Banks in Australia play a central role in daily financial life, offering a wide range of services including transaction accounts, savings, loans, credit cards, and investment products. With strong consumer protections, competitive markets, and rapid digital innovation, Australia’s banking system is considered among the most stable and accessible globally.
Whether you’re opening your first account, managing a business, or moving to Australia from overseas, understanding how banking works—and what sets institutions apart—can help you make confident decisions. This article outlines the top banks, account features, and banking trends for 2025.
The Big 4 and Other Major Banks
Australia’s Big 4 banks—Commonwealth Bank, Westpac, ANZ, and NAB—serve millions of customers across the country. Known for their extensive branch networks and broad product offerings, these banks are the default choice for many Australians. They provide personal banking, business services, mortgage lending, insurance, and wealth management.
In recent years, smaller banks, regional institutions, and digital-only neobanks have gained popularity. These include ING, Macquarie, Bendigo Bank, and Up Bank, each offering specialised features such as low-fee accounts, user-friendly mobile apps, and ethical banking practices. Explore your options in: A Guide to Banks in Australia: Top Options for 2025.
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) regulate all licensed banks, ensuring financial safety and transparency for consumers.
Types of Bank Accounts and Services
Australian banks offer a range of accounts tailored to different needs. The most common are transaction accounts, used for everyday banking, and savings accounts, which offer interest on your balance. Many banks also offer term deposits, offset accounts, home loans, personal loans, credit cards, and foreign currency services.
Account features often include online and mobile banking, contactless payments, budgeting tools, and real-time payment systems through the New Payments Platform (NPP). International money transfers, BPAY bill payments, and ATM withdrawals are standard features across most accounts.
Banking fees vary by provider and account type. While some banks charge monthly fees, others waive them if a minimum balance or deposit requirement is met. Be sure to compare interest rates, transaction limits, and digital tools when selecting an account.
How to Open a Bank Account in Australia
Opening a bank account in Australia is generally straightforward. Most banks allow you to apply online, at a branch, or via mobile app. To open an account, you typically need:
-
Proof of identity (such as a passport or Australian driver’s licence)
-
A valid visa or residency documentation if you’re not a citizen
-
An Australian residential address (some banks allow temporary addresses)
-
A Tax File Number (TFN) to avoid withholding tax on interest earned
New arrivals can often open an account before arriving in Australia, with some banks offering pre-arrival account setup and online identity verification. Read more in How to Open a Bank Account in Australia.
Once your account is active, you’ll receive a debit card and access to digital banking platforms for easy money management.
Tips for Choosing the Right Bank in 2025
When comparing banks and account options, consider the following factors:
-
Monthly fees and transaction costs
-
Mobile app quality and online features
-
ATM access and branch availability
-
International transaction and transfer fees
-
Customer service ratings and availability
-
Security features and fraud protection
-
Integration with budgeting or third-party apps
As digital banking grows, some customers prefer app-based providers with no physical branches, while others value the in-person support offered by traditional banks. For those running businesses or managing international finances, specialised services may be important.
For more insights on banking, entrepreneurship, and financial tools, visit the Remitly Business Blog.
FAQ: Banking in Australia
1. Can I open a bank account in Australia if I’m not a citizen?
Yes. Temporary residents, students, and skilled visa holders can open accounts with the proper documentation and identification.
2. Are bank accounts in Australia free to open?
Yes, though some accounts have monthly maintenance fees. Many banks waive fees if you meet certain conditions, like minimum deposits.
3. What is a BSB number in Australian banking?
A BSB (Bank State Branch) number identifies your bank and branch. It’s used for transferring money between accounts.
4. Are online-only banks safe to use?
Yes. Digital banks operating in Australia must meet the same regulatory standards as traditional banks and often offer competitive services.
5. How do I transfer money internationally from an Australian bank account?
Most banks offer international transfers via online banking, though fees and exchange rates vary. Remittance services may offer more competitive options.