How to Open a Bank Account in Australia
Opening a bank account in Australia is straightforward and free for basic accounts. You can even open an account before you arrive in Australia if you are on a student or skilled visa. This guide walks you through the process, required documents, and compares the major banks.
Step-by-Step Guide
Choose a bank
Australia's four major banks are Commonwealth Bank (CommBank), ANZ, Westpac, and NAB. For Nepalis, CommBank and ANZ are the most popular because they have branches near major Nepali communities and offer student accounts with no monthly fees. Digital banks like Up, Wise, and Revolut are also good options with no fees and better exchange rates for sending money to Nepal.
Gather your documents
You need: (1) Your passport, (2) Your visa (student visa, 485, 482, or PR), (3) Proof of Australian address (rental agreement, utility bill, or a letter from your university/employer), (4) Your TFN (Tax File Number) — you can add this later. If you have not arrived in Australia yet, you can open an account with just your passport and visa.
Apply online or in-branch
All major banks allow online applications. CommBank, ANZ, Westpac, and NAB all have online application forms that take 10-15 minutes. If you prefer in-person service, visit a branch with your documents. Most branches in Sydney, Melbourne, and Brisbane have staff who can assist with migrant banking.
Verify your identity
After applying online, you must verify your identity. If you are already in Australia, visit a branch with your passport. If you are overseas, some banks allow video verification via their app. Your account will be activated but you cannot withdraw funds until you verify your identity in person at an Australian branch.
Activate your account and card
Once identity is verified, your account is fully active. Your debit card will arrive by mail in 5-7 business days. You can set up online banking, Apple Pay/Google Pay, and direct deposits immediately. Provide your TFN to the bank to avoid paying the top tax rate (47%) on interest — without a TFN, banks withhold 47% of interest earned.
Set up your TFN with the bank
Log in to your online banking or visit a branch to provide your Tax File Number (TFN). This is not mandatory but without it, the bank will deduct 47% tax on any interest you earn. Apply for a TFN at ato.gov.au — it is free and takes about 10 minutes online.
Comparison
| Provider / Option | Type | Rate / Duration | Notes |
|---|---|---|---|
| CommBank (Commonwealth) | Major bank | Smart Access account: $0 monthly fee (under 25 or student) | Largest branch network in Australia. Good app. Popular with Nepali students. Monthly fee $4 for non-students. |
| ANZ | Major bank | Access Advantage: $0 monthly fee (under 25 or student) | Good international transfer features. Monthly fee $5 for non-students. |
| Westpac | Major bank | Choice account: $0 monthly fee (under 21 or student) | Offers a "Moving to Australia" service for migrants. Monthly fee $5 for non-students. |
| NAB | Major bank | Classic account: $0 monthly fee (all conditions) | No monthly fee for anyone. Good for newcomers. No minimum deposit. |
| Up Bank | Digital bank | Free, no monthly fees ever | App-only. No branches. Great for tech-savvy users. Instant transfers. |
| Wise | Digital/multi-currency | Free to open, low transfer fees | Best for sending money to Nepal. Hold AUD and NPR. Mid-market exchange rate. |
Frequently Asked Questions
Can I open a bank account before arriving in Australia?▾
Yes. CommBank, ANZ, Westpac, and NAB all allow you to open an account online up to 12 months before you arrive. You will need your passport and visa details. You can deposit money into the account, but you cannot withdraw until you verify your identity in person at an Australian branch within 6 weeks of arrival.
Which bank is best for Nepali students in Australia?▾
CommBank and ANZ are the most popular with Nepali students because they offer no-fee accounts for under-25s and students, have large branch networks, and have experience with international students. NAB is also good because its Classic account has no monthly fee for anyone.
Do I need a TFN to open a bank account?▾
No, you can open a bank account without a TFN. However, if you do not provide your TFN, the bank will withhold 47% tax on any interest you earn. You can add your TFN to your account at any time after opening it. Apply for a TFN for free at ato.gov.au.
How much does it cost to open a bank account in Australia?▾
Opening a bank account is free at all major banks. Basic transaction accounts have no monthly fee for students and people under 25. For others, monthly fees range from $0 (NAB Classic) to $5 (ANZ, Westpac). Debit cards are issued free of charge.
What documents do I need to open a bank account in Australia?▾
You need your passport, your Australian visa, and proof of address (rental agreement, utility bill, or university letter). If you have just arrived, banks will accept your passport and visa alone for the first 6 weeks. After 6 weeks, you need 100 points of ID which typically includes your passport, visa, and a proof of address document.
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