Australia Bank Account for Migrants: Open It Before You Land

By Sumit Manwal, Founder, Hospitality Vacancy | Updated: 12 November 2026

In short: Most big Australian banks let migrants open an account online before arrival. You get a BSB and account number, can deposit money, then verify your identity in a branch with your passport after landing. Give the bank your TFN to avoid top-rate tax on interest. Deposits are protected up to AUD 250,000.

An Australia bank account is one of the first things to sort out when you move for work, study or permanent residence, because your salary, rent bond, phone plan and Medicare or insurance payments all run through it. The good news for migrants is that most large Australian banks let you start the process online before you fly, so money can be waiting for you when you land.

This guide walks Indian migrants, and Indians moving across from a Gulf job, through how a pre-arrival account works, which documents to keep handy, why your Tax File Number (TFN) matters for interest, and what to do with your NRE and NRO accounts back home.

This is general information, not financial advice or tax advice. Bank products and rules change; confirm the details with the bank and with official sources before you act.

How an Australia bank account before arrival works

Most big Australian banks, and several smaller ones, run "migrant" or "moving to Australia" applications on their websites. The usual pattern looks like this:

Apply online from India or the Gulf. You enter your passport details, visa grant number, planned arrival date and an overseas address.
Receive your account number (BSB and account number). Many banks issue these within days, so you can transfer savings across before you travel.
Verify your identity in Australia. After landing, you visit a branch with your passport (and usually your visa grant notice). Until you do this, you can typically deposit money but cannot withdraw it or collect a debit card.
Collect your debit card and set up online banking. Once verified, the account works like any local transaction account.

Each bank sets its own window for how early you can apply, which visa types it accepts and how long you have after arrival to verify. Read the product page and the terms carefully before you send money, and keep screenshots of what you were told.

Why the identity check happens in a branch

Australian banks must identify every customer under the country's anti-money-laundering and counter-terrorism financing rules. A passport you show in person is the easiest way to meet that rule when you are new and have no local history. In my experience helping hotel staff relocate, the people who struggle are those who arrive with a different passport from the one used on the application, or whose name is spelled differently on the visa. Keep everything identical.

Carry these on your first branch visit:

passport used in the online application;
visa grant letter (printed or on your phone);
Australian residential address, even a temporary one, for card delivery;
Australian mobile number if you already have a local SIM;
employer offer letter or Confirmation of Enrolment (CoE), in case the branch asks about your purpose.

TFN: the step that protects your interest

Banks ask for your Tax File Number. You do not need it to open the account, but the ATO explains that if your bank does not have your TFN, it will withhold tax from your interest at the highest marginal rate. You can claim that back as a credit when you lodge a tax return, but it is far simpler to give your TFN early.

According to the ATO's TFN page for migrants and temporary visitors, people located in Australia with a valid work-rights visa apply online through Individual Auto-Registration. It is free, no documents are posted, and the TFN normally arrives at your Australian postal address within 28 days. Do not pay an agent for this; it costs nothing on the ATO site.

Which account to open first

A typical new arrival needs two accounts, often with the same bank so transfers are instant:

Account	What it is for	What to check
Everyday transaction account	Salary, rent, bills, card payments	Monthly fee and how to get it waived, ATM network, Apple Pay or Google Pay
Savings account	Emergency fund, bond money, goals	Base rate vs bonus rate conditions, any limit on withdrawals
Term deposit (later)	Money you will not touch for months	Fixed rate, break fees, maturity date

Many migrant accounts waive the monthly fee for a first period, then expect a minimum monthly deposit. If your salary goes in, you usually meet that test. Students often qualify for no-fee accounts with proof of enrolment.

Is my money safe in an Australian bank?

Australian-incorporated banks, building societies and credit unions are covered by the government's Financial Claims Scheme. APRA, the prudential regulator, says the Financial Claims Scheme protects deposits of up to AUD 250,000 per account holder per authorised deposit-taking institution. The limit applies across all brands owned by the same banking group, so two brands from one group count as one institution.

Before you deposit, use APRA's deposit checker on the same site to confirm your bank is an Australian ADI.

Moving money from India or the Gulf

Once your account number arrives, you can move your starting funds. Compare these routes:

Bank wire (SWIFT) from your Indian bank. Resident Indians can remit under the RBI's Liberalised Remittance Scheme, which has an annual limit of USD 250,000 per person. Your bank will ask for the purpose code and may collect tax at source above certain thresholds.
Online money transfer services. Often cheaper on exchange margin. Compare the total amount received, not just the advertised fee.
From a UAE, Qatar or Saudi salary account. Exchange houses and bank apps send AUD directly. Keep receipts; they help if your Australian bank asks where the money came from.

Send a small test amount first, check it lands with the correct name and BSB, then move the rest. For more on comparing costs, see our guide to the cheapest ways to send money to India, which uses the same comparison method in reverse.

Your Indian accounts after you move

When you leave India to live and work abroad, your residential status for FEMA purposes changes, and resident savings accounts should be redesignated as NRO accounts. Tell your Indian bank, update your overseas address and KYC, and decide what goes into an NRE account (repatriable, interest tax-free in India) versus an NRO account (for Indian income such as rent). Our explainer on NRE vs NRO accounts covers the differences, and the guide on TDS on NRO interest explains how tax is deducted on NRO interest.

One point many Indians miss: once you are an Australian tax resident, the ATO expects you to report interest earned in overseas accounts, including Indian NRO and NRE accounts, in your Australian tax return. The ATO notes it receives data from India under the Automatic Exchange of Information program, so keep your Indian interest certificates for both countries.

Also check your tax residency. Your first year can be split between India and Australia, and the NRI tax residency rules decide where your income is taxed.

Superannuation is not your bank account

If you work in Australia, your employer pays superannuation (retirement savings) into a super fund, separate from your bank account. Choose a fund or accept your employer's default, and give the fund your TFN as well. Many migrants forget this and later find several small super accounts in their name.

Common mistakes new migrants make

Sending large sums before checking the bank's verification deadline.
Using a different passport or name spelling from the visa.
Not giving the TFN, so interest is taxed at the top rate until tax time.
Paying monthly fees because the minimum deposit condition is not met.
Leaving Indian savings accounts as "resident" after moving abroad.
Building no credit history; a small credit card used carefully helps later with phone plans and loans. Our credit score guide for new immigrants explains the principles.

A simple 7-step plan

Once your visa is granted, compare two or three banks' migrant account pages.
Apply online with exactly the same passport details as your visa.
Note the BSB, account number and verification deadline.
Send a small test transfer, then your main starting funds.
After landing, verify identity in a branch and collect your card.
Apply for your TFN online and add it to the bank and super fund.
Update your Indian bank: NRO redesignation, NRE account and overseas address.

FAQ

Can I open an Australian bank account before I arrive?

Yes, many Australian banks let migrants apply online before arrival. You usually receive an account number quickly and can deposit money, but you must verify your identity in a branch with your passport after landing before you can withdraw or get a card.

Do I need a TFN to open the account?

No. A TFN is not required to open the account, but without it the bank withholds tax from your interest at the highest marginal rate. Apply for a TFN free on the ATO website once you are in Australia with work rights.

How much is protected if the bank fails?

The Financial Claims Scheme covers deposits up to AUD 250,000 per account holder per authorised deposit-taking institution, and the limit applies across brands owned by the same banking group.

Can students open an account before arriving?

Usually, yes. Students on a subclass 500 visa can often use the same online process and may qualify for student accounts with no monthly fee. Have your CoE and visa grant ready.

Should I close my Indian bank accounts?

Not necessarily. Convert resident savings accounts to NRO, open or keep an NRE account for repatriable savings, and update your KYC and overseas address with the bank.

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