09 Jan 2025
Your bank account continues beyond storing your money. It's a tool that can help you manage your finances, send money to family and friends, and even invest your money. But with so many banks, how do you know which one is right for you? Australia's Big 4 Banks, Commonwealth Bank, Westpac, NAB, ANZ, and many more dominate the country's financial situation. Read further to get in touch with the details!
Your needs are key when choosing a bank. But with so many top banks and other financial institutions in Australia, the right account depends on your personal banking needs, whether that means everyday banking, transaction accounts, everyday bank accounts, everyday accounts, low fees, or the best deal for international students. Do you prioritize a bank with accessibility? Do you need online and mobile banking? Are international money transfers part of your financial needs?
ACE has researched the Big 4 major banks in Australia — Commonwealth Bank, Westpac, ANZ, and NAB — along with many other providers, so you can choose from this list!
Choosing the right account depends on your everyday banking needs, including transaction accounts and everyday accounts.
CommBank is a common bank in Australia that offers savings accounts, checking accounts, credit cards, home loans, personal loans, and term deposits. It has many branches and ATMs. Is it the largest bank for your needs? Are its services, app, and fees the right fit? Australian customers often compare low fees, competitive interest rates, and digital tools when looking for the best deal.
Often described as Australia's largest retail bank, CommBank is also notable for its market capitalisation. More broadly, the banking market is split between the Big Four and smaller or digital-first institutions, and the best banks in Australia are often defined by technological innovation and high customer satisfaction.
As Australia's largest retail bank by market capitalisation, CommBank offers individualized personal banking solutions to meet the unique needs of migrants, including savings accounts, credit cards, home loans, everyday accounts, personal loans, and term deposits, with options that can also suit international students.
Get a head start on your Australian banking by setting up your account online before you even land.
CommBank waives specific fees for new customers for the first year.
One of Australia's four major banks with global reach is Westpac Banking Corporation, where you can open an account online. This means you don't have to worry about visiting a branch in person, which can be a hassle, especially if you're new to Australia.
Some of the benefits of this Australian Bank include:
Access your money quickly, no matter where you are.
Choose the right account for your everyday banking needs. Westpac offers everyday bank accounts and transaction accounts aimed at personal customers.
Bank anytime, anywhere.
Get expert advice and support.
NAB is one of the 4 major banks in Australia, and it offers several banking products and services to expats.
Following are some of the advantages and disadvantages of NAB:
No monthly Account Fees: This is a huge plus for expats.
Quick Online Account Opening: This is convenient for expats who are new to Australia.
Extensive ATM Network: This bank of Australia makes it easy to access your money.
Excellent Customer Service: NAB has a good reputation when catering to customers.
Higher fees for international transactions: This can be a downside for expats who need to transfer money overseas.
Less flexible hours: NAB branches are not open as late as other banks.
ANZ is another one of the large Australian banks that might be the perfect fit for you. It lets you hold money within multiple currencies, so you can manage your finances in different countries without the hassle of converting currency every time.
Moreover, their user-friendly app and online banking platform lets you check your balances, transfer money, and pay bills with just a few taps on your phone. Being one of the leading Australian banks, ANZ can also help you with an online money transfer anywhere in the world or while making a payment overseas.
Macquarie Bank is the best choice for expats because it's one of the banks in Australia where you won't have to worry about paying monthly fees to maintain your account. Grow your savings with Macquarie's competitive interest rates and manage your money on the go with their easy-to-use app.
Macquarie Bank is a good option if you're looking for a bank that offers significant value, a user-friendly experience, and excellent customer service. However, it's always a good idea to compare various banks to find the best fit for your needs.
HSBC’s everyday global account reflects its global presence across numerous countries. It supports transactions in 10 currencies and offers 2% cashback on purchases. Big banks in Australia like this can support everyday banking for expats with a visa debit card, transparent fees, and competitive exchange rates.
You can send money to other HSBC accounts worldwide without any fees through international transfers. This could be a significant money-saver, especially for larger transfers, and it helps reduce the international transaction fee concern for overseas use. HSBC enables worldwide access to your funds through its online and mobile banking platforms and international ATM network. This can be very convenient if you're traveling and want to conduct a money transfer. HSBC won Canstar's Everyday Banking Award in 2023.
If you're already a Citibanker, opening an Australian account is as easy as possible. One of the most significant advantages of Citibank Australia is its global currency accounts. You can manage multiple currencies with these accounts, such as US dollars, euros, and Australian dollars.
However, it's essential to note that there may be better options than Citibank Australia. For example, opening an account may be more complicated if you don't already have one. Additionally, Citibank, being one of the world's biggest banks, may have higher fees than some other large banks in Australia, especially for international transactions.
ING Australia offers:
Say goodbye to those pesky monthly fees that drain your account. With ING, you can enjoy fee-free banking, giving you more money to spend on the things you love.
Whether exploring one of these bigger Australian banks or jet-setting to your home country, you can withdraw cash from millions of ATMs worldwide without incurring fees. ING is also often chosen alongside Ubank to avoid account keeping fees and atm fees, especially compared with accounts that charge for withdrawals.
Manage your finances on the go with ING's user-friendly mobile app. You can check your accounts, move money, pay bills, and more from your mobile device.
ING offers competitive interest rates on its savings accounts, helping your money grow faster.
One of the biggest perks of banking with BOQ, another on the list of Australian banks, is their no-fee accounts. That means you can save money on charges, which can add up quickly. They also have budgeting tools to help you keep track of your spending and save money.
Easy to Open an Account: You can often open an account online or in-branch.
Good Customer Service: BOQ has a reputation for offering excellent customer service, while Bendigo Bank is often noted for a community-driven approach and personalised customer service.
Online/Mobile Banking: You can use your money 24/7.
International Transfer Options: Easily send money overseas.
Fee Comparison: For fee-conscious readers, Adelaide Bank comparisons can be useful, as Bendigo may charge a $6 monthly fee if the balance stays below $2000.
Opening a Suncorp bank account as an expat is relatively easier. You'll need to offer some identification documents, such as your passport and visa, and you may also be required to provide proof of your address in Australia.
Once you've gathered the necessary documents, you can easily apply for an account online or in person at a Suncorp branch.
Suncorp is a great choice for immigrants due to:
Low-cost accounts
Overdraft protection
Easy-to-use banking app
Good customer service
As an expat in Australia, you'll want to open an account in some leading Australian banks, get used to the Australian dollar, and figure out how to manage your money. You'll also need to learn how to budget and save money in Australia.
Cook Your Own Food: Ditch the pricey restaurants and whip up delicious meals at home.
Ride Smart: Opt for public transport or carpool to save on fuel and parking.
Shop Savvy: Hunt for deals and discounts to stretch your dollar.
Work Towards Goals: Have a clear target so you can stay motivated to save.
Investing is like planting a seed. You put in a little money now, which can grow into something more significant over time.
There are many different ways to invest, such as stocks, bonds, or mutual funds, and some banks also offer wealth management services alongside everyday banking products. You could also invest in real estate or start your own business. All investments have positive and negative dimensions.
You may want to talk to a financial advisor if you're unsure where to start. A financial advisor can help create a personalized investment strategy. Remember, investing is a journey, not a destination. Begin early and plant the seeds of your financial future wisely.
Moving abroad is a dream come true, but it can also be a stressful and challenging process. If you're moving to Australia, you might need to be careful to prevent sticky situations when it comes to finances.
One of the biggest challenges expats face is the high fees associated with international transactions. Even if you send money back home to family or pay bills overseas, these fees can quickly consume your budget.
Opening a bank account as a newcomer can be a challenging task. Banks often require a lot of paperwork and proof of residency, which can be difficult, especially if you've just arrived in the country.
Communicating with bank staff can be challenging if you're not fluent in English. This can make it harder to understand the terms and conditions, ask questions, and resolve any issues that may arise.
Choosing the right bank can make a huge difference in your financial life as an expat. Consider your needs, research different banks, and remember the right fit may also be a customer owned bank if service quality, ethical banking, and shared values matter to you. Customer satisfaction is often led by smaller digital-only and customer-owned providers, which also tend to score highly on service quality. Remember, your bank should be a partner in your financial journey, not a hurdle. Bank Australia is a customer-owned institution focused on sustainability, and it builds loyalty through transparent and responsible lending rather than prioritising profits. And if you're looking for a reliable way to send money online internationally, ACE Money Transfer is always here to help.
Each bank in Australia operates differently, but most offer personal banking with everyday accounts and transaction accounts for daily use. They also commonly provide business banking, personal loans, and home loans, alongside term deposits, investments, insurance, international banking, and wealth management.
Yes, however, some accounts include a visa debit card, so check atm fees and any international transaction fee before using it in Australia or overseas.
Most Australian banks offer international transfers. You can transfer money online, via mobile device, or in person, but it’s worth comparing exchange rates and checking for transparent fees when choosing a provider.
A TFN is your unique tax ID from the ATO. You'll need it to work and pay taxes in Australia.
The four major banks in Australia are Commonwealth Bank Sydney (CommBank), Westpac, National Australia Bank (NAB), and Australia and New Zealand Banking Group (ANZ).
