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Australia (AU)

Australia is the world's sixth-largest country by area and one of the most urbanised nations on Earth, with over 85% of its 27 million people living in coastal cities.

Capital: Canberra
Region: Oceania
Language: English
Currency: AUD ($)
Cost of living: Expensive (index 74)
Emergency: 000
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Banking in Australia

Recommended banks, payment culture and credit score basics.

Australia's banking system is dominated by the Big Four — ANZ, Commonwealth Bank (CBA), NAB, and Westpac — plus a growing range of digital banks and neobanks. The system is highly digital: excellent mobile apps, instant PayID transfers (using mobile number or email instead of BSB/account number), and pervasive tap-and-pay culture make daily banking frictionless. New arrivals can open a bank account before arriving in some cases, or within days of arrival at a branch with their passport. 100 points of ID is required — a foreign passport scores 70 points; supplementary documents (e.g. an overseas driver's licence) make up the remainder. The currency is the Australian Dollar (AUD). APRA (Australian Prudential Regulation Authority) regulates banks; deposits up to AUD 250,000 per account holder per institution are government-guaranteed under the Financial Claims Scheme.

Recommended banks

Commonwealth Bank (CBA)

English
traditional

Monthly fee: AUD $0 (Smart Access — fee waived if under 30, or $2,000+/month deposit, or if a student/full-time student); $4/month otherwise

Requirements: Can open online before arrival (up to 3 months in advance) — account is ready on arrival. Branch visit required within 6 weeks to verify identity using 100 points of ID. Passport is 70 points; overseas driver's licence + a second document completes the 100. NetBank online access available from day one.

  • + Largest branch and ATM network in Australia (over 900 branches, 4,000+ ATMs)
  • + Pre-arrival online account opening — widely recommended for new arrivals landing without a bank account
  • + CommBank app is consistently rated among Australia's best — Tap & Pay, PayID, real-time spend tracking
  • + PayID transfers: send money instantly using the recipient's mobile number — free between any Australian banks
  • + International student and new-to-Australia packages available
  • + Foreign currency exchange available in-branch and via CommSec for investment accounts
  • + Yello (formerly Benefits finder) — CBA's cashback and rewards platform
  • - AUD $4/month fee applies if no $2,000+/month deposit — most expats clear this easily with salary
  • - International wire transfer fees (AUD $6–22 for outbound) and exchange rate margin are not competitive — use Wise for remittances
  • - Branch appointment sometimes needed for complex account changes — can't always resolve everything in-app

ANZ

English
traditional

Monthly fee: AUD $0 (ANZ Access Advantage — fee waived with $2,000+/month deposit, or if under 25, over 60, or a full-time student); $5/month otherwise

Requirements: Can open online before arrival. Branch identity verification required within 12 months of online application. Passport required; supplementary ID (overseas driver's licence, credit card) to reach 100 points. Branches in all major cities including airport locations for same-day activation.

  • + Strong presence across Pacific region — good for expats arriving from New Zealand, Pacific Islands, or Southeast Asia
  • + ANZ New-to-Australia banking package with dedicated guidance for new arrivals
  • + Good international transfer service (ANZ International Money Transfer — better exchange rates than some Big Four rivals)
  • + ANZ Plus digital banking arm: separate high-interest savings account accessible via ANZ Plus app
  • + PayID instant transfers integrated
  • + Visa debit card with international acceptance; Platinum credit card options available
  • + Good private banking for high-net-worth expats (ANZ Private)
  • - $5/month fee if monthly deposit falls below $2,000 — waived for most salary earners
  • - ANZ app rated slightly below CBA app in some user reviews
  • - International wire fees (AUD $9–18 outbound) still not competitive with Wise/OFX for regular remittances

Up Bank

English
neobank

Monthly fee: AUD $0 — no monthly fee ever

Requirements: Fully online. Passport or Australian driver's licence for ID verification. Australian address and mobile number required. Up Bank is a digital bank operated under Bendigo and Adelaide Bank's banking licence — deposits are covered by the AUD 250,000 government guarantee.

  • + Best app experience among Australian banks — consistently top-rated for UX, real-time notifications, and spending insights
  • + No monthly fees of any kind
  • + Up Savers: savings "pockets" with competitive variable interest rates — organise savings goals within the same account
  • + Free ATM withdrawals at all Westpac Group ATMs (Westpac, BankSA, St.George, Bank of Melbourne) — over 2,000 machines
  • + PayID integration for instant free transfers
  • + Splits and payment requests feature for shared expenses
  • + 2Up: joint account feature for couples or housemates
  • - No physical branches — all support via in-app chat or phone; wait times vary
  • - No international wire transfer functionality — use Wise separately for remittances
  • - Some officials and landlords require a "Big Four" bank — Up Bank IBAN/BSB may not be accepted for certain visa or immigration transactions
  • - No credit card product available

ING Australia

English
online

Monthly fee: AUD $0

Requirements: Online application with identity verification (passport + selfie). Australian address and mobile number required. ING Australia is the Australian subsidiary of ING Group (Netherlands) — a fully licensed Australian bank with AUD 250,000 deposit guarantee.

  • + Free ATM withdrawals at any Australian ATM — no surcharge from ING if you make 5+ eligible card purchases per month (otherwise $2.50/withdrawal)
  • + Competitive Savings Maximiser interest rate — one of the highest ongoing savings rates in Australia (conditions apply)
  • + No monthly account fee
  • + Orange Everyday transaction account + Savings Maximiser combo widely used by expats for fee-free banking plus high interest
  • + Fee-free international spending abroad on the Orange Everyday card (no foreign transaction fee)
  • + PayID transfers integrated
  • - No branches — support via phone or online only
  • - The 5 purchases/month condition for free ATM access adds friction for low-usage months
  • - International wire transfers: outbound fee applies; Wise is cheaper for regular remittances
  • - Card delivery can take 5–7 business days after account opening — plan around this for new arrivals

Wise (Multi-currency Account)

English
online

Monthly fee: AUD $0 (account); small per-transfer fees

Requirements: Online only. Passport or driver's licence verification. Australian address not required. Wise provides an Australian BSB and account number (hosted by Wise Australia Pty Ltd — AFSL licence holder).

  • + Australian BSB and account number — can receive AUD salary directly and use for Australian payments
  • + Mid-market exchange rate for international transfers — far cheaper than Big Four banks for sending AUD abroad or receiving foreign currency
  • + Multi-currency account: hold AUD, GBP, EUR, USD, NZD and 40+ currencies simultaneously
  • + Wise debit card accepted at Australian merchants and ATMs (2 free withdrawals per month up to AUD 350)
  • + Essential tool for expats sending money home regularly — typical saving of 70–90% vs bank wire
  • + Transparent fee display before every transfer
  • - Not a full bank — no overdraft, credit card, or mortgage products
  • - Deposits not covered by Australia's AUD 250,000 Financial Claims Scheme
  • - ATM withdrawals above AUD 350/month incur fees
  • - Some Australian government and immigration payment portals may require a traditional bank account BSB

Payment culture

Tap-and-pay (contactless) is ubiquitous — Australians use it for virtually all card transactions, from supermarkets to vending machines. Apple Pay and Google Pay are universally accepted at any contactless terminal. Physical debit and credit cards work everywhere. Cash is accepted but rarely needed — most Australians carry little or no cash. BPAY is the standard system for paying bills (utilities, council rates, insurance, phone) — every bill carries a BPAY Biller Code and Reference Number; pay through your bank app. Direct debit (authorised bank debit) handles recurring bills and subscriptions. PayID is the instant, free transfer system: send money to someone's mobile number, email, or ABN — transfers between any Australian bank within 60 seconds, 24/7. Surcharging: some merchants add a card surcharge (0.5–2%), particularly for American Express — check signage. Amex acceptance is lower than Visa/Mastercard.

Cash access

ATMs are widely available — all major supermarkets (Woolworths, Coles), service stations, shopping centres, and city streets. Big Four ATMs are free for own-bank customers. Using another bank's ATM: AUD $2–3 surcharge typically. Standalone "Banktech" or "Armaguard" ATMs at pubs and small shops often charge AUD $2.50–3.50. ING Australia customers: free at any ATM with 5 purchases/month condition. Up Bank customers: free at all Westpac Group ATMs. Cash-out at supermarket checkouts (Woolworths, Coles, Aldi): request AUD $20–200 cash with any purchase — a useful alternative to ATMs, especially in areas with limited ATM coverage.

Credit Score (Equifax / Experian / illion)

Get your free credit report from Equifax (equifax.com.au), Experian (experian.com.au), or illion (getcreditscore.com.au). Each agency provides one free report per year, plus a free report if you are declined credit. CreditSavvy (creditsavvy.com.au) and Credit Simple (creditsimple.com.au) offer ongoing free score monitoring.

Free annual check: equifax.com.au, experian.com.au, getcreditscore.com.au — all free once per year. CreditSavvy offers free ongoing score updates.

Australian credit scores range from 0–1,000 (Equifax/Experian) or 0–1,200 (Equifax older model). Above 800 is good; 1,000+ is excellent. Comprehensive Credit Reporting (CCR) since 2018 means both positive (on-time payments) and negative (missed payments, defaults) data is included. New arrivals have zero Australian credit history — this is normal and not a problem for basic banking. Build credit history by: taking utilities in your name, using a credit card and paying in full each month, avoiding multiple credit applications simultaneously (each is a hard inquiry). Most expats can access a credit card after 3–6 months of Australian employment history.

International transfers

For sending money out of Australia or receiving money from abroad: Wise (wise.com) — best value for most currency pairs (mid-market rate + small flat fee); OFX (ofx.com) — better for larger transfers (AUD 10,000+) with competitive rates and no transfer fee above thresholds; TorFX — good for large one-off transfers (property purchases, vehicle imports). The Big Four banks charge AUD $6–22 per outbound international wire plus a 2–4% exchange rate spread — avoid for regular remittances. For receiving foreign income into Australia: provide payers with your Australian BSB and account number; for better FX, use a Wise AUD account to capture at mid-market rate then transfer to your main bank. PayID handles all domestic instant transfers between Australian banks.