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

Students enrolled full-time and seeking a fee-free student account with a large bank might consider the Westpac Choice Student account. You will get various advantages to open a student account in one of the best banks for international students in Australia.

• 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. 
• You will also not be charged a withdrawal fee at any major Australian bank ATM, including those operated by Westpac, Commonwealth Bank, ANZ, NAB, St. George, Bank of Melbourne, and Banks. 
• You can do infinite 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 will be a $5 ATM fee and a 3% foreign exchange commission if you try to withdraw money from an ATM abroad.

2. ANZ Bank In Australia

Your money is kept secure in the ANZ Student Access Advantage account while still being easily accessible for daily expenses. Given that there are no account fees, it is one of the best banks for international students in Australia. You must be enrolled full-time in school and present your current student ID card to an ANZ representative at the beginning of each academic year in order to be eligible.

3. Commonwealth Bank In Australia

It is one of Australia's most established and well-known banks. The bank enables you to open a student account if you will be in Australia within three months of arrival. Students who wish to utilize a transaction account daily will find Commonwealth Bank to be one of the best banks for international students in Australia because it has a $0 monthly fee. You can easily use your debit card to make purchases with it in stores or online, thanks to free access to special offers and contests.

The bank provides a free health checkup so you can determine the best banking options for your needs. You can manage your money from anywhere by using the Spend Tracker feature of the CommBank app to track your student budget.

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4. NAB - NAB Classic Banking 

Similar to a traditional normal banking account, the NAB Classic Banking account. There are no direct ATM fees, overdraft fees from any NAB or rediATMs, or recurring account costs. You can instantly access your student account via the phone and internet banking systems. A free VISA debit card is available, and you can use it to make transactions anywhere Visa is accepted. It is important to remember that if you have an NAB classic account, you can do regular banking from any Australia Post Office, which makes it one of the best Australian banks for international students. NAB mostly ranks on top among the best banks for international students in Australia.

5. Citibank In Australia

It is one of the best banks for international students in Australia and has a wide network of ATMs. The Citi Plus account offers free ATM withdrawals inside the Citi ATM network and charge-free banking in Australia without a monthly account fee. The Debit MasterCard is accepted anywhere MasterCard is accepted and can be used to withdraw money from ATMs all around the world. In Australia, fee-free ATM withdrawals can be performed at ATMs operated by Citi, Westpac, St.George, Bank of Melbourne, and Bank SA.

With this Citi Plus Transaction account, you can rapidly transfer money from any location to any bank account for no fee or to a Citi account abroad.

Benefits Of A Student Bank Account

A student bank account is a specialized 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

You need to look at each requirement that you need and then compare it with what the bank offers! You need to think wisely and look at all the pros and cons of each bank when you plan on how to open bank account in Australia for international students. You also need to look into the requirements and documents you will need to open a student bank account. One more thing to look into is the monthly fee, if any, service charges, atm charges, etc. 

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 that 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, 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.