Banking in Australia

One of the first and most important things you'll need to organise when moving to Australia is your new bank accounts. Doing so, especially before arriving, can provide flexibility, security and peace of mind.

Banking in Australia is similar to banking in the United Kingdom. Most of the products and services available are similar to what you'd find back home, however it's important to note that some products may be named differently in Australia as well as having different features, conditions and fees. For example; a 'current' account is referred to as a 'transaction' or 'everyday' account, a 'fixed savings bond' is often referred to as a 'term deposit' and the product described as a 'pension' is called 'superannuation' in Australia. To help you understand some of our other banking jargon, visit our banking terms page.

As a special welcome to Australia offer for migrants, if you  open an Australian bank account before you move or when you arrive in Australia, we will waive the $5 monthly service fee on the Westpac Choice Account for the first 12 months. 1

Westpac, Australia's first bank, is one of the largest, oldest and most reputable financial institutions in Australia. We have a long history of helping migrants with their banking needs in Australia.

We have two Australian bank accounts designed to cover daily banking needs 2:

Westpac Choice - an everyday account
Westpac eSaver - a 24/7 online savings account with a competitive interest rate which links to Westpac Choice for access to savings


Moving to Australia - open a Debit Mastercard account

Debit MasterCard

Access your own money across Australia and overseas through ATMs and EFTPOS as well as online and over the phone – wherever MasterCard® is accepted.

Debit MasterCard
Moving to Australia from the UK - Information about UK pensions

UK Pension Transfers

In Australia, superannuation funds provide the framework for retirement savings. If you are a UK migrant moving to Australia, one of the things you'll need to consider is whether to transfer your pension entitlements to an Australian superannuation fund.

UK Pension Transfers

Things you should know

  1. After the first 12 months, the monthly service fee will be waived if customer initiated deposits of at least $2,000 have been made by the last business day of the month.
  2. Other fees and charges apply.

MasterCard® is a registered trademark of MasterCard International Incorporated
This information does not take your circumstances into account. Read the relevant Product Disclosure Statements or other disclosure documents before making a decision. Unless otherwise specified, the products and services described on this website are available only in Australia from Westpac Banking Corporation ABN 33 007 457 141 Australian Financial Services Licence 233714 Australian credit licence 233714. Conditions and fees apply.