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No Fee Banks in Australia for Expats

21 Jan 2025


Looking for no-fee bank accounts to manage your income and routine money transfer? Nowadays, having a bank account is essential. It helps you stay alert with your financial obligations and facilitate budgeting, saving, and monetary transactions. However, expats face challenges maintaining their bank accounts because of the higher fees. In this article, you will learn about the banks that charge no fee to expats. Several banks in Australia are fee-free, such as HSBC, ANZ, Common Wealth and NAB. These banks facilitate free-of-cost services to the expats.

As per the 2020 survey, 7.6 million migrants live in Australia. Having a bank account is a need of every migrant to maintain global financial connections. In Australia, more than 97 banks are operational. Most people rely on free banking to overcome the cost of banking. Opening a bank account might seem easier, but maintaining one can be complex. Individuals must consider the monthly account maintenance fee, transaction fee, card fee, and withdrawal fee. Choosing a no-cost bank account can help you avoid all these charges. So, read below to find the best zero-fee bank accounts for expats in Australia:

Best No Fee Bank Accounts in Australia For Expats

No-fee bank accounts make banking more convenient and affordable. Many banks, such as NAB, Up, and ING, support free banking accounts. They also make money transfers simpler and safer. However, if you want a free way to make a global money transfer from Australia, ACE Money Transfer provides the first fee-free international money transfer.

Up Bank

Up Bank is one of the best no-cost bank accounts in Australia. It provides premium digital banking services with no fees. It is highly suitable for expats as they don't have to pay any fee for global purchases. You can also send remittances without paying conversion or transaction fees. Up provides many more facilities, such as covering your travel and providing you with free ATM withdrawal from Up Mastercard.

Benefits

  • No monthly fees 
  • No transaction charges
  • Reliable mobile app with budgeting and saving tools.
  • Access to a network of fee-free ATMs

Requirements For Opening a Bank Account

It is one of the best no-fee bank accounts, with no limitations and easy opening criteria. As it is a digital bank, you can open it instantly online.

ING Bank

The Orange Everyday bank account of ING Banks facilitates no-fee bank accounts. It supports free banking but covers all necessary banking aspects. Opening an everyday bank account in ING Bank will help you enjoy numerous benefits, such as a globally accepted Visa debit card. It enables expats to shop globally without worrying about sizeable international transaction fees.

Benefits

  • No monthly fee
  • No translation fee
  • 1% cash back at the end of the year
  • 3% fee on international online transfer
  • Availability of digital cards
  • Supports joint account
  • 24/7 accessible customer service
  • It helps you maximize your savings

Requirements For Opening Orange Everyday Bank Account

To open an ING Bank account, you must deposit $1,000 monthly. Moreover, you must be an Australian resident to enjoy the benefits of the best bank account in Australia. You can complete the form online to create an Everyday ING Bank account.

National Australia Bank (NAB)

As an expat, NAB is the best option if you are looking for no-fee bank accounts for routine transactions in Australia. NAB's Classic Bank account provides a free banking experience within Australia. It also offers numerous benefits, such as rewards for using the NAB mobile app and a no-fee visa card.

Benefits

  • No transaction fee
  • No withdrawal fee
  • No monthly charges
  • No card maintenance fee
  • No overdrawn fee
  • There are no fees for standard bank transactions

Requirements For Opening a Bank Account

Creating a classic NAB account is simple and easy as it follows no strict policies. You can create the account online or by visiting the bank branch. However, you may need to pay a fee when sending money abroad or using an external ATM.

Read more: How to open a bank account in Australia as an Expat

HSBC Everyday Global Account

One of the best banking accounts for expats that allows you to manage your domestic and international transactions free of cost. If you compare bank accounts in Australia, HSBC's Everyday Global account provides all-in-one services. It allows you to manage your money in a maximum of 10 currencies. It has numerous everyday benefits, including no transfer fee and cash-back rewards.

Benefits

  • No monthly fee
  • No transaction fee
  • No fee for international transactions
  • No ATM withdrawal fee or free international ATM
  • Supports 10 currencies
  • Quick and secure international money transfers

Requirements For Opening a Bank Account

You must have a valid passport and Australian residency to create an account.

Rabobank Online Savings Account

You can also open a bank account online in Australia at Rabobank Online Savings Accounts. This promotes flexible access to your savings accounts. You can use the mobile app of Rabobank's online savings account to regulate your transactions. It provides higher interest rates for savings accounts and facilitates account personalization. Moreover, you can manage your budget, move funds, and send money of your choice.

Benefits

  • No monthly fees
  • Offers competitive interest rates for savings accounts.
  • Allow easy online management of your account.
  • Highly accessible

Requirements For Opening a Bank Account

You need to deposit $1,000 per month to avoid the fee and create an account. You must be a resident and own a permanent residence in Australia to open a bank account.

SpendME Everyday Account

SpendME Everyday Account of Me Bank Australia is another of the best options for no-fee bank accounts. It allows you to send money globally from Australia without paying any fee. Moreover, it provides unique budgeting tools, such as a budget tracker, to inform you about your expenses. It records your spending on food, shopping, and groceries so you can calculate, compare, and control your extra expenses. Just like the name suggests, it is the best everyday account and can be used to meet the global needs of expats. Expats can send money online to their loved ones or invest money through ME Bank without paying high transaction fees.

Benefits

  • Highly secure
  • No maintenance fee
  • There is no ATM withdrawal fee only at ME Bank ATMs
  • Free global transactions
  • No minimum monthly deposit is required.

Requirements For Opening a Bank Account

Expats can easily get a SpendME account as it evolves into simpler steps. You just need a valid passport to create a bank account.

Commonwealth Access Account

The Everyday Commonwealth account also provides free banking services. Often, people hesitate to open a free bank account because free banks offer limited services. However, free banking services don't restrict you; they facilitate your banking needs. Commonwealth is a well-known bank account in Australia. It is popular for its services and security.

Benefits

  • No monthly fee
  • Free online banking services
  • Access to advanced tools such as budget tracker
  • Free ATM services (limited)

Requirements For Opening a Bank Account

To avoid fees and create a bank account, you must deposit at least $2,000 monthly. Moreover, you must be a resident with a valid passport.

Bendigo Bank – Simple Saver Account

If you want a savings account to save money and earn interest, you must use a Simple Saver account. It is a high-interest savings account with no fees. The current interest rate of Bendigo Simple Saver Account is 3.70% p.a. The Interest rate is calculated every month. It can help you save money for a long time and easily enjoy interest through Bendigo's banking app. Although you can withdraw money using cards, you can access the interest rate through the mobile app and transfer it through e-transfers to mobile wallets or wherever required.

Benefits

  • It provides you with the best interest for your savings
  • It has no fee
  • No transaction fee
  • Access to Bendigo’s ATM network without fees.
  • Low minimum balance requirement, which is $1 only

Requirements For Opening a Bank Account

It is specifically for Australian residents and has no other requirements. However, you must pay transaction fees for foreign transactions.

Westpac – Choice Transaction Account

The Westpac Choice Transaction Account also falls into the category of no-fee bank accounts. It provides free banking services for up to one month; however, you must maintain a certain balance to avoid the fee. It is the best bank account in Australia for everyday services, and you can enjoy multiple discounts and benefits.

Benefits

  • It allows you to make unlimited transactions
  • There is no maintenance fee for up to 12 months
  • It provides free foreign transactions if you transact through the Westpac app.
  • It facilitates you with unlimited transactions

Requirements For Opening a Bank Account

A minimum monthly income of $2,000 is required to waive the fee. However, any visa holder can easily open a Westpac bank account.

ANZ Plus– Everyday Saving Account

Expats living in Australia must consider opening an Everyday Saving ANZ Plus Account. It provides advanced banking features to individuals, such as linking two accounts, which many can save and spend together. ANZ plus interest rate is high (5.00% p.a. ) compared to other banks. It is free of monthly account-keeping fees. Also, there are no withdrawal fees at major Australian bank ATMs. At the same time, you may have to pay transaction fees while making global online money transfers.

Benefits

  • No monthly account-keeping fees.
  • No withdrawal fees
  • Competitive interest rate
  • No minimum balance requirement
  • Advance tools to help set and track financial goals

Requirements For Opening a Bank Account

You must be an Australian resident with a valid passport.

Virgin Money – Go Transaction Account

Go Transaction Virgin Money Account is also a no-fee bank account. It also provides services and benefits like cashback rewards, points, and amazing discounts. It is best to manage your routine finances, as routine transactions help you earn points and get rewards.

Benefits

  • It has no monthly fee
  • Free access to ATMs in the Virgin Money network
  • Modern mobile banking with budgeting tools.
  • Facilities free online transfers

Requirements For Opening a Bank Account

Anyone with an Australian residency can have a Virgin Go transaction bank account without worrying about the minimum deposit.

Suncorp – Everyday Options Account

Suncorp provides the Everyday Options Account, which offers no monthly fees. It is an everyday bank account in Australia that supports routine transactions with several benefits, such as higher interest rates, unlimited daily transactions, and no currency conversion fee when sending money online. Additionally, it provides budgeting tools to keep track of your financial activities. 

Read more to learn about the best tips for managing finances as an expat in Australia.

Benefits

  • There are no monthly fees if a regular deposit is made.
  • Unlimited free online banking transactions.

Requirements For Opening a Bank Account

There are no strict requirements for Australian residents, but you must deposit  $1,000 per month to avoid the fee.

Essential Factors to Know Before Opening a Bank Account in Australia

Expats living in Australia must carefully check all the banking aspects before opening a bank account. An expat has to deal with domestic and international transactions. So, you must find banks that support both transactions at affordable prices. Consider the following factors before opening a bank account in Australia:

Choose a Bank that Meets Your Needs

Firstly, you need to learn about your requirements. Whether you want a bank account for routine transactions, global connections, or furniture savings, find banks that provide services related to your needs. Then, carefully compare bank accounts and choose the best bank, considering all your requirements.

Carefully Choose the Account Type

Understanding and finding the right type of bank account is crucial for expats. Each account type serves a different purpose. Find out about common types of bank accounts in Australia, such as savings, every day, student, or foreign accounts.

Saving Account

Create a savings account to earn monthly interest while saving for a long time.

Everyday Account

It is a betting account that caters to your daily transaction needs, such as paying for shopping, food and grocery bills, and taxes.

Foreign Currency Accounts

These accounts allow you to keep your money in different currencies or make direct international transactions. Expats who need to stay connected to their families through remittance or want to invest money globally should consider opening foreign currency accounts.

Learn the Eligibility Criteria

Always check the eligibility criteria before opening a bank account. Check the documentation requirement and whether you need a visa or residency. Only apply for an account if you meet the eligibility criteria to save time and effort.

Check and Compare the Fee and Services

Check and compare bank account services and benefits. Choose the banks with the maximum benefits and services. Some everyday banks, like Westpac and SpendME Everyday accounts, support international transactions. These banks can fulfill all your financial needs, as you can easily keep and send money to your desired places.

Check the Interest Rates on Savings Accounts

If you are choosing a savings bank account, consider the interest rate. Get a higher interest rate account because it will support your monthly expenses. Savings accounts may not allow you to transfer money globally. Expats can use highly reliable online remittance services like ACE Money Transfer. You can use the all-in-one ACE app to resolve your international transaction problems. 

Read more about the All-in-One ACE Mobile App.

Check the Customer Reviews

Before creating any bank account, check its reviews on Google. Check the official website and verify the authenticity of the bank by checking its rating. Once you are satisfied with the reviews, proceed with the application.

Banking has become an integral part of expats' everyday lives. Having financial solutions is necessary to meet daily needs. Expats must manage their expenses in more than one currency, for which having a bank is required. Having access to banking services for free can be life-changing. Many banks in Australia provide free banking services without any maintenance or transaction fees, such as Westpac, ANZ, Bendigo, Commonwealth, SpendMe, SunCrop, HBSC, NAB, and ING. These banks provide numerous banking services without charging any fee. However, some banks may restrict you from maintaining a deposit bank, whereas ANZ and SpendMe require no minimum fee.

Bank Smart: Free Accounts for Expats in Australia

Expats living in Australia need bank accounts to maintain financial connections with the world. They must send remittances, invest in a business, or clear their international payments. Having a bank can serve all your needs, but the high fees of having a bank account in Australia can be a barrier to banking services. Now, you can enjoy free banking while living in Australia, as many renowned banks offer their services for free. Although these banks are free,, they provide all the services an expat needs. You can keep money, transact money, and keep a budgeting record.

Banks of Australia like NAB, ANZ, Westpac, Virgin, Bendigo, Commonwealth, SpendMe, Suncorp, ING, Up, and HSBC facilitate many free banking accounts. Most banks are for everyday needs and transactions. They charge no transaction fee; some banks support free foreign currency conversion. So, read all the aspects of a bank account in Australia to find the most suitable. You can also use these banks to meet your everyday needs and use online remittance services to cater to your global financial needs!

FAQs

What is free banking?

Free banking means accessing the bank service without any charges. It does not require monthly or annual bank maintenance charges. Moreover, some banks even support free transactions.

Which banks in Australia require no maintenance fee?

Banks like NAB, ANZ, Westpac, Virgin, Bendigo, Commonwealth, SpendMe, Suncorp, ING, Up, and HSBC charge no maintenance fee. Moreover, ANZ, Westpac, Virgin, SpendMe, and Bendigo offer free transactions.

Does free baking support free transactions?

Most free banks support free transactions. However, you have to pay a fee to make international transactions. SpendMe's everyday account also supports free foreign transactions.

Is there any compromise on the services of free banks?

No, you do not need to compromise on any banking service if you choose a fee-free bank account. These banks provide similar services without any fee, but there can be some requirements, like a minimum deposit.

Is there a way to send money globally without any fee?

You can send money globally through fee-free banks or ACE Money Transfer because ACE provides the first global transactions without hidden charges.


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