You learned how to calculate the area of a sphere and how to perfect the Pythagoras Theorem, but walk into a bank, and you’re completely clueless. Managing your finances is one of the most daunting things you have to do as an adult, but sadly, the education system has failed to teach us truly useful life skills. You’re about to move to Australia and start a life from scratch - and no one has prepared you for it. But that’s where we come into the picture! We’re teaching you everything you need to know, starting with the basics - how to open a bank account. Every student must open a bank account in Australia if they plan to study there. Having a bank account in Australia is the easiest way for students to manage and keep track of their finances. The process to open a bank account in Australia is pretty straightforward, so keep reading to find out if you can do it yourself.
Open a student bank account in Australia
The best part about opening a bank account in Australia is that you don’t need to be physically present in the country to do so. You can open a student bank account online from whichever country you’re currently living in before you move. Rather than waiting in long lines to submit your documents, you can get the process started in the comfort of your own home.
Documents required to open a bank account
Banks in Australia utilise a points system for paperwork. Each document on a predetermined list is granted a specific number of points. You must provide many documents totalling 100 points in order to open a bank account. The government has established a system of personal identification to fight fraud.
Whether you are an Australian resident or an international student, you must submit the same type of documents to achieve 100 points. You must choose which documents you wish to submit to open your student bank account.
The point system in Australia
Before you begin your application, it is best to keep all these documents with you to complete your process smoothly without rushing to find documents at the last minute. If you’re applying online, make sure you have soft copies ready and if you are physically going to a bank, ensure that you have all your original documents and photocopies to submit.
Documents for 70 Points (Mandatory to submit)
You must provide a primary form of identification
- Passport / Citizenship / Birth Certificate
Documents for 40 Points (Mandatory to submit)
- University /TAFE / College student card
- Proof of age card / Australian Drivers Licence
- Confirmation of enrolment from your education institution
- Health care card or Health insurance document
Documents for 25 Points
Any card with your name on it:
- Store account card
- Library card
- Credit card
- Union card
- Medicare card
- Video Store Card
Types of Bank Accounts in Australia
- Everyday Transaction Accounts: Daily withdrawals and deposits are made and taken out of everyday transaction accounts.
- Savings Accounts: Savings accounts offer a higher interest rate on your savings amount than transaction accounts do.
- Credit Card Accounts: Accounts with credit cards: Similar to other nations, these let you access money that isn't instantly available;
- Foreign Currency Accounts: Larger banks will provide these kinds of accounts for those who continue to get income in a different currency.
- Joint Accounts: Accounts that can be opened jointly with a spouse, business partner, or additional person.
- Term Deposits: Term deposits are like high-interest savings accounts, except your money is trapped in the account until a certain amount of time has elapsed.
You may choose any of these account types, but as a student, the best type of bank account to open in Australia would be a student account.
- Student Accounts: The majority of banks have student-specific accounts, which offer all the benefits of transaction accounts with the additional benefit of typically being fee-free for routine transactions. If you open one, you might be able to avoid monthly or yearly account fees, deposit money without being charged or take money out of an ATM without being concerned about being charged.
Best student banks in Australia
With a wide network of ATMs throughout the country, it is one of the greatest banks in Australia. The Citi Plus account enables fee-free banking in Australia with no monthly account fees and free ATM withdrawals inside the Citi ATM network. Its Debit MasterCard can be used to withdraw cash from ATMs all over the world and is accepted anywhere MasterCard is accepted. Australia's Citi, Westpac, St. George, Bank of Melbourne, and Bank SA ATMs all allow fee-free withdrawals.
A traditional everyday banking account is exactly what the NAB Classic Banking account is. There are no overdrafts, monthly accounts, or direct ATM fees from any rediATMs or NABs. Through phone banking and online banking, you may easily access your account. You can get a VISA debit card for free and use it to make purchases everywhere Visa is accepted. It is essential to know that the NAB Classic Account enables regular banking from any Australia Post office.
Your money is kept safe and conveniently available for day-to-day spending in the ANZ Student Access Advantage account. Due to the absence of any account fees, it is the finest bank account in Australia for teenagers. To qualify, you must be enrolled full-time in school and show an ANZ representative your current student ID card at the start of each academic year. You might use your debit card to withdraw cash from an ATM abroad, but remember that there will be a $5 ATM fee and a 3% foreign exchange commission.
Things to consider when opening a bank account in Australia
- Fees: Account fees and your ability to deposit the maximum amount each month other fees, like those for using ATMs and making overseas transactions
- Ease: How simple is registering and opening a student bank account in Australia? Can you do it online and before you travel to Australia?
- Mobile Banking: If you like to bank on the go, search for an account that can be handled with a mobile banking app. Your chosen bank should also have a sufficient number of branches and ATMs and easy access to the Internet and mobile banking.
That was everything you needed to know about how to open a student bank account in Australia. As we said, the process is simple and easy to follow, and there will always be people to help you along the way. We hope you’ve found this helpful and feel better prepared to take charge of your student finances in Australia.