Your Complete Student’s Guide To Opening A Bank Account In Australia

Before diving in, it helps to understand the different types of bank accounts available as they don’t all do the same thing.

Transaction Account

The most common type of account is the transaction account, which enables you to deposit and access your money for daily use, pay bills as well as withdraw money from ATMs or use your debit card to shop.

Savings Account

If you’ve already opened an account for your day-to-day expenses, it might be a good idea also to open a savings account to park some savings for a rainy day. This is especially so if you’ll have access to larger sums of money, perhaps from a part-time job.

Savings accounts usually have a higher interest rate as compared to transaction accounts. Hence, you’ll earn a bit more than you would usually.

Student Account

Most banks offer student accounts, which function like the transaction account.

The difference, however, lies in the fact that you might be able to skip the transaction fees – that means you’ll be able to deposit cash or withdraw from an ATM without being charged.

Although there are various options when it comes to choosing a banking provider in Australia, most people choose one of the four major banks – Westpac, Commonwealth Bank (or Commbank), Australia New Zealand (ANZ), and National Australia Bank (NAB).

It helps to do some research and learn more about the banks that offer student-specific accounts and what they offer.

On top of avoiding the fees, you might also gain access to special student discounts depending on the bank so do take a look at the perks that come with each account before making a decision.

As an international student, you should be prepared with several documents, including your passport, proof of residence, driver’s license, and birth certificate.

This is because most banks would require you to verify your identity at an Australian branch before you can gain access to your money or withdraw funds.

It helps to make an appointment in advance and complete the process within the first few weeks to avoid any hassle.

It is a rather quick and simple process to open your bank account in Australia.

Do note that most Australian banks let you open an account up to three months before your arrival – with the option of opening it online or via a visit to a bank.

When filling up your online application form, all you need to provide is a valid email address, your passport details, and your date of arrival in Australia. Upon getting your new account details, you’ll be able to transfer money into your account.

If you choose to open the account in person, ensure that you do so within 6 weeks of your arrival.

Once the account is open, the final step is to deposit your money in it so you can keep it secure and start using the funds as needed!

If you’re making an online transfer, it helps to keep tabs on the exchange rate so that you make your transfer at the time when the rate is in your favour so that you’ll get the maximum value for your currency.

Setting up a bank account is one of the crucial things to sort out when studying in Australia. If you’re feeling intimidated, fret not – we’ll be here for you every step of the way.

At IDP, our education counsellors are equipped with the knowledge to give you advice about your overseas bank account and other essentials.

Also, they’ll be able to give you the necessary guidance and advice about studying abroad so that you can pursue your career aspirations abroad.

Book your free counselling session today to get started!