Opening a Bank Account in Australia as a New Migrant: Complete Guide

7 September 2025 • Updated for 2025

Start here: ID, TFN, and the steps to open your account.

Moving to Australia? This guide explains how to open an everyday bank account in 2025, what identification you need, whether you can start the process from overseas, how to avoid common fees, and how to use PayID/Osko for instant payments.

1. Account types overview
2. Eligibility and documents
3. Open before you arrive?
4. Step-by-step setup
5. Fees and how to avoid them
6. PayID, Osko and daily payments
7. Notes for students
8. Security and fraud tips
9. FAQs

Account Types Overview

Most newcomers start with an everyday transaction account for salary and bills, plus an optional online saver for cash you don’t spend. You’ll receive a debit card (Visa/Mastercard) for EFTPOS, contactless, and online payments. Credit cards require a separate application and credit assessment; apply later once you have income and a local credit history.

Open a low-fee everyday account, then add savings if needed.

Eligibility and Documents

• Passport and valid visa details.
• Australian address and mobile number (some banks let you supply these after arrival).
• Tax File Number (TFN) is optional but recommended to avoid interest withholding at the top rate.
• Some banks may ask for proof of address (rental agreement, employer letter, or utility bill) once you settle.

Tip: Scan your passport bio page, visa grant letter, and any address evidence into clear PDFs before applying.

Can You Open Before You Arrive?

Some major banks allow you to start an account from overseas within about 14 days of arrival, then you verify your identity in-branch after you land before the account is fully active. Others ask you to apply once you’re in Australia. Check the bank’s current policy when you apply.

• Banks that offer pre-arrival setup for certain accounts: see current guidance from selected majors.
• Banks that require you to apply or verify in Australia: many will onboard you once you arrive with passport + local contact details.

KYC: passport, visa, and your Australian contact details.

Step-by-Step Setup

1. Choose a bank and account (everyday account first). Compare fees, ATM access, app features, and transfer options.
2. Apply online with your passport and visa details. If still overseas, complete the pre-arrival form if available.
3. Verify identity when prompted. Some customers can verify online; otherwise, visit a branch after you arrive.
4. Add TFN in online banking to prevent tax being withheld from interest at the top rate.
5. Activate debit card, set card PIN, and add the card to your phone wallet.
6. Set up PayID to receive instant payments to your mobile or email, and learn to use Osko transfers.
7. Link salary and bills: give your employer your BSB and account number; set direct debits for utilities and rent.

Fees and How to Avoid Them

• Account-keeping fees: Many banks now offer no monthly fees everyday accounts. If a fee applies, it’s sometimes waived by depositing a monthly minimum.
• ATM fees: Withdraw cash at your bank’s ATMs or participating fee-free networks. Use tap-to-pay to reduce cash needs.
• International fees: Cards may charge overseas transaction or currency conversion fees. Consider accounts with no international transaction fees if you shop online globally.
• Transfers overseas: Compare exchange rates and fees before sending money. Avoid using credit cards for cash advances.

Track spending, schedule payments, and set alerts in the app.

PayID, Osko and Daily Payments

Australia’s fast-payments infrastructure lets you receive money instantly via PayID (your mobile number or email) and send near-real-time transfers using Osko between participating banks. For regular bills, BSB/account transfers and direct debits remain standard.

Special Notes for Students

• Student everyday accounts often waive monthly fees. Bring your student ID when you visit a branch.
• If you arrive close to semester start, use a bank that supports pre-arrival setup so you can pay rent and receive funds quickly after landing.
• If you don’t have a TFN yet, open the account anyway, then add your TFN later in online banking to stop interest withholding.

Security and Fraud Tips

• Enable multi-factor authentication in your banking app.
• Confirm payee details carefully before transfers. Use PayID where possible to reduce mis-directed payments.
• Never share banking codes received via SMS or email. Banks will not ask you for one-time codes.
• Report lost cards or suspicious activity immediately in your app or by calling your bank.

FAQs

Do I need a TFN to open an account?

No. A TFN is optional, but if you don’t provide one the bank may withhold tax from interest at the highest marginal rate. Add your TFN later in online banking once you have it.

Can I open an account before arriving in Australia?

Some banks let you start the process up to around 14 days before arrival and then verify your identity in a branch after you land. Other banks onboard customers once they are in Australia. Check the current policy of your chosen bank.

What ID do I need?

Passport and visa details are standard. Banks may also request an Australian address and mobile, plus proof of address after you settle.