Opening A Bank Account In Australia As An International Student

Why You Need An Australian Bank Account

Using your home bank account might work short-term, but it’s not ideal for the long haul. Here’s why opening a local account is a smart move:

• Avoid hefty fees: Say goodbye to foreign transaction fees.
• Get paid easily: If you are planning to do some part-time work during your studies in Australia, employers require an Australian account for wages.
• Pay bills smoothly: Rent, phone plans and utilities are easier to manage.
• Access your money 24/7: Use local ATMs and EFTPOS (a system that allows for electronic payments using debit or credit cards at a physical terminal) for seamless transactions.

Choosing The Right Bank

Australia’s "Big Four" banks are popular among international students for their extensive networks and support:

1. Commonwealth Bank (CommBank): Australia’s largest bank allows online account opening - up to 14 days before arrival and features a top-rated mobile app.
2. Westpac: Offers online account opening and a largest ATM network, with no monthly account-keeping fees (usually $5 per month) for eligible students for the first 12 months.
3. ANZ: Offers no minimum balance requirement and provides options with no monthly account service fees.
4. NAB: Provides a fee-free classic banking account with no direct ATM charges but requires an in-person visit to a branch to open.

Other digital banks and credit unions are worth exploring, but the Big Four’s physical presence can be reassuring when you’re new.

Quick Comparison

Foreign Banks In Australia

If you’re an international student, you might be able to continue banking with your current overseas bank while in Australia. Several well-known foreign banks operate here, often with branches in major cities.

Here’s a quick look at some options based on nationality:

These banks can be a convenient choice if you already have an account with them in your home country. However, opening a local Australian bank account is still recommended for day-to-day transactions, avoiding international fees and if you are planning to work part-time in Australia.

What You’ll Need To Open An Account

To open an account, you’ll need to verify your identity using the 100-point check system. Here’s what counts:

100-Point Check System: What You’ll Need

How To Open Your Account

Option 1: Online (Before You Arrive)

1. Choose your bank and visit their international student section.
2. Fill out the application with your details and arrival date.
3. Receive your account details via email.
4. Activate your account in person once you arrive.

Option 2: In Person (After You Arrive)

1. Visit a local branch of your chosen bank.
2. Bring your passport, Confirmation of Enrolment (CoE), and local address.
3. A banker will guide you through the process.
4. Receive your debit card on the spot or by mail.

Your First Step To Independence

Opening a bank account is a big step toward settling into life in Australia. It’s your gateway to financial freedom, making it easier to manage your budget and embrace new opportunities.

With this sorted, you can focus on the fun stuff—making friends, exploring your new city, and acing your studies. Welcome to your new home away from home!