Lori Meadows
As an international student in Australia, you'll need a bank account to receive international money transfers, pay bills, and withdraw money. The four biggest banks in Australia, known as the Big Four, are Westpac, Commonwealth Bank (CommBank), Australia New Zealand (ANZ), and National Australia Bank (NAB). These banks offer specialised student bank accounts with minimal fees, no account-keeping fees for full-time students, and convenient access via mobile and internet banking platforms. Citibank, St. George Bank, and Suncorp are other options that provide similar benefits. When choosing a bank, it's important to consider factors such as fees, perks, and the ease of setting up an account before arriving in Australia.
| Characteristics | Values |
|---|---|
| Top banks | Westpac, Commonwealth Bank (CommBank), Australia New Zealand (ANZ), National Australia Bank (NAB) |
| Ability to open an account before arrival | Westpac, ANZ, CommBank |
| No monthly account fees | ANZ, CommBank, Citibank, St. George Bank, NAB |
| Unlimited free transactions | CommBank, ANZ |
| No foreign transaction fees | ANZ, Citibank |
| No withdrawal fees | ANZ, Citibank, Westpac, CommBank, NAB, St. George Bank, Bank of Melbourne, BankSA |
| No account-keeping fees for students | Westpac, St. George Bank, NAB |
| Free debit card | Citibank, ANZ, CommBank, Westpac |
| Global accessibility | Citibank |
| Interest on savings | Westpac, ANZ |
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What You'll Learn
The 'Big Four' banks in Australia
The "Big Four" banks in Australia are the four largest banks that have historically dominated the country's banking industry in terms of market share, revenue, and total assets. These banks are:
Commonwealth Bank (CommBank)
Commonwealth Bank is Australia's largest retail bank and offers customers a range of products and services, including transaction and savings accounts. It is one of the "Big Four" banks with the highest total assets over the past decade. CommBank allows international students to open a Student Smart Access account or an Everyday Account with Student Options up to three months before arriving in Australia. This account has no monthly account fees and offers unlimited free transactions from network ATMs, EFTPOS, counter deposits, phone, and internet. However, there is a 3% foreign exchange fee.
Australia and New Zealand Banking Group (ANZ)
ANZ is one of Australia's leading financial institutions with banks in most urban and regional centres. The bank has its own ANZ Foreign Exchange Service, which allows international students to exchange foreign currency into Australian dollars at any ANZ branch and deposit foreign currency directly into their ANZ account. The account has no monthly account fees and offers unlimited phone and internet transactions, but there is a $5 fee for overseas ATM transactions. ANZ also offers the ANZ Progress Saver account to help students grow their savings while studying.
National Australia Bank (NAB)
NAB is widely available throughout Australia, with branches in the central business districts of all major Australian cities. International students can open a NAB Classic Banking account online before arriving in the country.
Westpac
Westpac is Australia's first bank and oldest company, with banks in all capital cities. International students can open a Westpac Choice Student account online up to a year before arriving in Australia. This account has no account-keeping fee for full-time students or people under 30, and includes a Debit Mastercard for shopping online and in stores.
The "Big Four" banks in Australia are well-established and hold more than 80% of all loans from mortgage borrowers. They are the lenders behind most home loans in the country, although smaller lenders often offer lower interest rates.
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The benefits of an Australian bank account
When choosing a bank, it is important to consider your specific requirements and compare them with what each bank offers. Some banks, such as ANZ, offer no monthly account fees and unlimited phone and internet transactions, making bill payment more convenient. Others, like Westpac, allow international students to set up their bank accounts before arriving in Australia, and have branches in all capital cities, making it easier to access your funds and speak to a local banking consultant.
Additionally, some banks provide international students with specialised financial help through their student bank accounts. For example, the Commonwealth Bank Student Smart Access account offers no monthly account fees and unlimited free transactions, although it charges a 3.00% foreign exchange fee. Citibank also offers a comprehensive banking experience with global accessibility, including free ATM withdrawals within the Citi ATM network in Australia and worldwide with a Debit Mastercard.
Lastly, some banks provide added perks such as cashback, the ability to lock in interest rates, or waive certain fees. A feature that many international students may find useful is the ability to lock and unlock your debit card using an app, providing an extra layer of security when travelling between countries.
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ANZ accounts for international students
When it comes to choosing a bank, international students in Australia have a variety of options. One of the most important things to consider is finding a bank that will let you fully or partially set up an account before arriving in Australia.
ANZ is one of Australia's leading financial institutions, with banks in most urban and regional centres. It offers simple banking for students, with no monthly account fees and unlimited phone and internet transactions, making it easy to pay bills. ANZ also offers an ANZ Progress Saver account to help grow your savings while you study.
The ANZ Foreign Exchange Service allows international students to exchange foreign currency into Australian dollars at any ANZ branch and deposit foreign currency directly into an ANZ account. However, a $5 fee for overseas ATM transactions applies. ANZ also provides access to over 7,000 ATMs across Australia, with no ATM fees.
International students can apply for an ANZ Student Access Advantage bank account online before arriving in Australia. Once in the country, they can activate their account at an in-store branch. To receive a monthly account service fee waiver on an ANZ Access Advantage account, full-time students must show proof of enrolment with an Australian educational institution at any ANZ branch.
ANZ also offers the ANZ Plus account, which includes smart features such as spend categorisation, upcoming payment predictions, custom tagging of payments, and detailed spending reports.
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Commonwealth Bank accounts for international students
International students in Australia can benefit from opening a local bank account. One of the country's "Big Four" banks, the Commonwealth Bank, offers a range of services tailored to international students.
The Commonwealth Bank, also known as CommBank, is Australia's largest retail bank. CommBank allows international students to open a bank account up to three months before arriving in Australia or up to 14 days before arrival. This means that students can have their finances in order as soon as they arrive in the country.
CommBank offers a Student Smart Access account with no monthly account fees and unlimited free transactions from network ATMs, EFTPOS, counter deposits, phone and internet. The foreign exchange fee is 3.00%. The Everyday Account with Student Options can be opened online in around 5 minutes, and students can get their bank details straight away. CommBank also offers a range of exclusive discounts on its most popular banking products for students.
International students will need to verify their identification at any Australian CommBank branch. Once this is done, students can access secure online banking through NetBank and the CommBank app. CommBank also offers a Debit Mastercard for online, contactless, and in-store payment security, both domestically and internationally. The card can be locked and unlocked for security purposes.
In addition to CommBank, other Australian banks such as Westpac, ANZ, and National Australia Bank (NAB) also offer accounts for international students. These banks provide various benefits, such as no monthly account fees, access to a large network of ATMs, and the ability to open an account before arriving in Australia.
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Other banks offering accounts for international students
Westpac is Australia's first bank and oldest company, with banks in all capital cities. It offers the Westpac Choice Student account, which is ideal for full-time overseas students seeking a fee-free account. You can open a student account online up to a year before your arrival. You can also send money anywhere in the world and use a Debit Mastercard linked to your account to shop safely online. There is also an introductory interest rate of up to 5.00% p.a on savings for the first 5 months.
ANZ is one of Australia's leading financial institutions, with banks in most urban and regional centres. It offers the ANZ Student Access Advantage account, which has no account fees and provides simple banking solutions. You can apply for this account online before you arrive in Australia and activate it once you're in the country. ANZ also offers the ANZ Progress Saver account, which can be linked to your Access Advantage account. This account helps your savings grow while you study, should you work part-time.
St. George Bank is part of the Westpac Group and is known for its retail and business banking products. It offers the St. George Complete Freedom account for everyday transactions, which is ideal for young adults and students.
Citibank offers international students a comprehensive banking experience with global accessibility. There are no monthly account fees for Citi Plus Transaction accounts, and you can make free ATM withdrawals within the Citi ATM network in Australia. Citibank also provides a Debit Mastercard accepted worldwide for purchases and ATM withdrawals.
Suncorp is another Australian bank that offers a few different types of everyday accounts. Students may want to consider the Everyday Options Account.
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Frequently asked questions
There is no definitive answer to this question as it depends on the individual student's needs. However, some of the best banks for international students in Australia include Westpac, Commonwealth Bank (CommBank), Australia New Zealand (ANZ), and National Australia Bank (NAB). These four banks are known as the "Big Four" and are well-established with a large customer base.
The "Big Four" banks offer a range of benefits to international students, including no monthly account fees, unlimited free transactions, and the ability to open an account before arriving in Australia. For example, CommBank's Student Smart Access account offers no monthly account fees and unlimited free transactions, while Westpac allows students to open an account up to three months before arriving.
Yes, there are several other banks that offer competitive services to international students. These include Citibank, St. George Bank, and Suncorp. Citibank offers no monthly account fees for Citi Plus Transaction accounts, a free VISA debit card, and free ATM withdrawals within the Citi ATM network. St. George Bank is known for its retail and business banking products but also offers personal banking services, recommending the St. George Complete Freedom account for everyday transactions. Suncorp is one of the largest general insurers in Australia and offers a range of everyday account options for students.
