Choosing your first bank is one of the first money decisions you make after moving to Australia. Most newcomers end up with one of the big four banks in Australia: Commonwealth Bank (CommBank), Westpac, NAB and ANZ. All four are large, safe and widely used, but their fees, newcomer rules and apps are not the same.
This guide compares the big four side by side, explains which one may suit a working holiday maker, international student or skilled migrant, and shows what to check before you open an account. Fees and rules below were checked on each bank’s official website in October 2026. Banks change their products often, so always confirm the latest details before you apply.
Quick Summary
| Bank | Everyday account | Monthly fee | Open before arrival? | Overseas card fee |
|---|---|---|---|---|
| CommBank | Smart Access | $4 (waived for the first 12 months if opened online; also waived if under 30) | Yes, up to 14 days before you arrive | 3.5% of the transaction |
| Westpac | Westpac Choice | $5 (waived for 12 months after arrival; also waived if under 30 or a full-time tertiary student) | Yes, no more than 14 days before you arrive | Foreign transaction fees apply (check the current rate) |
| NAB | Classic Banking | $0 | Yes, you can start online if you arrive within 30 days | 3.5% of the AUD amount |
| ANZ | ANZ Plus Everyday | $0 | No, you join after arriving, in the app | 3% |
All fees are in Australian dollars and were correct at the time of writing.
What Are the Big Four Banks in Australia?
The “big four” is the common name for Australia’s four largest banks:
- Commonwealth Bank of Australia (CommBank or CBA)
- Westpac
- National Australia Bank (NAB)
- ANZ
Between them, they have the largest branch and ATM networks in the country. Almost every employer, landlord and government agency deals with them every day, so paying rent, receiving wages and setting up direct debits is simple with any of the four.
Australia also has many smaller banks, customer-owned banks, credit unions and digital-only banks. Some of them have lower fees or higher savings rates. The big four are popular with newcomers mainly because they have special migrant banking products and a branch in almost every town.
Are the Big Four Banks Safe?
Yes. All four are authorised deposit-taking institutions (ADIs) regulated by the Australian Prudential Regulation Authority (APRA).
Your money is also protected by the Australian Government’s Financial Claims Scheme. It covers deposits of up to $250,000 per account holder per ADI. This protection applies to banks, building societies and credit unions incorporated in Australia, not only the big four.
One thing to keep in mind: the limit is per bank, not per account. If you hold three accounts with the same bank, the $250,000 limit covers the total of all three.
Big Four Banks Compared for Newcomers
CommBank: Everyday Account Smart Access
CommBank is the largest of the big four and has a very popular app. Its migrant banking page lets you open an Everyday Account Smart Access up to 14 days before you arrive, or within 12 months after arriving.
- Monthly fee: $4. CommBank waives the fee for the first 12 months when you open the account online. After that, it is waived if you are under 30, deposit at least $2,000 each calendar month, or meet other conditions.
- ID check: after you arrive, visit a CommBank branch with your original passport. You must do this within 20 days of opening the account, or the account may be closed automatically.
- What you need: your passport, visa details, an Australian address for full access, and a Tax Identification Number for each country where you are a tax resident.
- Visas not accepted: visitor visas (subclass 600, 601 and 651).
- Overseas use: a 3.5% fee on purchases in a foreign currency or with overseas merchants.
CommBank suits people who want to set up banking before they land and who like a feature-rich app.
Westpac: Westpac Choice
Westpac lets migrants apply online no more than 14 days before arrival. You will need an email address, your arrival date, an Australian address (a temporary one is fine) and a phone number that can receive SMS.
- Monthly fee: $5. It is waived if you arrived in Australia within the last 12 months. After that, it is waived if you are under 30, a full-time tertiary student or make the required monthly deposits.
- ID check: once you are in Australia, you must verify your identity. Westpac says customers from India, China and New Zealand can do this online; others visit a branch.
- Overseas use: foreign transaction fees apply. Westpac is part of the Global ATM Alliance, so cash withdrawals at partner ATMs overseas have no ATM withdrawal fee.
Westpac can be a good choice for international students, because full-time tertiary students do not pay the monthly fee.
NAB: Classic Banking
NAB’s Classic Banking account has no monthly account fee, which makes it one of the simplest options for newcomers. You can start the online application if you are arriving within the next 30 days or arrived within the past 12 months.
- Monthly fee: $0.
- ID check: visit a NAB branch within 30 days of starting your application. Bring your passport (linked to your visa), visa documents, an Australian residential address and an Australian mobile number.
- Rules: you must plan to stay in Australia for at least 6 months, and your passport and visa should be valid for at least 6 months from your branch visit. Tourist and visitor visas are not accepted.
- Overseas use: the NAB Visa Debit card has an international transaction fee of 3.5% of the AUD amount.
NAB suits people who want a no-fee everyday account without worrying about deposit rules or age limits.
ANZ: ANZ Plus
ANZ’s main everyday product is ANZ Plus, an app-based account. It works a little differently from the others: you cannot open it from overseas. Instead, you join in the app once you have an Australian residential address and an Australian mobile number.
- Monthly fee: no monthly account-keeping fees on ANZ Plus Everyday and savings accounts.
- ID check: in the app, using your passport and a quick selfie. No branch visit is needed. You must be over 15.
- Overseas use: a 3% fee on overseas and foreign currency transactions, which includes ATM operator fees.
ANZ Plus suits people who are already in Australia, have a local SIM card and prefer to do everything on their phone.
Which Big Four Bank Is Best for You?
There is no single “best” bank. The right choice depends on your situation:
- You want an account ready before you land: CommBank or Westpac (up to 14 days ahead), or NAB (start online within 30 days of arriving).
- You want no monthly fee at all: NAB Classic Banking or ANZ Plus.
- You are under 30: CommBank and Westpac both waive their monthly fee for under-30s, so all four can be fee-free.
- You are a full-time university or TAFE student: Westpac waives the fee for full-time tertiary students.
- You will travel overseas often: the big four all charge about 3% to 3.5% on foreign transactions. Many people add a low-fee travel card or a digital bank for overseas spending.
- You live in a regional area: check which bank has a branch near you, as you may need one for ID checks.
Many people open an everyday account with one of the big four and later add a high-interest savings account elsewhere. You do not need to keep all your money in one place.
What You Need to Open an Account
Requirements are similar at all four banks. Have these ready:
- Your passport (the one linked to your visa)
- Your visa details (most banks do not accept visitor or tourist visas for migrant accounts)
- An Australian residential address (a temporary address is usually fine at first)
- An Australian mobile number, or an overseas number for some pre-arrival applications
- Your tax details for any overseas country where you are a tax resident
- Certified English translations of any documents that are not in English
For a full step-by-step walkthrough, read our guide on how to open a bank account in Australia.
Give Your Bank Your TFN
Once you have a Tax File Number (TFN), give it to your bank. If you do not, and your account earns $120 or more in interest in a year, the bank must withhold tax from that interest at the top tax rate plus the Medicare levy, according to the ATO. You can add your TFN in your banking app or online banking in a few minutes.
Fees to Watch Out For
Even with a “no fee” account, some charges can surprise newcomers:
- Foreign transaction fees: 3% to 3.5% when you shop online with overseas stores or use your card abroad.
- Non-network ATM fees: some ATMs owned by other operators charge a fee. The amount is shown on screen before you confirm.
- International money transfers: sending money home through your bank may include a transfer fee and an exchange rate margin. Compare options before you send large amounts.
- Overdrawn and dishonour fees: check your account terms so you know what happens if a payment fails.
- Monthly fees after the free period: CommBank and Westpac waivers for new arrivals last 12 months. Put a reminder in your calendar to check if you still qualify.
Tips for Choosing and Using Your Bank
- Compare the official fee pages, not only reviews, because fees change.
- Turn on two-factor authentication and app notifications for every transaction.
- Never share your PIN, passwords or one-time codes with anyone, even someone who says they are from your bank.
- Update your address in the app when you move, especially after you find a long-term rental.
- Keep a small amount in a separate savings account for your first months, while you look for work and housing.
If you are still planning your budget, our cost of living in Australia guide can help you decide how much to bring.
Frequently Asked Questions
Which of the big four banks has no monthly fee?
NAB Classic Banking and ANZ Plus Everyday have no monthly account fee. CommBank ($4) and Westpac ($5) charge a monthly fee, but both waive it for new arrivals for 12 months and for customers under 30.
Can I open an Australian bank account before I arrive?
Yes, with some banks. CommBank and Westpac let you apply up to 14 days before you arrive, and NAB lets you start online if you arrive within 30 days. You still need to verify your ID after you land, usually at a branch. ANZ Plus can only be opened once you are in Australia.
Is my money safe in an Australian bank?
Deposits at Australian banks, building societies and credit unions are protected by the Financial Claims Scheme up to $250,000 per account holder per bank.
Can I open a bank account on a working holiday or student visa?
Yes. Working holiday and student visa holders can open migrant accounts at the big four. Visitor and tourist visas are usually not accepted for these accounts. See our working holiday visa guide and student visa guide for visa details.
Do I need a TFN to open a bank account?
No. You can open an account without a TFN and add it later. Adding it early helps you avoid extra tax being withheld from your interest.
Final Thoughts
All of the big four banks in Australia are safe and easy to use for everyday banking. NAB and ANZ Plus are simple no-fee choices. CommBank and Westpac are handy if you want an account ready before you arrive, and their fees are waived for your first year and for anyone under 30.
Check the official fee pages, think about how you will use your account, and pick the bank that fits your plans. You can always switch later.
Related Guides
- How to Open a Bank Account in Australia
- Get a Tax File Number (TFN) in Australia
- Cost of Living in Australia
- Working Holiday Visa Australia
- Student Visa Australia (Subclass 500)
- How to Send Money Overseas from Australia (2026 Guide)
