Open Before You Arrive
One of the best things you can do before moving to Australia is open a bank account. All four major banks (CBA, NAB, Westpac, ANZ) allow you to open an account online from overseas before arrival. Within 6 weeks of arriving, you only need your passport as ID. After 6 weeks, you need 100 points of Australian ID (which is much harder to accumulate as a new arrival). This 6-week window is critical — don't waste it.
Open your account 2-4 weeks before your flight. Transfer some money in (even $100 AUD) so it's ready when you land. Your debit card will be mailed to your Australian address within 5-7 business days. In the meantime, you can use Apple Pay or Google Pay with your new account from day one.
Big 4 Bank Comparison
| Bank | Monthly Fee | Migrant Support | Chinese Service | Best Feature |
|---|---|---|---|---|
| CommBank (CBA) | $0 (Smart Access) | Dedicated migrant program, pre-arrival account | Mandarin phone banking, some branches with Chinese staff | Best app, largest ATM network, CommSec integration |
| NAB | $0 | NAB Migrant Banking team, pre-arrival | Mandarin and Cantonese phone banking | No monthly fees on any everyday account, no foreign ATM fees |
| Westpac | $0 (Choice) | Pre-arrival account, welcome pack | Interpreter services available | Good savings rates, strong branch network |
| ANZ | $0 (Access) | ANZ Migrant Banking, pre-arrival | ANZ China partnership, Mandarin services | Strongest China-Australia banking links |
Our Recommendation
Best for most Chinese migrants: CommBank (CBA). It has the best banking app in Australia (consistently rated #1), the largest branch and ATM network, Mandarin phone support, a smooth pre-arrival account opening process, and integration with CommSec (for share trading) and CommBank Pocket (for ETF investing). Their Smart Access account has no monthly fees.
Runner-up: NAB — genuinely no fees on any account (including international ATM withdrawals), and their migrant banking team is helpful. Slightly smaller branch network than CBA.
Online Banks — Higher Interest, No Branches
Once settled, consider opening a secondary savings account with an online bank for higher interest rates:
- ING (5.0% bonus rate): Highest ongoing savings rate. Conditions: deposit $1,000+/month, make 5+ card purchases/month. No international ATM fees. Excellent if you can meet the conditions.
- Ubank (5.0% for first 3 months): NAB-owned, simple to use. Good intro rate but check the ongoing rate after 3 months.
- Macquarie (4.75%): Solid rate, no complex conditions. Good app. Emerging as a strong alternative to the Big 4.
Strategy: Keep your Big 4 account for everyday spending (salary deposits, bills, card payments) and sweep excess savings into a high-interest online account monthly. The interest difference between a Big 4 savings account (0.5-1.5%) and an online bank (4.5-5.0%) on $30,000 savings is approximately $1,050-1,350 per year.
What You Need to Open an Account
Within 6 weeks of arriving:
- Passport (just one document needed!)
- Australian address (can be temporary — hotel, friend's address, share house)
- Email address
- Phone number (Australian or international)
After 6 weeks (100 points of ID required):
- Passport: 70 points
- Australian driver licence: 40 points
- Medicare card: 25 points
- Utility bill in your name: 25 points
As you can see, after 6 weeks it becomes much harder because you need multiple Australian documents. This is why opening pre-arrival or within the first week is so important.
Common Mistakes to Avoid
- Keeping too much in a transaction account: Transaction accounts pay 0-0.1% interest. Move savings to a high-interest account immediately. Money sitting in a transaction account is losing value to inflation every day.
- Not setting up PayID: PayID lets anyone send you money using your phone number or email instead of BSB/account number. Much easier for receiving payments and splitting bills with colleagues.
- Using your bank for international transfers: Banks charge 2-4% exchange rate margins on international transfers. Use Wise or OFX instead (see our money transfer guide). This single change can save you hundreds per year.
- Opening too many accounts: You need one everyday account, one savings account, and potentially one offset account (if you have a mortgage). More than that creates complexity with no benefit.
- Not reading fee disclosures: Some accounts waive monthly fees only if you deposit $2,000+/month. If your income drops below that threshold, you'll be charged $5-10/month. Set up fee alerts in your banking app.