a driver licence) must have a photo or signature.¹
The law behind the ID check: Anti-money laundering and counter-terrorism financing (AML/CTF) laws require banks to verify a customer's identity before providing services. Each institution decides how many and which documents it needs, and tells you in advance.²
One photo ID may be enough: In some cases one photo ID (such as a driver licence) is enough, as long as it shows your full name, address and date of birth. A digital driver licence is also accepted.²
If you do not give the bank your TFN: The bank withholds tax from your interest at the highest marginal tax rate. You can claim the withheld tax back when you lodge your tax return.³
When you do not have to provide a TFN: If you are under 16, the account is in your own name, and the account earns less than A$420 in interest per financial year.³
Accounts of foreign tax residents: The bank automatically withholds tax from your interest: 10% if you gave an overseas address, 47% if you did not. You do not need to declare this interest again in an Australian tax return.³
Transaction account fees: Some accounts charge monthly fees, ATM withdrawal fees or online banking fees; others charge nothing. If you receive a government payment or hold a concession card, you can ask your bank for a basic bank account with no account-keeping fees.⁴
Contactless payments without a PIN: Tap and go payments under A$200 do not need a PIN.⁴
Ways to send money overseas: Through a bank (using the SWIFT system) or a money transfer company. Companies providing remittance services in Australia must be registered with AUSTRAC. Check the registration before you use one.⁵
How long transfers take: From instant or a few minutes up to 5 business days, depending on the channel.⁵
Deposit protection (Financial Claims Scheme): Up to A$250,000 per account holder, per licensed Australian bank, building society or credit union. Different brands under the same licence are counted together.⁶

Who is this for, and what are the requirements?

Anyone can apply to open an account in Australia, but the bank must verify who you are under AML/CTF law. If you cannot provide enough identification, the bank may not open the account.
New migrants and temporary visa holders who have just arrived: according to Home Affairs, you can open an account with just your passport within 6 weeks of arriving; after that you need more documents. Each bank sets its own exact requirements.
Opening an account before you arrive: official pages give no single answer. AUSTRAC's rules allow a bank, in certain conditions, to open an account and accept deposits first and complete identity verification as soon as possible afterwards. Some banks use this to offer online pre-opening before you land, with the account activated after you verify your documents at a branch in Australia. Ask the bank whether it offers this and how it works.
If you receive a government payment or hold a concession card (such as a Pensioner Concession Card or Commonwealth Seniors Health Card), you can ask your bank for a basic bank account.

How do I do it? Steps and process

Get your documents ready
Your passport is the essential document; the bank may also check your visa details. If you arrived more than 6 weeks ago, or the bank asks, add a second document with a photo or signature (such as an Australian driver licence). Some banks also ask for your Australian address, TFN and contact details.
Choose an account type and compare fees
Use a transaction account (everyday account) for receiving wages and paying by card, and a savings account for saving (compare interest rates). Compare monthly fees, ATM fees, overdraft fees, overseas transaction fees and branch fees. Moneysmart (the ASIC website) warns that comparison websites are commercial businesses that may earn money from promoted links and may not list every option.
Apply and complete identity verification
You can apply at a branch, or on the bank's website or app. The bank must verify your identity by law: it may check your documents on the spot, or ask you to visit a branch later to verify them.
Give the bank your TFN
Once you have your TFN, register it in online banking or at a branch. If you do not, tax is withheld from your interest at the highest marginal rate, and you can only claim it back when you lodge your tax return.
Set up online banking and your card
Set up online banking and the app, and get your debit card (tap and go, no PIN needed under A$200). Give your BSB and account number to your employer for your wages and to Centrelink for any payments.
Compare channels when you need to send money overseas
Compare exchange rates, fees, transfer times (instant up to 5 business days) and how the money is received. Before using a money transfer company, check that it is registered with AUSTRAC.

What documents do I need?

Passport (usually the only document you need within 6 weeks of arrival)
Visa details (your VEVO visa details or visa grant letter); the bank may check these
After 6 weeks: at least two documents, one with a photo or signature (such as an Australian driver licence)
Your Australian address and contact details (mobile number, email)
TFN (you can add it after the account is open)

What should I watch out for?

This page does not recommend any bank. Australia has four major banks and many local and foreign banks, building societies and credit unions; APRA publishes a list of all licensed deposit-taking institutions. Read the terms and fees carefully before you open an account.
If an account has no TFN recorded, tax is withheld from the interest at the highest marginal rate. Register your TFN as soon as you have it; you can claim back what was withheld earlier when you lodge your tax return.
If you are an Australian tax resident, you must declare interest from overseas accounts (including accounts in your home country) in your Australian tax return. The ATO receives this data through international information exchange.
A basic bank account has no account-keeping fees, no minimum deposit and no overdraft fees. If you receive a government payment or hold a concession card, ask your bank.
Watch out for overdrawing: make sure you have enough money before a direct debit, or you may be charged overdraft fees and interest. You can set up a low-balance alert.
Sending money overseas: prices differ a lot between providers, so compare exchange rates and fees. Money sent to a stranger or someone you are not sure about is almost impossible to get back. If you are unhappy with a transfer, complain to the provider first, then to AFCA.
The A$250,000 deposit guarantee is per person, per licensed institution (including its other brands combined). Anything above that is not protected, and Australian branches of foreign banks are not covered.
Banks may keep monitoring your transactions after you open an account. If they think the risk is high, they may ask you to prove your source of funds and source of wealth, even if you are a long-standing customer. This is a legal requirement, not something personal.
This page is a plain-English summary of public information. Always check each institution's website for the official rules. This is not financial, immigration, legal or tax advice.

Common questions

What documents do I need to open a bank account when I arrive in Australia?

According to Home Affairs, if you open an account within 6 weeks of arriving, your passport is the only identity document you need. After 6 weeks, you need at least two documents, one with a photo or signature (such as an Australian driver licence). The bank may also check your visa details and ask for your Australian address, TFN and contact details. Each bank sets its own exact requirements.

Can I open an Australian bank account before I arrive?

Official pages give no single answer, so ask the bank directly. AUSTRAC's rules allow a bank, in certain conditions, to open an account and accept deposits first and complete identity verification as soon as possible afterwards. Some banks use this to offer online pre-opening before you land, with the account activated after you verify your documents at a branch in Australia.

Do I have to give my bank my TFN? What happens if I do not?

You do not have to, and you can add it after the account is open. But without a TFN, the bank withholds tax from your interest at the highest marginal rate, and you can only claim it back when you lodge your tax return. You can skip the TFN if you are under 16, the account is in your own name and it earns less than A$420 in interest a financial year. Foreign tax residents have 10% withheld if they gave an overseas address, or 47% if not.

Do Australian bank accounts have monthly fees, and how do I choose one?

Some accounts charge monthly fees, ATM withdrawal fees or online banking fees; others charge nothing. Use a transaction (everyday) account for wages and card payments and a savings account for saving, and compare monthly fees, ATM fees, overdraft fees, overseas transaction fees and interest rates. If you receive a government payment or hold a concession card, ask your bank for a basic bank account with no account-keeping fees.

What should I know about sending money to Australia from home, or sending money back home?

You can use a bank (through the SWIFT system) or a money transfer company; companies providing remittance services in Australia must be registered with AUSTRAC, so check first. Prices differ a lot, so compare exchange rates, fees, transfer times (instant up to 5 business days) and how the money is received. Money sent to a stranger is almost impossible to get back. If you are unhappy with a transfer, complain to the provider first, then to AFCA.

Is my money safe in an Australian bank? What if the bank fails?

Deposits are protected by the Financial Claims Scheme: up to A$250,000 per account holder, per licensed Australian bank, building society or credit union, with brands under the same licence counted together. Anything above that is not protected, and Australian branches of foreign banks are not covered. APRA publishes a list of all licensed deposit-taking institutions.

Why does my bank keep asking me to prove where my money comes from?

It is a legal requirement, not something personal. Anti-money laundering and counter-terrorism financing (AML/CTF) laws require banks to verify customers' identity, and banks may keep monitoring transactions after the account is open. If they consider the risk high, they can ask you to prove your source of funds and source of wealth, even if you are a long-standing customer.

Answers are based on the verified content of this page — the official source always prevails.

Where can I check the official information?

Managing your financesDepartment of Home Affairs · immi.homeaffairs.gov.au
Why you might be asked for IDAUSTRAC · austrac.gov.au
Investing in bank accounts and income bondsAustralian Taxation Office · ato.gov.au
Transaction accounts and debit cardsASIC Moneysmart · moneysmart.gov.au
Sending money overseasASIC Moneysmart · moneysmart.gov.au
Deposit checker: Are your deposits protected?Australian Prudential Regulation Authority · apra.gov.au

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The AI answers using this guide and official Australian government websites.

Apply for a tax file number (TFN)

A tax file number (TFN) is your personal reference number in Australia's tax and superannuation (super) systems. It is usually 9 digits and stays the same for life. You need it to work, open a bank account and claim government payments in Australia, and applying is free. If you hold a foreign passport, are already in Australia and have a valid visa with work rights, you can apply online on the ATO website and usually receive your TFN by post within 28 days.

Arriving in Australia: declaring food, medicines, duty-free goods and cash

Everyone who arrives in Australia completes an Incoming Passenger Card. If you carry food, plant material, animal products or traditional medicines, you must declare them honestly. Declaring is free and brings no penalty; if you do not declare and officers find the items, you can get an infringement notice of up to A$7,280, and visa holders may have their visa cancelled on the spot. Commercially packaged mooncakes without meat are allowed, but sausages, ham, fresh fruit, whole eggs and raw rice are not. Adults have a duty-free allowance of A$900 in general goods, 2.25 litres of alcohol and 25 cigarettes. Cash of A$10,000 or more must be declared to AUSTRAC before you reach customs.

Becoming an Australian citizen (conferral)

Once you are a permanent resident (PR), you can apply for Australian citizenship by conferral if you meet the residence requirement, are of good character and pass the citizenship test. The general residence requirement is 4 years of lawful residence in Australia before you apply, with the last 12 months as a permanent resident, and limits on time spent outside Australia. The application fee is A$595 (2026–27 financial year); children aged 15 and under can be included in a parent's application for free. After approval you must attend a ceremony and make the pledge before you become a citizen. You must then enrol to vote and can apply for an Australian passport.

Create a myGov account and link the ATO, Medicare and Centrelink

myGov is the Australian Government's online gateway to its services. With one account you can link the Australian Taxation Office (ATO), Medicare, Centrelink and other agencies, receive government letters, lodge your tax return and check Medicare claims. All you need to create an account is a personal email address. When you link each agency, you prove your identity by answering questions about information that agency holds about you. myID is a different thing: it is the government's Digital ID app, which you can use to sign in to myGov more securely.

Free interpreters (TIS National 131 450), free document translation and free English classes

If your English is limited, you can call 131 450 for a TIS National telephone interpreter, 24 hours a day, every day of the year. Calls to government agencies through TIS are usually free. At the GP or the pharmacy you can also ask for a free interpreter on the spot. New migrants can also use the Free Translating Service: within 2 years of your visa being granted, up to 10 personal documents can be translated into English for free. Permanent residents aged 18 or over with little English can join free English classes through the Adult Migrant English Program (AMEP).

Getting immigration help: registered migration agents and how to check them

In Australia, immigration assistance, which means advising you about your own visa situation or preparing and lodging your application, can only be given by a registered migration agent, an Australian legal practitioner or a person exempt under the law. Only the first two can charge a fee. Before you use an agent, check their registration number (MARN) on the OMARA public register, and sign a written agreement before they start work. An education agent who is not registered cannot give immigration assistance. NewBee AU only summarises public information and does not give immigration advice.

Working Holiday and Work and Holiday visas (417 / 462)

Australia's working holiday programme has two visas: the Working Holiday visa (subclass 417) and the Work and Holiday visa (subclass 462). Which one you can apply for depends on your passport. Both are for people aged 18 to 30 who want to stay for up to 12 months, do any kind of work and study for up to 4 months. This guide explains the subclass 462 rules using China as the example: some countries have a yearly cap (China has 5,000 first visas a year) and a ballot, so you must register in ImmiAccount, be randomly selected, and then apply within 28 days. The visa fee is A$840.00. If you complete 3 months of specified work you can apply for a second visa.