Quick answer: Start your Australian bank account online before you fly, verify your ID in a branch in your first week, and move money from home with a low-cost transfer service rather than a bank wire. Get your Tax File Number quickly so the bank does not withhold tax on your interest. Keep a Wise or Revolut card for spending in the first days.
Why you need an Australian account
Employers pay wages into an Australian bank account. Superannuation, tax refunds and rental bond refunds all come back the same way. You cannot run a working holiday on a foreign card alone: fees add up, and most employers will not pay to overseas accounts.
Opening an account before you arrive
The big four banks (Commonwealth Bank, ANZ, NAB, Westpac) let new arrivals apply online from overseas. The typical process:
- Apply online from home, usually up to a few months before your arrival date (each bank sets its own window — check their “moving to Australia” page).
- Receive an account number and BSB by email. You can transfer money in straight away.
- After landing, visit a branch with your passport to verify your identity. Only then can you withdraw or spend.
- Add your Tax File Number once you have it (see TFN and super explained).
Bring your passport, visa grant letter and an Australian address — the hostel where you are staying is fine. You will also want an Australian mobile number, so sort your SIM card on day one.
Big four vs neobanks
| Big four (CBA, ANZ, NAB, Westpac) | Neobanks and app banks (Up, ubank and similar) | |
|---|---|---|
| Branches | Everywhere, including regional towns | None — app only |
| Opening from overseas | Yes, with branch ID check after arrival | Usually only after you have an Australian address and phone |
| Monthly fees | Often waived for under-30s or students; check | Usually none |
| International transfers | Expensive; use a transfer service instead | Usually cheaper or partnered with transfer services |
| Recognised by employers | Always | Yes — any Australian BSB and account number works |
Most backpackers open a big four account first because it can be started from overseas and has branches in the towns where 88-day work happens. Many later add an app bank for budgeting features and zero fees.
Ask about monthly account-keeping fees before you sign. Many accounts waive them for young people or when you deposit a minimum each month, but the rules change.
Moving money from home cheaply
A bank-to-bank international wire can cost a flat fee at each end plus a poor exchange rate. A dedicated transfer service usually beats it. The three we use:
- Wise — transparent fee, mid-market exchange rate, and a multi-currency account with an Australian BSB you can receive wages into. The debit card works for spending from day one.
- Revolut — good rates on weekdays, easy card for travel, and an Australian entity for local accounts.
- CurrencyFair — competitive for larger transfers, such as bringing your proof of funds or sending savings home at the end.
How to compare: enter the same amount in each app and look at the amount that arrives, not the advertised fee. Rates move daily, so if you are moving a large sum, check on a weekday and avoid weekends when some services add a margin.
Cards, cash and tipping
- Australia is close to cashless. You will tap a card for almost everything, including a two-dollar coffee.
- Foreign cards work at most terminals, but your home bank may charge a foreign transaction fee on every tap. A Wise or Revolut card avoids that.
- ATMs from big banks are often free for their own customers and charge others. Check before you withdraw.
- Tipping is not expected. Wages in Australia are set by awards, which is one reason hospitality jobs pay well.
Tax File Number and your bank
Without a Tax File Number on file, the bank withholds tax on interest at the top rate. It is a small amount for most backpackers, but it is easy to avoid: apply for your TFN in your first days and add it to your account. The full process is in TFN and superannuation explained.
Deals we used
- Wise
- Revolut
- CurrencyFair
What to do next
- Pick a big four bank and start the online application from home.
- Open a Wise or Revolut account and order the card before you fly.
- Move enough for your first month plus proof of funds.
- Add “verify ID at the bank” to your first-week checklist.
- Apply for your TFN as soon as you land.
Frequently asked questions
Can I open an Australian bank account before I arrive?
Yes. The big four banks let you start an application online from overseas, usually up to a few months before you land, then verify your identity in a branch once you are in Australia. Rules differ by bank, so check the bank's website.
Which bank is best for backpackers?
There is no single best. Big four banks (Commonwealth, ANZ, NAB, Westpac) have branches everywhere and are familiar to employers. Neobanks and Wise or Revolut accounts are cheaper for international transfers. Many backpackers use one of each.
What documents do I need to open an account?
Your passport, visa grant letter, an Australian address (a hostel address is usually fine) and an Australian phone number. Some banks also ask for your Tax File Number later, which you can add once you have it.
How do I get money from home to Australia cheaply?
Use a transfer service such as Wise, Revolut or CurrencyFair rather than a bank wire. Compare the total cost, meaning the exchange rate plus the fee, not just the fee.
