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 enrols 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 instil in pupils the concept of saving money from the moment they begin their academic careers.
The ability to effortlessly conduct banking activities from distant locations is one of the benefits of having a student account. Students are provided with a free debit card, free online banking, and free phone banking alternatives so they can pay conveniently from anywhere. They are not required to go to a bank for this. However, their legal guardians can likewise make payments at any bank branch from anywhere. It can be said that student accounts have several benefits, including fast conversion, flexible opening procedures, digitised 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 is opening a student bank account in Australia that will serve as your primary student account for everyday financial operations, such as paying bills, managing your student housing in Australia and your other finances. How to manage your student housing and pay your tuition is among the most crucial things to bear in mind before travelling to 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, the best banks for students in Australia, and 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 in Australia for students, along with their facilities. Take a look!
Best Australian banks for students
Here is the list of the best banks in Australia for international students. This list will tell you the various advantages you will get when you open a student bank account there.
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 opening a student account in one of the best Australian banks for students.
- 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.
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 Australian banks for students. 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. Your debit card can be used to withdraw cash from ATMs located abroad, but keep in mind that there is a $5 ATM fee and a 3% foreign exchange commission associated with it.
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 utilise a transaction account daily will find Commonwealth Bank to be one of the best banks in Australia for international students 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.
While we are talking about saving money, how about you save money through some discounts as well!
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 a 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. The foreign exchange cost on this NAB student account is 3%, and there is a $5 foreign ATM withdrawal fee. Your account is safeguarded against fraud thanks to a security guarantee provided by NAB Defence. You can always connect to a NAB server when you need to transfer money. It is one of the best student bank accounts in Australia.
Citibank in Australia
It is one of the best banks in Australia for international students 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.
How to choose your student bank
You need to look at each requirement that you need at then compare it with what the bank offers! You need to think wisely and look at all the pros and cons of each bank that you think of opening a student bank account in Australia. 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. These things will make sure that you tick all the correct boxes while choosing the perfect bank!
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. We hope this was helpful, ka-ching!