Best Banks For International Students In Australia

Unless you're planning to bury all of your cash under your mattress, banking is crucial for students who are studying abroad. When a student enrolls in the courses and universities of their choice, a number of banks that provide student accounts start to arrive on campus. It is important to instill in pupils the concept of saving money from the moment they begin their academic careers.

Students are provided with a free debit card, free online banking, and free phone banking alternatives so they can pay conveniently from anywhere. It can be said that student accounts have several benefits, including fast conversion, flexible opening procedures, digitized transactions, interest-free loans to scholarships, and free bonuses and discounts.

About Student Bank Accounts In Australia

When moving to Australia, one of the most important things to consider along with finding perfect student accommodation in Australia, is opening a student bank account in Australia that will serve as your primary student account for everyday financial operations, such as paying bills and managing your student housing in Australia.

Choosing the best student bank accounts in Australia is simple if you are aware of the aspects to consider. If you know what to search for, it's easy to find the top student banks in Australia or the best banks for international students in Australia. To make your research phase a tad bit easier, we have compiled a list of the best banks for international students in Australia, along with their facilities. Take a look!

Best Australian Banks For Students

Here is the list of the best banks for international students in Australia. This list will tell you the various advantages you will get when you open a student bank account in Australia.

1. Westpac Student Bank In Australia

If you’re enrolled full-time and are seeking a fee-free student account with a large bank, you can consider the Westpac Choice Student account.

• You can open a student account online up to a year before arrival.
• Send money anywhere in the world.
• Use a Debit Mastercard linked to your Choice account to shop safely online.
• Manage your money on the go with award-winning mobile banking services.
• No withdrawal fees at major Australian bank ATMs (Westpac, Commonwealth Bank, ANZ, NAB, St. George, Bank of Melbourne, and others).
• Unlimited free transactions via BPAY, over the phone, online, or in person.
• Access to ATMs abroad is free of charge for your student account. However, there is a $5 ATM fee and a 3% foreign exchange commission for overseas withdrawals.

2. ANZ Bank In Australia

Your money is kept secure in the ANZ Student Access Advantage account while remaining easily accessible for daily expenses.

• No account fees for eligible full-time students.
• Easy access to funds via online banking and mobile apps.
• A Debit Mastercard is provided for making secure purchases in-store and online.
• A network of over 2,300 ATMs across Australia for easy withdrawals.
• International students need to present their current student ID card to validate their eligibility annually.

3. Commonwealth Bank In Australia

One of Australia's most established and well-known banks, Commonwealth Bank offers flexible options for international students.

• Open your student account up to three months before arrival in Australia.
• $0 monthly fees for eligible students.
• Free health checkup for your finances to determine the best banking options.
• Manage your budget with the Spend Tracker feature on the CommBank app.
• Access to exclusive offers, deals, and contests through your student account.
• Secure daily transactions with a Debit Mastercard for both in-store and online purchases.‍

4. NAB - NAB Classic Banking 

The NAB Classic Banking account is perfect for you if you’re seeking no-fuss banking services with zero monthly fees and zero stress.

• No direct ATM fees or overdraft charges from NAB or rediATMs.
• No recurring account maintenance fees.
• Access your student account easily via mobile and internet banking platforms.
• Free VISA debit card for transactions wherever Visa is accepted.
• Banking services are available at any Australian post office, adding extra convenience.
• Ideal for students who want simple, straightforward banking services without hidden costs.

5. Citibank In Australia

Citibank offers international students a comprehensive banking experience with global accessibility.

• Free ATM withdrawals within the Citi ATM network in Australia.
• No monthly account fees for Citi Plus Transaction accounts.
• A Debit Mastercard accepted worldwide for purchases and ATM withdrawals.
• Fee-free ATM withdrawals at partner banks such as Westpac, St. George, Bank of Melbourne, and Bank SA.
• Fast and free money transfers to any bank account in Australia or Citi accounts overseas.
• Ideal for students who frequently travel or need to send/receive international payments.

Benefits Of A Student Bank Account

A student bank account is a specialised financial help designed to cater to the unique needs of students. It offers a range of benefits that can help students manage their finances effectively and build a strong foundation for their financial future. Here are the advantages of having a student bank account in the best banks for international students in Australia:

1. Fee Waivers and Discounts
2. Overdraft Facilities
3. Budgeting Tools and Financial Education
4. Mobile Banking and Online Services
5. Access to Student Loans and Credit Cards
6. Financial Independence and Responsibility
7. Seamless Transition to Full Banking Services

How to Choose Your Student Bank

When selecting a student bank account in Australia, consider the following:

• Identify your specific requirements and compare them with what the bank offers.
• Analyze the pros and cons of each bank to find the best fit for your needs.
• Check the requirements and documents needed to open a student bank account.
• Look into the following costs and charges:some text
  • Monthly fees (if any)
  • Service charges
  • ATM withdrawal fees

Things To Keep In Mind Before Choosing A Bank

Choosing the top student banks in Australia is an important decision that can greatly impact your financial well-being. With a number of banks and financial institutions available, it's important to take into account several factors before making a choice. 

Here are some key points to keep in mind when selecting the best banks for international students in Australia. By considering these factors, you can ensure your mental well-being as they’ll help you make an informed decision that meets your financial needs and goals:

1. Financial Stability of the Bank
2. Range of Products and Services
3. Fees and Charges
4. Accessibility and Convenience
5. Interest Rates and Returns
6. Customer Service
7. Security and Privacy Measures
8. Reputation and Trust

How To Open Bank Account In Australia For International Students

To set up an account in the top student banks in Australia as an international student, there are a number of requirements and documents you will usually need to provide. While specific requirements may change slightly at the time of choosing top student banks in Australia:

1. Valid Passport

You must present your valid passport as proof of your identity and immigration status. Make sure that your passport is current and not expired.

2. Confirmation of Enrollment 

Top student banks in Australia will want proof of your enrolment in an Australian educational institution as proof of enrollment. This can be in the form of an acceptance letter from your university or institution or a Confirmation of Enrollment (CoE).

3. Visa Documentation

You must present your visa-related papers, such as a student visa or a temporary graduate visa (subclass 485). To validate your status as an international student, you have to do this.

4. Australian Residential Address

Australian residential addresses often have to be provided by banks. This address can be your on-campus housing address, the address of a private rental, or the address of a friend or relative who is hosting you.

5. Tax File Number (TFN)

Although it is not required, having a tax file number (TFN) might be useful for banking purposes because it allows you to get interest on your savings without the tax rate being deducted.

6. Student Identification 

Bring your student ID card, which was issued by your institution of higher education. This also shows you are a student.

7. Additional Identification Documents

A driver's license or a certified copy of your birth certificate may be required by some banks. For information regarding identification requirements, contact the specific bank.

100 Point System

Every financial organization, and top student banks in Australia, use the 100 point system as a verification step to confirm a customer's identification. Individuals are required to submit a combination of identity documents totalling 100 points in order to meet this criterion. Each piece of identification has a point value, with passports and driver's licenses receiving higher points for their increased security. With the use of this system, identity theft, fraud, and money laundering are all prevented when people open bank accounts or use financial services. The 100-point requirement is an essential safety net for the stability and security of Australia's financial system. Some of the documents and their points are mentioned below:

1. Passport (70 points)
2. Australian driver's license (40 points)
3. Birth certificate (40 points)
4. Citizenship certificate (40 points)
5. Medicare card (20 points)
6. Credit or debit card (10 points)
7. Utility bill or bank statement (25 points)

It's crucial to complete your research and carefully consider your banking requirements in order to process your new student account. Also, read how to open a bank account in Australia to know more about the banking system and procedures for opening a bank account in Australia.