Opening a bank account in Australia is straightforward for newly arrived migrants. Most major banks allow applicants to open an account from overseas up to three months before their arrival.

Australia's banking sector is dominated by four large banks ("the Big Four"):

• Commonwealth Bank of Australia (CBA)
• Westpac Banking Corporation
• Australia and New Zealand Banking Group (ANZ)
• National Australia Bank (NAB)

To open an account as a new arrival:

• Apply online before arriving (most banks offer this for migrants)
• Visit a branch within 6 weeks of account opening with your passport and visa to complete identity verification
• Or alternatively, open entirely in person on arrival with passport and visa documentation

• Transaction account (everyday banking): for daily spending, online transfers
• Savings account: for accumulating savings with interest
• Term deposit: for fixed-period, fixed-interest savings
• Home loan (mortgage): requires minimum 10% deposit; permanent residents qualify at the same rates as citizens

Transferring money from India to Australia must comply with Reserve Bank of India (RBI) regulations. Under the Liberalised Remittance Scheme (LRS), Indian residents can remit up to USD 250,000 (approximately AUD 380,000 at current rates) per financial year for permitted purposes including emigration.

• Wise (formerly TransferWise): competitive exchange rates and low fees
• Western Union: widely available but higher fees
• Bank wire (SWIFT): reliable but typically less competitive on exchange rates
• SBI Canada, ICICI Bank: NRI-focused services with India-to-Australia transfers

New arrivals in Australia start with no credit history. This affects the ability to obtain a credit card, mobile phone contract, or car loan. Building credit history takes approximately 6–12 months of consistent bill payments, bank account activity, and potentially a secured credit card.