Best private banks in Australia: How to choose the right option

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If you are searching for the best private bank australia option, the main question is not only which brand looks the most exclusive. It is which provider fits your wealth level, borrowing needs, investment goals, and the amount of personal support you want.

Some clients need complex lending and a dedicated banker. Others want broader wealth advice, family office style support, or help managing money across borders. In Australia, the entry requirements can vary a lot, so the details matter just as much as the name. We'll also touch on non-bank services like Wise that can help you handle your international cash flow and multi-currency transfers efficiently.

What Is a Private Bank?

A private bank is a specialist service for high net worth clients, usually combining a dedicated relationship manager with support for lending, cash management, investment access, and broader wealth planning.⁴

A common question is whether private banking is only for ultra wealthy families. In practice, that depends on the provider. Some Australian institutions start around A$1 million in investable assets, while others set the bar closer to A$2.5 million to A$3 million, or focus on income and borrowing needs as well.^1,3

This is different from everyday banking. You are not just getting an account or a loan. You are usually paying for quicker access, more tailored structuring, specialist investment support, and a team that can help with more complex financial decisions.

Best Private Banks In Australia

ANZ Private

Best for: Clients who want a broad private banking relationship with banking, investments, and family wealth support in one place.

NZ Private is aimed at clients with A$3 million in funds to invest or borrow, excluding the family home.¹ Its published offer includes investment strategy, family wealth strategy, personal banking, risk protection and superannuation, which makes it one of the clearer all-round private banking propositions in the market.

If you are not sure whether you need a private bank or simply better access to sophisticated lending and advice, ANZ may suit you if you want both banking and wealth support under one roof. The threshold is fairly high, though, so it is less likely to fit someone who is only just moving into high net worth territory.

Commonwealth Private

Best for: High-income households who want strong lending access alongside private banking and investment support.

Commonwealth Private says eligible clients generally have household income above A$450,000 and intend to invest or borrow A$2.5 million or more.² It offers a dedicated private banker, priority service, fast-tracked lending and access to Private Wealth Advantage for qualifying clients.

One thing worth knowing is that Commonwealth Private leans heavily into service and lending, not only investments. That can make it attractive if your wealth sits across property, business interests and personal assets, and you want one relationship to help coordinate them.

Macquarie Private Bank

Best for: Affluent clients who want an investment-led private banking relationship at a lower published entry point.

Macquarie Private Bank says its eligibility criteria generally include A$1 million or more in investable assets or cash deposits.³ Its offer focuses on strategic wealth planning, tailored investment advice, and banking and borrowing solutions.

That public threshold is lower than several major peers in this guide. If you want private banking before reaching the upper end of the market, Macquarie may be one of the first names worth checking. A common reason people look at Macquarie is that they want wealth advice and banking in one relationship, rather than using separate providers.

NAB Private Wealth

Best for: Clients with complex wealth planning needs, especially those looking for a mix of banking, investments, and long-term succession support.

NAB Private Wealth says private banking is worth considering if you have A$2.5 million or more in investible assets, or annual income of A$400,000 or more.⁴ NAB positions its service around tailored financial solutions, investment support, lending, and broader wealth advice.

This may matter if you are looking beyond day-to-day banking. NAB openly frames private banking as a bespoke service for complex needs, which could make it relevant if your priorities include intergenerational planning, philanthropy, or managing both business and personal finances.

Westpac Private Bank

Best for: Clients with larger borrowing needs, international interests, or a need for specialist lending and foreign exchange support.

Westpac says its private bank clients typically have a banking relationship, including lending, of more than A$3 million.⁵ It also highlights dedicated private bankers, local lending specialists, curated investment opportunities and foreign exchange support.

A common misconception is that all private banks are built around the same model. Westpac’s public positioning leans strongly toward lending-heavy and internationally active clients. That may make it a closer fit if property finance, cross-border support, or tailored credit policy is central to your needs.

UBS Wealth Management Australia

Best for: Internationally minded high net worth and ultra high net worth clients who want global investment access and family office style capabilities.

UBS Wealth Management Australia highlights advised and managed portfolios, financing solutions, a global advisory approach, and support for family offices and ultra high net worth clients.⁶ It also has offices in Sydney, Melbourne, Brisbane and Perth.

UBS is one of the strongest international names available in Australia, but the public Australia page does not list a published minimum threshold. That means it may appeal most to clients who care about global reach, institutional level resources, and cross-border structuring, but you would need to enquire directly to confirm the entry point.

HSBC Accredited Investor Service

Best for: Investors who want wholesale investment access and cross-border banking support, rather than a classic local private banking service.

HSBC’s public Australian proposition is framed around its Accredited Investor Service. It says wholesale investor tests generally include net assets of at least A$2.5 million, gross annual income of at least A$250,000 for the last two financial years, or a qualifying single investment of A$500,000.⁷

This is slightly different from a standard private banking model. HSBC may work better as an investment-focused wholesale investor service if you want global insights, access to wholesale investments, and easier international money movement, rather than a traditional private banker relationship centred on domestic lending.

Summary

There is no single winner for everyone. If you want a lower published entry point, Macquarie is one of the more accessible names in this list. If lending depth is the priority, Westpac, ANZ and Commonwealth Private stand out. If global investment reach matters most, UBS may be more relevant for global wealth management, while HSBC may suit investors looking for wholesale investment access and cross-border banking support.

If your main need is moving large sums internationally, rather than a full private banking relationship, it may also be worth comparing tools built for cross-border money movement. You can consider a Wise account and explore large transfers with Wise, before deciding what fits best. Wise is not a bank, but a digital provider that specialises in multi-currency and international accounts.

Manage Your Money Globally with Wise

The Wise account is an easy way to save up to 3x when you send, spend, and withdraw money internationally. Hold and manage 40+ currencies, including AUD, USD, EUR, and more. All you need to do is sign up for a free account to get started, there's no monthly fees either.

You can exchange currencies at the mid-market rate on every conversion — basically the rate you see on Google. And with zero foreign transaction fees, and low, transparent pricing, Wise usually gives you the best value for your money. You can activate Wise Interest to earn potential returns* on your eligible balances while keeping your money available to spend.

You'll get 8+ local account details in AUD and a selection of other global currencies to get paid conveniently to your Wise account. And when it's time to send money abroad , enjoy fast, low-cost transfers to 140+ countries. Plus, you can get a linked Wise debit card for spending internationally at the same great mid-market rate.

When it comes to managing money globally, the Wise account is a handy tool that makes it easier and simpler.

🚀 Open your Wise account

This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you. Savings claim based on our rates vs. selected Australian banks and other similar providers in Jan 2026. To learn more please visit https://payout-surge.live/au/compare%3C/a%3E%3C/p%3E

Please see Terms of Use and product availability for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Sources:

1. Private banking - ANZ
2. Private Banking - CommBank
3. Get in touch with us | Macquarie
4. Understanding private banking | NAB Private Wealth - NAB
5. Private Banking Services | Westpac
6. Wealth Management | UBS Australia
7. HSBC Accredited Investor | Sophisticated Investors - HSBC AU