Banking in Australia: Fees, BSB Numbers, and Sending Money Overseas

Understanding how the Australian banking system works is one of the first practical tasks when you arrive. The system is reliable but has its own terminology and quirks that differ from what you may be used to in Vietnam.

Account types and fees

Most banks offer two types of personal accounts:

• Transaction account — for everyday spending, EFTPOS, and direct debits. Some are fee-free; others charge a monthly fee waived if you deposit a minimum amount each month.
• Savings account — for accumulating money, earning interest. Usually linked to your transaction account and transfers happen instantly between them within the same bank.

Many of Australia’s major banks — Commonwealth Bank, ANZ, NAB, Westpac — offer fee-free accounts for certain customers (students, people under 30, or those meeting a deposit condition). Smaller banks and credit unions sometimes offer better rates and fewer fees. Online-only banks such as Up, ING, and Macquarie offer competitive features and are fully regulated.

BSB and account numbers

When someone needs to pay you (your employer, Centrelink, a private person), they will ask for your BSB and account number.

• BSB (Bank State Branch) — a six-digit number identifying your bank and branch (e.g. 032-000). In practice, most transactions no longer route by physical branch, but the BSB format is maintained for compatibility.
• Account number — typically 6–10 digits, unique to your account.

Together, the BSB and account number replace IBAN numbers (used in Europe and Vietnam). There is no IBAN system in Australia.

For receiving payments, your BSB and account number are all that is needed. You can find them in your bank’s app, on your bank statement, or on the “account details” section of your online banking.

Domestic transfers — PayID and NPP

The New Payments Platform (NPP) enables near-instant transfers between Australian bank accounts, 24 hours a day, seven days a week. Most transfers between major banks arrive within seconds.

PayID is a way to receive money using a memorable identifier — your mobile phone number or email address — linked to your account. To receive a PayID payment, you register one in your banking app. This avoids the need to share your BSB and account number for small transfers.

Sending money overseas — bank versus apps

If you send money to Vietnam or other countries regularly, the difference in fees and exchange rates between options is significant.

Bank international transfers (SWIFT) typically charge a flat fee of $20–$35 per transfer and use a bank exchange rate that may be 2–4% worse than the mid-market rate. For large amounts, this can be substantial.

Specialist money transfer apps and services — such as Wise (formerly TransferWise), Remitly, or Western Union — usually offer better exchange rates and lower fees, particularly for common corridors like Australia to Vietnam. Always compare the total amount received in the destination currency, not just the fee.

Key things to check: transfer limits per transaction or per day; how long the transfer takes; and whether the recipient needs a bank account or can collect cash.

What to watch for

• Scam transfers: once you send money via bank transfer in Australia, it is very difficult to recover. Never transfer money under pressure from an unexpected call or email.
• BSB errors: entering the wrong BSB or account number will send money to the wrong account — double-check before confirming.
• Overseas transaction fees: Australian debit and credit cards typically charge a fee of 2–3% on purchases made in foreign currencies. If you travel frequently, consider a card with no foreign transaction fees.