Banking in Australia: Setting Up Accounts Before and After You Arrive from the UK

Customer tapping contactless payment card on terminal at Australian cafe counter with coffee menu board in background

Getting your money working properly across two currencies and two banking systems is one of the more mundane but genuinely important early tasks. Here's how to set it up with minimum friction.

What you can set up before you land

Several of the major Australian banks let you open a foundation or migrant account online from the UK ahead of arrival, using your passport and visa details. This gets you an Australian account number and card ready to activate once you arrive and verify your identity in person or via app. It's worth doing this before you fly so you're not relying entirely on UK cards (and their conversion fees) in your first days.

Transferring money without losing a chunk to fees

Standard bank transfers between UK and Australian accounts often carry poor exchange rates and flat fees that add up fast on a large one-off transfer, like proceeds from selling a UK property. Specialist currency transfer services generally offer better rates than high-street banks for large transfers, so it's worth comparing quotes for anything beyond routine day-to-day transfers, particularly around house deposits or large lump sums.

Credit history starts from zero

Your UK credit history doesn't transfer to Australia. From a lender's perspective, you're a new customer with no track record, regardless of how strong your UK credit file was. This affects everything from mobile phone contracts to credit cards to eventually a mortgage. Building an Australian credit history early (a local phone plan, a starter credit card used responsibly) makes later financial steps, like a home loan, considerably smoother.

Key Takeaways

Several Australian banks let you open a migrant account online before you arrive.
Specialist currency transfer services usually beat bank exchange rates for large transfers.
UK credit history doesn't transfer, so you start building an Australian credit file from scratch.
Set up a local phone plan and starter credit product early to build credit history ahead of any future home loan application.

Frequently Asked Questions

Do I need an Australian address to open a bank account?

Some banks allow account opening before you have a permanent address using temporary or migrant-agent details. Check individual bank policies.

Is it worth keeping my UK bank account open?

Many migrants do, particularly if they retain UK income, property or family financial ties. Just watch for account-inactivity fees on some UK accounts.

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