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Guide to the Bank for International Students in Australia

bank in australia for international students

Consider your academic path to be an exciting adventure, with Australia as your destination for knowledge. Imagine a trusty sidekick that helps you navigate the financial twists and turns of this adventure – that’s a bank account for international students in Australia. It’s more than just a safe location to keep your money; it’s your key to managing bills, paying tuition, and adopting local culture. A personal bank account keeps your funds as organised as your class notes, from that first coffee run to touring the Great Barrier Reef.  Read further to know more about the benefits of student bank account, what documents you need, and what is a 100-point requirement. 

Banking System For International Students In Australia 

The Australian Dollar (AUD) is the country’s and its territories’ official currency. It’s colloquially known as the “Aussie dollar.” To distinguish it from other dollar-denominated currencies, the notation “$” or “A$” indicates the currency. The Australian Dollar is available in coins and notes ranging from 5 cents to $100.

Types of Bank Accounts for International Students:

  1. Transaction Account: This is your go-to account for addressing day-to-day spending. It includes a debit card for fast access to cash at ATMs and transactions.
  1. Savings Account: This allows you to save your hard-earned money while collecting interest. Ideal for accumulating a rainy-day fund or saving for more extensive travels.
  2. Student-specific Account: Many banks provide customised accounts for overseas students that include benefits such as fee exemptions, lower minimum balance requirements, and personalised advice to help you through your financial journey.

Top Bank In Australia For International Students

Here are some of the best banks for International Students In Australia.  

1. Westpac Student Bank In Australia

Westpac Banking Corporation, or simply Westpac, is one of Australia’s largest and oldest financial institutions. Westpac has a long history dating back to 1817 and is recognised for providing a wide range of financial services such as banking, insurance, investments, and more.

Features And Benefits

  • It works with Apple Pay. Apple Pay allows you to pay in-store and online using your favourite Apple device quickly and safely.
  • If you’re a student, you won’t have to pay an Account-Keeping Fee for the first year if enrolled full-time and under 30 in Australia.
  • There are no withdrawal fees at any major bank ATM in Australia (including Westpac, Commonwealth Bank, ANZ, NAB, St.George, Bank of Melbourne, and BankSA), as well as ATMs worldwide through the Global ATM Alliance and partner ATMs.
  • To withdraw cash, use your phone rather than your card. 

2. ANZ Student Access Advantage

ANZ stands for Australia and New Zealand Banking Group Limited and is one of Australia’s largest and most established banks. ANZ provides comprehensive financial services in Australia and New Zealand, including banking, investing, insurance, and more.

Features and Benefits

  • The ANZ Student Access Advantage account protects your money while making daily spending easy. 
  • It is one of the finest banks for students in Australia since it has no account fees. To be eligible, you must be a full-time student and submit a valid student card to an ANZ representative at the start of each year.
  • Your debit card may be used to make withdrawals from international ATMs but keep in mind that there is a $5 ATM fee and a 3% foreign currency commission.
  • To be eligible, you must be enrolled full-time in school

3. Commonwealth Bank In Australia

It was founded in 1911 and is regarded as one of the country’s “Big Four” banks, providing various financial services to people, corporations, and organisations. This is the best bank for students Australia

Features and Benefits

  • Their Regular Account Smart Access provides no monthly account fees if you are under 25 and is suitable for day-to-day transactions. 
  • They are well-known for being Australia’s most popular banking app. With the CommBank app, you can see, track, and organise your money at any time
  • You may use Apple Pay, Google Pay, or Samsung Pay to link your Debit Mastercard to your phone or watch for a quick transaction

4. NAB 

The National Australia Bank (NAB) is one of Australia’s main financial organisations. It is another addition to the country’s “Big Four” banks.

Features and Benefits

  • There are no monthly account fees or minimum monthly deposits.
  • There are no overdraft penalties if you go above your account balance.
  • There are no ATM withdrawal fees at any of Australia’s nearly 7,000 ATMs.
  • A NAB Visa Debit card for all of your routine purchases
  • Can be integrated with Google Pay or Apple Pay

5. CitiBank Plus EverydayAccount

Citibank Plus Account is a fee-free transaction account with debit card access for everyday requirements. 

Features and Benefits

  • There are no account-keeping fees, Citi transaction costs, or money transfer fees (but the recipient bank may impose a fee).
  • With a fee-free Citi debit Mastercard, you may make in-store or online purchases and withdraw cash from ATMs.
  • Mastercard Travel Rewards allows you to earn automatic rewards at partner restaurants, hotels, and merchants worldwide. 

Benefits Of A Student Bank Account

The following are the advantages of having a student bank account.

  1. Fee Waivers: Many banks in Australia for international students provide fee waivers, which reduce or eliminate monthly account fees and transaction costs, allowing you to save money.
  2. Budgeting Help: Banks often provide online banking platforms and mobile applications that assist you in tracking your spending, making budgeting and financial management easier.
  3. ATM Networks: Student accounts frequently have access to broad ATM networks, which reduces withdrawal costs and ensures you have easy access to cash.
  4. Security and safety: Keeping your money in a bank account is more secure than carrying cash. Banks have safeguards in place to protect your assets.

How To Choose Your Student Bank Account

Here are some simple recommendations on how to pick your student bank

  1. Look for various banks in Australia for international students and compare their account choices and services.
  2. Account fees, transaction costs, and ATM withdrawal fees should all be considered. Accounts with fee exemptions or cheaper costs are preferable.
  3. Look for accounts that provide student-specific benefits such as fee exemptions, discounts, and customised services.
  4. Consider the bank’s ATM network and online banking facilities for easy access to your assets.
  5. Determine whether the bank offers reasonable rates for sending funds to your home country.

What Do I Need As An International Student To Open An Australian Bank Account?

Identification: Your passport, as well as your student visa, are required as confirmation of your legal position in Australia.

Proof of enrolment: You’ll need a document showing your enrolment at an Australian educational institution.

Address Verification: For correspondence, a local address, such as your student housing, will be necessary.

Tax File Number (TFN): While not necessarily required, a TFN can be useful for tax purposes.

Initial Deposit: Some bank for international students in Australia may ask for an initial deposit to start an account.

100- Point Requirement

The 100-point criteria is a procedure used by banks in Australia to authenticate overseas students’ identities when they create an account. It awards points to various sorts of identity documents. To fulfil the requirement:

Identity theft, fraud, and money laundering are all prevented when people use this method. The following are some of the documents and their points:

Passport (70 points) 

Driver’s licence from Australia (40 points)

Certificate of birth (40 points)

Certificate of Citizenship (40 points)

(20 points for having a Medicare card)

Card (credit or debit) (10 points)

Utility bill or bank statement accounts or seek financial assistance(25 pts) 


  1. What is the minimum bank balance necessary for an Australian student visa from India?

For a single candidate, the bank balance necessary for an Australian student visa application will be A$59,000 for a university programme and A$40,000 for a vocational course.

  1. Is HDFC Bank good for international students?

It’s one of the safest and most convenient methods to pay your bills, withdraw cash from ATMs, and serve as a universal student ID card. 

  1. Which Australian bank has no fees?

Only NAB and ANZ now provide a transaction account with no monthly cost.

Thank you for reading. For more informative blogs, read the following:

Best Bank For Students In Ireland: Top Picks, Features & Process

Guide to the Bank for International Students in Australia

 A Guide On Abroad Education Loan Eligibility

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Guide to the Bank for International Students in Australia