The best Australian bank for a new migrant depends on what you need first. CommBank is the most convenient if you want to start before you land, NAB is the simplest fee-free option once you arrive, and digital banks such as ING and Macquarie suit anyone who wants low overseas fees after settling in. All of them can be opened with a passport and visa, and none requires an Australian credit history.
This guide compares the main options, explains fees and identity rules, and walks through how to apply. Details come from bank pages where possible; where sources conflict, we say so. Products, fees and pre-arrival rules change often, so confirm everything on the bank’s own site. This is general information, not financial advice, and it does not guarantee that any application will be approved.
What New Migrants Should Know First
Most large Australian banks let you start an application before you arrive, but you generally cannot fully use the account until you verify your identity in person. Several banks also want an Australian address at some stage, even a temporary one. Two points trip people up:
- Older guides are out of date. Several websites still say some banks allow applications 12 months before arrival. Bank pages we checked in September 2026 show shorter windows, such as 14 days for CommBank and Westpac.
- Visitor visas usually do not qualify. NAB, for example, excludes tourist and visitor visas and requires that you plan to stay at least six months.
Best Banks for New Migrants: Comparison
| Bank and account | Start before arrival? | Monthly fee | Best for | Watch-outs |
|---|---|---|---|---|
| CommBank Everyday Smart Access | Yes: up to 14 days before arrival, or within 12 months after | $0 if under 30; first year free for others meeting criteria; reported A$4 after | Largest branch and ATM network, most migrant-friendly onboarding | Branch visit needed to activate; fee applies later unless waived |
| Westpac Choice | Yes: no more than 14 days before arrival | Reported $0 for 12 months, then A$5 unless waived | Migrants who want a bank with global ATM partnerships | Needs an Australian address (even temporary) |
| ANZ Access Advantage | Yes, via ANZ’s Moving to Australia site | A$5 waived for 12 months when applied from overseas | Migrants with ANZ links to New Zealand or Asia-Pacific | ANZ Plus needs an Australian mobile and address |
| NAB Classic Banking | Start online, finish in branch within 30 days | $0 | Simple, permanently fee-free everyday account | Account is not opened until you arrive and visit a branch |
| ING Orange Everyday | After arrival (Australian address needed) | $0 | Low fees, strong digital experience | No branch network; rebates depend on activity |
| Macquarie Transaction Account | After arrival | $0 | Digital banking with no overseas transaction fee | Fewer physical access points |
Fee waivers and “first year free” offers depend on conditions such as deposits of about A$2,000 a month, age or study status. Ask the bank what applies to you.
Bank-by-Bank Notes
CommBank
CommBank says you can open an account up to 14 days before arriving or within 12 months after arrival. You do not need an Australian address to set the account up, but you must visit a branch with ID and tax residency details before you can use it. The bank promotes a $0 monthly fee for under-30s and for the first year for others who meet criteria. Third-party guides report a fee of about A$4 a month afterwards.
Westpac
Westpac’s own page says to open no more than 14 days before arrival and asks for an Australian address (even temporary) and a foreign tax identification number. Its Choice account is reported to be fee-free for the first 12 months for new arrivals, then A$5 a month unless you qualify for a waiver. Westpac runs occasional promotions, so check the current offer.
ANZ
ANZ lets you apply from overseas through its Moving to Australia site. When you do, the A$5 monthly fee on one nominated Access Advantage account is waived for 12 months, and the waiver continues if you are under 25, deposit at least A$2,000 a month or study full-time. ANZ’s app-only ANZ Plus account requires an Australian mobile number and residential address.
NAB
NAB is the most straightforward for people who prefer a permanent no-fee account. You start online before arriving, then finish in a branch within 30 days. To be eligible you must be at least 14, plan to stay for at least six months, and hold a passport and visa valid for at least six months from your branch visit. Its Classic Banking account has no monthly account fee, though international and other fees can apply.
ING, Macquarie and other digital banks
Digital banks generally charge no monthly fee. ING’s Orange Everyday requires an Australian residential address and is reported to charge no ING international transaction or ATM fees (some sources note activity conditions), though third-party ATM operators may charge their own. Macquarie’s Transaction Account is listed with no monthly fee and no overseas transaction fee. Up and ubank are other fee-free digital options that comparison sites list. Because these need an Australian address, they work best as a second account after you have settled.
How Much Will It Cost?
Domestic accounts are cheap or free with the right waiver. The bigger costs are foreign exchange and transfers. Comparison guides report overseas card purchase fees of roughly 3% to 3.5% on big-four debit cards versus 0% on several digital and NAB accounts, so read each product disclosure statement. For moving savings, compare the bank’s exchange-rate margin with a specialist money-transfer provider, since margins often matter more than the flat fee. Deposits at authorised Australian banks are covered by the government’s Financial Claims Scheme, up to A$250,000 per account holder per institution.
Eligibility and Documents
Requirements vary, but you should usually have:
- a valid passport and Australian visa grant details;
- a home-country address, and an Australian address for activation or card delivery;
- a phone number the bank can use for verification;
- your foreign tax identification number if the form asks for it;
- proof of study, such as a Confirmation of Enrolment, if you want student fee waivers.
Banks must verify your identity under anti-money-laundering rules. Some guides say new arrivals can use a passport alone if they visit a branch within about six weeks of arriving, while others require additional ID, so ask your chosen bank before you go.
How to Apply: Step by Step
- Pick a bank based on your priority. Choose by branch access, fee-free status or overseas costs.
- Check timing. Confirm how far ahead you can start and how long you have to verify your identity after arrival.
- Gather documents. Have your passport, visa grant, addresses and phone number ready.
- Start the application online. Complete it inside the bank’s window.
- Visit a branch after landing. Bring original documents and finish identity verification before the deadline.
- Apply for a Tax File Number (TFN). Apply with the Australian Taxation Office once you are in Australia and your visa has begun, then add the TFN to your bank account.
- Set up PayID and salary details. Give your employer your BSB and account number.
- Review fees after the waiver ends. Switch products if a monthly fee starts.
Compliance and Practical Considerations
Tax File Number. You do not have to give a TFN, but without one, employers and banks must withhold tax at the highest rate, currently 47% for residents. Temporary visa holders with work rights can apply online with the ATO.
Large transfers. Banks may ask about the source of large deposits. Keep records of savings, sale proceeds or gifts.
Cash at the border. You must declare A$10,000 or more in physical currency when entering Australia.
Credit history. New arrivals start with no Australian credit file. Regular phone or utility payments and, later, a low-limit credit card used carefully can help you build one.
Scams. Be cautious of “account setup” agents who ask for fees or your banking passwords. Report suspected scams to Scamwatch.
Frequently Asked Questions
Can I open an Australian bank account before I arrive?
Often you can start. CommBank and Westpac say up to 14 days before arrival, ANZ accepts applications from overseas through its migrant site, and NAB lets you begin online but finish in branch. Full access usually requires an in-person ID check.
Which bank is best for new migrants?
CommBank suits people who want pre-arrival setup and the biggest network, NAB suits those who want a permanent no-fee account, and ING or Macquarie suit people who want low overseas fees once settled.
Do I need a Tax File Number to open an account?
No, but without one, tax may be withheld from interest at the top rate. Apply for a TFN as soon as you are eligible.
Can I open an account on a tourist visa?
Usually not. NAB, for example, excludes tourist and visitor visas, and other banks expect a visa that allows you to live in Australia.
Are my deposits protected?
Deposits with authorised Australian banks are covered by the Financial Claims Scheme up to A$250,000 per account holder per institution.
What is the cheapest way to move money to Australia?
Compare the exchange-rate margin as well as the fee, and check the bank and specialist transfer providers on the day you transfer.
Conclusion
For most newcomers, a sensible plan is to start with CommBank or another big-four account for branch access, add a fee-free NAB or digital account once settled, and get your TFN early. Compare fees after any waiver ends, and verify every rule on the bank’s official page before applying.
Sources
- CommBank, Moving to Australia: https://www.commbank.com.au/moving-to-australia.html
- Westpac, New to Australia: https://www.westpac.com.au/international-travel/new-to-australia/
- ANZ, Migrant banking: https://www.anz.com.au/personal/bank-accounts/everyday-accounts/migrant-banking/
- NAB, Moving to Australia: https://www.nab.com.au/personal/banking-in-australia
- ING Australia: https://www.ing.com.au
- Macquarie Bank: https://www.macquarie.com.au
- Australian Taxation Office, tax file numbers: https://www.ato.gov.au/tfn
- Financial Claims Scheme (APRA): https://www.fcs.gov.au
- Scamwatch (ACCC): https://www.scamwatch.gov.au
Meta description: Compare the best Australian banks for new migrants in 2026: pre-arrival options, account fees, ID and TFN rules, plus a step-by-step guide to applying.