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Planning your study adventure in Australia? If you’re still considering your options, check out our top 7 reasons to study in Australia. One of your priorities should be opening a local bank account. Whether you’re paying tuition fees, receiving part-time work wages, or simply managing daily expenses, having an Australian bank account saves you from expensive international transaction fees and makes financial management much simpler.
In this comprehensive guide, we’ll walk you through the exact steps to open a bank account in Australia as an international student, including all the required documents, the best banking options, and innovative ways to handle international money transfers. We’ll also share insider tips to help you avoid common pitfalls and save money on banking fees.
Let’s start by understanding why this should be at the top of your pre-departure checklist.Need help with your student banking setup?
Talk to a Zylentrix Advisor for free personalised assistance before you leave for Australia.
With the correct information, opening your Australian bank account can be a quick and straightforward process.
Why You Need to Open a Bank Account in Australia
Opening an Australian bank account should be one of your priorities when arriving for studies. Here’s why it’s essential:
Simplify Daily Transactions
- Pay bills, tuition fees, and rent directly without expensive international transfer fees.
- Use contactless payments (Australia’s preferred payment method) via debit cards or mobile apps.
- Withdraw cash fee-free from local ATMs
Financial Security & Convenience
- Receive wages securely if you take up part-time work (up to 40 hours/fortnight on student visas)
- Avoid carrying large amounts of cash
- Set up automatic payments for regular expenses
Save Significant Money
- Bypass 3-5% foreign transaction fees on every purchase
- Get better exchange rates than airport currency exchanges
- Avoid international withdrawal fees (typically $5+ per transaction)
Want to ease your financial burden? Explore our Scholarship & Financial Aid Advisory for funding support.
Build Financial History
- Establish credit for potential future loans or phone contracts
- Some banks offer special student benefits like fee waivers
Managing finances in Australia as a foreigner becomes infinitely easier with a local account. Most international students open theirs within the first week of arrival – some even before leaving home through online options.For help planning your finances before departure, check out our Pre-Departure Study Abroad Guidance.
Now, let’s see who’s eligible to open an account and how you can get started.
Who Can Open a Bank Account in Australia?
Good news! Australia welcomes both residents and non-residents to open bank accounts, making it easy for international students, workers, and even short-term visitors to manage their finances.
International Students – Most major banks allow you to open an account even before arriving in Australia (online pre-approval available). Once you’re in the country, you can activate it with your visa and passport.
Tourists and Visitors – Some banks offer basic accounts for short-term stays, although options may be limited compared to those for residents.
Working Visa Holders – Whether you’re on a temporary or skilled visa, you can open a full-service account.
Permanent Residents & Citizens – Full access to all banking services, including credit facilities.
Can an international student open a bank account in Australia? Absolutely! Many banks offer special student accounts with low fees and extra benefits.For tailored support, check out our Country-Specific Guidance for Australia.
Next, explore the various account types available to find the best fit for your needs.
Types of Bank Accounts Available in Australia
When opening a bank account in Australia, you’ll typically have three main options, each designed for different financial needs:
Everyday Transaction Accounts
- Used for daily spending, bill payments, and receiving salaries
- Usually come with a debit card (Visa/Mastercard) for purchases and ATM withdrawals
- Many banks offer fee-free student accounts with no monthly charges
Savings Accounts
- Ideal for storing extra funds while earning interest
- Some accounts offer bonus interest rates if you deposit regularly and don’t withdraw
- Open a savings account in Australia to maximise your money while studying
Joint Accounts
- Shared between two people (e.g., roommates or couples)
- Both account holders can deposit and withdraw funds
- Helpful in splitting rent or shared expenses
Which one should you choose?
Most students start with an everyday account for convenience and later add a savings account. If you’re moving with a partner, a joint bank account might help manage shared costs.
Ready to apply? Here’s what you’ll need to open your account smoothly.
Required Documents to Open a Bank Account in Australia
To successfully open your Australian bank account, you’ll need to provide the following documents:
1. Proof of Identity to Open a Bank Account in Australia
- Primary ID: Valid passport (mandatory for international students)
- Secondary ID: National driver’s license or government-issued ID (if available)
Some banks may accept a birth certificate or a national ID card
2. Australian Address Proof
- Rental agreement or lease document (if you’ve secured accommodation)
- University acceptance letter or student enrollment confirmation (often accepted for new arrivals)
- Utility bill (e.g., electricity, internet) – useful once you’ve settled in
3. Visa/Residency Status
- Student visa (Subclass 500) details – usually your visa grant letter
- For other visa holders: Work visa (Subclass 482) or Visitor visa details
4. Tax File Number (TFN) – Optional but Recommended
- Not mandatory to open an account, but required to avoid higher tax on interest earnings
You can apply for a TFN online via the ATO website after arriving in Australia
Need help preparing your visa and bank documents? Explore our Pre-Departure Guidance for step-by-step support.
Pro Tip: Some banks allow you to initiate the process online before arriving, using your overseas address, and then verify the documents in person later.
Documents ready? Follow these steps to complete your application smoothly!
Step-by-Step Guide to Opening a Bank Account in Australia
Opening your Australian bank account is simple if you follow these steps:
1. Choose the Right Bank
- Compare student-friendly features like fee waivers, ATM access, and branch locations near your campus.
- Look for banks offering special perks (e.g., Commonwealth Bank’s free savings account for students)
- Check international transfer fees if you’ll be sending money overseas.s
2. Select Account Type
- Everyday Transaction Account (essential for daily spending)
- Savings Account (optional but great for earning interest on extra funds)
- Some banks offer bundled accounts for students
3. Submit Documents
- Online application: Many banks let you start the process before arriving in Australia
- In-person verification: Visit a branch with your passport, visa, and proof of address
- Approval is usually instant or within 1-2 business days
4. Activate Online Banking
- Download the bank’s mobile app (e.g., CommBank, ANZ, NAB)
- Set up transaction alerts and security features
- Order your debit card (can often be collected in-branch or mailed to your address)
Pro Tip: Ask about student discounts on banking fees – many banks waive monthly charges!
Which bank to pick? Here are the top choices for international students in Australia.
Best Banks for Newcomers & Students in Australia
Choosing the right bank is crucial for international students. Here are the top four options, each with unique perks:
1. Commonwealth Bank: Student-Friendly with Widespread ATMs
- No monthly fees for students under 30 or those with eligible deposits.
- Largest ATM network in Australia (2,000+ CommBank ATMs)
- Digital perks: Instant digital debit card, budgeting tools (Spend Tracker, Bill Sense), and exclusive offers, such as $20 off DoorDash for new accounts.
- Ideal for: Students prioritising convenience and app-based banking.
2. ANZ: Low-Cost International Transfers
- Competitive FX rates and $0 correspondent bank fees for transfers in 30+ currencies (e.g., USD, EUR, GBP) 38.
- Fast transfers: Funds typically arrive within two business days 3.
- Fee waivers: No transfer fees to Pacific countries (e.g., Fiji, Samoa) via ANZ goMoney 8.
- Ideal for: Students frequently sending money overseas.
3. NAB: No Monthly Fees
- $0 monthly account fee and no overdraft fees 49.
- Cashback rewards: The NAB Goodies program offers personalised discounts.
- Easy setup: Open accounts online in minutes, including savings accounts (e.g., NAB iSaver) 9.
- Ideal for: Budget-conscious students avoiding hidden charges.
4. Westpac: Campus Branches & Regional Access
- Strong presence near universities with extended branch moratoriums until 2027 5.
- Campus ID integration: Some locations offer combined student ID/ATM cards 1.
- Bank@Post services: Access banking at Australia Post outlets in regional areas 5.
- Ideal for: Students on rural campuses or those who prefer in-person service.
Need more help settling in? Check our Post-Arrival Support services to make your transition smoother.
Once your account’s set up, here’s how to send money abroad efficiently using these banks’ services.
Setting Up International Money Transfers from Australia
Managing international money transfers is crucial for students who need to send funds home or receive money from family. Here’s how to do it efficiently:
1. What’s a SWIFT/BIC Code?
A SWIFT/BIC code is a unique identifier for banks worldwide, ensuring your money reaches the correct account.
- Example: Commonwealth Bank’s SWIFT code is CTBAAU2S
- Where to find it: Check your bank’s website or ask customer service.
- Required for: International wire transfers (along with the recipient’s IBAN/account number).
2. Bank Transfers (Fees & Processing Times)
- Typical fees: $20–$30 per transfer (varies by bank).
- Exchange rate markup: Banks often add 3–5% above the mid-market rate.
- Processing time: 2–5 business days.
- Best for: Large, one-time transfers where convenience outweighs cost.
3. Online Services (Lower Fees & Better Rates)
- Wise (formerly TransferWise): Offers real mid-market rates + low transparent fees (often 0.5–1.5%).
- Revolut: Free transfers in 30+ currencies (exchange limits apply).
- PayPal: Fast but expensive (4–5% fees + poor exchange rates).
- Best for: Regular transfers, students on a budget.
Which transfer service is best? Let’s compare the top options in detail.
Best International Transfer Services from Australia
When sending money overseas, selecting the exemplary service can save you significant fees and provide you with better exchange rates. Here are the top options for students:
1. Wise (Best for Low Fees & Real Exchange Rates)
- Transparent pricing: Fees start at 0.5% (much cheaper than banks).
- Mid-market rate: No hidden markups on currency exchange.
- Fast transfers: 80% arrive within 24 hours.
- Multi-currency account: Hold and convert 50+ currencies.
2. Revolut (Best for Frequent, Small Transfers)
- Fee-free transfers: No fees for exchanges under $ 9,000 per month (Premium plan).
- Great for students: A free plan is available with basic features.
- Instant transfers: Between Revolut users worldwide.
3. Western Union & PayPal (Speed vs. Cost Trade-Offs)
- Western Union:
- Fast cash pickup (available in minutes in some countries).
- Higher fees: 1–5% + poor exchange rates.
- PayPal:
- Convenient but expensive (4–5% fees + weak rates).
- Only use for small, urgent transfers.
Best Choice?
- Wise → Best overall (low fees + fair rates).
- Revolut → Best for Euro/UK transfers.
- Western Union/PayPal → Only for emergencies.
Finally, here are some smart tips to manage your money as an international student in Australia.
Smart Financial Tips for International Students in Australia
Managing money in a new country can be tricky, but these tips will help you save and stay organised:
- Track Your Spending
- Use banking apps (like CommBank’s Spend Tracker) to monitor expenses.
- Set monthly budgets for food, transport, and entertainment.
- Avoid Unnecessary Fees
- ATM fees: Stick to your bank’s ATMs (e.g., NAB and ANZ have free withdrawals at partner ATMs).
- Avoiding international transfer fees in Australia: Use Wise or Revolut instead of traditional banks for overseas transfers.
- Notify Your Bank Before Travelling
- Prevent card freezes by updating your travel plans in online banking.
- Extra Student Savings
- Ask about fee waivers (many banks offer $0 monthly fees for students).
- Take advantage of student discounts on public transportation, phone plans, and software (e.g., Microsoft Office).
Pro Tip: Set up a separate savings account for emergencies or big purchases!
Next Steps: Are you ready to open your account? Explore our Educational Consultancy for personalised banking advice.
Conclusion: Your Stress-Free Banking Journey Starts Here
Open a bank account in Australia is simpler than you think! With your passport, visa, and proof of address, you can be set up in no time, whether you choose student-friendly options like Commonwealth Bank or low-fee alternatives like NAB. Remember, pairing your account with digital services like Wise or Revolut will save you money on international transfers
Still have questions? Our team at Zylentrix specialises in helping students navigate Australian banking – contact us for personalised guidance.
Ready to bank smarter in Australia?
Open your Australian bank account today.
Need to send money abroad? Compare transfer options now Still unsure? Zylentrix guides you.
Frequently Asked Questions (FAQs)
Can international students open a bank account in Australia before arriving?
Yes, many major Australian banks allow international students to open a bank account online up to 12 months before arrival. You can verify your identity in person once you reach Australia.
What documents are required to open a bank account in Australia?
You typically need a valid passport, student visa, proof of Australian address (like a rental agreement or university letter), and optionally a Tax File Number (TFN) to avoid high interest taxes.
What is the best bank in Australia for international students?
Top choices include Commonwealth Bank (widespread ATMs), NAB (no monthly fees), ANZ (low-cost international transfers), and Westpac (strong campus presence). Each offers student-friendly benefits.
How can I transfer money internationally from Australia?
You can use your bank’s international transfer service or third-party providers like Wise and Revolut, which often offer better exchange rates and lower fees than traditional banks.
Are there student discounts or banking benefits for newcomers?
Yes, many banks waive monthly account fees for students and offer extras like digital debit cards, budgeting tools, and cashback programs. Always ask your bank about current student offers.