Opening an Australian Bank Account from Overseas

How to Open an Australian Bank Account

One of the really important tasks that you will need to do as part of your move is to open an Australian bank account as there is no bank in the world that can transfer your current bank account(s) or credit history to Australia. The international banks who have offices or branches in Australia will also require you to open a new bank account that is based (or domiciled) in Australia. All the international banks, if they do have branches in Australia, they will not have very many; and this can be an issue if you need to go into a branch for any reason. For example, HSBC has only 32 branches Australia-wide and only one in South Australia. It will therefore pay off in the long run to open an account with one of the major Australian banks for ease of access when you first arrive as you will be able to move to any other bank for free at any stage after you arrive if you are not getting the service you expect from the bank you initially choose. It is also advisable to open an account as soon as you arrive in Australia as you will need to provide banking details to an employer so they can pay you and to be able to pay local bills without your overseas bank charging you fees for international transfers.

Australian Banks for Migrants Compared (click on the red text to the left for a comprehensive comparison of the bank account services offered by the four biggest banks in Australia and the one link for Commonwealth Bank at the bottom of the popup where you can open your bank account online no more than 2 weeks before you arrive in Australia.)

The four biggest retail banks (the “Big 4”) in Australia in alphabetical order are: ANZ, Commonwealth Bank, National Australia Bank (NAB) and Westpac and we would recommend that you choose one of these four initially. There are a number of smaller Australian owned regional banks too and the largest of these include: Police & Nurses Limited (trading as P&N Bank), Suncorp Metway Limited (Suncorp), Bank of Queensland (BOQ), Bankwest (which is owned by Commonwealth Bank), AMP, Bendigo & Adelaide Bank (subsidiaries of Westpac), HSBC, Bank of Melbourne (owned by Westpac), Macquarie Bank, Members Equity Bank (ME Bank).

There are also a number of foreign owned subsidiary banks in Australia with a very limited number of branches: Bank of China (Australia) Limited, Citigroup (Citibank), HSBC Bank, Investec Bank.

Over the years, each of the “Big 4” has had various strategies to attract the retail banking of new migrants and each has a bank account opening service that allows you to open an account from overseas for deposits only and once you arrive in Australia and are formally identified (in person at a branch with your passport) you can access funds in the account and collect debit card(s) or arrange for them to be ordered where your bank does not pre-order them for you.

Recently, Westpac, Commonwealth Bank and NAB have decided to focus their customer acquisition mainly on affluent migrants and have shifted their Migrant Banking segments into their Premier or Private Banking business units, relying on customers to serve themselves via the branch network. In our opinion this is not an ideal solution for someone new to Australia and we would suggest that you open an account that you feel best suits your needs for your initial arrival and then shop around for the best personal service or consider one of the smaller banks when you arrive. There is no fee to switch banks and the process can generally proceed smoothly when you are here.

Migrant Banking

As mentioned above, only Commonwealth Bank has an account opening process that allows someone to open an account from overseas from 14 days before you arrive in Australia.

The Process to Open an Australian Bank Account from overseas:

• Log onto the Commonwealth Bank migrant banking website.
• Complete on-line bank account application form.
• Choose the best account that you feel best suits your needs.
• You will receive an email confirming your bank account details and in some cases a letter from the bank as well as instructions on how to activate the account for withdrawals on your arrival in Australia.
• At this point your account has been opened for deposits only, meaning that you can transfer funds into it with no limit on how much you need to transfer.
• You will not be able to make any withdrawals or transfer funds out of your account until you are identified at a branch in Australia – some exceptions do apply, so check with your bank if you need access to your account before arrival to check if this is possible.
• Before you arrive you may need to make an appointment with the bank branch to identify yourself and ensure that your debit card is available for collection.
• Remember to let the bank know if you change arrival cities so your debit card(s) can be transferred to the new city for you to collect (where they offer card pre-ordering).
• Within 6 weeks of your arrival in Australia you need to be identified in person with the passport you used to open the account.
• The bank will activate your account for withdrawals (remove the debit restriction).
• They will also give you your new debit card (where they pre-order them) and help you set up internet banking.
• If you already have a job in Australia, and depending on your visa type, you can apply or a credit card.

Click on the table below for a summary and comparison between the Big 4 banks’ migrant banking services and the links to their migrant banking websites:

Bank Account Services for Migrants

Bank Name	ANZ	Commonwealth Bank	NAB (National Australia Bank)	Westpac
Account Name(s)?	ANZ Access Advantage Account plus Optional ANZ Online Saver	Smart Access Account or Smart Access Student Account. no savings application online	Nab Classic Banking or Classic Banking account with NAB iSaver.	Westpac Choice Bank Account plus optional Westpac eSaver.
Can be opened On-Line?	Yes id in Australia	Yes, no online savings option.	Yes if in Australia	Yes if in Australia
Opened from Overseas?	No	Yes, you must arrive within 14 days	No	No
How long before arrival can account be opened?	Cannot be opened before arrival in Australia.	Up to 2 weeks before arrival in Australia.	Cannot be opened before arrival.	Cannot be opened before arrival.
Fees to Open a bank account?	No	No	No	No
Must deposit funds into account?	No	YES, if no funds in account or no transactions after 3 months account will be closed.	No, no limit on when deposit needs to be made, no minimum deposit.	Yes, must make a deposit within 6 months of account opening
Monthly fee on bank account?	Waived for first year if account opened online, thereafter $5 per month unless $2,000 deposited per month.	Waived for first 12 months, thereafter $4 per month unless $2,000 deposited in account per month.	No monthly fees or minimum deposit amounts ever, no monthly deposits needed.	Waived for first 12 months, thereafter $5 per month unless $2,000 deposited per month.
Fees charged for international deposits into Australian bank account?	Up to $15 per international money transfer received from overseas bank / FX provider.	Up to $11 per international money transfer received from overseas bank / FX provider.	Up to $15 per international money transfer received from overseas bank / FX provider.	Up to $12 per international money transfer received from overseas bank / FX provider.
Transaction account with savings account options?	Transaction account and optional online eSaver account as well.	Transaction account and savings account on request only (not available as an option online).	Transaction account and optional online iSaver account as well.	Transaction account and optional online saver account as well.
Debit card(s) available for collection on arrival in Australia?	No, must be ordered on arrival and only once identity checks are completed.	Yes, as long as account is opened more than 7 days before arrival in Australia.	No, NAB will issue a virtual card for use in their App when you open an account in branch in Australia and order your debit card (5-7 days to receive it).	No, debit card ordered on arrival in Australia.
Number of ATMs in Australia?	2,700 ATMs.	4,300 including access at Bankwest ATMs.	>3,400 NAB ATM’s including Redi ATM’s.	>3,000 Westpac and its affiliates ATMs.
Online access from overseas before arrival?	No access as cannot open before arrival in Australia.	Yes, able to view balances only.	No access as cannot open account before arrival in Australia.	No access as cannot open account before arrival in Australia.
Interest earning rate for savings accounts?	Up to 2.3% for the first 3 months and 0.50% thereafter.	Note: Account on request only: Up to 2.55% for first 5 months thereafter 0.50%.	Up to 2.55% for the first 4 months and then 0.50% thereafter.	2.51% for the first 5 months and then 0.50% thereafter.
Dedicated team(s) to assist Migrants from overseas	No dedicated team to assist migrants, branch staff only.	No longer has a team to assist migrants.	Branch staff in main branches experienced in helping migrants.	No dedicated migrant support team.
Bank Ratings Out of 5: 1. Bank Account 2. Fees 3. Network 4. Savings a/c & Interest % 5. Understand migrants needs 6. Technology & access 7. OVERALL Comments	1. 2. 3. 4. 5. 6. 7. 3.1/5 Good account options, Unable to open from overseas and ANZ has the smallest ATM network of the Big 4. Does not have migrant centres and dedicated staff that are trained to assist migrants on arrival	1. 2. 3. 4. 5. 6. 7. 3.58/5 Instant Account opening, though 14 day limit to open account is too restrictive and account will close if not activated within 14 days of opening. Best ATM and branch network with branches in most cities. Savings account option before you arrive in Australia on request only. Monthly fees are archaic.	1. 2. 3. 4. 5. 6. 7. 4.17/5 Best bank accounts (in our opinion) with no monthly fees or minimum deposits to waive monthly fees. Savings account option too, Cannot be opened from overseas. Good ATM network (2nd most ATMs). A very popular choice with new migrants.	1. 2. 3. 4. 5. 6. 7. 3.58/5 Smaller ATM network in Australia, inability to open from overseas and bank fees if account is not used for regular deposits are the main drawbacks. Branch support only and no dedicated team to support migrants any more.
Link to open an account	ANZ Account Opening	CBA Migrant Banking	NAB Migrant Banking	Westpac Migrant Banking




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