There is a lot to organise when you are moving, especially when moving across the world!

If you are permanently moving to Australia you will want an Australian bank account, this will help you avoid charges and give you a secure way to spend, save and receive payments whilst in Australia.

There are 4 main banks in Australia

ANZ – Open an everyday account with ANZ to hold money and receive your salary. There will be a $5 monthly fee to have an account with them. ANZ have wide access to ATMs across Australia so you will be able to withdraw without any fees if you use these.

Commonwealth Bank – Known as Australia's largest bank. Offering assistance with your move to Australia to help you settle in quickly. You can open an everyday account and a savings account. There will be a $4 monthly fee to have an account however they offer new customers 12 months free to set you up with ease. You will be able to avoid withdrawal fees as they have a network of ATMs and branches across the country.

Westpac – One of Australia's first banks. You will have a $4 monthly fee to have an account here, after your first 12 months which you can get for free as a new customer. They offer fast and secure banking using mobile apps and more. You will have no fees when sending money overseas, meaning you can send money back to your friends and family with no trouble.

NAB – Known as Australia’s largest business bank helping small, medium, and large businesses take care of their finances. You can enjoy no monthly fees or withdrawal fees when you have a transaction or savings account with NAB. You will have to go into a branch to set up your account when you arrive in Australia.

These banks will often waive the monthly fees if you meet these requirements;

  • Deposit $2000 a month
  • Be under 25 or over 60
  • If you are a full-time student

What you will need to set up a bank account

You will be able to start the process of setting up a bank account whilst still in the UK however, you will have to complete the process once you arrive and go into a branch.

To start the process online you will need.

  • To know your arrival date in Australia and arrive within 3-12 months after setting the account up.
  • Know which city you will be living in and potentially a specific residential address.
  • Upload documents, Passport, Visa, Confirmation of where you will be living.
  • Be over 18.

Once you have uploaded the correct information online you will have to verify all the documents again in person so you can withdraw, spend, and move money.

Accounts you can open before you leave

  • HSBC – They offer international accounts which operate in Australia, the everyday global account. This includes free withdrawals but only from HSBC ATMs. You will need proof of a residential address in Australia to apply as well as proof of a source of income and the purpose of the account. A bank with HSBC could be an easy way to set yourself up before getting on the plane and give you one less thing to worry about once you are there. However, they do not have as many branches or ATMs as the main 4 banks will have in Australia.


  • Wise and Revolut – online banks such as these can be a great option if you haven’t set up in Australia yet as they are great for international travel. You will be able to spend without any fees and you can be paid AUD into these banks. They are easy to set up and can get you started without any fuss. They may not be a great long-term option but for the first few months when you have so much to set up, they could work for you.