Banking in Australia for Expats (2026 Guide)
Opening a bank account in Australia is one of your first tasks after landing. The process varies depending on your visa type.
Banking Overview in Australia
| Feature | Details |
|---|---|
| Currency | Australian dollar (AUD) $ |
| Bank Account for Foreigners | Yes |
| Access Difficulty | High |
| Remote Opening | Yes |
| Wise Available | No |
| N26 Available | Yes |
Opening a Bank Account in Australia
Foreigners can open bank accounts in Australia. The process difficulty is rated as High, which means the process can be challenging and may require additional documentation or local assistance.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Australia. While you may be able to send money to Australia, full local account features may not be available. Check their website for the latest on Australia-specific services.
N26
N26 is available in Australia. As a fully digital bank, it offers a straightforward account opening process, often without needing to visit a physical branch. The app provides real-time notifications, spending analytics, and competitive exchange rates.
International Transfers
When transferring money to or from Australia, consider these factors:
- Exchange rate: The currency is AUD. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Australia is approximately €4,229 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Compare fees before choosing: Monthly account fees, ATM charges, and international transfer costs vary wildly between banks. Ask before you open.
- Use a multi-currency card: A multi-currency travel card (Wise, Revolut) saves you exchange fees during the transition period.
- Learn key banking terms: A few words in the local language go a long way at the bank counter and when reading statements.
- Set up online banking immediately: Most routine transactions can be handled online or via app, saving you queues and branch visits.
- Keep your home bank account: Maintain an account in your home country for at least the first year, in case you need to transfer funds back.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
Key Institutions and Services
Based on current expat reports, the following organisations and services are relevant for newcomers to Australia:
- Australian Taxation Office
- The Commonwealth Bank
- The National Australia Bank
Additional Data Points
Recent reports and expat sources provide these additional figures for Australia:
- Accounts can be opened online up to 12 months before arrival in Australia.
- To avoid fees, consider using your debit card instead of a credit card. Additionally, check if your bank has a partner bank in Australia and use their ATMs. Also check out Allpoint Network, a global network of more than 55,000 ATMs worldwide that offers surcharge-free cash access. You can find the participating Australian ATMs via this link, here .
- Meanwhile, the Revolut app has more than 750,000 users in Australia and allows you to send money globally to other Revolut accounts. With Low transfer fees and great exchange rates, you can send money in more than 40 currencies to over 150 countries.
- Important:
- It is very important that you have a Tax File Number on record, or you can incur tax fees. You can update the information in your account at any time, either over the phone, online, or at a local branch.
- Planning a move to Melbourne? As an expat on the ground in Melbourne, one of the first things you must do is ...
Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
Does Wise (TransferWise) work in Australia?
Wise has limited functionality in Australia. You may need to rely on traditional banks for transfers.
What are the best banks for expats in Australia?
For expats in Australia, options depend on your needs. Open Wise first, then local bank. Most banks accept international transfers. N26 is available and offers a fully digital experience. We recommend comparing traditional banks with digital alternatives based on your transaction patterns and whether you need international transfers.
How long does it take to open a bank account in Australia?
Opening a bank account in Australia typically takes 2-4 weeks or more depending on documentation readiness and the bank chosen. Digital banks may be faster.
Can I receive my salary in a foreign bank account in Australia?
Technically yes, but most employers in Australia prefer paying into a local bank account. Using a local account avoids international transfer fees and delays. Wise or N26 may serve as alternatives.
How do international money transfers work from Australia?
You can transfer money from Australia via SWIFT bank transfers (2-5 days, higher fees) or digital services . Compare rates between your bank and specialist transfer services to save on fees.
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