Moving to Australia? Here’s how to set up an Aussie bank account

lesbian couple excited that their aussie bank account got approved

If you’re looking to move Down Under chances are that you’ll need to open an Australian bank account.

Typically Australian banks don’t require much when opening a new account and most of the time you can do it online. However, if you’re overseas or don’t have an official Australian address it might be more difficult.

Take it from me as someone who immigrated to Australia and struggled to find the right bank.

Opening a bank account while overseas

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Believe it or not, you can open an Australian bank account while still living overseas. However, you’ll need to show proof of your visa, where you’re planning on living and your passport.

Some banks that allow you to do this are:

  • Wise Account.

    Wise (formerly TransferWise) is an international money transfer provider that also offers a banking option. You could get its Wise Debit Card and use it to hold multiple currencies as you settle into your Australian life.

    Keep in mind that the card takes about 7-14 days to be delivered so plan accordingly.

    Opening a bank account in Australia

black woman with curly hair in an airport looking for a bank

If you’re in Australia, then one of the easiest ways to open an account is by popping into a local branch. 

Keep in mind that you need to show proof of residency i.e. valid visa (student, working holiday, partnership etc.), picture ID (ideally your passport), and provide an Australian address. Some banks might ask for two forms of IDs and a TFN. So be sure to double check the requirements before you go open your account.

Note: Americans opening an Australian bank account need to declare it in the FBAR (Report of Foreign Bank and Financial Accounts) when filing US taxes annually. If you have less than the equivalent of 10,000 USD in the account, you might not need to file the FBAR. However, be sure to check with an accountant first, so you don’t run the risk of being fined.

Choosing a bank account

If you need help picking your next bank account check out the Mozo Expert Choice Award^ winners for banking to see are crowned as cream of the crop in our database. Alternatively, you can start comparing bank accounts below.

Bank account comparisons on Mozo

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 172 bank accounts.
Last updated 14 December 2024 Important disclosures
  • Everyday Options Account

    $0.00

    Apple Pay, Google Wallet, PayID

    0.01% p.a.

    Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.

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  • Glide Account

    $0.00

    Apple Pay, Google Wallet, PayID, Samsung Pay, Garmin Pay

    0% p.a.

    Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.

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  • Orange Everyday

    $0.00

    Apple Pay, Google Wallet, PayID, PayTo

    0% p.a.

    The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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  • Everyday Global Account

    $0.00

    Apple Pay, Google Wallet

    0% p.a.

    Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^

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    Details
  • Everyday Account

    $0.00

    Apple Pay, Google Wallet, PayID, Samsung Pay

    0% p.a.

    Enjoy an all in one transaction account with no monthly service fee designed to help you easily manage your money. Link to your Bendigo Bank home loan to offset your monthly interest. Unlimited internet and app banking transfers, and Bendigo Bank ATM withdrawals. Unlimited EFTPOS withdrawals and retail purchases within Australia

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^See information about the Mozo Experts Choice Bank Account Awards

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While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.