🇦🇺 Australia · Business Banking
Opening business and personal bank accounts, remote options, required documents, and fees.
Quick answer
Australia's banking is led by four major banks and is highly digital. Newcomers can often open an account online before arrival and activate it with ID afterwards. A Tax File Number avoids higher withholding tax on interest.
Banks are prudentially regulated by APRA, with ASIC overseeing conduct; eligible deposits are protected under the Financial Claims Scheme. A business typically needs its ABN and company documents to open an account.
- Eligible deposits are protected under the Financial Claims Scheme up to the standard cap.
- Opening a business account generally requires the ABN, company documents and director ID.
- Banks apply customer-identification and anti-money-laundering checks (AUSTRAC).
Step-by-step
- 1
Choose an account and bank
Pick one of the four major banks or a digital bank; banking is highly digital and many banks let you open an account online before you arrive, then activate it with ID afterwards.
- 2
Meet the 100-point ID check (or use the 6-week window)
If you open the account within six weeks of arriving, your passport alone is usually enough. After that, the full 100-point identity check applies — a passport is worth 70 points and you make up the rest with secondary documents (e.g. an Australian driver's licence or utility bill).
- 3
Provide your Tax File Number (TFN)
You do not need a TFN to open the account, but give it to the bank within 28 days — otherwise interest is taxed at the top withholding rate.
- 4
Prepare business documents (business accounts)
For a business account, prepare your ABN, company registration documents and director ID.
- 5
Complete identity and KYC checks
Banks apply customer-identification and anti-money-laundering checks (AUSTRAC) before activating the account.
- 6
Activate the account and set up payments
Receive your BSB and account number (and card), then set up direct deposit, BPAY and PayID / Osko payments.
Checklist
- Valid passport (primary ID, 70 points)
- Secondary ID for the 100-point check — after the 6-week window
- Tax File Number (TFN) — provide within 28 days
- Australian residential address
- ABN + company documents — business accounts
- Director / beneficial-owner ID — business accounts
- Initial deposit (if required by the bank)
Official authorities
- Australian Prudential Regulation Authority (APRA)
Prudential regulator of banks.
- ASIC
Financial-services conduct regulation.
Frequently asked questions
Can I open an account before moving to Australia?
Yes — major banks let migrants open an account online before arrival and verify ID within a set period after landing.
What is a Tax File Number and do I need one?
The TFN is your tax ID; giving it to your bank prevents higher withholding tax on interest earned.
What ID do I need?
Banks use a points-based ID check; a passport plus other documents typically suffices.
Official-information aggregation, not legal advice. Always verify on the authority's own site.
Government portals
- Australian Government — Australian Government's official entry point — quick access to all department services
- Dept of Home Affairs — Student/work visas, skilled migration (189/190/491 subclasses), and citizenship applications
- Australian Tax Office (ATO) — TFN application, tax refunds, GST, superannuation, and personal income tax lodgment