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

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

There are also many international banks operating in Australia such as:

• HSBC Bank Australia Ltd
• Citibank Australia
• ING Bank (Australia) Ltd

If you already have an account with an international bank in another country, consider contacting your bank manager to inquire about opening an account at their Australian subsidiary. They may be able to facilitate the process and transfer your funds directly to the new account.

Opening a new bank account in Australia involves a few key steps. Here’s a detailed guide to help you navigate the process:

1. Choose a Bank

First, select a bank that meets your needs. The major banks in Australia include Commonwealth Bank, Westpac, ANZ, and NAB. Each offers various account types and services, so compare their offerings to find the best fit for you.

2. Types of Accounts

Common account types include:

– Everyday Transaction Accounts: For daily use, including receiving salary and making payments.*

– Savings Accounts: For earning interest on your savings.

– Student Accounts: Specialized accounts with benefits for students.

*some bank accounts charge a $5 monthly fee to maintain this account. However, it is waived off if you have a certain amount of monthly incoming transaction to the account like your salary.

3. Gather Required Documents

To open an account, you will need to provide certain documents. These typically include:

– Passport: As a primary form of identification.

– Visa or Residency Permit: Proof of your legal status in Australia.

– Proof of Address: Such as a utility bill, lease agreement, or bank statement.

– Tax Identification Number (TIN): From your home country, if applicable.

4. Apply Online or Visit a Branch

Online Application

Most banks offer the option to apply online before you arrive in Australia. This allows you to have an account ready upon arrival. The process usually involves:

– Filling out an online application form.

– Uploading scanned copies of your documents.

– Receiving confirmation and account details via email.

In-Person Application

You can also visit a bank branch once you are in Australia. The process involves:

– Bringing your documents to the branch.

– Filling out an application form with assistance from bank staff.

– Receiving your account details and debit card, often immediately.

5. Activate Your Account

If you applied online, you might need to visit a branch to verify your identity and activate your account. Bring the original copies of the documents you submitted online.

6. Initial Deposit

Some banks may require an initial deposit to activate your account. This amount varies but is usually minimal.

7. Set Up Online Banking

Once your account is active, set up online banking to manage your finances conveniently. You can:

– Download the bank’s mobile app.

– Register for online banking services using your account details.

– Set up your username and password for secure access.

8. Additional Services

Consider setting up additional services such as:

– Direct Debit: For automatic bill payments.

– Credit Card: If you need one and meet the eligibility criteria.

– Savings Plans: To help you save money effectively.

 Tips for Migrants

– Check Fees: Be aware of any account fees or charges associated with your account.

– ATM Access: Ensure the bank has a network of ATMs convenient for you.

– Customer Support: Choose a bank with good customer support, especially if you’re new to the banking system in Australia.

– Foreign Exchange Services: If you need to transfer money internationally, check the bank’s foreign exchange rates and services.

BSB Number

A BSB number is a six-digit code used in Australia to identify individual bank branches for electronic payments, direct debits, and other financial transactions. The BSB number, combined with an account number, allows banks to process transactions accurately and efficiently.

BSB stands for Bank State Branch.

If BSB is 012-437 or 012437, it is the ANZ bank’s Parramatta branch in NSW

SWIFT Codes

When making an international transfer, you’ll need the recipient bank’s SWIFT code along with other details such as the recipient’s name, BSB, bank account number, and possibly the bank’s address.

Always confirm with your bank to ensure you have the right SWIFT code in place