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If you're moving to Australia to study, one of the first things you need to get organised is your bank account. While you might be able to use your existing overseas account, having one in Australia will make things much easier, particularly if you're paying rent and other bills.
Here, we look at your options and the steps on how to open your Australian bank account even before you land in the country.
Some banks require you to be in Australia and have an Australian residential address before you apply. However, there are banks that let you apply online before you're in Australia. Typically, you will then need to visit a branch when you arrive in the country to verify your identity before you can deposit money into the account.
Setting up an account is simple. If you have all the information in front of you, it should only take minutes to complete.
There are several banks in Australia that let you open an account before you're in the country. If you're still a little way off entering Australia, look out for banks that specifically call out students. You likely won't have to provide an Australian residential address and they are less likely to charge you monthly fees. You may need to be entering Australia within a certain time frame. For example, Commonwealth Bank requires you to arrive in Australia within 3 months.
You may need the following when filling out the online application:
You need to provide documents such as your birth certificate, passport or driver's licence. Some banks may allow you to do this online, but some may need you to visit a branch when you arrive in Australia. If you need to visit a branch, make sure to bring the following with you:
Once your identification has been verified and your account approved, you should receive your bank card. Transfer money into your new account and then you can spend away as normal.
As an international student, you'll be happy to know that you have lots of short-term options to choose from for your banking needs, each with different features and benefits. You can choose from 2 account categories: a transaction account or a dedicated student account.
Transaction account: A transaction account is a basic account for daily expenses. You can use it to pay your bills, deposit your income, pay for goods and services or make daily transactions. With this account, you'll receive log-in details for online and mobile banking and a debit card to withdraw money at ATMs (cash machines) and make everyday payments.
International student account: Most banks also offer an account specifically designed for people moving to Australia to study. This account gives you a lot of the same things as a transaction account, with some added benefits. If you open an account and you're a full-time student, you are most likely to skip the monthly and/or annual account fees. Many dedicated student accounts also provide student rewards.
Your student bank account shouldn't come with any monthly fees for at least the first 12 months. It should give you an unlimited number of transactions, whether you make a transaction online, via EFTPOS or in a branch.
You need to look out for unconventional fees, such as the following:
If your student bank account runs out of cash, you can expect to pay a fee. To avoid this, you may request an account with no overdraw facility so you can't accidentally spend more than what's available in your account and get stuck with fees.
If you're travelling or going overseas, using your debit card might incur international transaction fees and foreign ATM fees. These can add up, so before travelling you might want to look into debit cards with low foreign transaction fees.
These are often fees charged to your account when you use an ATM that's outside your bank's network. To avoid this, look for the banks with the widest ATM networks. Some banks may also have a limit on the number of ATM transactions you can make per month.
There is no single best Australian bank for students. The best bank for you may not be the best for someone else. Here are some factors to consider:
You should compare a range of accounts when deciding which provider is best suited to your everyday banking needs.
The following are the biggest banks in Australia:
Other major banks include Bendigo Bank, BankSA, Bankwest, St.George and Bank of Queensland. There are also a number of community-owned banks. Some international banks also operate in Australia, including ING, Citi and HSBC.
The following are a few of the available options to transfer money:
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.
Companies such as OFX, TorFX, and InstaReM will quote an exchange rate, convert the funds and send them to your nominated bank account. You need to set up an account, but these services are often much cheaper to use when you are receiving between $1,000 and $1,000,000. These almost always offer a better exchange rate than the banks too.
Not the safest way to transfer money, international money orders are similar to paper cheques but the amount is paid for in advance and so the order cannot bounce.
For more ways to send money overseas, check out Finder's comparison on money transfers here.
The Bank of Queensland Simple Saver Account offers an ongoing interest rate with no account conditions to meet. Open up to 9 accounts.
Earn a special fixed interest rate for terms of 1 or 2 years in length when you invest at least $25,000.
The Great Southern Bank Goal Saver Account has an ongoing bonus rate on balances up to $50,000 for customers aged 18-24.
The Newcastle Permanent Smart Saver Youth Account has an ongoing bonus rate for customers under 25.
The Bank of Queensland Smart Saver Account has an ongoing bonus rate on balances up to $250,000 for customers over 36.
The Everyday Account has no monthly account keeping fees, spend tracking features and instant payments via PayID.
The Bank of Queensland Future Saver Account has a high ongoing bonus rate on balances up to $50,000 for customers under 35.
Delphi Bank offers a range of personal banking products for customers in Australia.
Citi offers a range of personal banking products for customers in Australia.