How to Open an Australian Bank Account on a Working Holiday Visa
Opening an Australian bank account on a working holiday visa is straightforward if you do it within 6 weeks of arriving. During this period, you only need your passport for identification. After 6 weeks, you'll need additional ID (Australian driver's licence, TFN, utility bill). All four major banks — Commonwealth Bank, Westpac, ANZ, and NAB — offer accounts suitable for working holiday makers, and most let you open an account online before you arrive.
Quick Facts
| Detail | Information |
|---|---|
| Best time to open | Within 6 weeks of arrival |
| ID needed (first 6 weeks) | Passport only |
| ID needed (after 6 weeks) | Passport + secondary ID |
| Big 4 banks | CBA, Westpac, ANZ, NAB |
| Monthly fees | $0–$5 (many waive fees) |
| Online pre-arrival opening | Available at all Big 4 |
| TFN required | Within 28 days (for interest reporting) |
| Debit card | Issued with all accounts |
Why You Need an Australian Bank Account
You need a local bank account for several reasons:
Employer payments: Australian employers pay wages via bank transfer. Cash payments are a red flag for illegal work arrangements and won't provide the documentation you need for second-year visa applications.
TFN compliance: The ATO sends your Tax File Number by post and links it to your bank account for tax and superannuation purposes.
Daily expenses: Using your home-country card in Australia means foreign transaction fees (typically 2-3%) and unfavourable exchange rates. A local account eliminates these costs.
Building financial evidence: Bank statements showing your earnings and spending help with future visa applications if you transition to another visa type.
The Big 4 Banks Compared
Commonwealth Bank (CBA)
Australia's largest bank. The most popular choice for WHMs due to its extensive branch and ATM network.
Account: Smart Access (everyday account) Monthly fee: $4/month (waived with $2,000+ deposit/month) ATMs: 3,400+ (largest network) Branch presence: Nationwide, including regional areas Pre-arrival opening: Yes — up to 12 months before arrival Card: Visa debit card App: Award-winning mobile app
Pros: Best branch/ATM coverage (important for regional farm work), strong app, easy pre-arrival setup. Cons: Monthly fee if deposits are low.
Westpac
Australia's oldest bank with strong digital banking.
Account: Westpac Choice (everyday account) Monthly fee: $5/month (waived under 30 or with $2,000+/month deposits) ATMs: 2,800+ Branch presence: Nationwide Pre-arrival opening: Yes Card: Visa debit card App: Strong digital platform
Pros: Fee waived for under-30s (most WHMs qualify), good app, wide ATM network. Cons: Smaller branch network in very remote areas.
ANZ
Strong international banking connections, good for travellers.
Account: ANZ Access Advantage Monthly fee: $5/month (waived with $2,000+/month deposits) ATMs: 2,400+ Branch presence: Nationwide Pre-arrival opening: Yes Card: Visa debit card App: Good digital banking
Pros: Strong international transfer capabilities, good for sending money home. Cons: Smaller ATM network than CBA.
NAB (National Australia Bank)
Known for no monthly fees.
Account: NAB Classic Banking Monthly fee: $0 (no monthly fee) ATMs: 1,800+ (plus fee-free at rediATMs) Branch presence: Nationwide Pre-arrival opening: Yes Card: Visa debit card App: Solid digital banking
Pros: No monthly fee ever, rediATM access expands network. Cons: Fewer branches and ATMs in remote areas.
How to Open an Account
Before You Arrive (Recommended)
All Big 4 banks let you open an account online before arriving in Australia.
- Visit the bank's website and select "open account for migrants" or "open account before arrival"
- Complete the online application with your passport details, visa information, and overseas address
- The account is created but stays inactive until you verify your identity in person
- After arriving, visit a branch within 6 weeks to show your passport and activate the account
- Receive your debit card at the branch or by post within 5-10 business days
Opening before arrival means your account is ready to go when you land. You can receive your first pay sooner.
After Arrival (Within 6 Weeks)
- Walk into any branch of your chosen bank
- Bring your passport — that's all you need within the first 6 weeks
- Complete the application (staff will help)
- Receive a temporary card or wait for delivery (5-10 days)
- Provide your TFN within 28 days of receiving it
After 6 Weeks
If you've been in Australia for more than 6 weeks, you need 100 points of identification. Your passport provides 70 points. You'll need an additional 30 points from:
- Australian driver's licence (40 points)
- Medicare card (25 points)
- Secondary passport or national ID (40 points)
- Utility bill in your name (25 points)
- Tax assessment notice (40 points)
This is why opening within 6 weeks is strongly recommended. Getting secondary Australian ID takes time.
Online Banking Options
Wise (TransferWise)
Not a bank, but a popular option for WHMs who want low-cost international transfers. Wise offers a multi-currency account with an Australian BSB and account number.
Pros: Excellent exchange rates, low fees for sending money home, multi-currency card. Cons: Not a full bank account, limited ATM withdrawals, no branch access.
Up Bank
A digital-only Australian bank with no fees and a strong app. Good for tech-savvy WHMs.
Pros: No fees, excellent app, instant spending notifications. Cons: No branches, limited ATM network, no pre-arrival opening.
Revolut
Global fintech offering Australian dollar accounts. Good for international flexibility.
Pros: Multi-currency, low international transfer fees, virtual cards. Cons: Not an Australian banking licence holder, potential regulatory differences.
Sending Money Home
A major concern for WHMs is transferring earnings back to their home country. Options include:
| Method | Fee | Exchange Rate | Speed |
|---|---|---|---|
| Wise | Low ($5-$15) | Mid-market rate | 1-2 days |
| Bank transfer | $20-$30 | Bank rate (usually worse) | 2-5 days |
| OFX | Low-zero | Mid-market + small margin | 1-3 days |
| Western Union | Varies | Varies | Instant – 3 days |
| PayPal | 2-3% fee | Poor exchange rate | 1-3 days |
Wise and OFX generally offer the best value for regular international transfers. Bank transfers are convenient but typically offer worse exchange rates.
Tips for Working Holiday Makers
- Open your account before arrival — it saves time and you can have your account number ready for your first employer.
- Choose CBA if you'll be in regional areas — their ATM and branch network is the largest in remote regions.
- Choose NAB if you want zero fees — no monthly fee regardless of deposits.
- Set up a savings account alongside your everyday account — earn interest on money you're not spending.
- Provide your TFN to the bank within 28 days — otherwise, interest is taxed at the highest rate.
- Don't keep all your money in one account — spread across two banks for security.
Frequently Asked Questions
Can I open a bank account without a permanent address?
Yes. You can use a hostel address or a friend's address initially. Update your address when you find more permanent accommodation.
Do I need a TFN to open a bank account?
No. You can open the account without a TFN, but you should provide it within 28 days to avoid penalty tax on interest.
Can I keep my Australian bank account after leaving?
Yes. Most banks allow you to maintain your account after departure. This is useful if you plan to return or have outstanding superannuation refunds. Some banks may convert the account or charge fees on inactive accounts after a period.
What about joint accounts?
You can open a joint account with another person. Both people need to provide identification. Joint accounts are useful for couples travelling together.
Will my bank work with overseas payroll?
If you're paid by an overseas employer while in Australia (unusual for WHMs but possible), they can transfer to your Australian bank using the BSB and account number. International transfer fees may apply.
