Best Bank In Australia For International Students In 2025

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 best bank in Australia for international students, what documents you need, and what is a 100-point requirement. 

List Of Best Bank In Australia For International Students 

Choosing the right bank is crucial for international students in Australia. Here’s an overview of the top options: Westpac offers low service fees and an extensive ATM network. ANZ and Commonwealth Bank provide student-friendly features, while NAB and Citibank offer competitive services, including online and mobile banking. Check their further details in this table here:

List Of Best Bank In Australia For International Students
Bank	Account Name	Service Fees	Student Account Features	ATM Network	Online and Mobile Banking
Westpac	Westpac Choice Student	1	Fee-free ATM withdrawals, no monthly account fees	Wide network	Yes
ANZ	ANZ Student Access Advantage	1	Fee-free ATM withdrawals, low fees for international transfers and currency conversions	–	–
Commonwealth Bank	Student Smart Access	3	Fee-free ATM withdrawals, no monthly account fees, low fees for international transfers and currency conversions	–	–
NAB	NAB Classic Banking account	5	–	–	–
Citibank	Citibank Plus Everyday Account	4	Fee-free ATM withdrawals, low fees for international transfers and currency conversions	–	Yes

Note:

• Service Fees are ranked on a scale from 1 (low) to 5 (high), with 1 being the best.
• Features such as fee-free ATM withdrawals, no monthly account fees, and low fees for international transfers and currency conversions are highlighted under “Student Account Features.”
• The ATM Network column indicates the availability of a wide network of ATMs.
• The “Online and Mobile Banking” column indicates whether the bank offers convenient online and mobile banking options.

Types of Bank Accounts for International Students

International students in Australia can choose from various bank accounts tailored to their needs. A Transaction Account facilitates daily spending with a debit card, while a Savings Account helps accumulate savings with interest. Student-specific Accounts offer benefits like fee exemptions and personalised guidance. Note the three types here:

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.

2. 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.
3. 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.

Please note: 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 currency is indicated by the notation “$” or “A$”. The Australian Dollar is available in coins and notes ranging from 5 cents to $100.

In-depth Details On International Student Bank Account Australia

Students must make note of all the factors considering their decision to open a bank account. Here are some of the best banks for International Students In Australia.  

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 years 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. 

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

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

NAB

The National Australia Bank (NAB) is one of Australia’s leading 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

CitiBank Plus EverydayAccount

Citibank Plus Account is a fee-free transaction account that includes 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 Australian Student Bank Account

Surviving in Australia also requires a consistent budget, and opening a bank account is the start of it. The following are the advantages of having a student bank account.

How To Choose Your Student Bank Account?

While this process of choosing the best bank in Australia for international students might be overwhelming at first, a student will figure it out in due time. Here are some simple recommendations on how to pick your student bank

• Look for various banks in Australia for international students and compare their account choices and services.
• Account fees, transaction costs, and ATM withdrawal fees should all be considered. Accounts with fee exemptions or cheaper costs are preferable.
• Look for accounts that provide student-specific benefits such as fee exemptions, discounts, and customised services.
• Consider the bank’s ATM network and online banking facilities for easy access to your assets.
• 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?

To open an Australian bank account as an international student, you’ll need your passport and student visa for identification, proof of enrolment, a local address for correspondence, and optionally, a Tax File Number. Some banks may also require an initial deposit.

• 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.

Choosing the right bank is pivotal for international students in Australia. Whether it’s Westpac’s low service fees, ANZ and Commonwealth Bank’s student-friendly features, or NAB and Citibank’s competitive services, each bank offers unique advantages. Opening a student bank account not only aids in financial organisation but also provides benefits like fee waivers, broad ATM networks, and enhanced security. Make an informed choice to navigate your academic journey smoothly.

FAQs

1. Which bank is the best for international students?

Top choices for international students in Australia encompass Westpac, ANZ, Commonwealth Bank, and NAB.

2. Which bank is best for foreigners in Australia?

The best bank for foreigners varies based on individual preferences. Notable options are Westpac, ANZ, Commonwealth Bank, and NAB.

3. Is Commonwealth or ANZ better?

Both Commonwealth Bank and ANZ offer student accounts with benefits like fee-free banking. Compare features and fees to choose the best fit for your needs.

4. Which bank is mostly used in Australia?

While the most used bank isn’t explicitly mentioned, major ones include ANZ, CommBank, National Australia Bank, and Westpac.

5. What is the safest bank in Australia?

The safety of a bank depends on factors like financial stability and security measures. Research and compare banks to identify the safest option for your needs.

6. Which Australian bank is best for students?

Optimal choices for student banking in Australia encompass Westpac, ANZ, Commonwealth Bank, and NAB. Compare features and fees to determine the best fit for your needs.