Bank Account Comparison

Choosing a bank account in Australia

Opening a bank account is one of the first things you need to do when you arrive in Australia, and the choice you make is more consequential than it seems. Australia has a "Big Four" of established retail banks (CBA, Westpac, NAB, ANZ) plus a growing number of newer digital banks and second-tier institutions. The Big Four have the most branches and the broadest product range; the digital banks (ING, Up, Macquarie, Ubank, Bendigo, ME) typically offer better interest rates and lower fees.

For new arrivals, the standard pattern is: open an account with whichever bank lets you sign up most easily from overseas, get your salary set up, then move to a higher-interest savings account at a different bank for any savings you accumulate. You do not have to bank all your money with one institution, and most Australians actually use 2-3 banks for different purposes.

The Big Four versus digital and second-tier banks

Opening an account from overseas before you arrive

Several banks let you open an account before arriving in Australia, which makes the first weeks much easier. The main options:

• CBA: International student and migrant accounts. Apply up to 14 days before arrival, deposit funds online, collect a debit card at a branch on arrival
• Westpac: Choice account for new arrivals. Online application, debit card mailed to your Australian address
• NAB: Visa-holder accounts. Similar process to the others
• ANZ: Access Advantage account for migrants and students. Online application, ID verification on arrival
• HSBC: Premier or Advance accounts if you already bank with HSBC in your home country - rare but powerful, often includes mortgage pre-approval

For all of them, you typically need a passport, proof of intended Australian address, and proof of visa or expected arrival date. ID verification (100 points) happens once you arrive.

The 100-point ID check

Australian banks use a "100-point ID" system. To open most accounts you need to present documents totalling 100 points. Common point values:

• Foreign passport: 70 points
• Australian birth certificate: 70 points
• Australian driver's licence: 40 points
• Medicare card: 25 points
• Australian utility bill in your name: 25 points
• Australian rental agreement: 25 points

New arrivals typically combine passport (70) plus a recent bank statement or visa grant letter (25-30) to reach 100. Most banks have a "new migrant" pathway that accepts visa grant letters and overseas documents in the early weeks.

Everyday transaction accounts versus high-interest savings

The Australian banking model splits accounts into two main types: transaction accounts (no interest, used for daily spending) and savings accounts (interest-paying, often with conditions like minimum monthly deposit or no withdrawals). The best strategy is usually:

• Open a transaction account at one bank for salary, bills, and day-to-day spending (look for no monthly fee)
• Open a high-interest savings account at a different bank (rates of 4.5-5.5% in 2025-26 vs 0% at the Big Four)
• Transfer surplus money to the savings account regularly via the OSKO instant transfer system

Frequently asked questions

Do I need an Australian credit history to open an account?

No. Bank accounts (savings and transaction) do not require credit checks. Credit checks only apply when you apply for credit products (credit cards, loans, mortgages). All four major banks accept new arrivals with no Australian credit history for everyday accounts.

How long does it take to get a debit card?

Most banks issue a debit card on the spot at a branch (about 30 minutes including the appointment). Online sign-ups typically mail the card within 5-10 business days. In the meantime, you usually get a "virtual" card you can add to Apple Pay or Google Pay immediately, which lets you use the account from day one.

Should I use Wise or Revolut instead of an Australian bank?

For international transfers and multi-currency holding, yes - Wise and Revolut typically offer much better exchange rates and lower fees than the Big Four. For salary deposits and direct debits, you still need a "real" Australian bank account in most cases. The best setup is: Australian bank for salary and bills, Wise for sending money overseas and receiving foreign currency.

What is OSKO and PayID?

OSKO is Australia's instant bank transfer system, and PayID is the user-friendly identifier system on top. Instead of using BSB and account numbers, you can set up your phone number or email as your PayID. Transfers between Australian accounts using PayID are usually instant and free.

Can I deposit cash easily?

Depending on the bank. Big Four banks have branches and Smart ATMs in most suburbs that accept cash deposits. Digital-only banks (Up, Ubank, ME) generally do not accept cash deposits at all - you would need to deposit cash at a Bank@Post branch (1,500+ post offices nationally) or transfer from another bank. Heavy cash users should stick to the Big Four or second-tier banks.

What about credit cards as a new arrival?

Credit cards usually require 3-6 months of Australian income history before approval. Some banks have "migrant" credit card pathways that consider overseas credit history but they are rare. For the first 6 months, use a debit card for everything and a prepaid travel card for any international charges. After that, applying for a basic low-rate credit card is straightforward.

What this comparison doesn't include

• Mortgage rates - vary widely; compare separately with mortgage brokers when ready
• Business banking - different products and pricing for sole traders and companies
• Foreign exchange rates - typically much worse at Big Four banks than at Wise, Revolut, or OFX
• Investment platforms - separate from banking; CommSec, Selfwealth, Stake etc. for shares
• Crypto exchanges - separate market, not provided by traditional banks

The independent comparison site Canstar publishes annual ratings of bank products, although they earn commission so cross-check with the bank's own website.