Commonwealth Bank of Australia (CBA): Overview and Account Opening Guide

Commonwealth Bank of Australia (CBA) is Australia’s largest bank by market capitalization and one of the most profitable retail banks in the Asia–Pacific region. Headquartered in Sydney, CBA serves more than 15 million customers across Australia and selected international hubs. In 2025, the bank remains a benchmark for digital consumer banking, with widely used mobile apps, robust payments rails, and strong mortgage and deposits franchises.

For individuals relocating to Australia, international students, and corporates with ANZ operations, CBA offers clear onboarding paths and competitive day-to-day banking services. This guide covers the bank’s profile, available accounts, eligibility, documentation, and the step-by-step process to open an account.

Bank Profile

• Founded: 1911
• Headquarters: Sydney, Australia
• Market Cap (2025): ~USD 230 billion
• Global Presence: Australia (core), with offices in Singapore, Hong Kong, London, New York, and Auckland (institutional focus outside AU)
• Key Services: Retail banking (transaction accounts, savings, mortgages, cards) Business & commercial banking (SME to large corporates) Institutional banking & markets (trade finance, FX, fixed income) Private banking & wealth (for affluent/HNW clients) Digital payments, merchant acquiring, and online banking

Why Choose CBA?

• Market leader in Australian retail banking with deep branch/ATM coverage.
• Top-tier digital experience (feature-rich mobile banking, instant payments, card controls).
• Competitive solutions for new migrants, students, and expats.
• Strong SME/commercial ecosystem and merchant services.
• Institutional capabilities for Asia–Pacific trade and treasury needs.

Account Types Available

1. Personal Transaction Accounts Everyday accounts for salary, bill payments, and debit card spending. Fee concessions for students/new arrivals; optional multi-account budgeting features.
2. Savings & Term Deposits High-interest online savings (intro rates possible) and term deposits with fixed tenors.
3. Credit Cards & Lending A range from entry cards to premium rewards; personal loans; market-leading home loans.
4. Business Accounts Business transaction accounts, integrated merchant acquiring/PayTo, payroll, and invoicing. Trade finance, FX, and working-capital lines for importing/exporting businesses.
5. Private Banking & Wealth For affluent/HNW clients (thresholds vary; typically AUD 1–2m+ investable assets or income criteria). Discretionary mandates, lending against diversified portfolios, trust/estate planning.

Account Opening Requirements

Individuals (Australian Residents)

• Government-issued photo ID (Australian passport/driver’s licence, Medicare card as secondary).
• TFN (Tax File Number) for interest reporting (optional but recommended).
• Australian residential address (lease, utility, or employer letter).

Non-Residents / New Migrants / International Students

• Valid passport.
• Australian visa (student, work, PR) or evidence of impending arrival.
• Overseas residential address (recent bank/utility statement).
• Some accounts allow pre-arrival application with in-branch ID check after landing (usually within 90 days).

Corporate / Business

• Certificate of Registration (ASIC) or foreign incorporation docs plus Australian registration.
• ABN/ACN (or foreign tax ID if opening through an offshore CBA office for institutional services).
• Company constitution/partnership agreement.
• Directors’/beneficial owners’ IDs and address proofs.
• Proof of principal place of business and operating purpose.

Step-by-Step Account Opening Process

1. Initial Application Residents: apply online or visit a branch; digital KYC often supported. New migrants/students: submit pre-arrival application on CBA’s site; pick up debit card and complete ID in-branch after landing. Business/Institutional: contact business banking or CBA Institutional Banking & Markets for scoping.
2. Document Submission & KYC Upload or present ID, visa, address proof, and (for students) enrolment letter if needed. Businesses provide incorporation, beneficial ownership, and tax details.
3. Compliance & Due Diligence KYC/AML/CTF checks; sanctions and PEP screening for cross-border applicants. Additional documentation for high-risk industries or non-resident structures.
4. Approval Timeline Personal (resident): typically 1–3 business days (same-day possible with in-branch ID). New migrant/student: account number issued pre-arrival; full activation upon in-branch ID (often same day). Business: 1–2 weeks for SME; 2–4 weeks for complex/entity structures.
5. Activation & Digital Setup Receive account number, Debit Mastercard, and NetBank/CommBank app access. Enable PayID/instant payments, card controls, and savings goals. For businesses: set up users, permissions, merchant terminals, and data feeds (Xero/MYOB).

Advantages & Considerations

Advantages

• Best-in-class mobile banking UX and reliability in Australia.
• Extensive everyday banking and mortgage ecosystem.
• Smooth pre-arrival path for expats/students.
• Full stack from retail to institutional—one relationship can scale as needs grow.

Considerations

• International (non-resident) retail options are limited outside Australia; overseas offices are mainly institutional.
• Foreign exchange margins/fees vary—shop around for larger transfers.
• Private banking thresholds and pricing tiers may be elevated compared with regional banks.

Frequently Asked Questions (FAQ)

Q1: Can I open a CBA account before arriving in Australia?
A1: Yes. Many new arrivals apply online pre-arrival and complete ID verification in a CBA branch after landing.

Q2: Do I need a TFN to open an account?
A2: Not required to open, but providing a TFN avoids maximum withholding on interest income.

Q3: Does CBA have retail banking in Singapore?
A3: No. CBA’s Singapore office focuses on institutional/corporate banking; retail is Australia-centric.

Q4: What’s the typical minimum for private banking?
A4: Varies by relationship, commonly AUD 1–2 million+ investable assets or qualifying income/net-worth.

Q5: Can businesses with overseas directors open an Australian account?
A5: Yes, but onboarding requires full disclosure of beneficial owners, certified IDs, and proof of operating purpose; timelines can be longer.

Internal Link

• Link from Global Top 20 Banks by Market Cap 2025 → “Commonwealth Bank of Australia (CBA)” anchor text.
• Related reads: [HSBC Account Opening], [MUFG Guide], [UBS Private Banking], [Bank of China Overview].
• Add cross-links from “Best Banks for New Migrants to Australia” and “Australia Business Banking: A Starter Guide”.

Commonwealth Bank of Australia, CBA, Australia banks, account opening, retail banking, private banking, corporate banking

About the Author

Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source. Read more articles