A step-by-step guide for new arrivals to securely set up open banking, Medicare, and OSHC in Australia. Covers eligibility, processes, compliance, and essential tips.

Introduction

Moving to Australia involves crucial administrative steps for smooth financial and health access. By 2025, over one million newcomers are using Open Banking Australia for secure finance management, and Medicare covers nearly the entire resident population. Setting up your banking access, Medicare coverage, and OSHC Australia health insurance ensures you can thrive without costly delays or surprises. This guide delivers clear directions, eligibility details, compliance advice, and leading-edge best practices to support every newcomer’s first steps in Australia.

Navigating Open Banking in Australia: Secure, Flexible, and Future-Ready

Open Banking Australia empowers individuals to control their financial data and safely connect with a broader suite of services. It’s anchored by the Consumer Data Right (CDR), legislated to guarantee data privacy, banking portability, and innovation across banks and fintechs.

What Is Open Banking?

  • Open Banking Regime: Allows you to share financial data (transactions, balances, product details) with Accredited Data Recipients (fintech apps, budgeting tools) after granting explicit customer data sharing consent.
  • Participating Banks: Both major and regional banks are data holder banks. In 2025, recent reforms expand CDR to include non-bank lenders and Buy Now Pay Later (BNPL) providers, offering broader product data sharing opportunities.
  • Safe Migration: All access occurs through secure API integration to ensure data privacy and security. Your data is only shared after you approve, and can be revoked any time.

Benefits and Use Cases

  • Personal Financial Management: Use third-party apps to track spending, manage bills, and optimize savings.
  • Banking Data Portability: Easily switch providers or apply for new products with pre-populated verified data.
  • Financial Services Innovation: Access tailored offers, loans, or investments based on your real-time account information.

How to Set Up Open Banking

  1. Check Eligibility: You must hold an account with an Australian data holder bank.
  2. Choose Accredited Providers: Before sharing data, verify they are listed as an Accredited Data Recipient by the ACCC.
  3. Provide Consent: Log in to your online banking, select what data to share, duration, and revoke access at any time.
  4. Monitor Activity: Use your bank’s or provider’s dashboard to track data access and withdraw consent if needed.

Compliance Tip: Review each app’s data use policy and only share what you are comfortable with. All CDR-compliant participants must conform to strict privacy standards as enforced by the ACCC.

Medicare Australia: Health Care Access for New Arrivals

Medicare Australia forms the backbone of the national public health insurance scheme, covering GP visits, hospital care, and subsidizing prescriptions under the Pharmaceutical Benefits Scheme (PBS).

Eligibility and Enrolment

To access Medicare, you generally must be:

  • An Australian citizen, permanent resident, New Zealand citizen, or hold a visa covered by a ministerial order or reciprocal health agreement.
  • Living in Australia (temporary absences are allowed for specific reciprocal arrangements).

How to Register

  1. Create/Sign into myGov: Medicare enrolment is managed online through myGov.
  2. Link Medicare Service: In your myGov dashboard, link your Medicare account by selecting the service option.
  3. Enrol as Individual or Family:
    • Provide details for each family member. Those 15 and older must use their own myGov account with the provided application number.
  4. Submit Documents:
    • Required: valid passport or ImmiCard, visa details (if not an Australian citizen), and additional supporting ID documents.
    • Documents can be uploaded online or emailed in PDF/JPG/PNG/GIF/BMP format (each below 5MB, total under 10MB).
    • If you can’t complete online, download and fill the Medicare enrolment form, then email/mail it and supporting documents.

After Enrolment

  • Approval and Medicare Card: On approval, you’ll receive a Medicare card by mail. Use your card’s details to link further services or claim rebates.
  • Access to Care: Enjoy bulk billing service (no out-of-pocket cost for many services), benefit from the Medicare Benefits Schedule (MBS), and track annual thresholds under the Medicare Safety Net.

Tip: Always notify Medicare if your residency status, address, or family composition changes.

OSHC Australia: Essential Health Cover for International Students

Overseas Student Health Cover (OSHC) is mandatory for all international students as a visa condition. OSHC ensures you can access emergency and routine healthcare in Australia without prohibitive costs.

Key Components of OSHC

  • Minimum OSHC Coverage: Includes doctor visits, hospital admissions, ambulance services, and limited pharmaceuticals.
  • Policy Number Activation: After purchasing OSHC, activate your policy (often via the provider portal) before using it on arrival.
  • OSHC Certificate: You receive this upon purchase; it is essential for your student visa application, extensions, and enrolling at learning institutions.

How to Set Up OSHC

  1. Select an Approved OSHC Provider: Compare major insurers for coverage details, premiums, and support services.
  2. Complete the OSHC Application Process: Provide your student details, course duration, and visa dates to guarantee compliant coverage.
  3. Obtain Policy Certificate & Number: Required for your visa application and to prove coverage at health facilities.
  4. Activate and Use: Activate OSHC on arrival to Australia, and keep your certificate handy for claim or emergency use.

Managing, Renewing, and Claiming

  • Policy Renewal OSHC: Renew before expiry to maintain visa compliance.
  • Claims Documentation OSHC: When seeking medical care, retain bills/receipts for reimbursement.
  • 24/7 Helpline: Many providers offer round-the-clock support and can connect with interpreters if needed.
  • Waiting Periods: Some services have OSHC waiting periods (e.g., pre-existing conditions)—review your policy for details.

Visa Requirement Health Cover: Your visa requires continuous OSHC. Gaps or lapses may affect your compliance status.

Combining Banking, Health, and Insurance: Smart Setup Strategies

Streamlined Administration for New Migrants

  • Integrated Setup: Many banks and OSHC providers work with universities or settlement agencies to expedite account and policy activation for new arrivals.
  • End-to-End Registration Guide: Use checklists to keep all documents and login credentials handy for banking, Medicare, and OSHC.
  • Data Privacy and Security: Apply the same caution to your banking and health records—manage online passwords and monitor consent settings regularly.

Regulatory Requirements Australia

  • Financial and Health Compliance: Each step—banking, Medicare, OSHC—has regulatory touchpoints. Always check for updates from the ACCC, Services Australia, and the Department of Home Affairs.
  • Consumer Protection in Data and Health: Confirm all providers (financial or health) are certified and up-to-date with 2025 standards before sharing personal details.

Conclusion

Establishing Open Banking Australia access, enrolling in Medicare, and securing OSHC coverage are critical foundations for new arrivals. Follow step-by-step processes, ensure regulatory compliance, and leverage digital tools to maximize security and efficiency from day one. Stay proactive—review your policies annually, keep credentials secure, and enjoy the confidence that comes with smart preparation.