How to Open a Bank Account as a Student in Australia: Step-by-Step Guide

• Written by Gungun Bhatia

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Landing in Australia for your studies is thrilling — you're about to make new friends, experience a different culture, and start fresh. But before jumping into classes or hitting up Bondi Beach, there’s one important task you need to complete: opening your student bank account in Australia.

For students, especially international students, managing their finances well can make a difference while they’re away from home. The first step is to set up a bank account that fits their needs. This guide will provide you with all the necessary information, including the types of bank accounts, required documents, and the best banks in Australia for Indian students and international students.

Why Do You Need a Student Bank Account in Australia?

Having an Australia student bank account simplifies your life in numerous ways:

• Get paid for part-time work or internships.
• Pay for accommodation and daily expenses like groceries, electricity bills, transportation, healthcare, etc.
• Easily manage your money through mobile banking.
• Receive scholarships or government payments.
• Avoid costly international transaction fees.

Banks in Australia offer tailored student accounts, often with no monthly fees and perks like budgeting tools and free transfers.

Types of Bank Accounts in Australia

Before opening an account, you'll want to understand the different types of accounts offered by banks in Australia:

Everyday Transaction Account

• Transaction accounts, often called checking or current accounts, are used for everyday costs and purchases, including online payments.
• They frequently include debit cards for contactless and internet shopping, cashback, and cash withdrawals.  
• You can access additional banking data and make deposits with this account.
• You can use this to keep track of your everyday transactions.

Savings Account

• If students want to start working part-time, it is recommended that they open a savings account. This can help them monitor significant expenditures.
• Research the best savings account for students in Australia with high interest rates and no maintenance fees.
• You can earn interest over time with the aid of a savings account.
• You would not usually do regular banking with this account. A savings account's interest is subject to taxes.

Student Packages or Bundled Accounts

Some banks have special packages for students that include checking and savings accounts, and some extra benefits like:

• International money transfer discounts.
• Free travel insurance.
• Interest-free overdrafts

Documents Required for Opening a Student Bank Account

Whether you're opening your account in person or online, you'll need to verify your identity. Here's what most banks will ask for:

• Passport (proof of identity)
• Student Visa (confirms legal residency)
• Confirmation of Enrollment (CoE) from your university
• Australian residential address (can be temporary)
• Australian Tax File Number (Optional, but recommended if working part-time)

Some banks allow you to open an account before you arrive in Australia. You just need to activate it in person when you arrive and show your ID.

Step-by-Step: How to Open a Student Bank Account in Australia

Follow these simple steps to open your Australia student bank account quickly and hassle-free:

Choose Your Bank

• CommBank, ANZ, Westpac Banking Corporation, and National Australia Bank are the four central banks in Australia where students can open an account. In addition to global banks, a variety of regional banks are accessible.
• You must compare the banks based on fees, accessibility, features, mobile app reviews, and student-specific perks.
• Look into what's closest to your university or residence.

Select the Right Account Type

• Most students open both transaction and savings accounts.
• Consider whether a student package or bundle would work best.

Apply Online or In-Person

• Check out the bank's website and fill out the online application. You can apply up to a year before you get here.
• Alternatively, you can visit a branch with your documents once you arrive.

Verify Your Identity

• If you applied online before arriving, you must go to a local branch with your passport, visa, and CoE to activate your account.
• Some banks also allow video ID verification.

Activate & Access Your Account

• You'll receive a debit card by post or collect it from a branch.
• Register for internet banking and mobile app access.
• Deposit funds or set up money transfers from your home country. 

Best Banks in Australia for International Students

Here are some of the top choices when searching for the best student bank account Australia provides:

Tip: The best bank in Australia for international students often depends on your needs: digital banking, ATM access near your campus, international money transfers, or even perks like discounts and rewards. 

Things to Consider Before Applying for a Student Bank Account

Not all student bank accounts are the same. Here are some things to think about when you're picking the best student bank account Australia:

Account Fees

Most banks waive monthly fees for students, but check for:

• ATM withdrawal charges
• International transfer fees
• Overdraft or minimum balance fees

International Transfers

• If your family sends money abroad, ensure the bank offers low-cost foreign currency transfers.
• Some banks provide student-friendly rates for international payments.

Accessibility

• Choose a bank with plenty of ATMs near your campus or home.
• A solid mobile app can make managing your finances much easier.

Digital Tools and App Features

Good banking apps help with:

• Budget tracking
• Spending breakdowns
• Instant fund transfers
• NAB, CommBank, and ANZ have highly rated mobile apps.

Savings Interest Rates

• Compare bonus interest rates for savings accounts.
• Some accounts offer incentives for not withdrawing or making regular deposits.

Extra Perks

Some banks in Australia for international students come with:

• Free movie tickets
• Retail discounts
• Cashback offers

Can You Open a Bank Account Before Arriving in Australia?

Many significant banks like CommBank, NAB, and HSBC let international students set up their bank accounts online before they even get to Australia. All you have to do is fill out some forms online, and then once you land, you’ll need to swing by a local branch to show your ID and finish the account setup.

By getting your account sorted out before you arrive, you can easily transfer money into it. This way, you won’t have to stress about finances when you get here. You’ll have quick access to your funds, making settling in much easier since you won’t be struggling with cash or worrying about paying for essentials quickly.

Don't Forget Travel Insurance: Protect Your Journey with Care

Prior to your flight to Australia, ensure you've covered for the unexpected. Care Health Insurance offers travel insurance for students - Student Explore. Check below the travel insurance coverage:

• Coverage for medical emergencies abroad
• Trip delays and cancellations
• Loss of passport or checked-in baggage
• Emergency medical evacuation
• Loss of International Driving License

Pair it with your student bank account, and you'll have both financial convenience and protection as you begin your journey. 

Read More: Student Travel Insurance for Studying Aboard

Tips for Managing Your Student Bank Account in Australia 

Having a student bank account in Australia is a great start. Here are some tips to get the most out of it:

• Set up automatic payments for your rent, tuition, and bills.
• Keep an eye on your balance to stay clear of overdrafts.
• Use your banking mobile app to track your spending and organise your expenses.
• Look for student offers, like discounts on movie tickets or cashback offers.
• Consider opening a savings account for emergencies or saving for short-term goals. 

Final Thoughts

Studying in Australia? Then, a student bank account in Australia isn't just a choice; it's a necessity and rite of passage into your new academic journey. From managing daily expenses to building saving habits, a student bank account keeps your finances organised and stress-free.

Research the best student bank accounts offered in Australia, gather your necessary documents, and begin the process. Selecting the right bank and account will enable you to manage your finances effectively and confidently enjoy your student life.

Disclaimer: All plan features, benefits, coverage, and claims underwriting are subject to policy terms and conditions. Kindly refer to the brochure, sales prospectus, and policy documents carefully.