List of Banks in Australia

The Australian banking sector is stable and reliable. There are more than 50 Australian-owned banks including four big banks, mutual banks and neobanks. There are also 7 subsidiaries, 47 branches and 14 representative offices of foreign banks. The Reserve Bank of Australia (RBA), established on January 14, 1960, is the central bank of the country.

Big Four Australian Banks

The Australia's Big Four banks are among the highest rated in the world. The Banks offers a full range of products and services to individuals, businesses and corporates including transaction and savings accounts, personal and auto loans, mortgages, commercial lending, debit and credit cards, asset management, mobile and online banking, foreign currency exchange, wire transfers and much more. The Banks’ common shares are traded on the Australian Securities Exchange (ASX).

Other Australian-owned Banks

See also: Neobanks, Fintech Companies, Non-bank lenders, Home Loan Providers, Mortgage Brokers

Subsidiaries of Foreign Banks in Australia

There are seven subsidiaries of foreign banks in Australia. All of them are headquartered in Sydney.

Branches of Foreign Banks in Australia

There are more than 40 branches of foreign banks in Australia. Branches of foreign banks don’t to accept retail deposits from local residents of less than $250K.

Last updated as of March 31, 2024

Representative offices of Foreign Banks in Australia

Representative offices are not authorized deposit-taking institutions. There are fourteen representative offices of foreign banks in Australia.

CaixaBank, S.A.
China CITIC Bank Corporation
China Development Bank
Commerzbank AG
Credit Industriel et Commercial
CTBC Bank Co., Ltd
Doha Bank Q.S.C.
Global IME Bank Limited
Intesa Sanpaolo SpA
Korea Development Bank
National Bank of Greece
Sumitomo Mitsui Trust Bank
The People's Bank of China
Wells Fargo Bank, National Association

BBVA (Banco Bilbao Vizcaya Argentaria), a Spanish bank, opened its Sydney representative office in 2006 and closed in 2017.
Punjab National Bank (PNB) opened its office in Sydney in 2011 and closed in 2018.
Svenska Handelsbanken AB shut down its representative office in Australia in 2019.
Bank of Valletta plc (BOV), a Maltese bank, closed its Australian office.

Other Authorized Deposit-Taking Institutions

Avenue Bank Limited has a restricted banking licence from APRA and offers digital banking services with a focus on the SME sector.

MyLife MyFinance Ltd, located in Melbourne, Victoria, offers savings and access accounts, first home buyer loans, personal and car loans, investment loans, mobile and online banking and more.

Cairns Penny Savings & Loans Ltd offers general banking services.

Australian Settlements Limited (ASL) – A credit cards and transaction processing company.

Cuscal Limited – The largest independent payments company in Australia.

Indue Ltd – Headquartered in Toowong, Brisbane, Indue provides full end-to-end payment solutions.

IN1Bank Ltd – A digital banking company with a restricted ADI license from APRA and a focus on Chinese customers in Australia.

IBA Group Pty Ltd (trading as Islamic Bank Australia)

International Bank of Australia Pty Ltd

Lutheran Laypeople's League of Australia (LLL Australia), founded in 1921, provides financial support to the Lutheran Church of Australia (LCA). It offers savings accounts and loans.

Paypal Australia Pty Ltd has been present in the country since 2005 and currently has more than seven million customer accounts.

Tyro Payments Limited, the largest EFTPOS provider in Australia, is a fintech institution specializing in merchant credit, debit and EFTPOS card acquiring.

Opening a Bank Account in Australia

Moving to Australia can be a very busy time, so it is best to organize your account before you arrive so you can access your money straight away. To open a bank account in Australia, you will need to follow these steps:

• Choose a bank: Research the various banks in Australia and choose one that suits your needs. Some popular options include Commonwealth Bank, ANZ, Westpac and National Australia Bank.
• Gather the required documents: To open a bank account, you will need to provide certain documents, such as a valid passport, a driver's license or a birth certificate. You may also need to provide proof of address, such as a utility bill.
• Apply online or in person: You can apply for a bank account online or in person at a bank branch. If you apply online, you will need to upload copies of your documents. If you apply in person, you will need to bring the original documents with you. Most banks will allow you to apply to open an account through their website using an online application form.
• Provide personal details: You will need to provide personal details such as your name, date of birth, address and contact information.
• Choose an account type: There are several types of bank accounts available, including checking accounts, savings accounts and credit card accounts. Choose the account type that best suits your needs.
• Wait for approval: After you have submitted your application, you will need to wait for approval. This usually takes a few days, but it can take longer if there are issues with your application.
• Activate your account: Once your application is approved, you will need to activate your account. This may involve setting up online banking, receiving a debit card or visiting a bank branch.
Remember to compare different banks and their account options, fees and services before making a decision on where to open your account.

Types of bank accounts in Australia

• Transaction account is an everyday account with a debit card.
• Savings accounts
• Term deposits
• Offset account is a savings or transaction account linked to your home loan.

Bank opening hours in Australia

Bank opening hours in Australia can vary depending on the bank and the location. Generally, most banks in Australia are open from Monday to Friday between 9:30 am and 4:00 pm. Some banks may also have extended hours, with branches opening earlier or closing later on certain days. Additionally, many banks have ATMs that are available 24/7 for basic transactions such as cash withdrawals, balance inquiries and transfers.

It is important to note that during public holidays, the opening hours of banks may be affected, and some branches may be closed. It is recommended to check the bank's website or call their customer service line to confirm their opening hours before visiting a branch. Many banks also offer online banking services, which allow customers to manage their accounts and conduct transactions outside of regular business hours.