On this page
6 sections
Opening an Australian bank account is one of the first things to do when arriving in Australia. You need it to receive your wages, super contributions, and any tax refund from the ATO.
Which bank should you choose?
The four major Australian banks all work for working holiday makers:
- Commonwealth Bank (CBA): largest branch and ATM network
- Westpac: second largest, good for international students
- ANZ: established expat services
- NAB: similar features to the others
All four offer:
- Free or low-fee transaction accounts for backpackers
- Online banking and apps
- Widespread ATM networks
- Visa or Mastercard debit cards
- Easy direct debit setup for employers
There is no major difference between them for everyday use. Pick whichever has a branch near where you are landing or staying.
What documents do you need?
To open a bank account, you typically need:
- Your passport (must be valid)
- An Australian residential address (hostel or temporary address is usually fine)
- An Australian phone number (Australian SIM card is helpful)
- Proof of identity (passport plus another ID item)
- Your TFN (helpful but not required at opening)
Most major banks let you start the application online before arriving in Australia. Your account is partially set up and ready to activate when you land. You will need to visit a branch to complete identity verification in person.
Are there monthly fees?
Most major Australian banks charge a monthly account fee of around $5:
- Often waived if you deposit a minimum amount each month (usually $2,000)
- Most working holiday makers receiving regular wages meet this threshold easily
- Many banks offer free accounts specifically for new arrivals or students
If you are not sure whether your account will meet the deposit threshold, ask the bank about fee-free options.
What about international money transfer services?
Some working holiday makers use services like Wise (formerly TransferWise) for international transfers:
- Better exchange rates than banks for sending money home
- Useful for converting Australian dollars to your home currency
- Does NOT replace the need for an Australian bank account
- You still need a standard Australian account for wages, tax refunds, and super
Use both: an Australian bank for receiving wages and Australian government payments, and a transfer service for sending money home.
When should you close your Australian bank account?
Do not close it too early. You need an active Australian bank account to receive:
- Your tax refund from the ATO (paid 2-6 weeks after lodgment)
- Your superannuation withdrawal through DASP (can take 4+ weeks)
- Any final wage payments from your employer
- Any unpaid super recovered through SGC
Both your tax refund and DASP super withdrawal can take weeks or months after you leave Australia to be processed. Premature closure causes serious complications.
The right approach:
- Lodge your tax return and apply for DASP before leaving Australia
- Keep your bank account open for 3-4 months after departure
- Once all payments have cleared, transfer the balance home
- Close the account
If you closed your account too early, get in touch with our team and we will arrange alternative payment for any pending refunds or super.
A note on banking scams and fraud
The ATO and our team will never:
- Ask you to update your bank details via a text or email link
- Demand immediate payment in gift cards or crypto
- Threaten arrest or visa cancellation
- Call you out of the blue requesting personal information
Any communication asking you to click a link and enter banking information is a scam. If you receive a suspicious message claiming to be from the ATO or a tax agent, do not engage. Get in touch with our team if you are unsure whether something is legitimate.