31 Jan 2025
Australia is a land of opportunity for expats, students, professionals, and adventurers. It attracts many individuals who wish to live, work, or study in this vibrant country. However, before making the move, it's essential to sort out your banking needs. Opening a bank account in Australia is a fundamental part of settling in, whether you're planning to stay temporarily or for an extended period.
But what if you're a non-resident? Don't worry; many banks for expats in Australia offer tailored services that make banking easy, even for newcomers without permanent residency status. Understanding how to navigate Australian banking for foreigners is crucial. In this guide, we’ll highlight the best options for non-residents, including essential details on the process, money transfer services, and costs associated with non-resident banking services.
By the end, you’ll have a solid understanding of non-residents and banking in Australia, so you can manage your finances confidently.
Commonwealth Bank (CommBank) stands out not only for its comprehensive range of banking products but also for its excellent customer service for non-residents. The bank's website is tailored to expats, with multilingual support and easy navigation for newcomers. The ability to open a bank account for non-residents from abroad is a significant plus, as it saves time once you arrive in Australia.
CommBank offers several account options to cater to the specific needs of non-residents and banking in Australia:
These accounts are designed for daily transactions, bill payments, and receiving deposits. The NetBank online platform makes managing your account seamless from anywhere in the world.
If you're a student or a young adult, CommBank also provides options with lower fees and better perks.
While these accounts are geared towards accumulating interest, they come with specific terms and conditions, such as higher minimum balance requirements for non-residents.
One of the standout features of CommBank is its online money transfer capabilities. Whether you need to send money online to family members or make a payment to a supplier abroad, CommBank provides a secure, fast, and affordable service. They offer competitive exchange rates, and international money transfers can be done through the NetBank online system or mobile app.
CommBank offers high transfer limits, ensuring that you can send large sums overseas when necessary.
While the exchange rates are competitive, it’s important to compare them to other services to ensure you're getting the best deal.
CommBank offers next-day transfers for certain regions, which is a huge benefit for those needing quick transactions.
For frequent international transfers, CommBank provides a service called International Payments. Through this service, you can transfer money online to over 200 countries worldwide, with options for same-day transfers. Their money transfer platform is easy to use, and it also provides tracking for sent funds.
National Australia Bank (NAB) is one of the top choices when it comes to banks for expats in Australia, primarily due to its robust online banking for expats in Australia. NAB makes it easy to manage your finances both in Australia and overseas, and their customer service is highly rated among expats.
NAB offers a variety of accounts that cater to non-residents and foreigners banking in Australia:
Ideal is for non-residents who need a basic transaction account to manage their daily expenses.
This is for individuals who require more personalized services, including higher withdrawal limits and a dedicated account manager.
NAB is also a great option for those looking to start or manage a business in Australia, with tailored banking solutions for expats running businesses.
NAB is well-known for its money transfer services. With NAB, you can send money quickly, making it a reliable option for expats who frequently need to send funds internationally. They offer an easy-to-use system for sending money via their Internet Banking platform.
NAB provides competitive rates, and they don’t charge a fee for international transfers if you send money to another NAB account.
You can send money either via SWIFT or through a third-party provider. NAB also has partnerships with other platforms to make transferring money to other countries even easier.
ANZ Bank is a reliable choice for expats in Australia, offering a variety of accounts that can be opened by non-residents. With ANZ, opening an account is relatively straightforward, but, as mentioned, non-residents need to visit a branch in person once they arrive in Australia to finalize the application.
ANZ provides various account types, such as:
This is a popular transaction account that offers unlimited transactions and easy access through the ANZ mobile app and online banking platform.
Ideal for expats who want to save money while enjoying competitive interest rates. It’s important to note that this account doesn’t allow everyday transactions, but it’s great for long-term savings.
ANZ’s money transfer options are highly regarded. Their service called ANZ Transactive allows expats to transfer funds globally through a secure platform. This service ensures that your international payments are swift, safe, and cost-effective.
ANZ provides an easy-to-use system for online money transfer, making it possible for expats to transfer funds to their home country with just a few clicks.
ANZ charges relatively low fees for international transfers compared to other Australian banks, and they provide clear information on any associated fees during the process.
Westpac is one of the oldest and most well-established banks for expats in Australia. It’s a great option for non-residents who are looking for easy access to their funds both locally and internationally.
Westpac offers several banking options:
This transaction account is ideal for expats who need access to their funds frequently. The account provides access to ATMs, online banking, and more.
For expats interested in savings accounts, this option offers higher interest rates than the Choice Account. However, it has withdrawal restrictions, which may not be ideal for everyone.
For non-residents and banking in Australia, Westpac offers various services to help you send money online:
Westpac allows non-residents to send money online through their platform, ensuring quick and secure transactions.
Westpac offers competitive exchange rates for international transfers, which is a critical factor when making money transfers.
Westpac provides additional security features to protect online transactions, including two-factor authentication and fraud prevention measures.
Living as a non-resident in Australia comes with exciting opportunities, but managing your finances effectively is key. Understanding how to open a bank account in Australia and navigating Australian banking for foreigners is crucial for expats, students, and workers alike.
The best banks in Australia for newcomers like CommBank, NAB, ANZ, and Westpac offer comprehensive non-resident banking services that make it easier to manage your finances, send money online, and handle day-to-day transactions. Whether you're setting up a bank account for non-residents before arrival or after, these banks cater to the needs of non-residents and banking in Australia.
In the end, always consider the associated costs, such as Australian bank fees for non-residents and the ease of international money transfer options, before choosing your bank.
Yes, non-residents can open a bank account in Australia, but the process usually requires visiting a branch once you're in the country. Some banks, like CommBank, offer online account setup before arrival.
You’ll generally need proof of identity (passport), visa details, tax residency information, and an Australian address (if applicable).
Most banks charge low fees for maintaining accounts, but international transfers can incur additional fees. Australian bank fees for non-residents can include currency conversion fees for money transfer services.
Some of the best Australian banks for non-residents include CommBank, NAB, ANZ, and Westpac. These banks offer services tailored to the needs of expats and non-residents.
Most Australian banks, including NAB and ANZ, offer online money transfer services. These platforms allow you to send money online securely and at competitive exchange rates.
