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 for 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 6-9 months before you leave for Australia or plan to travel as this will give you more time to take advantage of the best exchange rates which can fluctuate by as much as 20% in a year.

Open An Australian Bank Account Now (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 links at the bottom of the popup where you can open your bank account online now.)

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, the “Big 4” have a simple account opening process that allows someone to open an account from overseas from between 3-12 months (depending on the bank) before you arrive in Australia.

The Process to Open an Australian Bank Account from overseas:

• Log onto the relevant Migrant Banking page of the bank that you have chosen’s website
• Complete on-line bank account application form.
• Choose the best account that you feel best suits your needs and also choose a savings account to maximise interest earned if you have the option to do so (recommended).
• 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.
• Some of the banks (see table below) will give you limited internet banking access (view only) so you can check when your transfer has arrived in your account and view your account balance.
• 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 Student Access 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	Yes, no online savings option.	Yes	Yes
Opened from Overseas?	Yes	Yes	Yes	Yes
How long before arrival can account be opened?	Up to 12 months before arrival in Australia.	Up to 3 months before arrival in Australia.	Up to 12 months before arrival.	Up to 12 Months 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.	Yes, as long as account is opened 2 weeks before your arrival in Australia.	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?	New Zealand residents can have access prior to arrival, residents of all other countries must first be identified in Australia.	Yes, able to view balances only.	Yes, limited to view balances and deposits only, cannot conduct debit transactions or transfers.	Yes, limited to view balances only, cannot conduct debit transactions or transfers.
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 migrant team in Australia. Teams in UK and Asia.	Migrant call centre team in Sydney accessed by toll-free number.	Migrant team in Melbourne.	Migrant call centre teams in Sydney, UK and Auckland.
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 have internet banking access to view balances and confirm transfers from overseas biggest drawbacks, coupled with 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 3 month limit to open account restrictive and account will close if not used within 3 months. Best ATM and branch network with branches in most cities to support migrants. Savings account option before you arrive in Australia on request only.	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, debit card on arrival means easy access to your money. Overseas internet banking access to view account. 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, debit card ordered on arrival (as opposed to being ready for collection on arrival) and bank fees if account is not used for regular deposits are the main drawbacks. Very good migrant banking support centres though these focus mainly on Premier Banking customers.
Link to open an account	ANZ Migrant Banking	CBA Migrant Banking	NAB Migrant Banking	Westpac Migrant Banking




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