The process of opening an Australian bank account before arriving in the country has been a standard feature of the migrant banking landscape for over a decade. What changed in 2023–2024 is the ability to complete a fully digital identification check without setting foot in a branch, and without holding a conventional Australian residential address. This shift is tied directly to the rollout of ANZ Plus, a digital-only banking platform launched by ANZ Banking Group in 2022, which completed its national migration of eligible customers by late 2023.
For new migrants, international students, and temporary visa holders, the historical bottleneck was the “100-point identification check” required under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth). Traditionally, this check demanded a physical presence at an Australian branch or the provision of utility bills and rental agreements linked to an Australian address. The Australian Transaction Reports and Analysis Centre (AUSTRAC) updated its guidance on digital identity verification in 2021, permitting the use of foreign passports verified through biometric matching against issuing-country databases, combined with Australian visa grant notices accessible via the Department of Home Affairs’ Visa Entitlement Verification Online (VEVO) system. ANZ Plus operationalised this guidance in its onboarding flow, making it the first major Australian bank to offer a fully remote account opening pathway for migrants arriving on eligible visa subclasses.
This pathway is significant for two practical reasons. First, it removes the circular dependency where a migrant needs a bank account to secure a rental property but needs a rental property address to open a bank account. Second, it allows the account to be opened up to 12 months before arrival, enabling funds to be transferred in advance and a Visa Debit card to be collected from an Australian branch upon landing. The account carries no monthly account-keeping fees, no minimum deposit requirements, and no foreign currency conversion fees on international transactions processed through the Visa network, though the Visa exchange rate applies.
Eligibility and Documentation Requirements
Visa Subclass and Identification Criteria
ANZ Plus does not publish a closed list of eligible visa subclasses. The system validates a migrant’s identity and visa status through a two-step digital check. The first step involves scanning the biometric chip in a valid foreign passport using the ANZ Plus mobile application. The application reads the chip data and compares it against a live facial scan captured during the onboarding session. The second step cross-references the passport details with the Department of Home Affairs VEVO database, which returns the individual’s current visa status, work rights, and expiry date. As of 31 December 2023, VEVO contained records for over 2.3 million temporary visa holders in Australia (Department of Home Affairs, Temporary Entrants and New Zealand Citizens in Australia, December 2023).
The practical requirement is that the applicant holds a passport from a country whose ePassport chip is recognised by the ANZ Plus identity verification provider, and that the passport is linked to an active visa grant with an Australian immigration status that does not prohibit opening a bank account. Student visa (subclass 500), Temporary Graduate visa (subclass 485), Skilled Regional visa (subclass 491), and Working Holiday visa (subclass 417) holders have reported successful onboarding. The system does not require the applicant to be physically present in Australia at the time of application.
Residential Address Flexibility
The ANZ Plus application form requires a residential address field. For applicants who have not yet secured Australian accommodation, ANZ Plus permits the use of a foreign residential address during the initial onboarding stage. This address is used for correspondence and card delivery only if the card is requested to be sent overseas, which ANZ Plus does not currently support. The standard workflow directs the applicant to select “collect in branch” for the physical Visa Debit card. The card is produced after the account is approved and held at a nominated ANZ branch for collection upon arrival. The branch collection process requires in-person photo identification matching the passport used during the digital onboarding.
Once the account holder arrives in Australia and secures a permanent address, the residential address must be updated through the ANZ Plus app. Under the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1), reporting entities are required to maintain current customer identification information, including residential address, within 14 days of becoming aware of a change.
Account Features and Fee Structure
Core Transaction Account Attributes
The ANZ Plus account is a transaction account with no monthly account-keeping fees, no minimum monthly deposits, and no withdrawal fees at ANZ ATMs within Australia. As of 1 March 2024, ANZ maintained a network of approximately 2,100 ATMs across Australia (ANZ, ATM Locator, March 2024). The account includes a digital Visa Debit card available immediately upon account approval, which can be added to Apple Pay or Google Pay for contactless payments before the physical card is collected.
The account does not offer a cheque book or the ability to deposit cheques through the mobile application. Over-the-counter cash deposits and withdrawals at ANZ branches are available but may be subject to limits. The daily transaction limit for digital payments is set at A$5,000 by default and can be adjusted within the app up to A$25,000. International transaction fees are calculated at the Visa wholesale exchange rate plus a 0% ANZ margin, meaning the only cost embedded in foreign currency transactions is the Visa exchange rate spread, which averaged 0.2–0.5% above the mid-market rate across major currency pairs in Q4 2023 (Visa, Exchange Rate Calculator, December 2023).
Savings and Interest Features
ANZ Plus includes a linked savings account feature called “ANZ Save,” which accrues interest on balances. As of 5 February 2024, the standard variable interest rate on ANZ Save balances was 4.90% p.a. for balances under A$250,000 (ANZ, ANZ Save Interest Rates, February 2024). This rate is not an introductory or bonus rate and does not require monthly deposit conditions or transaction hurdles. Interest is calculated daily and credited monthly. For a balance of A$10,000, this yields approximately A$490 in interest over 12 months, assuming a constant rate and no withdrawals.
The savings component is not a separate account in the legal sense but a sub-account within the ANZ Plus structure. Funds can be moved instantly between the transaction balance and the ANZ Save balance through the app. There is no limit on the number of transfers between the two balances, and no fees apply. The combined balance across both components is covered by the Australian Government’s Financial Claims Scheme (FCS) up to A$250,000 per account holder, as administered by the Australian Prudential Regulation Authority (APRA) under the Banking Act 1959.
Practical Onboarding Workflow
Pre-Arrival Application Steps
The application process is conducted entirely through the ANZ Plus mobile application, available on iOS 15.0 and later and Android 9.0 and later. The applicant downloads the app, selects “Open an account,” and chooses the option indicating they are new to ANZ. The app requests access to the device camera and near-field communication (NFC) functionality for passport chip reading. The applicant must have their physical passport available during the session.
The passport scan requires placing the phone against the passport cover to read the embedded chip. The app prompts the applicant to capture a live facial image, which is compared against the chip photo using biometric matching. The success rate of this step depends on passport chip condition and lighting; damaged chips or passports issued before 2010 may not be readable. After the passport verification, the app requests the applicant’s visa grant number or prompts a VEVO check using the passport details already captured. The VEVO system returns the visa subclass, expiry date, and work rights, which the app records for compliance purposes.
The applicant then provides their Tax Identification Number (TIN) from their country of tax residence. For migrants who have not yet arrived in Australia, the Australian Tax File Number (TFN) field can be left blank. Under the Taxation Administration Act 1953, financial institutions are required to collect TFNs for interest-bearing accounts, but failure to provide a TFN does not prevent account opening; it results in withholding tax being applied at the top marginal rate plus Medicare levy on interest earned. The applicant can add their TFN through the app once obtained from the Australian Taxation Office (ATO) after arrival.
Post-Arrival Activation
Upon landing in Australia, the account holder visits their nominated ANZ branch to collect the physical Visa Debit card. The branch requires the passport used during the digital onboarding for identification. Some branches may request a secondary form of identification; a visa grant notice printed from the Department of Home Affairs ImmiAccount portal or a digital copy displayed on a mobile device is typically accepted. The card is activated immediately upon collection, and the PIN is set through the ANZ Plus app rather than at a branch terminal.
The account holder should update their residential address within the app as soon as they have a permanent Australian address. This update triggers a confirmation notification and may require a one-time passcode sent to the Australian mobile number registered in the app. The address update is also used to determine tax residency status for interest reporting purposes. The ATO requires financial institutions to report interest earned by non-residents for the purposes of withholding tax obligations under Australia’s double taxation agreements with over 45 countries (ATO, Foreign Resident Withholding, July 2023).
Comparison with Alternative Migrant Banking Options
Traditional Bank Migrant Accounts
Commonwealth Bank of Australia, Westpac, and National Australia Bank all offer migrant banking packages that permit account opening from overseas. However, as of February 2024, all three require the account holder to visit an Australian branch within a specified period (typically 14 to 90 days) to complete identity verification before the account is fully activated for outward transactions. Commonwealth Bank’s “Moving to Australia” account permits deposits before arrival but restricts withdrawals until in-person verification is completed (CommBank, Moving to Australia Account Terms, January 2024). Westpac’s “Migrant Banking” package operates similarly, with a 12-month fee waiver on its Choice transaction account, after which a A$5 monthly fee applies unless a minimum monthly deposit of A$2,000 is maintained (Westpac, Choice Account Fees, December 2023).
ANZ Plus differs in that full transactional functionality, including digital wallet payments and domestic transfers, is available immediately upon digital verification, without a branch visit. The branch visit is required only for physical card collection, and the digital card can be used for online purchases and in-store contactless payments from the moment of approval.
Neobank and Fintech Alternatives
Digital-only providers such as Up Bank (powered by Bendigo and Adelaide Bank) and Ubank (part of National Australia Bank) also offer remote account opening with no monthly fees. Up Bank requires an Australian mobile number and an Australian residential address at the time of application, which limits its accessibility for pre-arrival migrants. Ubank permits a foreign address during application but requires an Australian mobile number for two-factor authentication. Neither Up Bank nor Ubank offers a branch card collection service; physical cards are mailed to the Australian address on file.
ANZ Plus occupies a middle ground: it uses a fully digital verification flow that does not mandate an Australian address or phone number at the point of application, while still providing access to ANZ’s physical branch network for card collection and in-person services. This combination is not available from any other Australian banking provider as of March 2024.
Actionable Steps for New Migrants
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Check passport compatibility before applying. Confirm that your passport contains a biometric chip (indicated by the rectangular ePassport symbol on the cover) and that the chip is undamaged. Passports issued before 2010 or those with visible wear on the cover may fail the NFC scan. If the chip cannot be read, ANZ Plus cannot complete the digital identity verification, and a traditional in-branch application will be required.
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Apply 2–4 weeks before departure. The digital verification and account approval process typically completes within minutes if the passport chip and VEVO check succeed. However, if manual review is triggered, processing can take up to 5 business days. Applying 2–4 weeks before departure provides a buffer for any delays and allows time to transfer funds into the account before travel. The physical card is produced within 5–7 business days after approval and held at the nominated branch for up to 90 days.
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Obtain a TFN within the first week of arrival and update the app. The Australian Taxation Office processes online TFN applications for temporary visa holders within 28 days, but applications submitted at a Services Australia centre with in-person identity verification are typically processed within 10 business days. Adding the TFN to the ANZ Plus app as soon as it is received prevents withholding tax deductions from the ANZ Save interest. Interest earned before the TFN is added is subject to withholding, but the withheld amount can be claimed as a credit when lodging an Australian tax return.
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Use the digital card for immediate payments upon landing. The ANZ Plus digital Visa Debit card is available in Apple Pay or Google Pay immediately after account approval. This means a migrant can pay for transport, food, and accommodation upon arrival without waiting for the physical card. Contactless payment terminals in Australia accept digital wallet transactions with the same limits as physical card transactions. The digital card number can also be used for online purchases and to set up direct debits for services such as mobile phone plans.
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Update the residential address within 14 days of securing permanent accommodation. This is both a regulatory requirement under AUSTRAC rules and a practical necessity for receiving any mailed correspondence from the bank. The address update is completed in the ANZ Plus app under “Profile” > “Personal Details” and requires the Australian mobile number registered to the account for verification. If the mobile number has changed since the initial application, it should be updated before the address change to avoid authentication failures.