How to Open a Student Bank Account in Australia
Are you about to move to Australia to study abroad? Then sorting out your finances well in advance is a good idea. If you’re like most international students, then you’ll want to secure student accommodation in AU and open a student bank account in Australia as soon as you’ve been accepted to uni. But have no fear! This isn’t a daunting task.
To make living in Australia even more convenient than it already is, there are several banks that will process student applications online and even let you transfer money before actually moving down under. Sounds easy peasy, right?
For your convenience, we’ve included important info such as what types of international student bank accounts you can open, the major banks in Australia (and their unique offerings for students), how to apply for the best student bank accounts in Australia, and the required docs. Let’s dive in!
Looking for a Student Bank Account in Australia? You Have Choices!
When it comes to opening a bank account in preparation for studying abroad in Australia, it’s important to know that you have more than one choice to manage your money. Let’s cover some of the most common types of student bank accounts you’ll find offered by Australian banks.
1. An Everyday Transaction Account
This option is one of the best student bank accounts in Australia because it’s set up for daily use. There’s no need to carry around a wad of cash, when you have an everyday transaction account because you’ll be given a debit card. Use your card to make purchases at stores, pay bills online, and deposit or withdraw money from the bank or ATMs.
2. An Everyday Transaction Account
This option is awesome because it helps you save a little bit of money right from the start! Unlike traditional everyday transaction accounts which usually charge a monthly account fee, some banks like Suncorp or Bendigo Bank will waive the monthly fee for the student accounts that meet their minimum requirements. This benefit alone makes this one of the best student bank accounts in Australia – because who wants to pay monthly fees?
3. A Traditional Savings Account
If you’re one of the lucky ones who can afford to save some cash while studying abroad, then it might be in your best your interest to link a savings account to your everyday transaction account. When it comes to finding the right savings account for you, try to find a bank that offers high interest savings accounts, as this will help you grow your savings each month.
Many banks also offer automatic transfers that you can set up, so you don’t have to worry about manually transferring money to your savings account each month. Simply set up your transfer one time and let your bank do the rest.
Now that you know all about the types of accounts you can open while you’re in Australia, let’s chat banks.
Major Banks in Australia
Australian banking is monopolized by four major banks (also known as the “Big Four”), which we’ll cover below. However, there are several other, smaller, regional banks that people bank with as well.
1. Commonwealth Bank of Australia
This is the largest bank out of the Big Four and offers two solid options for international students:
Everyday Account Smart Access
This is one of the best student bank accounts in Australia for people who are coming to live or work in Australia, because you can open this account up to three months before you touch down (or up to three months after arriving).
Once you open this account, you can immediately begin transferring money, but keep your eye on exchange rates and time your transfer correctly to get the most bang for your buck.
You’ll receive a physical debit card that you can use at any Commonwealth Bank of Australia, or just in case you forget your card, you can also use Cardless Cash through the CommBank app. But one of the most enticing things about this account is that if you sign-up through the CommBank website, they’ll waive the monthly fees for the first year!
Everyday Account Smart Access for students
Much like the Everyday Account Smart Access, the student account shares many of the same benefits. However, there are some added bonuses specifically for students, making this one of the best student bank accounts in Australia.
Partake in Student Option perks through your branch to open a savings account, secure pre-paid Travel Money Cards, and open a low-limit credit card to see you through when money is a little tight.
2. Australia and New Zealand Banking Group
This bank offers international students some great banking options, but you’ll have to either visit a branch or call ahead of moving to Australia to open an account.
Everyday Banking
This account offers full-time students fee-free banking and unlimited free withdrawals from ANZ branches, phone, and Internet banking. If you’re looking for a traditional debit account, this is a good option.
Savings Account
An ANZ savings account can help you grow your money as you study abroad in Australia. You can even earn bonus interest on your savings if you make at least one $10 deposit and don’t withdraw anything over the course of that same month. You can link this account to your Everyday Banking account for quick and easy transfers.
Fixed Term Investments
You can provide yourself with regular income with a low-risk investment that gives you a fixed rate of interest over a fixed term. This is a great student bank account in Australia if you don’t have time to work while studying abroad but need some monthly income (and happen to have a lump sum of money to invest).
3. National Australian Bank (NAB)
NAB offers some of the best student bank accounts in Australia. Unlike other Australian banks, students can open an account and start saving up to 12 months before moving abroad.
NAB Classic Banking Account
This is an everyday transactions account with absolutely no monthly fees, no overdrawn fees, and widespread access to over 7,000 ATMs in Australia. We love the digital wallet feature offered by NAB, which allows students to pay securely with their mobile devices.
NAB iSaver Account
This account is great for those who have the wiggle room to save some cash while studying abroad. With competitive interest rates, no monthly account fees/deposits, and unlimited transfers between your Classic Banking Account, you can grow your savings each month.
4. Westpac Banking Corporation
Westpac offers competitive benefits to get international students to bank with them, and we must say, we’re definitely on-board.
Westpac Choice Everyday Bank Account
Open an account with Westpac and you’ll enjoy advantages such as no service fees for 12 months, an extensive ATM network with no withdrawal fees inside Australia and globally (with 50,000 ATMs covered by the Global ATM Alliance), and a nifty student discount card. Use your student discount for up to 40% off international airfare, discounts at hostels, restaurants, museums, and other attractions.
If you like the sound of saving money, then be sure to check out these money saving tips for international students, too!
How to Apply for a Student Banking Account
Most banks allow international and local students to apply online to open an account. You will need your passport details as proof of identity. Please be aware that each bank has their own processes in place for international student banking applications—this is a general rundown of what to expect but can vary depending on the banking institution.
After your application is approved (this process can take a few minutes online) and processed you will receive your account details via email. At this point, feel free to transfer money, but again, keep in mind that exchange rates are constantly changing, so do your research and pick the right time to get the most out of your native currency.
Once you arrive in Australia, you’ll need to visit a local branch with your identification in order to collect your debit card and register your online accounts and mobile app. Again, each bank requires different identification, so double check to ensure that you bring the proper paperwork with you.
If you wish to wait until you arrive to Australia to open an account, that’s totally fine! Sometimes you can snag one of the best student bank accounts in Australia through new promos that weren’t previously available. Just show up at any bank of your choice to open an account, provide them with all pertinent information, and they can process your application and send your banking card to your Australian address.
Documents Required to Open an International Student Bank Account
Every bank has different requirements, but it’s almost a guarantee that you’ll use your passport as your ID. Additionally, you may need your uni acceptance letter stating that you’re going to be a full-time student, and your proof of residence. It’s super important to do your due diligence and carefully research what your bank needs in order to process your new banking account.
Good for you for looking into the best student bank accounts in Australia! Since you’re already thinking about your finances abroad, have you given much thought to your living situation? Unilodgers offers student accommodation in Sydney and student apartments in Melbourne as well as other amazing apartments (both private and shared) throughout other cities in Australia that specialize in housing specifically for university students.
Be sure to check out our listings to find the perfect student accommodation in Australia today!
Unilodgers is the world’s leading platform to book student accommodations and serves over 2 million students from over 195 countries every year. We provide students exclusive offers on student housing options and make it easy to book the accommodation that’s the best fit for you.
