Banking in Australia
Opening a bank account
Opening a bank account is more straightforward than you might think. Thanks to the high volume of migrants studying and working in Australia, most major Australian banks offer new migrant services to help you make the transition as smooth and simple as possible.
Choose your bank
It is worth taking some time to see which banks suit your needs.
Some banks may have a banking system that is easier to navigate through whilst other banks might offer better services, and one might have better saving plans that may suit your needs.
Ask your colleagues, friends and family to share their views on their bank of choice and if they would recommend it and why.
Listed below are the four major banks in Australia:
Australian Skilled Migration has partnered with Commonwealth Bank to help you open your first Australian bank account. You can open your account before you arrive so your account will be ready to use when you land.
Say hello to the Commonwealth Bank of Australia
There’s a lot to look forward to when you move to Australia. Whether you’re surfing at a sunny beach, enjoying fresh seafood or commuting on a ferry over bright blue waters, every day will be an adventure. We want to make sure you have the confidence to move smoothly and easily, knowing there’s a financial partner on your side. That’s why we’re introducing you to the Commonwealth Bank of Australia. They’re known to Aussies as CommBank.
Meet the bank more new arrivals choose
CommBank is Australia’s largest bank. They’ve been helping Australian dreams come true since 1911, and support more people moving to Australia than any other bank.
With a variety of products and services, you can get sorted in no time:
- Find tips on how they can help you call Australia home on their Moving to Australia website.
- Depending on your situation, you may be able to get one-to-one support from a Relationship Manager in their International Premier and Retail Banking team*. They’re here to help you with your Australian banking needs.
CommBank are excited to welcome you to Australia.
Things you should know: Commonwealth Bank of Australia ABN 48 123 123 124 is a company incorporated in Australia with limited liability and subject to Australian regulation (CommBank). *Relationship management support is available to selected customers moving to Australia who earn an annual income of AUD$100,000 or above. CommBank will need to verify your income and visa to qualify for this service.
Who can apply?
You can apply if you:
- Are aged 14 years and over
- Will arrive in Australia in the next three months or;
- Have arrived in Australia in the past three months
- Are opening the account in your personal name
How to apply
STEP 1: Complete an online application form here
Commbank recommends:
- You have your passport with you when completing this form
- You know the city you will be staying in when you arrive
- You know your entry visa information
STEP 2: Visit your branch
Once you get to Australia, visit your chosen branch to collect your Debit Mastercard. Make sure you bring:
- Your current passport (original document required)
- Your Tax Identification Number (TIN) for each country of foreign tax residency
STEP 3: Download the CommBank app or log on to NetBank
Start banking straight away after your identification check. Download the CommBank app or log on to NetBank to:
- Withdraw money from CommBank ATMs using Cardless Cash
- Shop using the CommBank app to tap and pay, or choose from our range of digital wallets – like Apple Pay, Google Pay or Samsung Pay.
- Pay friends using just their Australian mobile number
STEP 4: Tax File Number
You will need to order a Tax File Number (TFN) to attach to your bank accounts to avoid being charged additional fees. Having a TFN is not compulsory in order to set up a bank account, however, without one your employer will take 45.6% of your wages in tax and you will be charged the same rate on any interest accrued in your bank accounts.
You can apply for a TFN once you’ve arrived in Australia with a valid visa. Follow our instructions to apply for a TFN here
