Banking & Finance
Opening a bank account should be your top priority after arriving in Australia. If you do it within the first 6 weeks of arrival, you only need your passport. After that, the '100-point ID system' applies, requiring extra documents like a Driver Licence or Medicare card.
🏦 Comparing Australia’s 'Big Four' Banks
Commonwealth Bank (CommBank)
The largest ATM and branch network. The app is very intuitive. The #1 choice for backpackers and international students.
Westpac
Australia’s oldest bank. Offers fee-free student accounts (Choice Account).
ANZ
Convenient for international transfers. Exchange rates are slightly lower than Wise, but offers the security of a major bank.
NAB
Strong for business and the self-employed. Their standard accounts also have very low fees.
📋 Essential Registrations After Arrival
TFN (Tax File Number)
Your Australian tax ID. Apply for free on the ATO website; it takes about 28 days. Without it, you'll be taxed at the maximum rate of 47%.
MyGov Account
The central portal for the ATO, Medicare, and Centrelink. Highly recommended to set this up immediately.
Superannuation Account
Where your employer contributes 12% of your pay (as of July 2025) into a retirement fund.
💸 Money Transfer Tips
Wise (formerly TransferWise) — Great rates with 0.5-1% fees.
OFX — Better for large transfers over $10,000.
Bank Transfers — Usually have a 2-3% exchange rate margin; avoid if possible.
📅 Tax Returns
The financial year runs from 1 July to 30 June. You can apply via MyGov after July. Most backpackers get a refund of $500–$2,000.
Highlights
Tips
Open a CommBank account online before leaving Korea and pick up your card when you arrive.
Apply for a TFN for free on the ATO website—takes 28 days, otherwise you're taxed at 47%.
Using Wise or OFX for transfers saves you 2-3% compared to bank exchange rates.
File your Tax Return via MyGov after the financial year ends on 30 June.
You can claim your Superannuation back via DASP when you leave Australia (subject to 35% tax).