Do I Need An Australian Bank Account On A Working Holiday Visa?

Lily Kerley

February 1st, 2024

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5 minute read

Yes, in order to get paid while you’re working in Australia, you need to have an Australian bank account.

However, this is not a difficult process, so shouldn’t cause you any headaches. Learn everything you need to know about opening an Aussie bank account with this official backpacker guide, written for the excited yet uncertain working holidayer! 

Quick Links

• How to open an Australian bank account
• How long does it take to open a bank account in Australia?
• Can I open an Australian bank online? Bank-by-bank guide
• What documents do I need to open a bank account in Australia?
• Are bank fees expensive in Australia?
• Do I need an Australian address to apply for a bank account?
• The verdict: best bank for backpackers in Australia

How to open an Australian bank account

Most of the larger Australian banks allow you to apply online two weeks before you arrive in Australia. Once your bank account is registered and you land in Australia, you can go to your nearest branch to present your ID (passport) and collect your debit card. You can also apply online to open a bank account if you’re already in Australia.

How long does it take to open a bank account in Australia?

The big four banks in Australia (Commonwealth, NAB, Westpac and ANZ) allow travellers to apply for a bank account online in usually under 10 minutes. However, you may be required to present in-store to provide ID and pick up your debit card.

Can I open an Australian bank online?

You can open an account with all the big four banks, however, you must present some identification in-store to collect your debit card before you can withdraw money.

The big four banks in Australia

• Commonwealth Bank - can apply online 3 months before you arrive
• NAB - can apply online 12 months before you arrive
• ANZ - can apply online before you arrive
• Westpac - can apply online 12 months before you arrive

Financial technology companies

Financial technology companies are great mediums for transferring money from your home bank account to your Australian bank account. Companies such as Wise are completely online and offer highly competitive overseas transaction rates which are perfect for transferring large sums as you set up your funds in Australia. Wise has a great transparent breakdown of the exchange rate and transaction fees (usually very low), along with how long the transaction will take (usually quite fast). They also offer an easy-to-use debit card, which can be posted physically and/or accessed as a digital card on your phone.

While there are no branches or in-store locations, the teams have great online support. You can apply for these online platforms at any time so long as you have valid ID documents handy.

It is super important to note that Wise and similar financial technology companies are not actually banks, so do not meet the requirements you may need for visa, tax and employee purposes. However, they can be a super handy tool that you can use to save money as you set up and manage your money in Australia.

What documents do I need to open a bank account in Australia?

Identification to open a bank account in Australia includes:

• Passport (hardcopy, not a photo or scan)
• Your visa documents
• Your tax file number (check out our tax guide for info on setting up a TFN)

Make sure you check the documents that your preferred bank requires before you head into the branch (available at the respective website).

Are bank fees expensive in Australia?

Bank-by-bank run down of fees

The big four in Australia have various banking fees:

• Commonwealth Smart Access Account - free for the first year, $4 a month after that (waived if you’re under 25, studying full-time, or deposit $2000 every month). No ATM withdrawal fees at any of the major ATMs.
  
  
• Westpac Everyday Account - free for the first year, $5 a month after that (waived if you’re studying full-time, or deposit $2000 every month). No ATM withdrawal fees at any of the major ATMs.
  
  
• ANZ Access Advantage Account - $5 monthly fee (waived if you’re under 25, studying full-time, or deposit $2000 every month). No ATM withdrawal fees at any of the major ATMs.
  
  
• NAB Classic Banking Account - no monthly fees, no ATM withdrawal fees at any of the major ATMs.

The big banks also impose various rates for international transactions, meaning that you may pay a lot when transferring your cash from home to your new Aussie account.

Alternative exchange rate fees

Wise does not incur any monthly fees and is completely online. A huge perk of using Wise is that they minimise international transaction fees, allowing you to get the best bang for your buck. However, you will need to use Wise in conjunction with a physical bank if you need to provide a bank for tax, visa and/or work purposes.

Do I need an Australian address to apply for a bank account?

Not all banks require you to have an Australian address to apply for a bank account. Banks that don’t require an Australian address include Commonwealth Bank and Westpac.

Best Australian banks for backpackers

The verdict

Of the big four banks, we recommend using Commonwealth or NAB. With low fees, an extensive network of branches and ATMs and a lot of experience with backpackers and working holidaymakers, you’ll have in-person support and access to a national network of banking.

However, if you're looking to save money on exchange rates and transaction fees, we recommend using Wise in conjunction with your physical Aussie bank account. With very low fees, complete online access and fantastic international rates, have more control through transparent transaction breakdowns with this internationally-designed platform.

For more information on paying tax and superannuation on your gap year, check out our Australian Working Holiday guide.

Or, if you’re ready to chase the sun and focus on the fun stuff, discover our extensive variety of itineraries to suit every backpacker's budget!