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
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
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
Manage your every day banking transactions with a day-to-day bank account. You can also grow your funds with an online savings account.
Everyday Bank Accounts
Deposit your funds to your Westpac transaction account in Australia and have your money waiting for you in your Westpac account when you arrive in Australia.
Transferring your funds
Complete your identification overseas or when you arrive in Australia to have access to your accounts.
Completing your identity check
You can access your funds and transfer your funds to other Australian bank accounts by using Online and Telephone Banking.
Accessing your funds
Access your own money across Australia and overseas through ATMs and EFTPOS as well as online and over the phone – wherever MasterCard® is accepted.
Other products and services that could cater for your financial needs once you have settled in Australia.
Other products and services
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
Products, services and dedicated local business bankers to help if you are establishing your business in Australia.
Banking for businesses
Everyday banking solutions and student benefits to help you while you study in Australia
Banking for International students