Best Digital Banks In Australia For Online Banking

Digital banking in Australia has rapidly evolved, offering innovative financial solutions that provide greater convenience, flexibility, and often more competitive rates compared to traditional banking institutions. For both beginner and advanced traders, choosing the right digital bank can streamline financial transactions, reduce fees, and enhance overall banking experiences. To help you make this choice, we have prepared a list of the top digital banks in Australia for online banking.

Best digital banks in Australia (2025)

Digital banks, also known as neobanks or challenger banks, operate primarily online without traditional branch networks. They leverage technology to deliver seamless, user-friendly banking services through mobile apps and web platforms. These banks focus on providing low-cost solutions with minimal fees, and they often offer unique features such as real-time spending insights, budgeting tools, and tailored notifications. Digital banks cater especially to tech-savvy individuals and businesses who prefer managing their finances on-the-go and appreciate tools that aid in tracking expenses and managing investments efficiently. Let’s now take a look at the top options in Australia.

Wise

Wise Review

Known for its transparent fee structure and global reach, Wise (formerly TransferWise) is designed for international users and offers multi-currency accounts. Although not a traditional bank, it provides many features that appeal to globally minded customers.

Wise also offers a debit card designed for those who need to manage money in different currencies. With the ability to hold and use over 40 currencies, it’s particularly useful for travelers or individuals making international purchases. Wise keeps things affordable by using the real exchange rate, so users don’t face the high markups typically seen with currency conversions. The card comes with no monthly fees, and you can make ATM withdrawals up to AUD 350 per month for free, beyond which a fee of 1.75% of the transaction amount plus AUD 1.50 per transaction applies.

The card works seamlessly with digital wallets like Apple Pay and Google Pay, making contactless payments simple. Users also benefit from features that ensure control and security, such as the ability to freeze or unfreeze the card through the app and instant notifications for each transaction.

To get started, users can sign up for a free Wise account online or through the app. The card itself comes at a one-time fee of AUD 10, which can be activated with a simple chip and PIN transaction once received. Funds can be added in any currency, which can then be managed and converted within the app. The Wise card is regulated by Australian financial authorities, making it a trustworthy option for handling both domestic and international expenses securely.

Key features:

• Multi-currency support (over 50 currencies).

• Competitive exchange rates with transparent fees.

• No monthly fees or hidden charges.

Best for: Individuals and traders who regularly transfer funds internationally.

Revolut

Revolut Review

Originally from the UK, Revolut is a versatile fintech platform that offers banking, budgeting, and cryptocurrency services. Revolut is especially popular for travelers and individuals with diverse financial needs.

In Australia, Revolut has introduced personal loans, offering amounts between $5,000 and $50,000 with repayment periods from 1 to 7 years. Interest rates start at 6.56% per annum and are tailored to each individual's credit history. There are no monthly fees or charges for paying off the loan early. The entire application is handled through the Revolut app, where you can get a personalized quote without affecting your credit score. To qualify, you need to be at least 18 years old, an Australian citizen or permanent resident, have a good credit record, and earn at least $2,000 per month after tax.

Key features:

• Cryptocurrency trading, gold investment, and stock trading available.

• Budgeting and expense tracking tools.

• Fee-free currency exchange (within monthly limits) and international transfers.

Best for: Users who value a single platform for banking, investing, and budgeting needs.

Up

Up is an Australian-based neobank backed by Bendigo and Adelaide Bank, built to simplify personal finance with a mobile-first approach. You can quickly set up an account and start using features like transaction and savings accounts, instant digital cards, and helpful tools for budgeting and saving. Up gives you real-time insights into your spending, automatically categorizes your transactions, and lets you set up multiple savings goals with good interest rates. It works with Apple Pay and Google Pay for easy payments and doesn't charge fees for international transactions, which is great for travelers. Up focuses on being clear and straightforward, with no monthly account fees, aiming to make banking simple and hassle-free.

Key features:

• Real-time transaction notifications with detailed categorization.

• Automated savings tools and “saver” accounts.

• “Superpowered” app with joint accounts and reward options.

Best for: Tech-savvy users and younger audiences who appreciate gamified features for budgeting.

UBank

A digital division of National Australia Bank (NAB), UBank combines simplicity with the benefits of a traditional bank, offering services like savings accounts and home loans. Their Save account offers an attractive interest rate of up to 5.50% per annum on balances up to $100,000, with no monthly fees, as long as you deposit at least $500 each month into any of your UBank accounts. For homebuyers, UBank's Neat variable home loan provides a rate of 6.09% per annum for owner-occupiers making principal and interest repayments, with a loan-to-value ratio up to 60%. This loan has no annual fees, and UBank covers the first property valuation up to $360. Their digital platform is designed to be user-friendly, allowing you to handle your banking needs online or through their mobile app, eliminating the need to visit a branch. UBank aims to make banking simple and convenient, aligning with the preferences of today's customers.

Key features:

• High-interest savings accounts with flexible deposit options.

• Home loans with competitive rates, easy online applications.

• No monthly account fees.

Best for: Customers who want the stability of a major bank with the convenience of digital services.

Hay

Hay is an Australian fintech focused on providing users with a straightforward digital wallet experience, featuring instant payments and spending analysis. Users can easily open accounts, make payments, and keep track of their spending with instant notifications. The bank offers a prepaid Visa card that can be used for everyday purchases both in Australia and abroad, without any account-keeping fees or charges for international transactions. However, Hay doesn't offer savings accounts that earn interest, so deposits won't grow over time. The app includes features to help users manage their money, such as categorizing expenses and setting budgets. While Hay doesn't charge for withdrawing cash from ATMs in Australia, the ATM owner might. For overseas ATM withdrawals, customers can take out up to $500 each month without fees; if they exceed this amount, a 1.5% fee on the extra withdrawal applies. Hay's focus on simplicity and user satisfaction makes it a strong choice among Australia's digital banks.

Key features:

• Prepaid Visa card for easy budgeting and fee-free international transactions.

• Real-time notifications for every transaction.

• Integration with spending insights to help manage budgets.

Best for: Users wanting simplicity and transparency in managing their day-to-day finances.

Here is a comparison of the top digital banks in Australia, focusing on their regulation status, support for the Australian dollar, loan offerings, and service fees:

Key benefits of using digital banks

Digital banks come with several advantages, particularly for those looking for enhanced control over their finances. Here are some key benefits:

• Lower fees. Digital banks often reduce or eliminate many fees commonly charged by traditional banks, including maintenance fees, foreign transaction fees, and ATM withdrawal charges.

• Convenient access. With digital platforms, banking services are accessible anytime, anywhere. This flexibility is particularly valuable for busy traders who need to manage their finances on the go.

• Enhanced tools. Many digital banks offer tools for budgeting, savings goals, and spending analysis. These features provide real-time insights into spending habits and can help users make informed financial decisions.

• Security measures. Most digital banks implement advanced security features, such as biometric logins, two-factor authentication, and encryption, to protect customer data and transactions.

• International services. Many digital banks offer competitive rates for international money transfers and currency exchanges, making them ideal for users who engage in cross-border transactions frequently.

What to consider when choosing a digital bank in Australia

Selecting the right digital bank depends on individual needs and preferences. Here are some critical factors to consider when evaluating options:

1. Regulation and safety. Ensure the digital bank is licensed and regulated by relevant authorities, such as the Australian Prudential Regulation Authority (APRA) or holds an Australian Financial Services Licence (AFSL). This assures a level of protection for your funds.

2. Fee structure. Review the bank’s fee structure, including any charges for account maintenance, transactions, and international services. Transparent and low fees are essential for users looking to minimize banking costs.

3. Australian dollar support. It’s crucial to ensure the bank supports transactions in Australian dollars for seamless local transactions, payments, and transfers.

4. Loan and credit options. If you plan to apply for loans or need access to credit products, check whether the digital bank offers these options and their interest rates.

5. Ease of use. A user-friendly interface and a mobile app with essential banking features make managing finances easier and more efficient. Look for banks with positive app reviews for functionality and user experience.

6. Customer support. Since digital banks typically lack physical branches, strong customer support is essential. Ensure the bank offers responsive, accessible support through chat, email, or phone for any issues that may arise.

Customer service is essential

Anastasiia Chabaniuk Author, Financial Expert at Traders Union

Look for low-fee international transfers if you’re working with multiple currencies, as transaction costs can quickly add up. Beyond fees, customer service is essential — while digital banks don’t have physical branches, the best ones provide fast, knowledgeable support, which is important when handling your money. Finally, make sure the bank you choose is secure and regulated; a stable, licensed institution will offer you the peace of mind you need to focus on trading. Remember, the best digital bank will not only support your financial activities but will also grow with your needs, adapting as you do in an ever-evolving trading environment.

Conclusion

Digital banks in Australia are transforming the financial landscape by offering streamlined, technology-driven services that cater to the needs of modern users. With lower fees, enhanced accessibility, and innovative financial tools, they present a compelling alternative to traditional banking. As competition grows, users can expect even more tailored solutions, improved customer experiences, and potentially greater cost benefits. For traders and investors, these platforms provide the agility and support needed to manage finances effectively in a fast-paced, global market.

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Team that worked on the article

Rinat Gismatullin

Author and business expert

Rinat Gismatullin is an entrepreneur and a business expert with 9 years of experience in trading. He focuses on long-term investing, but also uses intraday trading. He is a private consultant on investing in digital assets and personal finance. Rinat holds two degrees in Economy and Linguistics.

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Chinmay Soni

Developmental English Editor

Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.

As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.

Mirjan Hipolito

Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).