Open an Australian bank account soon after you arrive, as you need one to get paid. To move money between Australia and home, a specialist service such as Wise is usually cheaper than a bank transfer because it uses the real exchange rate and shows the fee upfront.
Last checked: 25 October 2026
Opening an Australian bank account
- The big four banks are CommBank, NAB, ANZ and Westpac. Many let you start an application online before you arrive.
- You need your passport and an Australian address. Opening an account within your first six weeks is usually easiest, as your passport alone is often enough ID.
- Give your bank your TFN, or they must take tax from any interest you earn.
Sending money home or bringing money over
Banks often add a margin to the exchange rate as well as a fee. Wise uses the mid-market rate and shows its fee before you send. You can also hold Australian dollars in a Wise account and get local bank details to be paid into.
Send money with Wise
Move money between your home bank and Australia at the mid-market exchange rate, with the fee shown upfront.
Get a Wise card
A debit card that holds AUD and many other currencies. Spend in Australia and overseas at the mid-market rate with a small fee shown upfront, and get local AUD account details to be paid into.
Tips
- Compare the amount that actually arrives, not just the fee.
- Avoid airport currency exchanges.
- Tell your home bank you are travelling so your card is not blocked.
Frequently asked questions
Can I open a bank account in Australia on a working holiday visa?
Yes. You need your passport and an Australian address. Several banks let you apply online before you arrive and collect your card when you land.
What is the cheapest way to send money from Australia?
Specialist transfer services such as Wise are usually cheaper than banks because they use the mid-market exchange rate. Compare the amount received before you send.
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