🇦🇺 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).
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