Banking in Australia

Setting up money in Australia is fast if you use the new-arrival ID exemption window — and superannuation starts accruing from your very first payslip.

Opening an account before you land

All four major banks — Commonwealth Bank, Westpac, ANZ, and NAB — let you open a transaction account online from overseas up to 12 months before arrival, using just your passport number and an Australian mailing address (a hotel or short-term rental works for the first weeks). The account activates once you visit a branch or verify identity in person after landing. This matters because Australia’s standard 100-point identity check is hard to satisfy on day one — you won’t have a driver licence, utility bill, or Medicare card yet.

The 6-week exemption

Recognising this, the Big Four all offer a new-arrival ID exemption: for roughly the first 6 weeks (some, like Commonwealth Bank, extend to a similar short window) after your account is opened, your passport alone is accepted as full identification, letting you bank, receive salary, and get a debit card immediately. After that window closes, you must complete full identity verification (typically a second document — Medicare card, licence, or visa grant notice) or the account can be restricted. Set a calendar reminder for week 4 so you’re not caught out.

Everyday fees and building credit

Everyday transaction accounts from the Big Four are free of monthly fees for most personal customers (some conditions apply, like a minimum monthly deposit), and ATM withdrawals within your own bank’s network are free; other banks’ ATMs typically charge $2–$3. Australia doesn’t use a US-style FICO score — Equifax, Experian, and illion compile comprehensive credit reports that already factor in on-time bill and loan repayments from your first bill in the country, so paying phone and utility bills on time from month one genuinely builds your file. A secured or low-limit credit card, or a "buy now pay later" service used lightly, are common ways new arrivals build a repayment history before applying for a car loan or mortgage.

Superannuation: compulsory retirement savings

Superannuation (“super”) is Australia’s compulsory retirement savings system. Employers must contribute a percentage of your ordinary earnings into a super fund of your choice on top of your salary — the Superannuation Guarantee (SG) rate reached 12% on 1 July 2025, the final step of a long legislated climb from 9.5% a decade ago, and is expected to hold at 12% going forward. A major structural change, Payday Super, took effect from 1 July 2026: employers must now pay super into your fund at the same time as your wages, rather than quarterly, closing a long-standing gap where unpaid super went undetected for months. The old $450-per-month earnings threshold to qualify for SG was abolished back in 2022, so even part-time and casual earnings from dollar one now attract super. On departure, temporary residents (working holiday, 482, student visa) who leave permanently can claim their super back via the Departing Australia Superannuation Payment (DASP), though it’s taxed at 35% (65% for working holiday makers specifically) — factor that into any “how much did I really earn” calculation.