bank accounts australia money

Bank Accounts Australia

Opening up a bank account is one of the first tasks you need to do when arriving in Australia on Working Holiday Visa’s. Like opening up bank accounts anywhere, it’s a tedious task and can get confusing thinking about charges and which bank has the most ATM’s (cash points for the British).

There are a few points to consider regarding bank accounts and money handling in Australia

  • Banks will normally charge for transactions (ATM withdrawals) if you withdraw from a different bank.
  • EFTPOS (electronic funds transfer point of sale) – is essentially the same as a debit card so you can pay by chip and pin but you can also get cashback at most places free of charge.

In order to open a bank account you will need:

  • Your Passport
  • Proof of Address (Your hostel should be able to help you with this)

Please note that you can apply for a bank account online before you even arrive. You will still need to provide certain information including tax information.

Australia Banks & Bank Accounts – more information

ANZ Bank

  • ANZ Access Advantage will cost you a monthly fee of $5
  • There is no minimum balance
  • Unlimited ANZ transactions
  • ANZ Banks are all over Australia so you will have no problem finding an ATM.

Commonwealth Bank

  • Everyday Account Smart Access will cost you $4 per month*
  • Unlimited transactions at Commonwealth Banks.
  • This is another very popular bank so no problems with finding ATM’s to use. Over 4000 ATM’s and 950 branches

*$4 monthly fee waived if you deposit $2000 per month. If you are 21 to 24 years old you will be exempt from monthly account fees if you deposit at least $1000 into the account each calendar month.

NAB (National Australia Bank)

  • No fees with a NAB Classic Banking Account! That’s what we like to hear
  • There are no minimum deposits.
  • No ATM withdrawal fees at over 10,000 ATMs across Australia


A good bank to use if you are heading to work in New Zealand after Australia (or vice versa) is Westpac as it’s a prominent bank in both countries.

  • A Westpac Choice Account will cost you $5 per month.*
  • $0 for Non-Westpac, St.George, BankSA, Bank of Melbourne ATMs within Australia cash withdrawal or balance enquiry – however the ATM owner may apply an ATM operator fee

* No monthly account fee if you deposit at least $2,000 each month (other fees may apply).

Heading to New Zealand? Check out the NZ Bank Accounts here.

All information correct as of 26 January 2018