Moving to a new country is exciting! Australia has a well-established and trusted banking system. So, if you are moving to Australia to live, work or study, you might want to think about opening a bank account.
There are different types of bank accounts you can open, depending on what you need. The two main types of bank accounts in Australia are transaction (or everyday) accounts and savings accounts. You can open these accounts when you arrive in Australia.
A transaction account gives you access to your money. If you’re working while you’re here, it will likely be the account your employer will pay your wages into. You will use this account often, so you should have easy access to your money.
A savings account is designed to help you save money. One feature to look for in a savings account is the interest rate. This is a percentage a bank pays you as a reward for keeping your money with them. You can still access your money but, unlike transaction accounts, some savings accounts might give you bonus interest if you don’t make withdrawals.
Transaction accounts and savings accounts are the most common types of bank accounts in Australia. There is a range of other types of accounts, too.
A term deposit lets you put your money in the bank for a certain length of time. You can’t access your money during that time. In return, the bank pays you a set amount of interest, and the interest rate doesn’t change.
You might also use credit cards or loans if you choose to borrow money from the bank.
Depending on your circumstances, the Australian Government may provide financial support if you have recently migrated to Australia. You might be able to get cheaper health care, get help finding work, access special payments, or get free English lessons.
Learn more about financial support for new arrivals on the Services Australia website
Westpac is Australia’s first bank and has an everyday bank account – Westpac Choice. If you’ve arrived in Australia within the last 12 months, you won’t pay the $5 monthly fee. After that, if you continue to make minimum monthly deposits, if you’re under 30 years old, or if you’re a full-time tertiary student, you won’t pay the $5 monthly fee.
Westpac Choice comes with a linked debit card for you to withdraw money or to shop in-store or online. A debit card is used to access your own money.
If you need cash, you can withdraw it from an Automated Teller Machine (ATM) using your debit card. An ATM is a machine that lets you access your everyday bank account without going to a bank branch. ATMs are usually located in shopping centres, near banks, or on busy streets, and are available 24/7.
If you use your Westpac debit card to withdraw cash at a Westpac Group ATM in Australia (including Westpac, St.George, Bank of Melbourne and BankSA), Westpac won’t charge you any fees.
Finally, you could link your Westpac Choice account to an online savings account. The Westpac eSaver account has no service fees and doesn’t require you to make minimum deposits.
Once you move to Australia, Westpac can help you if English is not your first language. Westpac can organise an interpreter to help you with phone banking. Call 13 20 32.
Westpac ATMs offer 9 languages other than English, so you can bank in your preferred language.
Learn more about support for new migrants
Westpac is Australia’s number one mobile banking app as voted by Forrester1. It has tools to help you manage your money from your phone. You can use it to transfer money from your transaction account to your savings account.
It’s important to pay bills on time in Australia. You can use the Westpac App to set up automatic payments for things like rent, electricity, phone bills, and subscriptions. This helps to prevent paying any late fees you don’t pay any late fees.
You can use the Westpac App to look at your spending every month, as well as set reminders about upcoming bills.
If you’re already in Australia and have a bankaccount, you could switch your banking to Westpac. You can open a Westpac account, transfer your money, and close your old account. Westpac can also help you move any regular payments over.
Before changing banks, it’s important to look at a bank’s fees, products, and mobile app.
Learn more about switching to Westpac
A tax file number (TFN) is a number issued by the Australian Taxation Office (ATO). This is a personal 9-digit number that identifies you in the Australian tax system. It is free to apply for a TFN, and you can apply online once you arrive in Australia.
While it’s not compulsory to provide your TFN or TFN exemption, if you don’t, we may be required by law to deduct Withholding Tax at the highest marginal rate plus Medicare Levy on any interest earned on your accounts.
Learn more about getting a Tax File Number on the Australian Taxation Office website
After you arrive in Australia, you might want to:
Opening a bank account is important when you move to Australia. Transaction accounts and savings accounts are two popular types of accounts in Australia. Westpac Choice is a transaction account. It can help you manage your money and start your new life in Australia smoothly.
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
[1] Westpac received the highest score in Digital experience review among Multi-Channel banks in Forrester’s proprietary 2024 Forrester Digital Experience Review of Australian Mobile Banking Apps conducted between June and July 2024. Forrester reviewed 4 banks’ mobile apps across 18 customer scenarios and combined this with a mobile banking app performance score from Forrester’s proprietary Customer Index Survey in Australia. These findings were then combined with findings from unmoderated usability testing with 40 customers of the included brands. Forrester Research does not endorse any company included in any Digital Experience Review and does not advise any person to select the products or services of any particular company based on the ratings included in such reports.