Opening a bank account in Australia

Last updated: March 5, 2026

Opening a Bank Account in Australia: A Practical Guide for Dutch Emigrants

Opening a bank account is one of the first and most essential steps when moving to Australia. It allows you to receive your salary, pay bills, and manage everyday expenses efficiently. This guide outlines the practical procedures, costs, and important tips for Dutch citizens emigrating to Australia.

Types of Bank Accounts in Australia

The most common accounts are:

Everyday Transaction Account: Used for daily spending and receiving payments. Usually comes with a debit card.
Savings Account: Designed for saving money, often with interest benefits.
Term Deposits: Fixed-term investments with higher interest rates but limited access.

Most newcomers start with an Everyday Transaction Account.

Major Banks in Australia

Australia’s banking sector is dominated by four major banks, often referred to as the “Big Four”:

Commonwealth Bank of Australia (CBA)
Westpac Banking Corporation
Australia and New Zealand Banking Group (ANZ)
National Australia Bank (NAB)

Each offers accounts specifically designed for new arrivals, sometimes with fee waivers for a limited time.

Opening an Account Before Arrival

You can open a bank account before you arrive in Australia. This is advisable to have access to funds immediately upon arrival.

Steps to open before arrival:

Visit the bank's official website (e.g., Commonwealth Bank).
Choose a “New to Australia” or “Overseas Visitor” account.
Complete the online application form.
Provide identification documents electronically:
- Valid passport
- Visa grant notification (if available)
- Proof of address (can be an overseas address)
The bank will send you a debit card and account details, usually by mail or to a nominated address in Australia.

Opening an Account After Arrival

If you prefer to open an account in person, take these steps:

Required Documents

Australian banks require original, certified, or verified documents:

Proof of identity (2 of the following):
- Valid passport (your Dutch passport)
- Australian visa or visa grant letter
- International student ID or letter of enrolment (if applicable)
Proof of address in Australia:
- Rental agreement
- Utility bill
- Letter from your employer or education institution
Tax File Number (TFN) (optional but recommended to avoid higher tax on interest)

Procedure

Visit a branch of your chosen bank.
Bring your documents.
Complete the application form.
Deposit an initial amount (varies by bank, typically AUD 0–50).
Receive a debit card immediately or by post within a few days.
Set up internet and mobile banking.

Costs and Fees

Account opening: Usually free.
Monthly account fees: Many everyday accounts have no monthly fees or are waived for the first 12 months for new migrants. After that, fees range from AUD 4 to AUD 10 per month.
ATM fees: Using your own bank’s ATMs is free. Using other banks’ ATMs can cost AUD 2 to AUD 5 per transaction.
International transfers: Fees vary widely; expect AUD 10–30 per transfer plus exchange rate margins.
Debit card: Generally free; replacement cards may cost AUD 5–10.

Check the specific fee schedule on the bank’s website before choosing an account.

Practical Tips

Apply online before arrival to avoid delays accessing your funds.
Bring multiple forms of ID when opening an account in person.
Ask about fee waivers for new arrivals; many banks offer them.
Consider a bank with a large ATM network to avoid fees.
Get your Tax File Number (TFN) early from the Australian Taxation Office (ATO) to avoid higher withholding tax on interest.
Set up internet banking to manage your account easily.
Link your Dutch bank account for international transfers but compare fees and transfer speed with services like Wise or Revolut.

Common Mistakes

Not opening an account before arrival: This can delay access to funds.
Using only one ID document: Australian banks usually require two forms of ID.
Ignoring fees: Some accounts have hidden charges; always check the fine print.
Not applying for a TFN: Without a TFN, you pay tax at the highest rate on any interest earned.
Forgetting to update your address: This can disrupt communication and card delivery.
Not setting up online/mobile banking: Limits your ability to monitor and control your account remotely.
Assuming international transfers are free or cheap: They often come with significant fees and poor exchange rates.

Official Resources

Opening a bank account in Australia is straightforward if you come prepared with the right documents and understand the fees involved. Prioritize setting up your account early to ensure smooth financial management from day one.

Opening a bank account in Australia