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 dictionary of banking terms.

With Westpac, if you want to open a bank account in Australia for everyday transactions, a Westpac Choice could be right for you. We will waive the current $5 monthly service fee for 12 months, after this period the $5 monthly service fee will be waived if your minimum deposits are to the value of $2,000 within the month. 1

To save and earn interest at the same time you can open a Westpac eSaver, an online savings account and link it to your Westpac Choice account so you can access your savings anytime. 2

Once you are set up with these two accounts you will be ready to successfully manage your money in Australia. You will also be able to take advantage of certain Online, Telephone and Mobile banking facilities while you are still overseas.

Debit MasterCard

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
UK pension

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.