Banking in Australia as an American: FATCA forms, the 100-point check and moving your dollars

Short answer: yes, Australia's big banks open accounts for US citizens, and some let you start online before you even board the plane. Expect a tax form about your US citizenship, an ID check that runs on its own quirky logic, and a much faster payment system than the one back home.

The short version

• Australia signed a FATCA agreement with the US in 2014. Australian banks identify accounts held by US citizens and report them to the Australian Taxation Office (ATO), which passes the information to the IRS [1].
• You can open a Commonwealth Bank account online up to 14 days before you arrive, then verify your passport at a branch to switch it on [2].
• The Financial Claims Scheme protects deposits up to AUD 250,000 per account holder, per bank (about USD 176,000) [3].
• PayID and Osko move money between Australian banks in near real time, usually in under a minute [4].
• Uncle Sam still wants an FBAR once your foreign accounts top USD 10,000 combined at any point in the year, and possibly Form 8938 [5].

USD conversions in this guide use the Federal Reserve H.10 rate of October 30, 2026: AUD 1 = USD 0.7038 [6].

FATCA in Australia: the form and why it matters

FATCA is the US law that makes foreign banks report accounts held by Americans. Instead of each Australian bank reporting straight to the IRS, Australia and the US signed an intergovernmental agreement in 2014. Australian financial institutions register with the IRS, review accounts held by US citizens and US tax residents, and lodge an annual FATCA report with the ATO. The ATO then makes that information available to the IRS under existing treaty safeguards [1].

The ATO is clear that the agreement doesn't change your US tax obligations. It just means your Australian accounts may be reported, and the bank may ask you to confirm your status or fill in a self-certification form [1]. In practice that form asks which countries you're a tax resident of and for a taxpayer identification number for each. For Americans, that's your Social Security number. Commonwealth Bank's checklist for new arrivals lists a TIN for every country where you're a tax resident [2].

A few heads-ups:

• Answer honestly. A US birthplace in your passport or a US address will flag the account anyway. A mismatch can leave the account stuck while the bank sorts it out.
• Dual US–Australian citizens are in the same boat. An Australian passport doesn't take you off the list.
• Super is different. The ATO says certain institutions, including superannuation funds, are exempt from FATCA reporting [1]. That's about the bank's reporting, not yours: super still has its own US tax wrinkles.

Opening an account before you land

This is where Australia beats a lot of countries. Commonwealth Bank (CommBank) lets new arrivals open an account online up to 14 days before arriving in Australia. Open it more than 7 days out and your debit card can wait for you at the branch you choose. Once you're in Sydney, you take your welcome letter and your original passport to that branch to verify your identity and pick up the card. Until you do that, the account can't be used [2].

Other major banks, including Westpac, ANZ and NAB, have their own newcomer processes. The details change, so check each bank's "moving to Australia" page rather than relying on a friend's experience from a few years ago.

Why bother doing it early? Because landlords, employers and your cell phone carrier all want an Australian BSB (the six-digit branch code, like a US routing number) and account number, and you'll want somewhere to land your first paycheck.

The 100-point check, explained

Australians talk about the "100-point check" the way Americans talk about bringing "two forms of ID" to the DMV. It's a long-standing points system where each document is worth a set number of points and you need 100 in total, with a photo ID usually carrying the most weight.

Today, banks verify customers under Australia's anti-money-laundering rules, and each bank sets its own document list. NAB, for example, now accepts one primary photo ID such as a passport, or a primary non-photo document plus a secondary one such as a recent utility bill or a Medicare card [7]. Other organizations, from landlords to employers, still use the points language.

For a newly arrived American, your passport does most of the heavy lifting. Where you need more, here's what usually helps:

Deposit protection: the Financial Claims Scheme

The FDIC's Australian counterpart is the Financial Claims Scheme (FCS), run by APRA, the banking regulator. It's a government-backed safety net for deposits at authorized deposit-taking institutions (ADIs), meaning banks, building societies and credit unions, of up to AUD 250,000 per account holder, per ADI (about USD 176,000) [3].

Two catches:

• Brands can share a license. APRA notes that deposits held with the same banking license, including under other brand names, are added together before the limit applies [3]. Some well-known names are divisions of bigger banks.
• The Government activates it. The scheme kicks in if the Government declares it for a failed institution, and APRA then runs the payout [3]. APRA publishes a list of covered ADIs.

Compared with the FDIC's USD 250,000 per depositor, per bank, per ownership category, the Australian cap is lower in dollar terms. If you're parking the proceeds of a house sale back home, spread it across separately licensed banks.

PayID, Osko and everyday banking

Australia's everyday account is called a transaction account (our checking account). Paper checks have basically disappeared, so don't expect a landlord to accept one.

What you'll use instead:

• PayID. You link your cell number or email address to your account, and people pay you without needing your BSB and account number. Only one bank can hold a given PayID, but one account can have several [4].
• Osko. The service behind fast PayID payments on the New Payments Platform. Payments between participating banks arrive in near real time; the first payment to a new payee may be held for up to 24 hours as a security check [4].
• BPAY. The bill-payment system printed on Australian bills, with a biller code and reference number.
• Tap to pay. Contactless cards and phone wallets are used almost everywhere, including on Sydney's trains, buses and ferries.

Think of PayID as Zelle that actually works between every big bank.

Moving money between the US and Australia

Most Americans keep at least one US checking account open for Social Security, a 401(k), US credit cards and anything still billed in dollars. Keeping a US address on that account can be tricky; our guide to keeping a US bank account explains why.

On a big transfer, compare the rate you're offered with the mid-market rate. A 2% markup on AUD 100,000 is AUD 2,000 (about USD 1,400) gone.

If your partner is Australian and has been living in the States, our sister site ExpatCooee explains keeping Australian bank accounts while abroad, which helps when you're merging finances on arrival.

What you still owe the IRS

Your Australian bank already reports you through the ATO, but you still have your own filings:

Interest on Australian accounts is taxable on your US return, and the Australian tax year runs July to June, not January to December, so keep monthly statements. A US expat tax preparer can check your situation, especially with joint accounts held with a non-American spouse.

Your first-month banking checklist

1. Two weeks before you fly, open an account online with a bank that allows it.
2. Week one in Sydney, take your passport and welcome letter to the branch and collect your card [2].
3. Set up PayID with your Australian cell number so your landlord and friends can pay you.
4. Give the bank your TFN once it arrives, and your SSN for the FATCA form.
5. Keep a US checking account and a no-foreign-fee card for the transition.
6. Pick how dollars will move: wire, transfer service or multi-currency account.
7. Start your FBAR list with each account's highest balance in the year.

Swapping notes on which banks were easiest is one of the most common threads in our community group for Americans in Australia.

Sources

1. ATO: Foreign Account Tax Compliance Act
2. CommBank: Moving to Australia checklist
3. APRA: Financial Claims Scheme, protecting depositors and policyholders
4. CommBank: What is PayID?
5. IRS: Comparison of Form 8938 and FBAR requirements
6. Federal Reserve: H.10 foreign exchange rates
7. NAB: Identification checklist

Keep reading

• Superannuation and US tax
• Tax file number and the Medicare levy
• FBAR: reporting your foreign bank accounts
• Sending money between the US and abroad