Moving to Australia from USA: A Complete 2026 Guide
Banking, Money Transfers and Your Credit Score in Australia
Opening an Australian Bank Account
Australia has four major banks the Big Four: Commonwealth Bank (CBA), ANZ, Westpac, and NAB. All four allow account opening before you arrive in Australia. The Commonwealth Bank and ANZ in particular, have streamlined online applications for people relocating internationally. You will need a valid passport, your Australian address or planned address, and in some cases your Tax File Number (which you can apply for separately).
Many Americans open accounts with both a traditional bank and a fintech like Wise or Revolut for the multi-currency flexibility during the transition period.Transferring Money From the US to Australia
Never use a bank wire transfer as your primary method for moving large amounts of money between the US and Australia. Banks charge AUD $15–$30 per transfer plus use exchange rates that may be 2–3% below the real mid-market rate. On a $50,000 transfer, that is potentially $1,000–$2,000 in hidden losses.
| Service | Typical Fee | Exchange Rate | Best For |
| Wise (TransferWise) | 0.4%–1% | Mid-market rate | Regular transfers, up to $50,000 |
| OFX | No fee (built into rate) | Close to mid-market | Larger transfers $10K+ |
| Western Union | Varies | Varies | Speed when needed |
| US Bank Wire | $25–$45 flat | 1.5–3% below mid-market | Avoid for large transfers |
| FX Broker (large sums) | Negotiable | Best available for $100K+ | Property purchase, large moves |
Your US Credit Score Does Not Transfer
Your credit score, whether 800 or 580 is invisible to Australian lenders and landlords. You begin building Australian credit from zero on the day you arrive. Australian credit reporting works through Equifax Australia, Illion, and Experian Australia none of which have access to your US credit file.
To build Australian credit quickly: get an Australian credit card (start with a low limit from your bank), pay it in full every month, maintain stable address history, and ensure utilities are in your name. Within 12–18 months, you will have a credit file that lenders can assess. For rental applications, bring printed bank statements and a letter from your US bank confirming your financial history.Managing US Accounts From Australia
Keep at least one US bank account open you will need it for IRS refunds, residual US income, and managing any US-based investments or property. Charles Schwab Bank and Capital One 360 are widely used by US expats because they do not charge foreign transaction fees and have no foreign ATM fees. Schwab refunds all ATM fees worldwide.
Update your US bank with your Australian address and explain you are moving overseas. Some banks restrict online account access from foreign IP addresses resolve this before you leave. Consider setting up a VPN for accessing US banking services if needed.Need help with your application or background check?
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