Banks with no monthly fees in Australia

You’ll find you’re able to open a bank account without monthly fees in Australia, either with a bank or a digital provider like Wise and Revolut. It’s worth knowing that some apparently free accounts from banks actually only waive monthly fees if you meet eligibility rules, like holding a minimum balance or depositing a minimum amount every month. That means you’ll need to shop around to find the perfect account for you.

Even where your bank account has no monthly fee, there are likely to be some transaction fees you need to know about – this guide is here to help you navigate and unpick your options. We’ll look at popular no fee accounts from banks like NAB and HSBC and also solutions with more flexibility, such as Wise or Revolut. But more on that later, read on.

Where can I open a bank account with no monthly fees?

Opening an account without a monthly fee doesn’t mean that all services are free. Some potential additional costs can be international transfers, foreign transactions or ATM use, currency exchange or attached cards. That means it pays to look at the details when selecting a bank account with no monthly fees.

Generally you’ll find you have two options: banks and digital alternative providers.

Banks offer some accounts with no monthly fee, which may require you to meet some criteria to qualify. Your account will be a relatively basic everyday account in AUD, and there may be additional fees to know about particularly for international use and situations where things like dishonour fees and overdrawn fees apply.

Specialist providers often offer more flexible digital accounts which hold multiple currencies and come with cards for spending and withdrawal. They can be used cheaply at home and when you travel. Application and account management is all done through an app, and the providers can often keep down costs to allow users to transact with very low fees and lots of feature options.

Which provider has the best accounts without monthly fees?

Let’s compare a few accounts from banks and providers below that do not charge maintenance fees. We’ve got more detail on each right after.

*Details correct at time of research – 16th May 2025

Many Australian banks offer accounts which have no monthly fees as long as you meet certain conditions – but here the accounts we’ve picked don’t have any monthly charge, without extra requirements like a minimum balance or a monthly deposit. That can make these a good choice if you want low commitments and an everyday account you can use to manage AUD. The main consideration when using these accounts for international transfers or transactions is the foreign transaction fees. Both HSBC and NAB apply foreign transaction fees, and may include costs in their rates for currency conversion if you send a payment abroad.

If you transact internationally, travel or shop online with foreign merchants, the Wise or Revolut accounts might be a better fit, with multi-currency holdings, no foreign transaction fee and ways to send convenient digital payments for low costs. Let’s look at the providers we’ve picked out in more detail next.

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HSBC Day to Day Account

The HSBC Day to Day Account has no monthly fee, no minimum balance or deposit, and a linked debit card you get as part of the account opening process. There are also no charges for withdrawals at HSBC ATMs, and exclusive offers and rewards from Australian retailers with the HSBC Home&Away Privilege Program.

International charges do apply to this account, including a foreign transaction fee of 3% and an international ATM fee of 4.5 AUD per withdrawal. This makes it a strong choice for local use, but less attractive when you travel.

How to open an HSBC Day to Day Account

Apply online following the prompts on screen, as long as you are a new HSBC Australia customer and have an Australian residential address, your mobile phone and a valid passport or Australian driver’s licence. If you don’t meet these criteria you can still apply in a branch.

To open an HSBC Day to Day Account online:

1. Download the HSBC app or open the desktop site
2. Find the Day to Day account and tap Start now
3. Enter your personal and contact information
4. Verify your phone
5. Follow the prompts to upload ID
6. Once verified you can transact, your card will arrive by mail

NAB Classic Banking Account

The NAB Classic Banking Account has no monthly account fee and no overdrawn fee. You can also get personalised cash back offers with NAB Goodies. Accounts come with a standard debit card which has no monthly fee to pay, or you can choose to pay a fee of 10 AUD a month for a NAB Platinum Visa Debit card which offers extras like no international transaction fee on purchases, complimentary insurance and up to 10 AUD per month cashback on contactless purchases.

If you don’t want to commit to the extra card fees, you’ll meet foreign transaction costs with the NAB Classic Banking Account – purchases have a 3.5% foreign transaction fee, and ATM use overseas costs 5 AUD per withdrawal.

How to open an NAB Classic Banking Account

You can open an NAB Classic Banking Account if you’re applying on your own, have an Australian address and a suitable ID. If you’re looking for a joint account or don’t have the right ID to apply, you’ll need to visit a branch.

To open an NAB Classic Banking Account online:

1. Open the NAB desktop site
2. Find the NAB Classic Banking Account and tap Start now
3. Confirm that you’re eligible to apply online, following the instructions
4. Enter your personal and contact information
5. Follow the prompts to upload ID
6. Once verified you can transact, your card will arrive by mail

Wise Account

Open a Wise account to hold and exchange 40+ currencies with no monthly fees, no minimum deposit  and no ongoing card fees. You’ll also get your own local and SWIFT account details to get paid in 8+ currencies. You can use your Wise Account to manage your money in AUD for day to day use, but it’s also super handy for travel, paying international bills and shopping online with international retailers.

You can order a linked Wise debit card for a one time fee – and every time you need to switch from one currency to the other, Wise applies the mid-market exchange rate plus a transparent fee from 0.67%. That means transparent fees when you’re away from home, and clearly disclosed costs when you send money overseas.

        📲  Learn more about Wise exchange rates

How to open a Wise account

To open a Wise account:

1. Download the Wise app or open the Wise desktop site
2. Click Sign up and create an account with your email, Facebook, Google or Apple ID
3. Follow the prompts to enter the details needed
4. Upload a snap of your ID and address documents
5. Once your account has been verified you’re good to go

Revolut Standard Account

Revolut offers a range of account services which let you hold and exchange 25+ currencies and spend using a linked debit card all around the world. Standard account plans have no monthly fee, or you can choose a higher tier account with fees up to 28.99 AUD/month. For this guide we’ve looked at the Standard Account only – other tigers have ongoing costs but do unlock extra perks.

With a Revolut Standard account you can get weekday no fee currency conversion to 2,000 AUD a month with no extra fees, and up to 350 AUD in ATM withdrawals monthly. Once you exhaust your plans there are fair usage fees, so this is an account that’s best for people who know they’ll stay within the plan limits to keep costs as low as possible.

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How to open a Revolut Standard Account

To open an account with Revolut:

1. Download the Revolut app
2. Enter your phone number and set a PIN – you’ll get a verification message from Revolut
3. Use the verification code to access the app and enter the details needed to create your account
4. Upload the required documents for verification
5. You can deposit funds and use your account once verified

What do I need to open a bank account without monthly fees in Australia?

Usually to open an account with an Australian bank you’ll need to be an Australian resident and over their minimum age limit – this can be around 14 or 16. You can apply online or in an app if you have standard paperwork, which may mean having 2 personal ID documents like these:

• Australian passport
• Foreign passport
• Australian driver’s licence
• Medicare card
• Birth certificate (for applicants aged 18 or under)

Usually if you don’t have these documents, or if you’re applying for a joint account, you can still do so – but you’ll need to go to a branch in person to get set up.

Things to consider when choosing a zero monthly fee bank account

There’s not a shortage of choice when it comes to finding a zero monthly fee bank account – but choosing the right one for you will take a bit of thought. Consider the following when you’re deciding:

• ATM availability and cost – check what the coverage is for local no fee ATMs close to where you live and work, and take a look at what it’ll cost you to withdraw when you’re abroad as this can be expensive
• International payments – if you travel, take a look at foreign transaction fees as these can add another 3.5% to every purchase. And if you need to send money overseas, compare the rates you’re offered against alternative providers like Wise as lots of costs can lurk here if you’re unlucky
• Other costs – other transaction and penalty fees may also apply, such as fees for being overdrawn or for payments being declined due to lack of funds – read the terms and conditions carefully before you transact
• Customer support – make sure you know how to get help conveniently when you need it – this may be in a branch or in an app, but looking for a service with a reputation for good customer service can give you peace of mind
• Security – don’t sign up without checking you understand the security features of your account, such as ways to freeze your card if you misplace it, or digital card versions for online shopping

Conclusion

When choosing banks with no monthly fees in Australia, consider your international usage needs. In this guide we’ve looked at a couple of banks which do have accounts with no hidden monthly costs – HSBC and NAB – but there are still some transaction fees to know about. These can be particularly high if you transact internationally, including foreign transaction fees of about 3.5% and foreign ATM fees of about 5 AUD.

Alternative providers like Wise and Revolut present a great option for people who want to manage their money at home and as they travel, with no maintenance costs, low fees and excellent exchange rates. Compare your options carefully to pick the best account for your personal needs.

FAQ:

Which banks allow you to open an account without monthly fees in Australia?

In this guide we’ve looked at a couple of banks which have accounts with no hidden monthly costs – HSBC and NAB – but there are still some transaction fees to know about. Compare your options against specialist providers like Wise and Revolut to decide which is best for you.

Can I open a bank account online without going to the bank in Australia?

You can often open a bank account online in Australia if you’re an Australian resident and can provide ID like your passport and Australian driving license. If not, you can visit the branch or choose a fully digital provider like Wise or Revolut.

What is the easiest bank account to open online?

Generally opening an account online with a bank or specialist service is easy as long as you meet the criteria and have standard ID documents, such as a passport and Australian driving license. Complete your personal information, and upload ID to get verified.

Do all banks charge a monthly fee?

No, not all banks have a monthly fee. Some have accounts with no monthly fee at all, and others have accounts with ways to waive fees if you would like to.

How to avoid a monthly maintenance fee?

Many banks offer accounts with no monthly fees – but there can be a catch, such as a minimum balance requirement or a minimum monthly deposit. Look out for accounts which never charge a monthly fee, from providers like Wise and Revolut, and banks like HSBC and NAB.