Opening An Australian Bank Account: A Guide For International Students

International students in Australia have a variety of options when it comes to opening a bank account. The Australian Banking System offers a wide range of choices to manage finances, from local credit unions to banks. The most common banks are dependent on the state that you will be studying in, with ANZ Bank and Commonwealth Bank being the two most common banks for international students in Australia. It is important to do some research and learn about the banks that offer student-specific accounts and what they offer. Some banks offer student accounts with added perks, such as low or no monthly fees, unlimited transactions, low credit limits, and student credit cards with no annual fees. To open a bank account in Australia, international students must submit various documents, including a passport, proof of residence, driver's license, and birth certificate.

Choosing a bank

When choosing a bank in Australia, there are several factors to consider. Firstly, identify the purpose of the account. If you are an international student, you will likely need an account for everyday transactions, such as paying bills and rent. In this case, a transaction account would be suitable. If you plan to keep larger sums of money in your account, consider a savings account, which offers a higher interest rate. Some banks also offer student accounts, which are typically variations of transaction accounts with added benefits. These benefits may include unlimited transactions, low or no monthly fees, low credit limits, and student credit cards with no annual fees.

It is also important to consider the location of the bank. Choose a bank that is easily accessible, either on your school campus or close to your residence. The two most commonly found banks in Australia are ANZ Bank and Commonwealth Bank (CommBank). Other popular options include Westpac, National Australia Bank (NAB), and Citibank. These banks offer various features tailored to students, such as low or no fees, international transfer services, and student-specific loans and credit cards.

To open an account, you will typically need to provide various documents to verify your identity and student status. These documents may include your passport, proof of residence, driver's license, birth certificate, university acceptance letter, student ID card, and visa. Some banks may require you to verify your identity at an Australian branch before you can access your funds. It is recommended to research the specific requirements of each bank before making your decision.

Additionally, consider the specific perks and features offered by different banks. For example, Westpac provides a complimentary discount card for various services, while Citibank offers a wide range of packages for international students, including reduced fees and streamlined international money transfers. CommBank allows you to open an account up to 14 days before your arrival and provides a debit Mastercard® for use in Australia and internationally.

By comparing bank rates, account features, and accessibility, you can make an informed decision when choosing a bank in Australia as an international student.

Account types

When it comes to account types, there are three main options for international students in Australia: transaction accounts, savings accounts, and student accounts.

Transaction accounts are ideal for day-to-day expenses, such as bills, rent, and other regular costs. This type of account is suitable for those who plan to transfer smaller sums of money more frequently.

Savings accounts, on the other hand, are better suited for those who intend to transfer larger sums of money, such as for tuition fees. This type of account typically offers a higher interest rate, allowing you to earn returns on your savings.

Student accounts are usually a variation of transaction accounts, offering additional perks to cater to the needs of students. These accounts often feature low or no monthly fees, unlimited transactions, low credit limits, and student credit cards with no annual fees. Some banks may also offer special discounts or freebies, such as a complimentary discount card for hotels, restaurants, and airfare.

When choosing an account type, it is important to consider your individual needs and financial situation. It is also worth noting that the most suitable bank for you may depend on the state in which you will be studying, as certain banks are more commonly found in specific states.

Additionally, some banks offer international student packages with reduced fees, additional services at lower charges, and specific perks to cater to the unique needs of international students.

Required documents

As an international student, you should be prepared with several documents, including your passport, proof of residence, driver's license, and birth certificate. Most banks in Australia will require you to verify your identity at a branch before you can access your account or withdraw funds.

Banks in Australia use a points system for paperwork, where each document on a predetermined list is assigned a specific number of points. You will need to provide multiple documents to reach 100 points to open a bank account. This system is in place to combat fraud.

To open an account online, you will need to provide your passport number and expiry date, email, contact number, and date and city of arrival in Australia. Once you arrive in Australia, you will need to visit a branch to submit a copy of your university acceptance letter, visa, student ID card, and proof of residence, such as a tenancy agreement or utility bill.

If you are unable to find accommodation before opening your bank account, you can still open an account by providing the necessary identification documents and tax residency details. You may be able to collect your debit card immediately, or it will be delivered to your student accommodation within a week.

Opening an account online

As an international student, you can open an Australian bank account online before you arrive in the country. This means you can have your bank account ready for when you land in Australia.

To open an account online, you will need to have some personal details to hand. These include your passport number and expiry date, email address, contact number, and date and city of arrival in Australia. You can open an account online up to 12 months before your arrival in Australia. It takes about 10 minutes to complete the form.

Once you have arrived in Australia, you will need to visit a branch of your chosen bank to verify your identity and submit additional documents. These documents include your university acceptance letter, visa, student ID card, and proof of residence, such as a tenancy agreement or utility bill. You may be able to collect your debit card immediately, or it will be delivered to your student accommodation within a week.

Some of the most popular banks in Australia are Westpac, Commonwealth Bank (or CommBank), Australia New Zealand (ANZ), and National Australia Bank (NAB). These banks offer features such as low or no monthly fees, unlimited transactions, low credit limits, and student credit cards with no annual fees. For example, the Citi Plus account from Citibank enables fee-free banking in Australia, with no monthly account fees and free ATM withdrawals from Citibank, Westpac, or BankSA ATMs in Australia.

In-branch verification

International students can open a bank account in Australia by visiting a branch in person. This is known as in-branch verification. In-branch verification is a process where you physically visit a bank branch to confirm your identity and finalise the account opening process. This process is typically required by Australian banks to ensure the security and authenticity of your account. Here is a step-by-step guide to help you navigate the in-branch verification process:

Step 1: Choose a Convenient Bank Branch

Select a bank branch that is easily accessible, preferably one that is located near your accommodation or university campus. This will make it easier for you to visit the branch and complete the verification process.

Step 2: Gather the Required Documents

Before visiting the bank, ensure that you have all the necessary documents with you. The specific documents may vary depending on the bank, but typically, you will need to provide proof of identity and proof of residence. Acceptable forms of identification may include your passport, driver's license, birth certificate, student visa, university acceptance letter, student ID card, and a tenancy agreement or utility bill as proof of residence. It is recommended to bring multiple forms of identification to ensure you have what the bank needs.

Step 3: Visit the Bank Branch

Go to your chosen bank branch during their business hours. It is advisable to allocate ample time for your visit in case there are any waiting periods or additional steps required. When you arrive, approach a customer service representative and inform them that you need to verify your identity and complete the account opening process.

Step 4: Provide Documentation and Complete any Necessary Forms

The bank representative will review your documents and may ask you to fill out some forms. Carefully fill out all the required information accurately. You may also be asked to provide additional details, such as your contact information, email address, and the purpose of opening the account. Ensure that all the information you provide is consistent with the details you submitted during the online application (if applicable).

Step 5: Finalise the Account Opening Process

Once your identity has been verified and all the necessary paperwork is completed, the bank will finalise the account opening process. You may receive your debit card immediately or have it delivered to your Australian address within a week. With your account set up, you can now utilise the bank's services, including online banking, ATM withdrawals, and more.

Remember to research the specific requirements and offerings of different banks before choosing one. Banks like Commonwealth Bank (CommBank), National Australia Bank (NAB), ANZ Bank, and Citibank offer various benefits, such as low or no monthly fees, international transfer options, and student-specific perks. By selecting a bank that aligns with your needs, you can make the most of your banking experience during your time in Australia.

Frequently asked questions