Setting Up Banking in Australia

Yes. The four major banks — Commonwealth Bank, Westpac, ANZ and NAB — all let migrants open an everyday transaction account online up to 12 months before arrival. You can deposit and hold funds straight away, then complete identity verification in a branch once you're in Australia to unlock full access and collect your debit card.

Opening early means your salary and rent payments can flow through a local account from day one, and you avoid relying on expensive foreign-card transactions while you settle in.

Identity verification in Australia uses a 100-point system. Your passport carries significant weight, and your visa and an Australian address complete the picture once you have one.

Everyday transaction accounts at the major banks are broadly similar, and many offer migrant packages that waive the monthly account-keeping fee for the first 12 months. The differences that matter most to newcomers are international transfer costs, ATM networks and app quality.

Commonwealth Bank has the largest branch and ATM footprint, which can be useful when you're settling in, but it's worth comparing all four before you commit. We deliberately do not publish a fee table here: bank fees change without notice and a stale comparison is worse than none. What does not change is which fees actually matter to someone who has just arrived, which is the part most comparisons skip.

A Tax File Number (TFN) is your personal reference in Australia's tax system. It lets your employer withhold the correct amount of tax and stops your bank withholding tax on savings interest at the top rate. You apply online for free through the Australian Taxation Office once you're physically in Australia, and your TFN is mailed to your Australian address within about 28 days.

Apply in your first week, and the reason is specific rather than general prudence. If you have not quoted a TFN your employer is legally required to withhold 47% from a resident's pay, or 45% from a foreign resident's — the top marginal rate including the Medicare levy, not a penalty anyone has discretion to waive. You get it back when you lodge a return, but you are without the money until then.

The two clocks are what catch people. Once you tell an employer you have applied for a TFN, you have 28 days to supply it. The TFN itself is posted to your Australian address in about 28 days. Applying in your first week rather than your first month is what keeps those from colliding.

Superannuation is Australia's compulsory retirement savings system. If you're an employee, your employer must pay a percentage of your earnings into a super fund on top of your salary. You generally choose your own fund, and the money is invested until retirement.

When you start work you'll be asked to nominate a fund. The ATO's YourSuper comparison tool lets you weigh funds on fees and long-term performance, which makes a real difference over time. Temporary residents who later leave Australia permanently can usually claim their super back through a Departing Australia Superannuation Payment.

For moving larger sums from your home country, specialist currency transfer services typically beat the banks on the exchange rate, which is where most of the real cost sits. Always compare the total cost — the transfer fee plus the margin built into the exchange rate — rather than just the headline fee.

For a major relocation, even a small improvement in the rate can be worth hundreds or thousands of dollars on the total amount you move.