Choosing the right Australian bank as a new arrival can save you hundreds of dollars in fees and hours of frustration. Here is a practical guide to the best options in 2026, including which ones you can open before you land.
Can You Open an Australian Bank Account Before Arriving?
Yes — most major Australian banks allow you to apply online up to 3 months before you arrive in Australia. You complete the application, receive your card, and activate the account once you arrive and verify your identity in branch.
Best Australian Banks for New Arrivals — 2026
✓ 1,000+ branches
✓ Best mobile app
✓ Instant notifications
✓ Smart budgeting tools
✓ Strong international services
✓ Good US transfers
Australian Banks vs Wise / OFX for International Transfers
For sending money between the US and Australia, your Australian bank account is the receiving account — but it should never be the sending mechanism. Australian banks charge 2–4% on international transfers (built into the exchange rate). Wise and OFX typically charge 0.4–0.7%.
| Service | $10,000 USD Transfer | Effective Cost |
|---|---|---|
| CommBank / ANZ | ~A$200–$350 in fees/spread | 2–3.5% |
| Wise | ~A$60–$80 in fees | 0.6–0.8% |
| OFX | ~A$40–$60 in fees (larger amounts) | 0.4–0.6% |
Our recommendation: Open a CommBank or ANZ account for day-to-day banking in Australia. Use Wise or OFX for all international money transfers between the US and Australia.
Calculate Your Australian Budget
Plan your monthly income and expenses after your move.
Disclaimer: General information only. Not financial advice. Always verify current rates and thresholds with relevant Australian authorities.