Source: Commonwealth Bank (commbank.com.au) · ANZ (anz.com.au) · NAB (nab.com.au) · Westpac (westpac.com.au)
All four major banks offer account opening before you arrive in Australia — you can apply online with your passport. The account activates and you receive your card once you have provided 100 points of ID in-branch after arrival. This is genuinely useful — sort banking before you land.
Commonwealth Bank (CommBank) — largest retail bank, most branches, best app. Recommended as the first choice for most newcomers. ANZ — strong regionally across APAC, useful if moving between Australia and other APAC markets. NAB — competitive for professionals, strong business banking. Westpac — oldest bank, solid digital banking.
Australian banks require 100 points of identity verification. Passport = 70 points. Driver's licence = 40 points. Medicare card = 25 points. A passport plus driver's licence or any two secondary documents is the standard combination.
PayID allows instant AUD transfers using email address, phone number or ABN — no BSB and account number required. Register through your bank's app. Essential for receiving payments from Australian businesses and individuals.
If you take employment in Australia, you will need a superannuation account — your employer must pay 11.5% of your ordinary time earnings into it. Most major banks offer super funds. You can also use an independent fund (Australian Super, REST, Hostplus). Provide your super fund details to your employer before your first pay run.
Wise and OFX for GBP to AUD. See the UK to Australia transfers guide →
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