Banking and moving money to Australia
Where to open an account, how to move money from Israel without it getting frozen, and what you need to declare.
✓ Checked against the sources: October 2026⚠️ This isn't financial, tax or legal advice. Before moving large sums or investing, talk to a professional.
Opening an account
- The bank must identify you under anti-money-laundering law. It usually asks for your passport, visa details and proof of address.
- Give the bank your tax file number (TFN). Without it, the bank must withhold more tax from your interest.
- Large banks: Commonwealth Bank, Westpac, ANZ, NAB. Online options: Wise, Revolut.
- Before depositing, you can check that the bank is on the list of institutions authorised by APRA, the financial regulator.
Source: AUSTRAC: Why you might be asked for ID · ATO: Tax file number · APRA: register of authorised banks
Moving money from Israel without surprises
- Prepare proof of where the money comes from: a flat sale, savings, inheritance or salaries. Banks in both countries must check it.
- Use a bank or a licensed transfer service. In Australia, a money transfer business must be registered with AUSTRAC, and you can check the register. In Israel: the Bank of Israel.
- For a large transfer, tell the receiving bank in advance and send the documents. That prevents a freeze during the check.
Source: AUSTRAC: Proof of source of funds · AUSTRAC: Remittance Sector Register · Israel Money Laundering Prohibition Authority · Bank of Israel
🔒 3 more sections in this guide
- 💵 Cash
- 🚩 Scams
- 📈 Accounts and investments that stay in Israel
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