In the 2024–25 financial year, Australia’s banking sector has adjusted its identity-verification frameworks in response to updated guidance from the Australian Transaction Reports and Analysis Centre (AUSTRAC) and ongoing digitisation of onboarding processes. For newly arrived migrants, international students, and temporary visa holders, the requirement to produce a fixed residential address within days of landing has long been a friction point. Two of the largest retail banks—Australia and New Zealand Banking Group Limited (ANZ) and National Australia Bank Limited (NAB)—have introduced digital account-opening pathways that explicitly accommodate applicants who cannot yet supply a conventional proof of address. ANZ Plus, launched in 2022 and progressively enhanced through 2024, operates as a standalone digital banking platform with its own know-your-customer (KYC) rules. NAB offers fee-free transaction accounts that can be opened from overseas up to 12 months before arrival, with identity verified at an Australian branch upon landing. These products sit against a backdrop of elevated net overseas migration: the Australian Bureau of Statistics (ABS) reported net overseas migration of 548,800 persons in the year to September 2023, with provisional figures for the year to March 2024 at 509,800 (ABS, 13 December 2024). The demand for address-flexible banking is not anecdotal; it is structural.
ANZ Plus Digital Account Opening
Eligibility and Identification Documents
ANZ Plus accepts applications from individuals aged 15 years and over who hold an eligible Australian or New Zealand passport, or an Australian visa coupled with a foreign passport. The platform uses biometric verification against the Australian Government’s Document Verification Service (DVS). An applicant must provide a valid passport, an Australian driver licence (if held), and their visa grant number for electronic validation against Department of Home Affairs records. ANZ Plus does not require a utility bill, lease agreement, or rates notice at the point of application. The system cross-references the applicant’s name, date of birth, and visa status in real time. Where a driver licence is not available, the platform may request a secondary identity document such as an Australian Medicare card, but this is not mandatory for initial account creation.
Address Handling for New Arrivals
ANZ Plus requests a residential address during the digital application flow. The field accepts a temporary address, including a hotel, serviced apartment, or the address of an educational institution. ANZ confirms in its ANZ Plus Everyday Account Terms and Conditions (effective 1 July 2024) that a customer may update their residential address at any time through the app. Physical mail is not sent as a default; statements are electronic. This design means a migrant can open an account on the day of arrival using a short-term accommodation address and later update it when a permanent residence is secured. The bank does not place a hold on the account while the address is temporary, provided the identity verification steps are completed successfully.
Account Features and Limitations
The ANZ Plus Everyday Account carries no monthly account-keeping fees. It includes a digital Visa Debit card provisioned immediately to Apple Pay and Google Pay; a physical card is mailed to the nominated address within 7–10 business days. The account offers a savings goal feature with interest rates that, as of February 2025, stand at 4.65% p.a. on ANZ Save balances under $250,000 where at least one eligible deposit is made per month. Joint accounts are not supported on ANZ Plus at this time. Over-the-counter cash deposits are limited because ANZ Plus does not integrate with ANZ branch teller systems in the same way as legacy ANZ accounts; cash deposits can be made at select ANZ ATMs that accept deposits.
NAB Transaction Account Opening Without Proof of Address
Overseas Application and Branch Verification
NAB permits prospective migrants to open a NAB Classic Banking account online before departing for Australia. The overseas application captures passport details, visa information, and an intended Australian residential address, which can be listed as “to be advised” or a temporary location. The account is opened in a restricted mode: funds can be deposited but not withdrawn until identity is verified in person at a NAB branch within Australia. NAB’s website, as updated on 18 September 2024, states that customers must visit a branch within 6 weeks of arrival to complete the identification check. At the branch, the customer presents their passport and visa grant notification. NAB does not require a lease agreement, utility bill, or bank statement from another Australian institution to complete the verification. The branch officer records the customer’s current residential address at that time, which can be a temporary address.
Address Documentation Policy
NAB’s internal KYC procedures, aligned with AUSTRAC’s Customer Identification and Verification Obligations (effective 17 June 2024), classify new migrants as “address-flexible” applicants for the first 90 days after account opening. During this window, the bank accepts a verbal declaration of residential address, supported by the visa grant notice that confirms the individual’s right to enter and reside in Australia. After 90 days, if the customer has not updated their address to a permanent residential location, NAB may request additional documentation, but the account remains operational. This policy was confirmed in NAB’s 2024 Target Market Determination for the NAB Classic Banking Account, published 1 August 2024.
Account Features and Fees
The NAB Classic Banking account has no monthly account fees and no minimum deposit requirements. It includes a Visa Debit card issued within 5–7 business days of the branch verification. The card can be added to Apple Pay, Google Pay, and Samsung Pay. As of February 2025, the linked NAB Reward Saver account pays 4.50% p.a. on balances up to $1,000,000 when at least one deposit is made and no withdrawals occur in the calendar month. NAB’s branch network, with approximately 600 locations nationwide, provides over-the-counter services, which is a distinguishing factor from ANZ Plus’s largely digital-only model.
Regulatory Framework Governing Address Requirements
AUSTRAC Identification Obligations
Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), reporting entities must collect and verify a customer’s full name, date of birth, and residential address. AUSTRAC’s guidance, updated on 17 June 2024, permits a risk-based approach. For low-risk products such as basic transaction accounts with deposit-only functionality, banks may accept a temporary address if the customer’s identity is verified through reliable and independent documentation—specifically a passport and a valid Australian visa. The guidance explicitly notes that a utility bill is not the sole acceptable form of address verification; banks may use alternative methods, including electronic checks against government databases.
Privacy and Address Updating Obligations
The Privacy Act 1988 requires banks to take reasonable steps to ensure personal information is accurate and up to date. Both ANZ and NAB include clauses in their terms requiring customers to update their residential address within 14 days of a change. For new migrants transitioning from temporary to permanent accommodation, this obligation is satisfied by updating the address in the mobile app or internet banking portal. Failure to update an address does not, in isolation, trigger account closure, but it may affect the bank’s ability to send replacement cards or comply with regulatory mailings.
Comparison of ANZ Plus and NAB for New Migrants
Digital vs. Branch-Centric Onboarding
ANZ Plus offers a fully digital onboarding process that can be completed within 15 minutes, provided the applicant’s identity documents are DVS-compatible. No branch visit is required. This suits migrants who arrive in metropolitan areas with reliable internet access and who are comfortable with biometric verification. NAB’s pathway requires a branch visit, which may be inconvenient for those in regional areas or with limited mobility, but it provides a face-to-face interaction that some customers prefer, particularly where language support is needed. NAB branches offer interpreter services through the Translating and Interpreting Service (TIS National) at no cost to the customer.
Interest Rates and Savings Features
As of February 2025, ANZ Plus offers a higher ongoing savings rate (4.65% p.a.) compared to NAB’s Reward Saver (4.50% p.a.), but ANZ Plus’s rate applies only when an eligible deposit is made each month. NAB’s rate is conditional on no withdrawals. Migrants who anticipate needing to access savings regularly may find ANZ Plus’s structure more accommodating, as the condition is deposit-based rather than withdrawal-restrictive.
Cash Handling and Branch Access
NAB’s branch network allows over-the-counter cash deposits and withdrawals, which is valuable for migrants who receive cash income or who prefer physical banking. ANZ Plus customers cannot use ANZ branch tellers for ANZ Plus accounts; cash deposits are limited to ANZ ATMs with deposit functionality, which are not universally available. Migrants intending to live in regional or remote areas should verify ATM deposit availability before selecting ANZ Plus.
Actionable Steps for New Migrants
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Open an account before departure where possible. NAB’s overseas application process allows funds to be transferred into the account before arrival, reducing the need to carry large amounts of cash. The account number and BSB are issued immediately upon application, enabling international telegraphic transfers.
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Use a temporary address without hesitation. Both ANZ Plus and NAB accept hotel, hostel, or institutional addresses for initial account setup. Update the address through the app or internet banking within 14 days of securing permanent accommodation to remain compliant with account terms.
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Bring a physical passport to the branch verification. NAB’s in-branch check requires the original passport; digital copies on a phone are not accepted. If the passport is held by an employer or migration agent for visa processing, request a certified copy in advance, though the original is strongly preferred.
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Activate digital wallets immediately. ANZ Plus provisions a digital card upon account opening, enabling contactless payments before the physical card arrives. NAB’s digital card is available after branch verification. Both reduce reliance on foreign currency and international transaction fees during the first weeks.
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Monitor address-related correspondence. Even though both banks default to electronic statements, replacement cards and security tokens are sent by post. If the temporary address is a short-term rental or hotel, arrange mail forwarding through Australia Post or notify the bank as soon as the permanent address is known.