Opening a Bank Account in Australia — Guide for Indian NRIs

How to open an Australian bank account as an Indian professional — Big 4 banks, TFN requirements, BSB transfers, and NRE/NRO remittance rules.

Overview

Opening an Australian bank account is one of the first practical priorities. Australia has a mature banking sector regulated by APRA.

Choosing a Bank

Big 4: CBA, NAB, ANZ, Westpac. Deposits protected up to AUD 250,000 per ADI.

Account Types

Everyday transaction account and high-interest savings account.

Opening Requirements

Passport, visa grant notice, proof of address, TFN.

Tax File Number (TFN) and Banking

Without TFN, bank withholds tax at top marginal rate on interest.

BSB and Account Number

6-digit BSB code + account number for all domestic transfers.

Remittances to India

NRE accounts accept foreign currency transfers. NRE interest is tax-free in India but taxable in Australia.

India-Side Implications

Maintain NRE/NRO accounts. DTAA prevents double taxation.

Key Takeaways

• Open account with Big 4 bank
• Provide TFN to avoid excessive withholding
• NRE interest taxable in Australia for tax residents