Best Bank Accounts for New Arrivals in Australia (2025-26)

Why Your Bank Choice Matters as a New Arrival

Choosing the right bank when you first arrive in Australia can save you hundreds of dollars a year in fees and make your transition smoother. The wrong choice might mean paying monthly account fees, high ATM charges, poor exchange rates on international transfers, and limited branch access when you need help in person.

As a new arrival, you have specific needs that differ from someone who's lived in Australia their whole life. You'll likely be sending money overseas (or receiving it), you may not have 100 points of Australian ID yet, and you might need to open an account before you even arrive. Not all banks cater well to these needs.

Australian banking is dominated by the "Big 4" — Commonwealth Bank (CBA), Westpac, ANZ, and NAB. Together they hold about 75% of all deposits. But digital-first banks like ING, Up, and Macquarie are increasingly popular, especially among younger arrivals who don't need branch access. Let's compare them all.

Big 4 Bank Comparison for New Arrivals

Here's how Australia's four largest banks compare on the features that matter most to new arrivals:

Commonwealth Bank (CommBank)

CommBank is the bank most commonly recommended for new arrivals, and for good reason. Their Smart Access account lets you open from overseas up to 12 months before you arrive. You deposit money into the account before landing, and when you arrive, you visit a branch with your passport to activate the card. CommBank has the largest branch and ATM network in Australia, which matters when you're new and may need in-person help.

The CommBank app is consistently rated as one of the best banking apps in Australia. Features include instant transfers via PayID, spending insights, savings goals, and the ability to lock your card instantly if lost. Monthly fee is $4, waived if you're under 30 or deposit $2,000+ per month (most working people meet this easily).

ANZ — Migrant Banking Program

ANZ has a dedicated Migrant Banking program for new arrivals. You can open an ANZ Access Advantage account from overseas using your foreign passport and address. ANZ also offers multilingual support in branches — helpful if English isn't your first language. The monthly fee is $5, waived for under 25s or with $2,000+ deposits per month.

NAB — No Monthly Fees

NAB's Classic Banking account has a genuine $0 monthly fee with no conditions — no minimum deposit, no age requirement. This makes it attractive if you're arriving on a tight budget or won't be earning immediately (e.g., students). NAB's branch network is smaller than CommBank's, but they're present in all major cities and suburbs.

Westpac

Westpac's Choice Everyday account is a solid option with a $5 monthly fee (waived under 30 or with $2,000+ deposits). Westpac's ATM network includes St George, BankSA, and Bank of Melbourne ATMs, giving you broader access. They offer new-to-Australia support but don't have a dedicated migrant program like CommBank or ANZ.

Opening an Account from Overseas Before You Arrive

One of the smartest things you can do is open your Australian bank account before you arrive. This means you can transfer money into the account ahead of time, and when you land, you already have funds ready for rent, transport, and essentials.

Here's how it works with each of the Big 4:

1. CommBank: Apply online at commbank.com.au/moving-to-australia. You'll need your passport and visa details. The account is opened immediately, but you must visit a branch within 12 months to verify your identity and activate the debit card
2. ANZ: Apply through the ANZ Migrant Banking page. Similar process — online application, then branch visit to activate
3. NAB: Apply online. You can deposit money straight away. Visit a branch within 90 days of opening to complete ID verification
4. Westpac: Apply online for the Choice Everyday account. You'll need to visit a branch after arriving to complete verification

100 Points of ID Explained

Australian banks use a "100 points of identification" system to verify your identity. Different documents are worth different points, and you need to reach 100 points total. As a new arrival, here's what you can use:

Digital Banks Worth Considering

If you're comfortable banking entirely on your phone without ever visiting a branch, digital banks offer some of the best rates and lowest fees in Australia.

ING

ING's Orange Everyday account is a favourite among savvy Australians. It has zero monthly fees, zero ATM fees worldwide (if you deposit $1,000+ per month and make 5+ card purchases), and a high-interest savings account when paired with the Orange Everyday. The catch: ING has no branches, so everything is done via the app. For new arrivals who are comfortable with digital banking, ING is hard to beat.

Up Bank

Up is a popular neobank built on top of Bendigo Bank's banking licence. It has zero fees, excellent budgeting tools, instant spending notifications, and automatic savings features ("Savers" with round-ups). The app is beautifully designed and very popular with under-35s. However, opening an account requires Australian residency and a valid TFN.

Macquarie Bank

Macquarie's Transaction Account offers zero monthly fees, zero international ATM fees, and competitive foreign exchange rates. It's a good choice if you travel frequently or send money overseas. Macquarie is a well-established bank (not a neobank), so it carries the same government deposit guarantee as the Big 4.

International Money Transfers

As a new arrival, you'll almost certainly need to transfer money between your home country and Australia. The way you do this can save (or cost) you hundreds of dollars in fees and exchange rate markups.

Do NOT use your bank's international transfer service for large amounts. Banks typically add a 2-4% markup on the exchange rate, plus charge $15-30 per transfer. On a $10,000 transfer, that's $200-430 in hidden costs. Instead, use a dedicated transfer service:

• Wise (formerly TransferWise): The most popular option. Uses the mid-market exchange rate with a transparent fee of 0.5-1.5%. Fast transfers (1-2 business days). Has an Australian-issued debit card
• OFX: Australian-based transfer service. Good for large amounts ($10,000+). No transfer fees, but makes money on the exchange rate spread (usually 0.3-0.8%)
• Remitly: Good for smaller, regular transfers. Competitive rates and fast delivery to many countries
• Western Union: Wide reach (useful if sending to countries not well-served by others) but generally more expensive

Best Savings Accounts for New Arrivals

Once you've set up your everyday transaction account, you'll want a savings account for your emergency fund and short-term goals. Interest rates on Australian savings accounts vary wildly — from 0.01% to 5.5%+ — so choosing the right one matters.

The best savings rates in 2025-26 are offered by:

• ING Savings Maximiser: Up to 5.50% p.a. (requires $1,000+ deposit/month to Orange Everyday + 5 card purchases)
• Macquarie Savings Account: Up to 5.35% p.a. for the first 4 months, then reverts to a lower variable rate
• Up Saver: Up to 5.00% p.a. (requires 5+ purchases per month on Up Spending account)
• CommBank GoalSaver: Up to 5.00% p.a. (requires deposit of $200+/month with no withdrawals)
• Ubank USaver: Up to 5.50% p.a. (requires linked spending account with $200+ deposit/month)

Most high-interest savings accounts require you to meet conditions each month (like a minimum deposit or a certain number of purchases). If you miss the conditions, the rate drops significantly. Set up automatic deposits to ensure you always qualify.

Building Credit History in Australia

Unlike some countries, Australia doesn't have a traditional "credit score" system that you need to build from scratch. Instead, Australia uses comprehensive credit reporting, which tracks your repayment history, credit applications, and defaults. Here's how credit works for new arrivals:

You Start with No Credit History (Not Bad Credit)

When you arrive in Australia, you don't have a credit score — you have no credit file at all. This is different from having bad credit. Lenders will see an empty file, which means they have no information to assess your risk. This can make it harder to get approved for credit cards, personal loans, and home loans.

How to Build Credit History

1. Get a credit card: A basic, low-limit credit card ($1,000-$2,000) is the easiest way to start building a credit history. Use it for small regular purchases and pay it off in full every month. NAB and CommBank offer credit cards to new arrivals with limited credit history
2. Pay bills on time: Under comprehensive credit reporting, your payment history on loans, credit cards, and some utility bills is recorded. Paying on time builds a positive history
3. Put your name on a phone plan: A postpaid phone plan in your name gets reported to credit agencies and helps build your file
4. Don't apply for too many products at once: Every credit application is recorded on your file. Multiple applications in a short period can make you look risky
5. Check your credit report: You can get a free credit report from Equifax, Experian, or illion once a year. Check it after 6-12 months to make sure everything is accurate

Practical Tips for New Arrivals

1. Open Your Account Before Arriving

Open an account with CommBank or ANZ from overseas before you arrive. Transfer some money in advance so you have funds available from day one.

2. Set Up PayID

PayID is Australia's instant payment system. You can link your phone number or email to your bank account, and anyone can send you money instantly using that identifier instead of your BSB and account number. Very useful for splitting bills, receiving pay from casual jobs, and marketplace transactions.

3. Keep Your Overseas Account Open

Don't close your home country bank account immediately. Keep it open for at least 6-12 months while you get settled. You may need it for receiving refunds, managing obligations back home, or as a backup if there are issues with your Australian account.

4. Understand Government Deposit Guarantee

The Australian Government guarantees deposits up to $250,000 per person, per bank through the Financial Claims Scheme. This applies to all authorised deposit-taking institutions (ADIs), including the Big 4 and digital banks like ING and Macquarie. Your money is safe.

5. Watch Out for Foreign Transaction Fees

If you still use your overseas card in Australia, you'll be hit with foreign transaction fees (typically 2-3% per transaction). Switch to your Australian card as soon as possible. If you need a card that works well in both countries, Wise's multi-currency card is excellent.

Frequently Asked Questions

Can I open a bank account in Australia before I arrive?

Yes. All four major banks (CommBank, Westpac, ANZ, NAB) allow you to open an account online from overseas using your passport and visa details. CommBank lets you open up to 12 months before arrival. You'll need to visit a branch within the first few weeks/months to verify your identity and activate your debit card.

Which bank is best for new arrivals in Australia?

CommBank is the most popular choice due to its extensive branch network, pre-arrival account opening, and dedicated migrant program (CommBank Settle). NAB is best if you want zero monthly fees. ING is best if you're comfortable with digital-only banking and want the highest savings interest rates.

Do I need a TFN to open a bank account?

No, you don't need a Tax File Number (TFN) to open a bank account. However, if you don't provide your TFN within 28 days of opening the account, the bank will withhold tax on any interest earned at the highest marginal rate (currently 45% + Medicare levy). Apply for your TFN as soon as you arrive and provide it to your bank promptly.

What is BSB and how does it work?

BSB (Bank-State-Branch) is a 6-digit number that identifies the bank and branch. Combined with your account number, it's your unique bank identifier in Australia. You'll give your BSB and account number to your employer for payroll, to the ATO for tax refunds, and to anyone who needs to transfer money to you. Alternatively, you can use PayID (phone or email) for instant transfers.

Are there bank accounts with no monthly fees?

Yes. NAB Classic Banking, ING Orange Everyday, Up Spending, and Macquarie Transaction Account all have $0 monthly fees with no conditions. CommBank, Westpac, and ANZ waive their monthly fees if you deposit $2,000+ per month or are under a certain age.

How do I transfer money from my home country to Australia?

Use a dedicated transfer service like Wise, OFX, or Remitly rather than your bank. These services offer better exchange rates and lower fees. For example, transferring $5,000 AUD via Wise typically costs $25-50 in fees, compared to $100-200+ through a traditional bank transfer.