Janice Lozano
As an international student in Australia, opening a local bank account can simplify your life. The Commonwealth Bank, or CommBank, allows international students to open a bank account within 14 days of arriving in Australia or up to 3 months after arrival. To open a bank account with CommBank, international students are required to have a Student ID or letter of enrolment. You will also need to verify your identification at any Australian CommBank branch. CommBank offers international students the ability to open their SmartActive transaction account with student features. The CommBank SmartActive transaction account comes with a range of features and benefits that allow international students to manage their finances.
| Characteristics | Values |
|---|---|
| Time to open an account | Up to 14 days before arrival in Australia or up to 3 months after arrival |
| Account type | Everyday Account, SmartActive transaction account |
| Account fee | $0 monthly account fee if under 30 |
| Other fees waived | Monthly Account Fee waived if you're under 30, or 30 and above and deposit at least $2,000 each calendar month |
| Benefits | Cashback offers, $20 off with DoorDash, 3-month DashPass subscription, Mastercard, NetBank access, CommBank app access |
| Requirements | Student ID or letter of enrolment, identification documents, tax residency details, passport, Tax Identification Number |
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What You'll Learn
Open a Commonwealth Bank account online before arriving in Australia
As an international student moving to Australia, you can open a Commonwealth Bank account online up to 14 days before your arrival. This will save you time and ensure you can start accessing your funds almost as soon as you arrive.
To open an account, you must be classified as an international resident of UniLodge Australia, with an active contract to reside at a UniLodge or Student Living property. You must also hold a current Australian visa, a valid passport, and a Tax Identification Number (TIN). You will need to provide your Australian residential address and show your passport for identity verification at a CommBank branch within 20 days of opening your account.
International students can open a SmartActive transaction account with student features. This account can be accessed and managed online and through the CommBank app. There are no monthly account fees for students under 25, or for those over 25 who deposit $2000 AUD into the account each month.
CommBank also offers cashback rewards, a budget planner calculator, and the ability to transfer money overseas quickly, simply, and securely.
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Documents required to open an account
International students can open a bank account with Commonwealth Bank, or CommBank, within 14 days of arriving in Australia or up to three months after arrival. CommBank offers international students the ability to open a SmartActive transaction account with student features. The monthly account-keeping fees are waived for students under 25, those undertaking full-time study or an apprenticeship, or those over 25 who deposit $2,000 AUD into the account each month.
To open a bank account with CommBank, international students are required to have a Student ID or letter of enrolment. They must also hold a current Australian visa and a Tax Identification Number (TIN). Within 20 days of opening the account, students must show their current passport (original document required) for identity verification at a CommBank branch. They will also need to provide tax residency details.
International students can open an account online or in person at a branch. However, they will not be able to withdraw funds or access the CommBank app and NetBank until they have been identified at a branch.
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Benefits of opening a Commonwealth Bank account
There are several benefits to opening a Commonwealth Bank account as an international student in Australia. Firstly, it allows you to get acquainted with the local banking system and manage your finances more efficiently. With a Commonwealth Bank account, you can open an Everyday Smart Access account specifically designed for students, enabling you to pay for everyday expenses with ease and focus on your studies. This account offers a monthly account fee waiver if you're under 30 years old or deposit at least $2,000 AUD each month. Additionally, you can access your account online and through the CommBank app, making it convenient to manage your finances on the go.
Another advantage of a Commonwealth Bank account is the ability to get paid locally if you're working while studying. You can also avoid international transaction and conversion fees on purchases, saving you money. Commonwealth Bank has an extensive branch and ATM network across Australia, making it accessible and convenient for students. The bank also provides bilingual staff in many branches and language-enabled ATMs, making it easier for international students to communicate their needs.
Commonwealth Bank offers a seamless way to transfer money overseas with competitive transfer rates and no international transaction fees for payments with FX conversion. Additionally, they provide a budget planner calculator to help international students manage their finances effectively and plan for life in Australia. The bank also recognises its customers with discounts, cashbacks, and exclusive offers from popular Australian brands through CommBank Yello, helping students save on everyday purchases, mobile plans, and home internet.
Lastly, Commonwealth Bank allows international students to open an account up to 14 days before arriving in Australia or within 12 months after arrival, providing flexibility and ensuring students can access their finances as soon as they arrive. Overall, choosing Commonwealth Bank as an international student in Australia offers convenience, accessibility, and financial benefits to help navigate the challenges of studying abroad.
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International students' account options
International students account options
International students can open a bank account with Commonwealth Bank (CommBank) up to 14 days before arriving in Australia or up to 3 months after arrival. To open an account, international students are required to have a Student ID or letter of enrolment. They must also provide identification documents, such as a valid passport, and tax residency details. CommBank offers international students the ability to open a SmartActive transaction account with student features. This account offers online and app access and has no monthly account fees for students under 25 or those over 25 who deposit $2000 AUD per month.
International students can also open an Everyday Account online, which comes with a $20 DoorDash voucher and access to a 3-month DoorDash DashPass. This account also has a $0 monthly account fee for those under 30. CommBank also offers a range of digital wallets, including Tap & Pay, Apple Pay, Google Pay, and Samsung Pay.
If you are looking for an account with more frequent international transfer capabilities, you may want to consider the Wise Account, which is suitable for international students needing to make regular transfers to and from their home country. The Wise Account uses the mid-market rate, saving you money on currency conversions.
CommBank also offers a range of other benefits for international students, including the ability to order a Debit Mastercard, which can be used in-store and online in Australia and internationally. CommBank has an extensive branch and ATM network across the country, with bilingual staff in many branches and language-enabled ATMs.
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Alternatives to Commonwealth Bank accounts
International students moving to Australia can open a bank account with Commonwealth Bank up to 14 days before arriving in the country. This can be done online, and students can open an Everyday Account. However, they will need to visit a branch in person once they arrive in Australia and provide identification documents and tax residency details before they can use their new account.
If you are looking for alternatives to Commonwealth Bank, there are several other banks in Australia, including the other "big four banks": Westpac Banking Corporation (WBC), National Australia Bank (NAB), and Australian & New Zealand Banking Group (ANZ). There are also smaller banks, such as Bank Australia, Bendigo Bank, and Up Bank, which has been described as a "very good digital bank". Other options include PnBank, ME Bank, HSBC, ING, and Credit Union Australia.
It is worth considering your priorities when choosing a bank. For example, if you value easy access to your money through ATMs and the opportunity to visit a local branch and speak to a staff member, a bigger bank might be a better option. On the other hand, smaller banks may offer more competitive deals and rates, as well as more personalised customer service.
Additionally, some banks offer special promotions or perks, such as cashback offers, no fee international transactions, or charitable donations. You can also consider using a digital wallet, such as CommBank Tap & Pay, Apple Pay, Google Pay, or Samsung Pay, which can be used with a range of different banks.
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Frequently asked questions
You can open a Commonwealth bank account up to 14 days before your arrival in Australia, or up to 3 months after your arrival.
You will need a current passport, a Tax Identification Number (TIN) and a Student ID or letter of enrolment. You will also need to provide proof of tax residency details.
You can get cashback at popular brands with CommBank Rewards, get \$20 off with DoorDash, and access to a 3-month DashPass subscription. You can also get a monthly account fee waiver if you are under 30 years old or deposit at least \$2000 AUD each month.
