How to open an Australian bank account

Do Australian banks offer specific accounts for international students?

Australian banks don't really offer specific bank account products targeting international students. So you can just open a normal bank account.

What accounts are available for students?

We're using the words "bank account" mainly in this article, but the actual type of account you're looking for is called a transaction account. Some Australian banks also call these "everyday" accounts or "everyday transaction accounts".

These accounts are for your everyday spending and for receiving money. They usually come with a debit card.

What are the best Australian banks for international students?

Most Australians bank with one of the "Big Four" banks. All of these banks offer everyday transaction accounts, though some charge a monthly account fee unless you meet conditions such as your age or how much you deposit each month.

All of them are available to international students who have a local address and a valid student visa.

• Commonwealth Bank. Australia's largest bank. International students can open a transaction account up to 14 days before arriving in Australia. You have to visit a branch with your ID before you can use the account.
• Westpac. You can apply online up to 14 days before you arrive, using your Australian address (a temporary one, like a hotel, is fine). Depending on your country, you can verify your ID online or will need to visit a branch to activate the account.
• NAB. You can start an application online up to 30 days before you arrive, then visit a branch within 30 days of starting it to verify your ID and activate the account. For the branch visit you'll need your passport, visa, an Australian residential address and an Australian mobile number, and you must be planning to stay in Australia for at least 6 months.
• ANZ. Once you're in Australia, you can join ANZ Plus in the app. You'll need your passport, an Australian mobile number and an Australian residential address (a temporary one is fine), and you'll need to download the app from the Australian App Store or Google Play Store.

But they're not the only options for international students. Other popular banks include:

• ING. ING's Orange Everyday Account has no international transaction fees. You'll need to be an Australian resident with a local address plus phone number.
• Macquarie Bank. You can open an account in a few minutes online or via the Macquarie Mobile Banking app. You'll need an Australian address and phone number.

Do I need an Australian bank account as an international student?

If you're going to be earning or spending money and living in Australia for a few years, it makes sense to open an Australian bank account.

You can open a bank account in minutes and it doesn't cost anything.

How to compare Australian bank accounts

• Look at the fees. Most banks don't charge a fee to hold a transaction account. Some do, but waive the fee under certain circumstances. Some banks charge international transaction fees or ATM fees.
• Bank branch access. If you think you'd benefit from being able to visit a bank branch and see someone face to face, you're more likely to get this with a bigger bank that has more bank branches.
• Debit card. Most bank accounts come with a debit card which you can use at ATMs and also in store to pay for things. It's worth making sure the account has a debit card.
• Online access. Convenient online banking via web and smartphone app are essential.
• Application process. The process varies slightly from bank to bank. Check that you meet the requirements before you submit an application.

Finder survey: What is the most popular bank for Australian savings accounts?

How do I apply for an Australian bank account online?

The basic process to open a bank account in Australia is simple. You can often do it online in minutes.

Just keep in mind that some banks require international customers to visit a branch in person to activate an account.

1. Complete online application

You may need the following when filling out the online application:

• Current phone number, email address, residential address and other contact details
• Personal details such as your name and date of birth
• Date of when you expect to arrive in Australia
• Visa type and the Australian state you're migrating to
• Your expected yearly salary in Australian dollars (if you know)

2. Provide documents

You need to provide documents to verify your identity. Some banks may allow you to do this online, but some may need you to visit a branch when you arrive in Australia.

• Your passport
• Your Australian residential address
• Your valid visa documents
• If your bank asks for it, a letter from the institution where you are studying on an official letterhead as proof that you are a full-time student

3. Receive your bank card

Once your identification has been verified and your account approved, you can set up your online banking account and put some money in your account.

In Australia it can take a week or more for your physical debit card to arrive in the mail. But most banks offer a digital card you can add to your smartphone and use right away.

Frequently asked questions

• Which Australian bank is best for students?

  This depends on what exactly you're looking for, but the best student bank accounts usually have no account fees, no deposit conditions and some extra perks like cash back offers.

• How can I transfer money into my Australian bank account from overseas?

  You can do this via electronic funds transfer (also known as an international money transfer, a telegraphic transfer (TT), a wire transfer or a SWIFT transfer). Your money can be sent to your Australian bank account and converted into AUD. However, most banks charge additional fees and poor exchange rates.

• How can I transfer money as an international student?

  Money transfers into and out of Australia are simple. Just keep in mind that it can be more expensive to send money via a bank compared to a money transfer service.

To make sure you get accurate and helpful information, this guide has been edited by Joselle Delos Reyes as part of our fact-checking process.

Written by

Alison Banney

Editorial Manager, Money

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio

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Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University. See full bio

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Richard has written 755 Finder guides across topics including:

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