Top 10 Banks in Australia
Mesan Ali
Whether you are starting a business in Australia, getting your first job, or looking to secure your savings, opening a bank account can be immensely beneficial. The banking sector in Australia is robust, with many local and international banks holding significant positions in the industry. Each bank leads in different categories, making it essential to choose one that fits your unique needs.
However, selecting the right bank can be a daunting task. To simplify this process, we have compiled a list of the top 10 banks in Australia for 2025, highlighting their standout features and services.
Overview of Banking in Australia
Australia's banking sector is characterized by a mix of national and international financial institutions. It plays a crucial role in the nation’s economic development, providing a wide array of services ranging from personal accounts and loans to corporate financing.
In addition to traditional banking services, Australia also hosts Islamic banks, which do not engage in interest-based transactions.
To open a bank account in Australia, you typically need the following documents:
Proof of identity (e.g., driver's license or passport)
Proof of address (e.g., utility bill or lease agreement)
Tax file number (TFN) or exemption
While some banks allow you to open a bank account with no fees, others may charge monthly or annual maintenance fees. Furthermore, you might have to wait a few days for your debit card and checkbook to arrive, and using ATMs from other banks may incur transaction fees. Despite these charges, the local banking system in Australia is generally affordable unless you require a USD account or need to receive international payments. In this case, Elevate Pay can be an excellent alternative.
Top 10 Banks in Australia
Without further ado, let’s dive into the top 10 banks in Australia, in no particular order, to help you identify the best options available.
Commonwealth Bank of Australia (CBA)
Founded in 1911 and headquartered in Sydney, the Commonwealth Bank of Australia (CBA) is the largest publicly listed company in Australia, with total assets of A$1.2 trillion. CBA employs approximately 49,000 full-time equivalent staff and offers a comprehensive range of services, including retail, business, and institutional banking, as well as funds management and insurance. CBA is known for its extensive network of branches and ATMs, and its strong focus on technology and innovation.
Australia & New Zealand Banking Group (ANZ)
Established in 1835 and headquartered in Melbourne, ANZ boasts total assets of A$1.2 trillion and employs around 42,370 employees. ANZ offers a comprehensive suite of services, ranging from investment strategies to competitive mortgage rates. ANZ has garnered recognition for its outstanding private banking services and has a strong international presence, particularly in the Asia-Pacific region.
National Australia Bank (NAB)
Founded in 1858 and based in Melbourne, NAB also holds total assets of A$1.2 trillion. The bank has a workforce of about 35,000 employees and offers personal banking services, corporate banking, and agribusiness solutions. NAB stands out for its focus on corporate banking and environmental sustainability initiatives.
Westpac Banking Corporation
As one of Australia's oldest banks, Westpac was founded in 1817 and is headquartered in Sydney. With total assets of A$1.2 trillion and approximately 40,000 employees, Westpac offers an array of banking services, including retail, business, and institutional banking. The bank is known for its commitment to sustainability and community activities.
Macquarie Group
Founded in 1969 and headquartered in Sydney, Macquarie Group is known for its investment and asset management services. With total assets of A$1.2 trillion and around 15,000 employees, the bank has made a name for itself in the investment sector. Macquarie is particularly recognized for its global expertise and innovative financial services.
Suncorp Group
Established in 1919 and based in Brisbane, Suncorp Group has total assets of A$100 billion. The bank employs around 15,000 individuals and offers services in retail and business banking, insurance, and financial planning. Suncorp is particularly well-regarded for its community banking model.
Bank of Queensland
Founded in 1874 and headquartered in Brisbane, the Bank of Queensland has total assets of A$70 billion. With a workforce of approximately 5,000 employees, this bank focuses on retail and business banking alongside home and personal loans. One of the bank’s standout features is its commitment to community banking.
Bendigo & Adelaide Bank
Bendigo & Adelaide Bank was formed from two historic banks and is headquartered in Bendigo, Victoria. The bank has total assets of A$60 billion and employs around 5,000 staff. The bank is celebrated for its community banking ethos and moral banking standards.
ING Bank (Australia)
ING Bank was established in 1992 and is based in Sydney. With total assets of A$50 billion and a workforce of about 1,000, ING operates as an online-only bank. The bank is known for its competitive interest rates and user-friendly online platform.
HSBC Bank Australia
Founded in 1865 and headquartered in Sydney, HSBC Bank Australia has total assets of A$50 billion and employs around 1,000 staff. As part of the global banking giant HSBC, this bank offers an extensive range of services, including private banking, wealth management, and international banking. HSBC Bank Australia is particularly noted for its services tailored to high-net-worth individuals and businesses.
Why is Elevate Pay the best Choice for USD Bank Accounts?
Freelancers and remote workers earning in USD often face challenges in managing their international income. Elevate Pay is designed to address these hurdles, allowing users to streamline their financial transactions. With Elevate Pay, users can open a free USD account through a simple three-step sign-up process. This account, provided by Bangor Savings Bank, enables you to receive and store USD funds easily.
Elevate Pay focuses on serving emerging markets, providing tailored customer service that aligns with your specific needs. By downloading the Elevate Pay app on your iOS or Android device, you can start using the service immediately, making it an excellent solution for managing your USD income.
Conclusion
This guide serves as your comprehensive review for selecting a bank to open your account in Australia. By examining each of the top banks, you can identify the unique services they offer and make an informed decision based on your personal or business needs.
Australia's banking sector is home to several reputable institutions, and your final choice will depend on what aligns best with your financial goals. By understanding the offerings of these ten banks, you can navigate the Australian banking landscape more easily and find the right fit for your interests.