List of  Banks in Australia in a page

List of  Banks in Australia in a page

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List of  Banks in Australia in a page

Australia’s banking sector is one of the most well-regulated and stable in the world. It features a variety of banks catering to both domestic and international clients, providing a range of financial services such as personal banking, business loans, and investment opportunities. Below is an overview of the major players in the Australian banking industry, including the “Big Four” banks and a variety of smaller, regional, and foreign banks that also play a critical role in the economy.

List of  Banks in Australia in a page
List of  Banks in Australia in a page

1. The Big Four Banks in Australia

The “Big Four” refers to the four largest banks in Australia, which dominate the banking landscape and account for a significant portion of the market share.

a. Commonwealth Bank of Australia (CBA)

Commonwealth Bank of Australia, often referred to as CommBank, is the largest bank in Australia by market capitalization and customer base. It offers a full range of financial services, including retail, business, and institutional banking. CommBank is also known for its strong focus on technology and digital banking solutions.

b. Westpac Banking Corporation

Westpac is one of Australia’s oldest and most trusted banks, established in 1817. It provides banking services across Australia, New Zealand, and several Pacific Islands. Westpac offers personal banking, business services, and wealth management products, making it one of the most versatile financial institutions in the country.

c. National Australia Bank (NAB)

NAB is another of the Big Four and operates not only in Australia but also in New Zealand and parts of Asia. NAB is known for its strong presence in commercial banking and for providing financial services to small and medium-sized enterprises (SMEs). It also has a large retail customer base and focuses heavily on customer service.

d. Australia and New Zealand Banking Group (ANZ)

ANZ is a multinational bank with operations across 34 countries. While headquartered in Melbourne, it is one of the major banks in the Asia-Pacific region. ANZ offers a wide array of services ranging from personal and business banking to institutional banking and investment solutions. Its strong international presence sets it apart from its peers.

2. Regional Banks in Australia

While the Big Four banks dominate the Australian financial landscape, several regional banks also serve important roles, especially in specific states and territories.

a. Bendigo and Adelaide Bank

Bendigo and Adelaide Bank is a customer-focused bank with a strong community-based approach. It operates mainly in regional and rural areas of Australia, providing banking and financial services such as loans, credit cards, and insurance.

b. Bank of Queensland (BOQ)

Headquartered in Brisbane, the Bank of Queensland offers personal banking, business services, and finance to Queensland residents. It operates both through traditional bank branches and owner-managed branches, which allows it to have a unique connection to its customers.

c. Suncorp Bank

Suncorp Bank operates primarily in Queensland but has a nationwide reach. It is part of the Suncorp Group, which offers both banking and insurance services. Suncorp is a popular choice for both retail and business customers due to its flexible products and customer-friendly policies.

3. Foreign Banks in Australia

Australia is a lucrative market for international banks due to its stable economy and high demand for diversified financial products. Several global banks operate within Australia, providing international banking services, corporate finance, and investment options.

a. HSBC Australia

HSBC is one of the largest banking and financial services organizations in the world. In Australia, HSBC focuses on personal banking, wealth management, and commercial banking. It’s particularly popular with expatriates and those who need access to international banking services.

b. Citibank Australia

Citibank is another foreign bank that has a strong presence in Australia. It specializes in personal banking, including home loans, credit cards, and investment solutions. Citibank’s global reach makes it an attractive option for individuals and businesses with international banking needs.

c. BNP Paribas Australia

BNP Paribas operates primarily in the investment and corporate banking sectors in Australia. It serves large corporations, institutional investors, and financial intermediaries, offering them access to a wide range of products such as asset management, securities services, and global investment banking solutions.

4. Digital Banks and Neobanks

The rise of digital banks and neobanks in Australia has transformed how people manage their money. These banks focus on providing financial services through digital platforms, often with lower fees and more user-friendly experiences.

a. UP Bank

UP Bank is a popular Australian digital bank that operates entirely through a mobile app. It provides savings and transaction accounts with an emphasis on financial wellness and easy-to-use budgeting tools. UP Bank is known for its innovative approach to personal finance and transparency with fees.

b. 86 400

Named after the number of seconds in a day, 86 400 is a neobank focused on helping customers manage their money through insightful financial tools. It offers competitive rates on savings accounts and simple, streamlined transaction accounts, all via its mobile app.

c. Volt Bank

Volt Bank was Australia’s first fully licensed digital bank but has since scaled back its operations. However, it played a significant role in shaping the digital banking landscape in the country, showing how banking can evolve with technology.

5. Mutual Banks and Credit Unions

In addition to the traditional banks, Australia is home to several mutual banks and credit unions. These organizations are owned by their members and typically offer more personalized services and competitive interest rates.

a. Bank Australia

Bank Australia is a customer-owned bank that places a strong emphasis on ethical banking. It offers products such as home loans, credit cards, and personal banking services with a focus on environmental sustainability and community involvement.

b. Teachers Mutual Bank

As the name suggests, Teachers Mutual Bank is primarily focused on serving educators and their families. It offers a wide range of financial products and services, including loans, savings accounts, and credit cards. The bank operates under a customer-first philosophy and has strong ethical and social values.

c. Heritage Bank

Heritage Bank is one of the largest customer-owned banks in Australia, based in Toowoomba, Queensland. It offers competitive banking products with a personal touch, focusing on building strong customer relationships and providing exceptional service.

6. Specialty Banks

There are also niche or specialty banks in Australia that focus on particular sectors of the economy or specific customer needs.

a. Macquarie Bank

Macquarie Bank is known primarily for its investment banking services, but it also offers retail banking and financial services. Macquarie is a global financial powerhouse, known for its expertise in infrastructure, renewable energy, and real estate investments.

b. Judo Bank

Judo Bank is a newer entrant into the Australian banking sector, focused on providing lending services to small and medium-sized businesses (SMEs). It positions itself as a challenger to traditional business banking and is growing rapidly due to its personalized approach to SME lending.

Conclusion

Australia’s banking sector is diverse and dynamic, catering to a wide range of customers—from large corporations to individual savers. While the “Big Four” banks dominate the landscape, regional banks, digital banks, foreign banks, and customer-owned institutions all play significant roles. The rise of digital banks and the presence of global financial institutions reflect the country’s evolving economic and technological environment, offering Australian customers more choices than ever before.

FAQs

  1. What are the Big Four banks in Australia? The Big Four banks in Australia are Commonwealth Bank (CBA), Westpac, National Australia Bank (NAB), and Australia and New Zealand Banking Group (ANZ).
  2. What are neobanks in Australia? Neobanks are digital-only banks that operate primarily through mobile apps, offering simple and innovative banking solutions without traditional branches. Examples include UP Bank and 86 400.
  3. Can foreign banks operate in Australia? Yes, foreign banks like HSBC, Citibank, and BNP Paribas operate in Australia, providing services to both individuals and businesses.
  4. What are mutual banks? Mutual banks, such as Bank Australia and Teachers Mutual Bank, are owned by their customers (members) and often focus on ethical banking and personalized services.
  5. Which bank is best for small businesses in Australia? Judo Bank is an emerging specialist bank known for providing personalized lending solutions to small and medium-sized businesses in Australia.

The banks of Australia by the state based in, keep in mind that a lot of them have branches and/or Automated Teller Machines (ATMs) in different states and even across Australia.

For the banks that service a few states we’ve abbreviated the state names in brackets, which are NSW (New South Wales), VIC (Victoria), QLD (Queensland, WA (Western Australia), SA (South Australia), TAS (Tasmania), ACT (Australian Capital Territory) and NT (Northern Territory).

  1. Australia-Wide Or Multiple States
  2. AMP Bank
  3. ANZ
  4. Commonwealth Bank
  5. IMB Bank
  6. ME Bank
  7. NAB
  8. St George Bank
  9. Suncorp Group
  10. Westpac
  11. Beyond Bank Australia (NSW, WA, SA, ACT)
  12. Defence Bank (for the Australian defence force and wider community)
  13. Delphi Bank (NSW, VIC, SA)
  14. Hume Bank
  15. G&C Mutual Bank (NSW, VIC)
  16. Rural Bank (mainly SA and VIC but also nationally through Bendigo Bank and Adelaide Bank)
  17. Teachers Mutual Bank

New South Wales

  1. Bank of Sydney
  2. Police Bank (police members and their families)

Victoria

  1. Bank Australia
  2. Bank of Melbourne
  3. Bendigo Bank
  4. Macquarie Bank
  5. BankVic (police, health, emergency and public services)
  6. Victoria Teachers Mutual Bank (teachers)

Queensland

  1. Auswide Bank
  2. Bank of Queensland
  3. Heritage Bank
  4. QT Mutual Bank (teachers)

Western Australia

Bankwest
P&N Bank

South Australia

Adelaide Bank
BankSA
Tasmania
MyState Bank

Australia-Wide Or Multiple States

Australian Capital Territory
See the ‘Australia-wide or multiple states’ list for the banks that operate in the NT.

Northern Territory
See the ‘Australia-wide or multiple states’ list for the banks that operate in the NT.

New South Wales

Victoria

Queensland

Western Australia

South Australia

Tasmania

Foreign-Owned Subsidiaries

International Money Transfer Companies

Foreign-Owned Subsidiaries
Arab Bank Australia
Bank of China Australia
Citigroup
Deutsche Bank Australia
HSBC
ING Direct (subsidiary of Dutch bank)
Investec Bank
Rabobank
International Money Transfer Companies
HIFX
MoneyCorp

Facts About Australia

General

  • Population: 24 million
  • Area: 7,692,024 km2
  • Government Capital: Canberra (Australian Capital Territory)
  • Administrative Divisions: 6 states and 2 territories
  • Currency: Australian dollar (AUD)
  • Financial Year: 1 July – 30 June

Australian Time Zones

Australian Western Standard Time (Awst)

  • State(s) Included: Western Australia
  • Hours Relating to GMT: 8 hours ahead

Australian Central Standard Time (Acst)

  • State(s) Included: South Australia, Northern Territory
  • Hours Relating to GMT: 9.5 hours ahead

Australian Eastern Standard Time (Aest)

  • State(s) Included: New South Wales, Victoria, Queensland, Tasmania, Australian Capital Territory
  • Hours Ahead of GMT: 10 hours ahead

Daylight Savings Time (Dst)

Daylight Savings Time (DST) runs from 2:00am on the first Sunday in October (local time), when clocks are set forward by an hour, until 3:00am on the first Sunday in April, where clocks are set back an hour.

Designed to make the most of the summer months, it affects New South Wales, Victoria, South Australia, Tasmania and the Australian Capital Territory.

During this time the following time zones apply:

  • New South Wales, Victoria, South Australia, Tasmania: 11 hours ahead of GMT
  • South Australia: 10.5 hours ahead of GMT

Telephone Area Codes

  • Australian Country Code: 61
  • Outgoing Access Code (for making overseas calls within Australia): 0011
  • States and Territories: 
    • New South Wales, Australian Capital Territory: 02
    • Victoria, Tasmania: 03
    • Mobile telephones (Australia-wide): 04
    • Queensland: 07
    • Western Australia, South Australia, Northern Territory: 08

If you’re calling from outside Australia, leave out the ‘0’ from before the state or territory area code.

For example, if you want to call a Western Australian landline you’d dial +61 8 [their local eight digit number]. If you’re calling their mobile you’d dial +61 4 [their eight digit mobile number].

Geography

  • Area: 7.692 million km²
  • Capital City: Canberra
  • Largest City: Sydney
  • Highest Point: Mt. Kosciusko 7,310 ft (2.23 km)
  • Lowest Point: Lake Eyre -39 ft. (-12 m.)
  • Longest River: Murray River (2,520 km)

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