How to open a bank account in Australia in 2024
Planning to relocate from Malaysia to Australia? Or maybe you’ve already arrived and need an account to manage your money in AUD while you’re there?
If you’re relocating you’ll be able to get an account with a bank in Australia - but you won’t be able to complete the application process until you actually arrive. That means banks may not be the best choice if you want to use your account before you land, or if you’re looking for a non-resident account to manage AUD payments. The good news is that there are some alternative options available.
This guide will take a look at the account opening process for banks, and how non-resident accounts from modern alternatives like Wise or Revolut compare.
What documents do I need?
Some big Australian banks let you start the process to apply for an account before you arrive in Australia if you’re moving there to live, work, or study. Eligibility requirements will still apply. For example, you’ll need to plan to move within a fixed period of time, and you may not be able to open an account if you don’t plan to stay in Australia long term. This means that tourists and people in the country on working holiday visas may be excluded.
Once you arrive in Australia you’ll need to complete the account opening process by providing your paperwork in a branch, and checking all your information is up to date.
The documents you need to open a bank account in Australia will depend on the specific bank and account you select. You can expect to be asked for:
Proof of identity (like a passport or ID card)
An Australian residential address
Your Tax identification number (TIN) for any country where you’re a tax resident
If you want an account you can use before you physically arrive in Australia - or if you don’t meet the eligibility requirements for a bank - you may be able to get an AUD account through a specialist provider. More on that below.
Save the paperwork with alternative solutions like Wise or Revolut
Specialist services like Wise or Revolut offer multi-currency accounts which allow you to hold, receive, send and spend AUD - even if you don’t have an Australian address yet.
With Wise you can open your account online or in the Wise app, using your documents and proof of address from Malaysia. Because services like Wise or Revolut exist to help people who live an international lifestyle, documents from a range of countries can be accepted. You can’t open a Revolut account with a Malaysian address, but there are lots of other supported countries, including Australia. Depending on the specific account you select you could get your own AUD bank details in just a few simple steps, an international debit card, low cost cross currency payments and more.
How to open a bank account in Australia as a foreigner
If you’re starting your application online before you move to Australia, you’ll need to complete the online form before heading to a branch on arrival in the country. Gather all the paperwork you need, and present this at a branch once you’ve moved and know your Australian residential address and tax number.
What do I need to know before opening a bank account in Australia?
It used to be possible to open an account with an Australian bank if you were planning to move there. However, many major banks have changed their processes now to make this option more restricted and in some cases impossible. You can start the account application process a couple of weeks before you move with Commbank, for example - but other major banks like NAB no longer let you apply in advance.
Generally to open an account with an Australian bank you’ll be asked to show a local Australian proof of address - making it impossible before you’ve actually relocated. If you need an account you can use to transact in AUD before you relocate, you might be better off with a specialist like Wise or Revolut. More on that coming up in a moment.
Which account is best in Australia for foreigners?
You’ll have plenty of options for a bank account once you’re in Australia. And depending on your preference, you could even start your application before you move. However, your account won’t work in full until you can get to a bank branch and update your details, including giving an Australian residential address.
Good alternatives include specialist financial technology companies. These allow you to open an account in full, online and without requiring an Australian residential address - they also tend to be cheaper and more flexible than traditional banks.
Let’s take a look at a few examples:
| Service | Wise | Revolut | Commbank* | NAB* |
|---|---|---|---|---|
| Currencies covered | 40+ currencies including AUD | 30 currencies including AUD | AUD | AUD |
| Eligibility | Residents of a range of countries including Malaysia and Australia | Residents of a range of countries including Australia | People moving to Australia within 3 months | Residents of Australia only |
| Open before you arrive in Australia | Yes | You can not open an account with a Malaysian address - but residential addresses in other countries may be accepted | Start application 14 days before moving | No |
| Open online | Yes | Yes | Start online; complete in branch | Apply in branch |
| Maintenance fee | No fee | Up to 24.99 AUD/month if you open after arriving in Australia | 4 AUD/month | No fee |
| International transfers | Low fee, varies by currency | Fee varies by currency and payment value | No fee for most online transfers | No fee for online transfers in foreign currency 30 AUD fee for in-branch transfers |
*Commbank account profiled - Everyday Account Smart Access, which is recommended for people moving to Australia. NAB account profiled is the NAB Classic Banking Account
Australian banks could be a good option if you’re already in Australia with a local residential address. If not, you may be better off with an online specialist provider. Specialists often provide more flexible multi-currency accounts which are cheaper and easier to open.
Wise
You can open a Wise account using proof of address documents from Malaysia, to get local AUD bank details and start to receive, send and exchange Australian dollars right away.
In fact, with the Wise multi-currency account you can hold and manage 40+ currencies, get a linked international debit card, and local bank details for up to 10 currencies including AUD. That means you can get paid easily through local transfers, from around 30 countries. And to help you save, Wise currency exchange always uses the mid-market exchange rate with no markups.
Account types: Both personal and business customers can open a Wise multi-currency account with no minimum balance or monthly fees to pay. You just pay a low, transparent fee for the services you use.
Eligibility: Apply with proof of address from Malaysia - or once you arrive in Australia. Full details of availability by location available on the Wise website.
Is it safe? Wise is regulated by the Central Bank in Malaysia, ASIC in Australia, and is overseen by global bodies around the world.
How to open an account with Wise
Here is how to open a Wise account in Malaysia: Open a Wise account online or in the Wise app. Just tap Register, and follow the prompts to create an account using your email, Google, Facebook or Apple ID. You’ll be guided through the process to get verified with your Malaysian or Australian ID and address documents, and can get everything done with just a phone or laptop.
If you are moving or traveling to Australia, this guide might also help you: How to use Wise card in Australia
Revolut
Financial technology company Revolut offers a range of accounts that you can open in Australia which you can use to hold, exchange and send 30 currencies including AUD. Different Revolut account tiers are available, including plans with no monthly charge, and options with monthly charges which come with higher levels of no fee transactions and more perks.
Depending on the account you choose you’ll be able to get some weekday no fee currency exchange which uses the mid-market exchange rate, and extras like budgeting and savings tools, lounge access and travel perks. If you’re from an eligible country, apply for your Revolut account before you travel to Australia to get an account that can handle AUD before you even arrive.
Account types: Standard account plans have no monthly fees or you can upgrade to a paid plan for up to 24.99 AUD/month.
Eligibility: You can not open an account from Malaysia. Available to customers with addresses in the UK, the EEA, Australia, Singapore, Switzerland, Japan, and the US.
Is it safe? In Australia, Revolut is regulated by ASIC, and holds an Australian Financial Services License.
How to open an account with Revolut
The easiest way to open a Revolut account is in the Revolut app. Just tap Sign up and enter your personal and contact information - select the account type you want and follow the prompts to upload your ID and address documents. You can’t open an account with a Malaysian address but you can once you have an Australian address document to hand.
Commbank
Commbank states that it helps more people moving to Australia than any other bank. You can apply for an account online if you’re moving to Australia within the next 14 days. However, you won't have full account access until you arrive in the country and visit a branch to show your documents and get verified. At this point you’ll also need to provide an Australian residential address.
Commbank also has a good range of other online resources designed to help people who are relocating to the country.
Account types: Full range of accounts available, specific accounts recommended for people moving to Australia to work or study are Everyday Account Smart Access and Everyday Account Smart Access for Students
Eligibility: Customers moving to Australia to work or study within the next 14 days
Is it safe? Yes. Commbank is a large and trusted bank which holds an Australian Financial Services License and an Australian Credit License.
How to open an account with Commbank
You can start the account application online if you’re moving to Australia in the next couple of weeks. However you will need to visit a branch in person within 20 days to show your ID and address documents and complete the process.
NAB
NAB no longer lets customers start opening their account from outside Australia - but does have a good range of options for people with an Australian address already. The account we profiled is the NAB Classic Banking Account which comes with no monthly fees, no overdrawn fees and free ATM withdrawals from 7,000 ATMs around Australia.
Open your account by visiting an NAB branch.
Account types: Full range of accounts - NAB Classic Banking is the account we picked to profile, as it has no monthly fee to pay.
Eligibility: Customers with a residential address in Australia
Is it safe? Yes. NAB is fully registered, regulated and holds an Australian Financial Services License and an Australian Credit License.
How to open an account with NAB
You will need to visit a branch of NAB on arrival in Australia to open your account. Take along your ID documents and a proof of address.
What is a bank account in Australia needed for?
Having a bank account which you can use to hold and exchange Australian dollars can be helpful in lots of different scenarios:
If you want to hold Australian dollars - saving for a trip there for example
If you’re moving to Australia to live or work, or if you plan to travel there extensively
If you need to send AUD payments to others - such as paying for an overseas mortgage
Benefits of opening a bank account in Australia
Australian bank accounts - and AUD accounts from non-bank alternatives - have a few great benefits which may come in handy:
Hold Australian dollars to save or invest
Spend easily in Australia without needing currency conversion
An Australian bank account is pretty essential if you live in Australia, for setting up local services for example
Can I open a bank account in Australia before arrival?
Some banks let you start the account application process before you move to Australia, and visit a branch once you arrive to get your debit card and present all your documents. Different banks have different rules for this option - you can open a Commbank account if you’re moving within 14 days, but NAB has recently changed their processes so you can’t get started with them until you arrive.
If you need an account you can use to transact in AUD before you relocate, you might be better off with a specialist like Wise or Revolut. More on that coming up in a moment.
Can I open a bank account online?
If you don’t hold an Australian proof of address you will struggle to open an account with a bank there. Online account opening options are limited, because you’ll often be asked for extra paperwork as a foreigner. That means calling into a branch to get your account sorted.
You can still open an account with online providers such as Wise and Revolut instead. Digital services like these have been built to offer a fully in app or online account opening, verification and onboarding process which is convenient and easy to use.
How long does it take to open a bank account in Australia?
If you have all the required paperwork you’ll be able to open a bank account in Australia fairly quickly. If you’re following an online process you may then need to wait a few days for your debit card to arrive by mail.
What are the types of bank accounts in Australia?
Australian banks have a good range of account products for resident customers. The account you’ll use for daily spending is likely to be called an everyday account, while other account products may offer higher interest for saving purposes for example. Bear in mind that account types and fees may not be the same as those you’re used to in Malaysia so you’ll need to compare your options and review the fee schedules carefully before signing up.
How to choose a bank account in Australia
Check the bank you pick has good branch and ATM access, as well as online and mobile services. Review the fees carefully, looking out for ongoing and unavoidable costs in particular. It’s also a smart idea to double check online reviews to see what existing customers say about your preferred bank before you get started.
Compare your options for Australia banks against non-bank alternatives like Wise and Revolut. The features won’t be exactly the same, but you might find you get lower overall costs and easier ways to manage your money between Australia and Malaysia.
How much does it cost to open a bank account in Australia?
There’s not usually an account opening fee for an Australian bank account, but using your account will not be free.
You’ll need to check through the account terms and conditions really carefully to make sure there are no surprises when you start to transact with an Australian bank account. In particular check for:
Monthly maintenance fees - or fall below fees
International payment fees
Foreign transaction fees when spending or withdrawing with your card
Overdraft fees
Credit card costs including cash advances and interest
Account dormancy or early closure fees
Is it possible to open a fee-free account in Australia?
Some Australian everyday bank accounts have no monthly fee or ways to have the monthly fee waived. However, even where an account does not have a maintenance fee, there will be transaction and service fees to pay - read through the fee schedule carefully before you sign up.
What are the additional costs?
So what are the common extra costs when you open an account in Australia? Look out for these which may work differently to at home - or be higher than you expect:
Card fees - annual costs based on the card you select
Withdrawal fees - local and international ATM charges
Foreign transaction fees - fees applied if you spend in a foreign currency
Interest or overdraft charges
International transfer fees - particularly important when moving, as the costs of sending money abroad can be high
Tips for sending money between Malaysia and Australia
Sending an international transfer with an Australian bank can come with a confusing array of fees and a markup on the exchange rate applied. Before you move your money, check out these tips:
Compare the exchange rate you’re offered against the mid-market exchange rate to see if a markup is being used
Review the terms and conditions of your specific account to see the transfer fee which will apply
Check if there are third party fees associated with the SWIFT network – these can push up the overall costs
Consider using a specialist service like Wise instead of your regular bank - this can keep the costs down and mean you get a faster service, too
Conclusion
While some Australian banks allow people moving to the country to open an account, you won’t actually be able to use it until you arrive and visit a branch with all of your paperwork. This can be a problem if you need to be able to send or receive AUD payments before you travel - or if you’re looking for a non-resident account option.
Instead you could be better off with a multi-currency account with a specialist online service like Wise. Get your account using your proof of address documents from your home country, with an easy in-app or online application and verification process. You're likely to also benefit from lower fees and better exchange rates compared to a bank.
Australian bank account FAQs
Can I open a bank account in Australia only with my passport?
No. You won’t be able to open a bank account with only a passport - you’ll pretty much always need other paperwork to prove your address and to get verified.
Can a foreigner non resident open an account in Australia?
If you’re already a legal resident of Australia, or if you’re planning on relocating shortly you’ll be able to open a bank account in Australia. However, you won’t be able to use your account properly without presenting your documents in a branch - which means non-resident foreigners may struggle. If that sounds like you, you might find it easier to get set up with an online account with a specialist provider.
How much do I need to open a bank account in Australia?
Some bank accounts in Australia have minimum deposit and minimum balance requirements. Others, including specialist services, may be completely free to open with no minimum balance - compare a few providers to get the best deal for your needs.
Can I open an Australian bank account online?
Some Australian banks let you start the account application process online, but you’ll still usually have to visit a branch to complete verification checks. Instead, choose a specialist provider to open your account from home on your laptop or mobile device, with a more flexible verification process.
How do I open an Australian bank account online?
Australian banks are not likely to allow you to apply for an account online until you have a local proof of address. Instead, choose a specialist provider to open your account online, with a more flexible verification process.
Can I open a bank account in Australia before landing?
You won’t usually be able to get a regular bank account until you can prove your legal residence in Australia. Specialist services like Wise may be a better choice because they can accept international proof of address documents when you open your account.