Choosing the right bank is one of the first steps to settling into life in Australia. With a range of major banks, regional institutions, and digital options available, understanding their features and benefits will help you make an informed decision. Whether you need a transaction account for daily expenses, a savings account for your goals, or credit facilities to build your financial future, this guide highlights the top banks in Australia and what they offer to new arrivals.

The Big Four Banks in Australia

Australia’s four largest banks—Commonwealth Bank, ANZ, NAB, and Westpac—dominate the banking sector and offer extensive branch networks, robust digital platforms, and a variety of services tailored for newcomers.

1. Commonwealth Bank (CBA)
   • Features:
     • Extensive branch and ATM network across Australia.
     • User-friendly mobile app with budgeting tools.
     • Dedicated services for international students and expats.
   • Benefits for New Arrivals:
     • Open an account up to three months before arriving in Australia.
     • Free account options for the first year.
     • Specialist advisors to help with settling in.
2. ANZ (Australia and New Zealand Banking Group)
   • Features:
     • Comprehensive range of accounts, loans, and financial products.
     • Flexible credit card options, including rewards programs.
     • Seamless online and mobile banking experience.
   • Benefits for New Arrivals:
     • Open accounts online before arrival.
     • Fee waivers for students and recent migrants.
     • Financial literacy resources to help expats understand the Australian system.
3. NAB (National Australia Bank)
   • Features:
     • Competitive savings and transaction account options.
     • No monthly account fees for most everyday accounts.
     • Access to NAB’s global partner banks for reduced transfer fees.
   • Benefits for New Arrivals:
     • Pre-arrival account setup.
     • Personalised onboarding for expats and students.
     • Special offers for new migrants, such as fee-free transfers for initial deposits.
4. Westpac
   • Features:
     • Extensive international reach, especially in Asia and the Pacific.
     • Multilingual customer service.
     • Accounts tailored to specific needs, such as business, savings, or travel.
   • Benefits for New Arrivals:
     • Pre-arrival account setup, with access to funds upon landing.
     • Free international money transfers for initial deposits.
     • Financial advice tailored to newcomers.

Digital and Challenger Banks

Australia’s digital banks provide an alternative to traditional banks, offering low fees and modern features designed for tech-savvy users.

1. Up
   • Features:
     • Fee-free accounts with no hidden charges.
     • Intuitive app with real-time transaction insights.
     • Instant notifications and automated savings features.
   • Benefits for New Arrivals:
     • Easy setup process with no branch visits required.
     • Transparent fees, ideal for managing budgets as a newcomer.
2. Revolut
   • Features:
     • Multi-currency accounts with competitive exchange rates.
     • Fast international transfers through the app.
     • Virtual cards for online purchases.
   • Benefits for New Arrivals:
     • Great for managing finances across multiple countries.
     • Minimal fees for currency exchange and transfers.
3. ING
   • Features:
     • High-interest savings accounts with bonus rates for regular deposits.
     • No monthly fees or ATM withdrawal charges (conditions apply).
     • Integrated tools for tracking spending and saving.
   • Benefits for New Arrivals:
     • Strong customer support and easy-to-use app.
     • Ideal for those who prefer banking without visiting branches.

Regional Banks

If you’re moving to a specific region, local banks such as Bankwest, Bendigo Bank, or Suncorp might better suit your needs. These banks often focus on community banking and personalised services.

• Bankwest: Great for expats in Western Australia, offering tailored products for the local market.
• Bendigo Bank: Known for its community focus and customer-friendly services.
• Suncorp: Ideal for those in Queensland, with strong home and business banking solutions.

How to Choose the Right Bank

When deciding on a bank, consider the following factors:

1. Account Fees
   • Look for accounts with low or no monthly fees. Many banks waive fees for students, young adults, and recent migrants.
2. International Services
   • Check for features like free international money transfers or competitive foreign exchange rates.
3. Digital Banking
   • Ensure the bank offers a user-friendly app and online banking platform.
4. Accessibility
   • Consider the availability of branches and ATMs near your home or workplace.
5. Special Offers
   • Look for promotions tailored to expats, such as waived fees or discounts on other financial products.

Steps to Open a Bank Account

1. Pre-Open an Account
   Many banks allow you to open an account online before you arrive in Australia. Provide your passport details and visa information during the process.
2. Visit a Branch (If Required)
   Upon arrival, visit a branch to complete identity verification and activate your account. Bring your passport, visa, and proof of address.
3. Set Up Online Banking
   Once your account is active, register for online and mobile banking to manage your finances conveniently.

Choosing the right bank is a critical step for expats moving to Australia. By exploring the features and benefits of major banks, digital providers, and regional institutions, you can find the perfect fit for your financial needs. Start by comparing options, pre-opening an account if possible, and making the most of expat-specific offers to ease your transition into Australian life.