Opening an Australian bank account is one of the first things you should do after arriving. Your employer will need your Australian bank details to process your pay, your superannuation will be deposited into a fund account, and any tax refund from the ATO will be sent to an Australian account. Getting this set up early makes everything else simpler.
Which bank should you choose?
The three largest banks in Australia are Commonwealth Bank, Westpac, and ANZ. All three are well-established, have widespread ATM networks, and offer standard transaction accounts suitable for working holiday makers. There is no significant difference between them in terms of basic functionality. The best one is whichever is most convenient for your location.
Some working holiday makers also use international accounts like Wise for sending money home at better exchange rates. For receiving Australian wages and dealing with the ATO, a standard Australian bank account is recommended.
What documents do you need?
To open a bank account you will typically need your passport, an Australian residential address, and an Australian phone number. Your TFN is useful to provide but is not usually required at the time of opening. You can give it to the bank after it arrives in the post.
Most banks allow you to start the application online before arriving in Australia, meaning your account can be partially set up and ready to activate when you land. You will still need to visit a branch in person at some point to complete identity verification.
Are there monthly fees?
Most major Australian banks charge a monthly account fee of around $5. This fee is typically waived if you deposit a minimum amount each month, usually around $2,000. For most working holiday makers receiving a regular wage, this threshold is easy to meet.
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 and your superannuation withdrawal through the DASP process. Both can take weeks or months after you leave Australia to be processed.
Leave the account open until all outstanding payments have been received. Once your tax refund and super have arrived, transfer the balance home and close the account.
A note on fraud and scams
The ATO will never ask you to update your bank details via a text message or email link. Any communication asking you to click a link and enter your banking information should be treated as a scam. If in doubt, call the ATO directly on 13 28 61.
Need help?
Need help getting set up in Australia?
Our team helps working holiday makers with TFN, tax, and general financial set-up from day one. Talk to us on WhatsApp.
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