Why open it before you land
Most major Australian banks let you start an account application online from overseas, using just your passport, and finish activating it in a branch or via an app once you arrive with local address details. Doing this before you land means you can be paid, and pay for things, from your first day rather than relying on a foreign card with conversion fees.
What you'll need
- Passport
- Visa grant details
- An Australian address once you land, even a hostel address usually works for initial setup
- Some banks ask for an initial deposit, others don't
A local account means being paid without conversion fees eating into your wage.
The major banks
| Bank | Known for |
|---|---|
| Commonwealth Bank (CBA) | Widest branch and ATM network |
| Westpac | Strong app, easy overseas account opening |
| ANZ | Popular with working holiday makers, straightforward setup |
| NAB | Competitive fee-free everyday accounts |
All four are comparable for a working holiday maker's needs; the differences that matter most are branch locations near where you're staying and whether the app suits you.
Fees to check
- Monthly account-keeping fees, and how to get them waived (often by a minimum monthly deposit)
- ATM fees if you withdraw from a different bank's machine
- International transfer fees if you're sending money home or receiving it
Superannuation needs a bank account too. When you eventually claim your superannuation on departure, it's paid into a bank account, so keep yours open until that's sorted even after you've stopped working.