Opening a Bank Account in Australia from Overseas [for Foreigners and Non-Residents]

Are you planning to move to Australia? Or often do business in Australian dollars? Opening a bank account in Australia from overseas can surely help you save a lot of money in the exchange rate and international transfer fees.

Australia is a great country with an amazing laid-back lifestyle, beautiful cities and beaches, and super friendly people. If you are planning to move to Australia soon, the first thing that you would need to do is to open a bank account in Australia before you arrive. 

Opening a Bank Account in Australia from Overseas as a foreigner or a non-resident is quite simple and easy. If you are planning to move to Australia, then you can open a bank account online from abroad in any of the top Australian bank.

As an alternative, it is much easer to open a Wise multi-currency account, especially if you are non-resident and want to open a bank account in Australia. You can get your account for FREE in 5 minutes and start managing your money in Australian dollar.

However, if you are NOT planning to move to Australia, Or if you just need an account just for travelling needs, then your options are quite limited. Wise multi currency account is the ONLY option for you that allows you to hold in the Australian dollar and make transactions locally.

Can I Open a Bank Account in Australia from Overseas?

Are you moving to Australia soon? OR You don’t want to move but need an Australian bank account?

You can open an Australian bank account with Wise Multi-Currency Account – at ZERO monthly fees (even as a non-resident from abroad).

You can get your Australian bank account number and BSB number (branch code) that will enable you to hold and manage Australian dollars is no time.

The Australian account will let you pay in Australia in local currency as a tourist. You can also receive payments in AUD and send money to other Australian bank accounts for free.

Open an AUD Bank Account

In this guide, we will help you through the process of opening a bank account in Australia from overseas, what documents you’ll need, what options you should choose, and how to open a bank account in Australia for foreigners.

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How to Open a Bank Account in Australia

There are 2 main ways of opening a bank account in Australia – but a few of the options may not be suitable for non-residents or foreigners. 

• High-street Australian banks – Requires proof of address (and have monthly fees)
• Multi-currency accounts – Proof of address is not needed (Suitable for non-residents, foreigners, and international students with ZERO monthly fees)

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Option 1: High-Street Australian bank

What documents do I need to open a bank account in Australia?

For the documents needed to open a bank account, Australian banks use a point system. There is a list of documents that are accepted by Australian banks, where each of the documents has some points assigned to them.

In order to open a bank account in Australia, you would need to provide a certain number of documents to reach a minimum of 100 points or above. This personal identification system was implemented by the Australian government to fight fraud and money laundering. 

As confusing as it sounds, providing enough documents is quite simple and straightforward when opening a bank account in Australia from overseas or after arriving in Australia

If you are opening an Australian bank account online, you’ll need to provide documents that prove your identity and the purpose of your stay in Australia, such as studies or work and earning in Australia.

You would also need one of the following documents that act as a proof of Australian address

• Recent utility bill
• Lease or tenancy agreements 

As well as some additional supporting documents such as 

• Notice from the Australian Taxation Office
• Australian Medicare card
• Australian marriage certificate
• ID card from an Australian higher education institute.

Can I Open a Bank Account in Australia Online?

Yes. You can open a bank account in Australia online (even from abroad) without any problems.

To open an Australian bank account, you don’t have to be physically present in Australia. You can pick any of the top Australian banks and open an account online by filling up an online form and uploading your documents to get verified. 

The process to open a bank account in Australia online is quite simple, however, it also depends on the Australian bank you choose. At NAB, you can simply open a classic account in just 10 minutes. 

Here are some eligibility criteria if you are not in Australia

• Arrival date: You need to tell the day of your arrival in Australia to the bank of your choice
  • You can arrive in Australia anywhere between 3 months to 12 months from the time of the application
• Proof of address: You need to provide where you would be staying once you arrive in Australia. You can also provide your address from your home country until you arrive in Australia.
• You must be 18 and above: This is one of the requirements when opening a bank account in Australia. However, there are Commonwealth and Westpac have accounted for teens
• Employer details: You’ll need to provide information about your employer and your salary along. You’ll also need to prove your right to work and earn in Australia.

Please note that once you arrive in Australia, you’ll need to book an appointment at the local branch and submit your ID in person along with the additional supporting documents that the bank may request from you. Until then, your Australian bank account will not be fully functional.

Can I open an Australian bank account from the UK?

As we have explained above, opening a bank account in Australia from overseas is possible (even from the UK). You can do it online by choosing any of the top Australian banks, or opening an Australian dollar bank account using a Wise Multi-currency account. 

Remember, if you pick any of the top high-street Australian banks then you also need to do a final check by visiting a local branch, once you arrive in Australia. 

There are the ‘big four’ Australian banks that you can choose from – Commonwealth Bank, ANZ, Westpac, and NAB. All these top banks have tailored made services for foreigners and expats. They also allow you to open an Australian bank account online from abroad.

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Option 2: The Wise Multi-currency Account

Before you start looking at all the top Australian banks, ask yourself why you need an account in a traditional bank – With annoying monthly fees, minimum balance requirements and poor exchange rates.

We have a better option for you – Wise multi currency account, which is free and offers you an Australian bank account just like a normal bank. But, it is much cheaper with a real exchange rate if you send or receive money from abroad. And you can open an AUD account in 5 minutes.  

The Wise multi-currency account is the perfect alternative for expats, frequent travellers or students who often deal with the Australian dollar (along with other currencies). With a Wise multi-currency account, you can send and receive money in 50+ currencies. 

Furthermore, You can simply open an AUD account within your multi-currency account and hold Australian dollars along with 50+ currency. You can receive money locally for free using your Australian bank account details that you get after opening a Wise Multi-currency Account. 

You can create a Wise account online before travelling to Australia and convert your home currency at the mid-market exchange rate (the real rates that you see on Google). Once you arrive in Australia, you can start paying locally in Australian dollars using the Wise debit card. 

With the Wise multi-currency account, You can also manage your money in 50+ currencies (including AUD) and you can spend it in 200+ countries using your Wise card.  There’s no monthly fee or any other subscription fee!

Read the full Wise review
Read the full Wise Debit card review

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Which Australian Bank is Best for My Needs?

Banks and ATMs are quite accessible in Australia. But there are other things that you have to consider when choosing a bank. Every bank offers different services.

Before you choose a bank to open an account, it is important to understand the type of accounts available in Australia and the things you should consider before opening a bank account in Australia from overseas.

Types of Bank Accounts in Australia

The banking system in Australia uses Electronic Funds Transfer as a Point of Sale (EFTPOS) instead of the normal debit card system. It is very similar to how you pay with your debit card. EFTPOS is a native way of Australia and New Zealand to pay locally for your purchases quite easily. 

There are 3 main types of bank accounts available in Australia. It’s quite essential to understand all these accounts to find which ones suit your need to manage your money and use it locally. 

Cheque Account: This is a standard type of current account that you need for your daily needs such as payments, deposits, and ATMs. It is generally linked to your debit card or EFTPOS. Whenever you make a purchase, the money is deducted from your account. 

Savings account: A saving account is an additional account that is opened along with your cheque account: account (your current account). It is used to put your savings aside and earn some interest on the amount that you hold. 

Credit Account: This is the account that is linked to your credit card. However, it would be a bit difficult to get a credit account if you newly move to Australia. To open a credit account in Australia, you might have to wait a few months after you’ve moved to Australia. This would give the banks some time to monitor your transaction and credit score before they can grant you a credit card.

The ‘Big 4’ Australian Banks and Their Accounts

ANZ Bank

ANZ (or Australia and New Zealand Banking Group) serves over 8.5 million accounts, both personal and business customers worldwide. ANZ has around 400 branches all over Australia, with around 900+ ATMs. 

One of the main accounts offered by ANZ is called the Access Advantage account which is available to all – Australian residents, students as well as foreigners (new arrivals). The account comes with a linked debit card, mobile and online banking and ANZ mobile app. 

The account comes with a fee of $5 per month, but the fee is waived off if you are a student (for a certain amount of time). You can open an account in Australia online from overseas with ANZ (before even arriving in Australia)

ANZ also offers services to business customers with a range of accounts to choose from.

NAB

NAB (National Australian Bank) is one of the largest banks in Australia, serving 9 million personal and business customers in Australia. NAB has more than 500 branches across the country and 900 ATMs in Australia. 

NAB offers a Classic Banking account which is the primary product that they offer. The best thing about NAB classic banking account is that it comes with no monthly fee or overdraft fees, ATM fees or minimum balance requirements. It also comes with a linked debit card (contactless VISA card). 

NAB classic banking account is also available to students because NAB doesn’t offer any specific account service to students. 

Opening a bank account in Australia from overseas is quite easy with the NAB Classic Banking account. You can simply apply for an account online up to 12 months prior to arriving in Australia.

NAB also offers 2 business account services that you can choose from depending on the size of your business.

Commonwealth Bank

Commonwealth bank also known as the CommBank has around 16 million customers worldwide. However, CommBank has only around 20 branches across Australia, with only 100 ATMs. 

If you are a foreigner or a new arrival in Australia, CommBank offers 2 bank accounts that may suit your need. One for general use and one for students.

CommBank Everyday Account Smart Access is perfect for daily banking and accounting that offers fee-free ATM withdrawals. The account has no monthly fee for the first year and comes with a mobile app for online banking. Opening a bank account in Australia for foreigners can be done three months prior to arriving in Australia, or within 3 months after arriving here.

Everyday Account Smart Access for Students has the same features that we mentioned above, but it offers no monthly fees as long as you are a student (instead of 1 year).

Commonwealth bank also offers 2 types of business accounts that you can choose from depending on the size of your business.

Westpac

Westpac is one of the oldest banks in Australia with around 800 branches and more than 3000 ATMs spread all across Australia.

One of the primary accounts – Westpac Choice, offered by the bank, is suitable for everyone including new arrivals and students. The accounts with a Master debit card, online banking, mobile app as well as options to make cardless ATM withdrawals. 

However, there is a monthly fee which can be waived for foreigners and students, but only for the first year. The fee can also be waived for customers who deposit a certain amount each month.

There is a range of business account options available at Westpac. You can choose Westpac business accounts depending on the size and needs of your business.

What are the Costs to Open a Bank Account in Australia?

ANZ, Commonwealth Bank and Westpac have the options to waive their monthly fees if you fall under the following categories:

• Full time student (the fee is waived as long as you are a student)
• Make monthly deposit of $2,000 (fee would be deducted from your account if you fail to make the deposit
• If you are under 25 or over 60 years old

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Best Australian Bank for Working Holiday Visa

If you are planning to travel to Australia on a working holiday. Here are a few options that may suit your need. 

Buy before we look into all the banking options, Wise multi-currency account is a great alternative. You can open an AUD account within your wise app and convert your home currency to Australian dollars at the mid-market rate (the real exchange rate).

With the Wise multi-currency account, you can pay locally with your Wise card in AUD for free (once you hold AUD in your account). You can also choose not to convert in advance, and pay locally, and you Will auto convert the currency that you hold at the mid-market rate and a small conversion fee. 

If you want to open a bank account online in Australia, here are some of the baking options to choose from

Westpac offers a specific Migrant Banking section online. You can open a current account by filling up an application form. There are no monthly fees for the first year. You can open a bank account online from overseas 12 months before you arrive in Australia.

NAB is an amazing banking option for foreigners and travellers. They offer a “classic banking account” which is like a current account with no monthly fees. At NAB, you can simply open a classic account in just 10 minutes.

Commbank is also a great option if you are a non-resident. Opening a bank account in Australia from overseas can be done online with a zero-monthly fee for a year.

Best Bank in Australia for Expats

If you are an Expat in Australia (or going to be) then you’ll need to look for some more options besides the currency account. However, it is better if you do it in person after booking an appointment with the bank of your choice.

If you were receiving money locally and from abroad or sending money abroad (to your home country or elsewhere), it is recommended to use a Wise multi-currency account because you can save a lot of money on high transaction fees offered by the bank along with poor exchange rates.

Banks add a hidden markup on real exchange rate to make money from the customers. You can also hold in multiple currencies and can spend locally or abroad with your Wise debit card.