Want to know how to open an Australian bank account for non-residents? This article provides a comprehensive guide on everything you need to know about opening a bank account in Australia as a non-resident. It covers the basics of who qualifies as a non-resident, the various types of bank accounts available, the required documentation, common bank fees, and foreign banks in Australia that you can use. Let’s dive into how to open an Australian bank account for non-residents in 2025.
Who is a Non-resident in Australia?
In general, a non-resident is someone who doesn’t meet the legal criteria for tax residency in a particular jurisdiction, meaning they don’t live permanently in that country and have limited ties to it.
Like in the US for instance, if you are not a U.S. citizen, you are considered a non-resident of the United States for U.S. tax purposes unless you meet one of two tests: either the green card test or the substantial presence test for the calendar year (January 1 – December 31).
Similarly, you’re an Australian resident if you live in Australia and are either: an Australian citizen, a permanent residence visa holder, or a protected Special Category visa (SCV) holder from New Zealand.
Therefore, a non-resident of Australia is someone who’s not an Australian citizen and hasn’t been granted permanent residency. Instead, they usually have some form of temporary visa that allows them to live in Australia for a certain period of time, often to work or study.
Can Non-residents Open a Bank Account in Australia?
This is probably one of the top questions on your mind after learning the definition of non-residents in Australia. And to answer your question, Yes, non-residents can open bank accounts in Australia. However, once you’re in the nation, the procedure normally calls for going to a branch. CommBank is one of the banks that offers online account setup before arrival.
Types of Bank Accounts Available in Australia for Non-residents
- Savings account
- Transaction account
- Term Deposit account
- Foreign currency account
1. Savings Account
As the name implies, saving accounts are used for saving money. These accounts often offer higher interest rates than transaction accounts and may not have debit card access.
To open a savings account in Australia as a non-resident, you’ll typically need proof of identity (like a passport), a valid visa, proof of an Australian address, and potentially tax information or a Tax File Number (TFN).
2. Transaction Account — How to Open an Australian Bank Account for Non-residents
A transaction account is used for everyday spending and linked to a debit card for making purchases and withdrawing cash. Unlike some other countries, Australia doesn’t typically require a minimum balance to open a transaction account, especially for non-residents.
Moreover, you will need to provide proof of identity, a valid visa or proof of residency, and potentially other documents depending on the bank.
3. Term Deposit Account
For these types of accounts, you will be able to keep your funds for a very long time and it will be reaping dividends for you as it has a higher interest rate. You normally need to deposit at least $5,000 to create a term deposit bank account in Australia as a non-resident.
Additionally, to open a term deposit account, the majority of major Australian banks—including CommBank, HSBC Australia, Macquarie Bank, NAB, and ANZ—require a $5,000 minimum deposit.
4. Foreign Currency Account
This type of account is ideal for people who receive income from other countries. To open a foreign currency account in Australia as a non-resident, you will usually need proof of identity (passport, driver’s license), proof of address (utility bill, rental agreement), tax residency information (tax identification number or equivalent), and possibly proof of your visa or residency status.
The minimum deposit requirements vary widely between banks and account types. For example, some banks may require a minimum deposit of AUD 2,000 to waive account-keeping costs.
Which Australian Banks Offer Bank Accounts for Non-residents?
Several Australian banks cater to non-residents, including Commonwealth Bank (CommBank), National Australia Bank (NAB), Australia and New Zealand Banking Group (ANZ), and Westpac.
With the Commonwealth Bank (CBA/CommBank) you are allowed as a non-resident to open an Everyday Account Smart Access, even up to 14 days before arriving in Australia or up to 3 months after arrival.
On the other hand, National Australia Bank (NAB) offers the NAB Classic Banking Account, which is tailored for foreigners and expatriates in Australia.
Also, Australia and New Zealand Banking Group (ANZ) and Westpac provide tailored banking solutions for non-resident corporations, emphasizing digital banking innovations and offering banking services for new arrivals, including a Choice Account with features designed for people who have recently arrived in Australia, respectively.
Furthermore, we also have banks like Wise, Revolut, and HSBC Expat that offer a range of banking solutions designed for Australian expats and those moving to Australia.
What Documents do you Need to Open an Australian Bank Account?
Here’s what the Australian banks usually require from non-residents seeking to open an account.
Required Documents: How to Open an Australian Bank Account for Non-residents
a. Proof of Identity:
- Australian or foreign passport.
- Australian driver’s license (with photo).
- Foreign driver’s license (with photo).
- Australian or foreign birth certificate.
- Australian or foreign citizenship certificate.
- Australian state/territory government-issued Proof of Age card.
- Government-issued national identification card.
- Utility bill (issued within the last three months).
- Rates notice (issued within the last three months).
- Australian Taxation Office notice (issued within the last 12 months).
- Current and valid Australian Medicare card.
b. Proof of Address:
- Recent utility bill (electricity, gas, water).
- Tenancy agreement.
- Bank statement.
- Rates notice.
- Valid visa
c. Tax Information: Tax File Number (TFN) or Tax Identification Number (TIN) for your country of tax residency. And/or Tax residency information.
Depending on Your Purpose for Travelling. Other Required Documents Include:
- Employer details and salary information (if applicable).
- Student status documentation (if applying for a student account).
- Australian mobile number.
How to Open an Australian Bank Account as a Non-resident
Opening a bank account as a non-resident in Australia is quite straightforward as the country and its bank have made it so. You don’t even need to be physically in Australia before you start applying for your account opening—-it can be done in your country of residence.
However, also know that what you need to do to open an Australian bank account as a non-resident depends on the bank. In this section, we shall be looking at a step-by-step guide to help you open an Australian bank account as a non-resident.
Step 1:
You need to start the application process online while you’re still in your home country so that once you arrive in Australia. Kindly take note that the application does not end online (check the next step for proper guidance).
Step 2:
Ensure to complete the online application after you’ve arrived in Australia. When it’s been submitted, visit a branch to provide any requirements they might have, such as tax residency information and proof of identity—(Note: if you need assistance with this, check our previous section on the documents you need to open an account in Australia).
Step 3:
When the account has been confirmed as opened you’ll receive your banking details and can start transferring money into the account. The process can take a few minutes to a few days, depending on the bank.
You can also check out our article on the Top 10 Best Banks in Australia in 2025 to learn about the best banks for your financial needs, particularly as an international student.
Tips for Opening a Bank Account as a Non-Resident
These tips will help in making the process a lot easier and smoother for you.
1. Check Eligibility: Ensure you meet the requirements for opening an account, such as having a valid visa and potentially an Australian address or mobile number.
2. Consider Your Needs: Determine the type of account that best suits your needs, whether it’s for daily transactions, saving, or managing multiple currencies.
3. Compare Fees and Interest Rates: Research the fees and interest rates associated with different accounts and banks to find the best option for you.
4. Prepare Necessary Documents: Have your passport, visa, and potentially other documents (like a driver’s license) ready for verification.
- Some banks allow you to start the process online, while others require a visit to a branch.
- Some banks offer specific accounts for international students.
Common Bank Fees in Australia You Should Know
As a non-resident in Australia, you need to be aware of common bank fees like international transaction fees (3.5% of the transaction value), ATM fees (AUD$2 per transaction for non-customers), and potential overdraft/insufficient funds fees. Let’s look into it!
1. International Transaction Fees
This is a fee charged when you make transactions in a currency other than Australian dollars (AUD) or when an overseas connection is involved. It’s a percentage of the transaction value, often around 3.5%.
For Example:
- Using your credit card or debit card to make purchases or cash withdrawals overseas.
- Receiving payments from overseas.
- Transactions are converted by Mastercard® or Visa.
2. ATM Fees
This is a fee charged for using ATMs that are not owned or operated by your bank. Try to use ATMs that are branded with a specific bank’s name and logo to avoid higher fees.
How it’s calculated:
Australian banks charge non-customers, including those using foreign cards, an ATM fee, usually AUD$2 per transaction.
3. Overdraft/Insufficient Funds Fees
An overdraft fee is a fee charged if you don’t have enough money in your account to cover a transaction. To avoid this from happening, you need to monitor your account balance regularly and avoid exceeding your available funds.
How it’s calculated:
Fees vary but can average around $30 per transaction.
Examples:
- Make an ATM withdrawal when your account has insufficient funds.
- Using your debit card to make a purchase when your account has insufficient funds.
4. Other Potential Fees
- Monthly maintenance/service fee: Some banks charge a fee for maintaining your account.
- Excessive transaction fee: A fee for exceeding the number of free transactions allowed per month.
- Wire transfer fee: A fee charged for sending or receiving money via wire transfer.
- Early account closing fee: A fee charged for closing your account before the agreed-upon time.
- Fee for exceeding available funds: A fee is charged if you exceed your available funds.
Foreign Banks in Australia You Should Consider
Using a foreign bank in Australia as a non-resident can be a good option, but there are certain challenges you may encounter. High fees and issues with currency conversion are common problems. These can arise from daily transactions, making foreign banks less suitable for everyday banking needs.
With that said, you may be able to continue banking with your current overseas bank while in Australia if you are a citizen of or bank with:
| Nationality | Bank |
| New Zealand | ANZ, Westpac |
| United Kingdom | HSBC |
| United States | HSBC |
| China | Bank of China, HSBC |
| Singapore | HSBC |
Note: Even if your existing bank operates within Australia, you will likely still need to open an Australian bank account with them to avoid international transaction fees and receive an AUD salary.
Conclusion on How to Open an Australian Bank Account for Non-residents in 2025 | All You Need to Know
In conclusion, opening an Australian bank account as a non-resident is a straightforward process. The country and its local banks have streamlined the experience, allowing you to start your application online without needing to travel to Australia first. You can complete the process once you arrive in the country.
This article will guide you through the steps to open an Australian bank account as a non-resident, inform you about common bank fees, and introduce you to foreign banks operating in Australia, along with other relevant information.
If you need further assistance with writing a compelling Statement of Purpose (SOP), CV/Resume, or Letter of Recommendation to boost your success at the Australian embassy, feel free to contact us as we are ever ready to help you achieve your dream!
Editor’s Recommendation
- Top 10 Best Banks in Australia for International Students in 2025 | Requirements, Documents & What to Know
- Finding a Job in Australia for Foreigners in 2025: Step-by-step Guide
- Finland Visa Requirements for Australian Citizens in 2025
- Unskilled Jobs in Australia With Visa Sponsorship
- Top Highest Paying Part-time Jobs in Australia for International Students
- Australia Student Visa – How to Apply for an Australian Student Visa
- Requirements to Host a Foreign Exchange Student in Australia
