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Banking

Australia — Banking: Best Banks

Australia's banking market is dominated by the 'Big Four' — Commonwealth Bank (CommBank), Westpac, ANZ, and NAB — plus smaller regional banks (e.g. Bendigo and Adelaide Bank) and digital-only banks. Each Big Four bank has different strengths for newcomers: CommBank and Westpac are commonly recommended for expats for their global reach and remote account-opening options; NAB is known for low/no monthly fees; ANZ offers strong everyday-account features.

VerifiedWestern Union, Remitly, and Mozo bank comparison guides for expats/non-residents in AustraliaLast reviewed: 2026-08-31

Key facts

  • The 'Big Four' banks are Commonwealth Bank (CommBank), Westpac, ANZ, and National Australia Bank (NAB); smaller institutions include Bendigo and Adelaide Bank and Suncorp
  • CommBank, Westpac, and NAB allow certain non-residents (including new migrants and international students) to open accounts remotely online before arriving in Australia, using passport and visa details
  • For fees, NAB's basic everyday account has no monthly account-keeping fee; Westpac's Choice Account has no monthly fee for full-time students and some temporary residents; ANZ's Access Advantage account offers unlimited ANZ ATM withdrawals and online account opening
  • CommBank is often cited for having the strongest mobile banking app, which is useful for newcomers managing finances remotely

Steps

  1. Researching Bank Options — Research and compare the features, fees, and services of various banks to find the best fit for individual needs
  2. Gathering Required Documents — Collect necessary identification documents, proof of address, and tax file number (if applicable) for bank account opening

Costs

  • Account opening fees: varies by bank
  • Monthly maintenance fees: varies by bank and account type

Timelines

  • Account opening time: typically 1-3 business days

Required documents

  • Passport
  • Proof of address (utility bill, lease agreement, etc.) once in Australia
  • Tax file number (TFN) — recommended after arrival to avoid higher withholding tax on interest

Common mistakes

  • Not comparing bank fees and services before opening an account
  • Failing to provide required identification documents
  • Assuming a remotely opened account is fully active — most require an in-branch identity check within 6 weeks of arrival before full access is granted

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