If you have recently arrived to Australia to study abroad (welcome!) or you are considering making the move down under, one of the most important things to consider is which bank to choose to help you manage your finances.
You'll need an account from a bank that can help you cover all bases, from use as a transaction account for everyday purposes, to paying for utilities such as rent and bills, as well as sending and receiving money from family and friends overseas.
InfoChoice is here to help you break down the ins and outs of offerings available across bank accounts, savings accounts and even credit cards and to help you make an informed decision when choosing an Australian bank to help manage your finances.
Banks to consider
The most common banks for international arrivals are Australia's largest banks, also known as the 'big-four' consisting of Commonwealth Bank, ANZ, Westpac and NAB.
Commonwealth Bank
The Commonwealth Bank is Australia's largest bank, offering students an everyday banking account called Smart Access. This account is fee-free for students, meaning there is no account management fee for accounts with at least $2,000 deposited each month or you are under 25 years of age, or you're a full-time or part-time tertiary student.
It's important to note if you choose a Commonwealth Bank account, you won't be able to deposit funds or make account transactions until you have verified your identification at a Commonwealth Bank branch in Australia. You'll need to provide your identification for verification within 20 days of opening your account or your account may automatically close.
Account features
- Physical and digital Debit Mastercard.
- Shop online and in-store and overseas.
- Send and receive money from overseas.
- Fee-free ATM withdrawals.
- Add your Debit Mastercard to your Apple Pay, Google Pay or Samsung Pay mobile device.
- Lock & unlock your Debit Mastercard for online, contactless or in-store payment security.
- Ability to link a Commonwealth Bank savings account.
- Create joint accounts.
ANZ
ANZ offers students an everyday banking account called Access Advantage. This account is fee-free for those under the age of 25 and full-time studentspay no monthly account service fee with the account. It's important to note that students must show a valid student card at the beginning of each year to waive monthly fees.
Account features
- Physical and digital Debit Visa.
- Shop online and in-store and overseas.
- Send and receive money from overseas.
- Fee-free ATM withdrawals.
- Add your Debit Visa to your Apple Pay, Google Pay or Samsung Pay mobile device.
- Round-the-clock card security to help protect your card in the event that it is lost or stolen.
- Ability to link an ANZ savings account.
- Create joint accounts.
Westpac
The third of Australia's four major banks is Westpac, which offers international students a Westpac Choice everyday account. This account offers no monthly account keeping fee for students that are full-time or under the age of 30. Westpac uses the Mastercard network, meaning cards issued with the Westpac Choice account are Debit Mastercards.
Similar to the Commonwealth Bank, if you are arriving in Australia you can apply online and deposit money into your account, yet you will need to verify your identity at a Westpac branch before you can withdraw funds.
Account features
- Physical and digital Debit Mastercard.
- Shop online and in-store and overseas.
- Send and receive money from overseas.
- Fee-free ATM withdrawals with the ability to withdraw cash using your phone from any Westpac, St.George, Bank of Melbourne or BankSA ATM.
- Add your Debit Visa to your Apple Pay or Google Pay mobile device.
- Card-lock feature for added security if your Debit Mastercard is misplaced.
- Ability to link a Westpac savings account.
- Create joint accounts.
NAB
The final of Australia's four largest banks is NAB also known as National Australia Bank, which offers students a NAB Classic banking account. Alongside fellow members of the big-four, the account has no monthly or withdrawal fees. Like ANZ, NAB uses the Visa network, meaning cards issued with the Classic bank account are Visa Debit cards.
With NAB's Classic banking account, overseas students cannot apply for an account before arriving in Australia. This means you'll need to visit a NAB branch after you arrive to set up an account.
Account features
- Physical and digital Debit Visa.
- Shop online and in-store and overseas.
- Send and receive money from overseas.
- Fee-free ATM withdrawals.
- Add your Debit Visa to your Apple Pay, Google Pay or Samsung Pay mobile device.
- Security to help lock your card in the event that it is lost or stolen.
- Ability to link a NAB savings account.
- Create joint accounts.
Opening a bank account in Australia
It's surprisingly easy to open a bank account in Australia, whether you've already made your trip down under or if you plan on making your arrival in the near future. As mentioned above, some banks require branch verification once you reach Australia to allow for deposits and withdrawals to take place. In the case of NAB, you must visit a branch if you are arriving from overseas to set up a bank account. While this may seem daunting to some, given Australia's nature as a multicultural country, banks will typically have dedicated departments for international arrivals to assist in translating and setting up your bank accounts.
Each bank has its own particular processes, but some key documents you will require to open a bank account include:
- Your passport number.
- Your visa details and visa number.
- An email address, and
- Residential details including address and details of the duration of your stay in Australia.
- A local mobile phone number for app authentication purposes.
- A Tax File Number so you are not taxed at the maximum marginal rate if you are earning interest. This can be organised through the Australian Tax Office (ATO).
If you're an Australian citizen or resident, you'll need two out of these three documents:
- A passport or copy of your birth certificate.
- Drivers licence.
- Medicare card.
