Banking in Australia as a Brit: opening an account before you land

Sorting a bank account is one of the easiest jobs on the Sydney to-do list, because the big banks let you start before you've even packed.

The short version

• The big Australian banks have migrant accounts you can open online shortly before you arrive: CommBank from 14 days before, NAB from 30 days before [1][2].
• You then show your passport at a branch in Australia to activate it, within a deadline: 20 days of opening for CommBank, 30 days of applying for NAB [1][2].
• Give your bank your Tax File Number (TFN) once you have it, or tax is held back from your interest at the top rate [3].
• Deposits are protected up to AUD 250,000 per person per bank under the Financial Claims Scheme [4].
• Keep at least one UK account open if you can. It's far harder to open one from Australia later.

How Australian banking differs from back home

Day to day, banking in Sydney feels familiar. You tap your card or phone almost everywhere, cash is used less and less, and the high street is dominated by a handful of big names, much as it is in the UK.

The "big four" are the Commonwealth Bank (CommBank), Westpac, ANZ and NAB. Alongside them are smaller banks, building societies and credit unions, and a growing number of app-only banks. A few differences catch Brits out:

• BSB, not sort code. Your account has a six-digit BSB (bank-state-branch number) and an account number. It does the same job as a sort code.
• PayID. Instead of handing over your BSB and account number, you can link your mobile number or email to your account and get paid to that. Most transfers between Australian banks land within seconds.
• Monthly fees. Some everyday accounts charge a monthly fee unless you pay in a set amount each month or meet another condition. Read the fee page before you choose.
• Card surcharges. Shops, cafés and taxis may add a small surcharge for card payments. It's legal, it's usually shown at the till, and it's a mild faff.
• "Savings" and "everyday" accounts are separate. The best savings rates often come with conditions, such as paying in each month and making no withdrawals.

Opening an account before you arrive

This is the bit that makes life easy. Rather than turning up jet-lagged with no way to pay your bond on a flat, you can set an account up from the UK and move money across in advance.

Source: the banks' own migrant pages, checked in November 2026. Other banks offer accounts for new arrivals too, so compare a few before you choose.

A few practical points:

• You can't spend until you've been to a branch. CommBank says you can only pay in or make purchases once your ID has been verified at a branch in Australia [1]. NAB doesn't open the account at all until your branch visit [2]. Budget for your first few days with a UK card that doesn't charge foreign transaction fees.
• Have your UK tax reference to hand. The banks ask for a tax identification number for each country where you're tax resident, because of international tax reporting. For the UK, that's usually your National Insurance number or your Self Assessment UTR.
• Visitor visas are often excluded. CommBank, for example, won't open its migrant account on some visitor visas, including subclass 600, 601 and 651 [1].
• Bring an Australian address and mobile number to the branch. NAB asks for both when you visit [2]. A temporary address, such as your short-let, is usually fine.

The ID check, the 100-point rule and your TFN

Australian banks have to check who you are under the country's anti-money-laundering rules. Soon after you arrive, your passport usually does the job on its own. Leave it much longer and many banks ask for a mix of documents that adds up to "100 points", such as your passport, an Australian driver licence and a Medicare card. Rules vary by bank, so the simplest route is to get the account sorted in your first few weeks.

Get your Tax File Number

Your TFN is your Australian tax reference, a bit like your National Insurance number and your UTR rolled into one. You apply to the Australian Taxation Office once you're in Australia with a visa that lets you work, and it's free [5]. Your employer needs it too.

Give your TFN to your bank as soon as you have it. If you don't, the bank must withhold tax from your interest at the highest marginal tax rate. You can claim it back in your tax return, but it's money sitting with the taxman for no reason [3]. You don't have to give a TFN on an account that earns less than AUD 420 (about £215) interest in a year [3].

If you keep an Australian account after you move home, tell the bank your overseas address. Non-residents have tax withheld from interest at 10% if the bank has their overseas address, and 47% if it doesn't [3].

Is your money safe?

Australian banks are regulated by APRA, the Australian Prudential Regulation Authority. If a bank, building society or credit union incorporated in Australia fails, the Financial Claims Scheme protects deposits up to AUD 250,000 (about £129,000) per account holder at each bank [4]. That's the Australian cousin of the UK's FSCS. Note the "each bank" part: two brands owned by the same banking group may share one limit, so check APRA's deposit checker if you hold big balances.

Pound conversions use the Bank of England spot rate of 5 November 2026 (£1 = AUD 1.94).

Credit history: starting from scratch

Your UK credit file doesn't follow you. Australian lenders use Australian credit reporting bureaus, and on day one you're a blank page. That matters when you rent a flat, sign a mobile contract or apply for a credit card.

To build a record:

1. Open an everyday account and have your salary paid into it.
2. Put utilities and your mobile in your own name where you can.
3. Consider a low-limit credit card once you have a few months of Australian payslips, and clear it in full each month.
4. Expect more questions on a temporary visa. Some lenders limit credit for temporary residents. Mortgages are a separate story; see our guide to buying a home in Sydney as a Brit.

Meanwhile, keep your UK file ticking over if you might come back. Our guide to your UK credit file while you're away explains how.

Your UK account and moving money across

Keep your UK account if you can

Once you've left, many UK banks won't open a new account for someone living abroad, and some restrict or close accounts when you update your address to an overseas one. Before you go, check your bank's terms, keep a UK address for correspondence if that's allowed, and make sure you can log in from abroad with your UK mobile number or an authenticator app. Our guides to keeping a UK bank account when you live abroad and keeping a UK mobile number and address go through the detail.

A UK account is useful for UK rent, pensions, refunds from HMRC and paying for things on trips home. If you have ISAs, you can keep them but can't usually pay in once you're non-resident; see ISAs when you move abroad.

Moving money from the UK

You have three broad options:

• Your bank's international transfer. Simple, but check the exchange rate as well as the fee. CommBank, for instance, charges no transfer fee for sending money overseas from its app, but the rate still matters [1].
• A specialist money transfer provider. Often a better rate on larger sums, especially if you're moving house-deposit money.
• A multi-currency card or account. Handy for the first few weeks and for trips back.

Compare the amount that actually lands in Australian dollars, not the headline fee. Our guide to sending money between the UK and abroad explains how to compare, and why large transfers need a bit of planning.

If your partner is Australian and coming home after years in the UK, our sister site ExpatCooee explains keeping Australian bank accounts and a mobile number while abroad, which helps if their old accounts have gone dormant.

Tax: a quick word

Once you're living in Sydney you'll probably be an Australian tax resident, and Australia taxes residents on their worldwide income, including interest on UK savings. The UK may still tax some UK income too. The UK–Australia double taxation agreement stops you paying twice on the same income in most cases. Tell HMRC you've left with form P85 if it applies to you; our guide to leaving the UK and telling HMRC covers it. A tax adviser who knows both countries can check your situation.

For tips from people who've just done it, which bank they picked and how long the branch visit took, ask in our community group for Brits in Australia.

Sources

1. CommBank: Moving to Australia
2. NAB: Migrant banking
3. Australian Taxation Office: Investing in bank accounts and income bonds
4. APRA: Financial Claims Scheme for banks, building societies and credit unions
5. Australian Taxation Office: Apply for a TFN
6. Bank of England: daily spot exchange rates

Keep reading

• Australian taxes for Brits: the UK link and your State Pension
• Cost of living in Sydney vs London and the UK average
• Keeping a UK bank account when you live abroad
• Sending money between the UK and abroad