Best Bank Accounts in Australia for New Migrants (2026) – No Fees, Easy Setup & Top Picks

Last updated: April 2026

If you’re new to Australia, the best first bank accounts are usually:

NAB – best for no monthly fees
Commonwealth Bank – best if you want to open before arrival
Up Bank – best mobile app and budgeting tools
ANZ – good for international transfers
Westpac – strong branch network option

Most new arrivals can open an account in 5–15 minutes online, though ID checks may still be required.

Quick Pick Table

Need	Best Choice
No monthly fee	NAB
Open before arriving	Commonwealth Bank
Best mobile app	Up Bank
International transfers	ANZ
Branch access	Commonwealth / Westpac

What You Usually Need to Open an Account

Passport
Visa details
Australian address (temporary often okay)
Phone number
TFN (optional initially in many cases)

Quick Comparison Table

Bank	Typical Monthly Fee	Open Before Arrival	Best For
Commonwealth Bank	Low / conditional	Yes	Pre-arrival setup
NAB	Often $0	Limited / varies	No-fee everyday banking
ANZ	Low / conditional	Yes	International transfers
Westpac	Low / conditional	Yes	Major bank alternative
Up Bank	$0	No	App-first banking

Always confirm current product terms before applying.

Why Opening the Right Account Matters

The right account helps you:

Receive salary quickly
Avoid monthly fees
Transfer money easily
Pay rent and bills
Use PayID and instant transfers
Build your financial setup from day one

The wrong account can mean unnecessary fees, poor service, and a frustrating first few months.

Best Bank Accounts Reviewed

1. Commonwealth Bank

Best For: Arriving Prepared

Strong option if you want banking organised early.

Pros

Recognised major bank
Broad branch network
Popular with new arrivals
Often allows pre-arrival onboarding pathways

Good if you want familiarity and convenience.

2. NAB

Best For: No Ongoing Fees

Often recommended for migrants who want simplicity.

Pros

Competitive fee structure
Strong mainstream bank
Good everyday use

Excellent “set and forget” option.

3. ANZ

Best For: Overseas Money Movement

Useful if you still operate financially across countries.

Pros

Large brand presence
International footprint
Strong for some transfer use cases

4. Westpac

Best For: Traditional Full-Service Banking

Solid alternative among major banks.

Pros

Established network
Standard products
Familiar branch banking model

5. Up Bank

Best For: Young Professionals & Students

Digital-first banking with strong user experience.

Pros

Excellent app
Real-time notifications
Spending insights
Usually no monthly fee

Great second account even if you keep a major bank.

Our Honest Recommendation

If You Just Landed

Choose one major bank first:

NAB
Commonwealth Bank
ANZ
Westpac

Then later add a digital bank if useful.

Why?

Early weeks often need:

Branch visits
ID checks
Salary setup
Card replacement confidence

Later, optimise.

Can You Open a Bank Account Before Arriving?

Sometimes yes.

Some banks provide pre-arrival setup processes.

This can help you:

Transfer funds early
Reduce arrival stress
Receive card faster
Start sooner

But final identity checks may still be required after arrival.

What New Migrants Should Prioritise

1. No Monthly Fees

A $5 monthly fee = $60 per year wasted.

2. Easy Identity Verification

Important when you are new to the country.

3. Strong Mobile App

You will use it constantly.

4. Fast Transfers (PayID / Osko)

Useful for rent, bills and splitting costs.

5. ATM / Branch Access

Still useful early on.

6. International Transfer Compatibility

Important if moving money from overseas.

Should You Have More Than One Bank Account?

Often yes.

Account 1: Salary / Bills

Stable major bank.

Account 2: Spending

Daily card account.

Account 3: Savings

Separate to reduce impulse spending.

Common Mistakes New Arrivals Make

Choosing Based on Ads

Ignore celebrity marketing.

Paying Monthly Fees Needlessly

Common mistake.

Keeping Only One Account Forever

Reassess after 3 months.

Ignoring International Transfer Costs

FX spreads can cost more than account fees.

Best Bank by Situation

Student

Up Bank or low-fee mainstream option.

Family Migrating

Major bank with branch support.

Skilled Worker

NAB + secondary digital account.

Frequent Overseas Transfers

ANZ or pair with specialist transfer service.

FAQs

Which bank is best for migrants in Australia?

Usually NAB or Commonwealth Bank are common starting points depending on priorities.

Can I open an account without a TFN?

Often yes, though tax treatment on interest may differ.

Is digital-only banking enough?

Sometimes yes, but many migrants prefer one traditional bank initially.

How many accounts should I have?

One is enough. Two is often smarter.

How long does it take to open a bank account?

Often 5–15 minutes online, plus any identity verification steps.

Best Next Step After Opening Your Account

Set up PayID
Redirect salary
Create savings account
Track spending for first 90 days

Related Guides

Final Thoughts

There is no universal best bank in Australia.

For most new migrants, the winning strategy is:

Start simple. Avoid fees. Keep flexibility. Upgrade later.