Best Bank in Australia for International Students (And How to Open One)

Best bank in Australia for international students is one of the main things that you better know to improve your study experience. Many international students might need to learn the importance of opening a bank account. The simple explanation is that opening a bank account in Australia will make transactions and savings easier. Plus, Australian banks give a lot of discounts and cuts in transaction fees. Such a convenience, isn’t it? 

What items can be easily done if you register a bank account in Australia? The list includes, but not limited to: 

• International money transactions
• Paying your bills
• Managing your student accommodation in Australia
• Easy access to the money for paying the tuition fee 
• Getting your pay from working, since many employers deposit your salary to your bank account 

Check this article by education ONE, or If you have any inquiries about opening a bank or any matters relating to studying in Australia, please get in touch with us. 

Australian Banking 101 for International Students

The national currency of Australia is called Australian Dollar, it comes in $5, $10, $20, $50, and $100 banknote denominations, and the coins come with denominations of 5c, 10c, 20c, 50c, $1, and $2. 

In general, Australian banks offer three types of savings available for international students. They are:

1. Transaction account: the most common account that can be used for daily expenses, deposits, money access, shopping, paying off bills, and withdrawing money from an ATM.
2. Saving account: allows you to earn interest on your balance, usually a ready-to-go account linked to your everyday bank account. 
3. Student account: has the same features as a transaction account but with some added benefits. For example, you don’t pay any fees when you deposit cash or withdraw from an ATM on a monthly or annual basis.

List of Best Banks in Australia for International Students 

Below we will dive deep into the list of best student banks in Australia. Here is the list of best banks in Australia for international students:

• Westpac – Westpac Choice Student 
• ANZ – ANZ Student Access Advantage
• Commonwealth Bank – Student Smart Access
• NAB – NAB Classic Banking
• Citibank – Citibank Plus Everyday Account

Next, we will go through each bank’s brief introduction and its features for international students.

Westpac – Westpac Choice Student

About Westpac: This bank is Australia’s first bank and oldest company and is one of four major banking organizations in Australia. 

Westpac has banks in all capital cities, making it easy to withdraw cash and speak to a local banking consultant. The Westpac Choice Student account matches full-time students with a big bank searching for a fee-free account. 

Perks of choosing Westpac Choice Student:

• It integrates with Apple Pay. Apple Pay offers a fast and secure way to pay in-store and online using your favorite Apple device.
• If you’re a student, you won’t pay any Account-Keeping Fee for the first 12 months while you’re a full-time student or under 30 in Australia.
• You’ll be with Australia’s first bank. They have 200 years of experience helping customers create a new life in Australia.

Other benefits you will get with this account:

• Pay no withdrawal fee at any major bank ATM in Australia (including Westpac, Commonwealth Bank, ANZ, NAB, St.George, Bank of Melbourne, and BankSA) and ATMs globally via the Global ATM Alliance and partner ATMs.
• Once you arrive in Australia, you can apply online in 3 minutes and deposit money into your account.
• Use your phone instead of your card to get out cash. You can withdraw money using your phone from any Westpac, St.George, Bank of Melbourne, or BankSA ATM.

For the full details about this bank account, you can access it here.

ANZ – ANZ Student Access Advantage

ANZ is one of Australia’s leading financial institutions, with banks in most urban and regional centers. 

The bank also has its own ANZ Foreign Exchange Service, allowing international students to exchange their foreign currency into Australian Dollars at ANZ branches and deposit foreign currency directly into their ANZ account.

Perks of choosing the ANZ – ANZ Student Access Advantage:

• The ANZ Student Access Advantage account keeps your money safe while making daily spending readily available. It is one of the best banks for students in Australia since it comes with a $0 account fee. You would need to be a full-time student to be eligible and present a valid student card to an ANZ agent at the beginning of each year.
• Your debit card could be used for withdrawals at overseas ATMs, but note that it costs a $5 ATM charge and a 3% foreign exchange commission.

Other benefits: They provide several account options for international students, whether for everyday transactions, savings, investments, or foreign transactions!

For the full details, you can read them here. 

Commonwealth Bank – Student Smart Access

About Commonwealth Bank: The Commonwealth Bank is Australia’s largest retail bank and offers customers a range of products and services, including transaction and savings accounts. 

Their Everyday Account Smart Access has no monthly account fees while you’re under 25 years old, and is ideal for your day-to-day – like getting paid, paying friends back, or shopping in-store and online with your own money. 

But, if you’re a student after you turn 25, you’ll continue to pay no monthly account fees with an Everyday Account with Student Options.

Perks of choosing Commonwealth Bank – Student Smart Access:

• They are famous for being Australia’s #1 banking app. You can see, track and organize your money anytime with the CommBank app. The app includes handy features like Bill Sense, Spend Tracker, and Transaction Notifications that may help you stay on top of your student budget.
• More ways to pay are available for you. You can add your Debit Mastercard to your phone or wearable with Apple Pay, Google Pay, or Samsung Pay for a fast, easy and secure way to make payments in stores, in apps, and online. It also applies if you want to shop now and pay later with StepPay or Klarna. 
• No wallet? No worries. Use the Cardless Cash feature in the CommBank app to get money out from a CommBank ATM without using your card.

Other benefits you will get when choosing this bank as your choice:

• You can get cashback from big brands like Menulog and JB Hi-Fi when you activate and shop with CommBank Rewards.
• Their savings account, NetBank Saver, is a flexible online savings account linked to your Everyday Account so you can earn interest on your savings with the freedom to transfer in and out of your account when it suits you.
• You can get one more handy option, which is CommBank Neo interest-free card. This is an interest-free credit card with one simple monthly fee. No interest charges. No late fees. No international transaction fees. No surprise charges.

Are you interested in choosing this bank as the best bank in Australia for international students? Read more here. 

NAB – NAB Classic Banking

About NAB (National Australia Bank): They are well-known as Australia’s largest business bank, with partnerships with small, medium, and large businesses.

They also fund schools, hospitals, roads, and other infrastructure essential to the communities and livelihoods in a responsible, inclusive, and innovative way.

Perks of choosing NAB Classic Banking:

• No monthly account fees and no minimum monthly deposits
• No overdrawn fees if you happen to go over your account balance
• No ATM withdrawal fees at over 7,000 ATMs across Australia
• A NAB Visa Debit card for all your everyday spending

Other benefits you will get when choosing this bank as your choice:

• You can make payments in-store, online, or with your digital wallet through your linked NAB Visa Debit card.
• Secure digital banking, where you can manage your money easily through the NAB app and NAB Internet Banking.
• It can be integrated with Apple Pay and Google Pay.

Need more information on why this bank can be considered the best bank in Australia for international students? Find out here.

Citibank – Citibank Plus Everyday Account

About Citibank: This might be the most widely recognized bank in the world. It is also one of the best banks in Australia, with an extensive ATM network across Australia. Citibank Plus Account is a fee-free transaction account with debit card access for your everyday needs. You can use your account to transfer funds, shop in-store and online, and withdraw cash from ATMs worldwide.

Perks of choosing Citibank Plus Everyday Account:

• Pay no account-keeping fees, Citi transaction fees, or funds transfer fees (with a note that the receiving bank may charge a fee)
• You can make purchases in-store or online or withdraw cash from ATMs with a fee-free Citi debit Mastercard.
• Love to travel? This is your most suitable choice. You can use Mastercard Travel Rewards and enjoy automatic cashback from participating restaurants, hotels, and retailers worldwide. Your Citi debit card gives you access to this program!

For more information about this bank as your bank in Australia as an international student, read here. 

How to choose the best bank in Australia for international students?

You can feel overwhelmed when you are preparing to open a bank account. The options above show limited bank options, while more are available in real life. There are some things to consider, but we recommend keeping these things below in mind:

1. Service fees. Some banks may charge no fees, while others charge you if you reach some conditions, for example, if you reach a certain age. Therefore, to maintain your account long-term, we suggest you look at the bank’s charge and ask the bank in detail. 
2. ATMs availability. Although we are living in the digital era, sometimes you still need cash in your pocket. This depends on which location is your campus or your accommodation. It would be convenient if your chosen bank had nearby ATMs. 
3. Online and mobile banking features. Who doesn’t love simplicity and practicality? We suggest you find a bank that offers online and mobile banking services that suit your needs, is accessible 24/7, gives you the cheapest cost options, and has a good security system.  
4. Competitive interest rates. Interest rates work in both ways: the rates you receive when you deposit money with a bank and the rates you pay when you borrow money with a credit card or a loan. It would be best if you tried to find an account that pays higher-than-average interest on deposits while charging lower-than-average interest on debts. But again, this depends on your needs and your habit of spending. 
5. Debit cards. When you open an account, you will most likely be given a card that you can use to shop or withdraw money from ATMs. Furthermore, if you like to spend things online, it is better that you have a Visa Debit or Mastercard debit card. Those also can be used all over Australia and overseas. 

Have you decided on which area of Australia you want to study? Read our article to help you decide: Powerful Benefits to Gain if You Study in Regional Australia

General Requirements to Open A Bank Account in Australia as an International Student

After reading why you need to open a bank account in Australia and the benefits you will get, you may already have a grasp on the best Australian bank for students and want to open one now. 

What are the requirements? Each bank has its regulations, but in general, you will need to provide these documents:

• Your passport
• Your Australian residential address
• Your valid visa documents
• A letter from the institution where you are studying on an official letterhead as proof that you are a full-time student

After you have all the above documents ready, mostly, you can already set up a student account online up to three months before you arrive in Australia. You must fill out the application form on your chosen bank’s website. If you prefer, you can open a bank account in person. It will be better if you’ve done it within the first six weeks of your arrival; after that, you may be required to provide additional identification.

FAQs on Best Bank in Australia for International Students 

Here are some questions that are related to banking in Australia.

Can international students get a student loan?

We cannot guarantee that getting a loan from private banks in Australia will be easy, but it is possible as long as you fulfill the requirements correctly. Besides the banks, the Australian Government provides Study Assist, where you can get information about government assistance financing tertiary studies. 

Book a consultation to get the full experience of studying in Australia with education ONE.

Is it better to open a bank account when you have arrived or pre-departure to Australia?

It depends on your circumstances. You can choose either way that is more comfortable for you. But again, you need to make sure of the regulations of your chosen bank. Some banks in Australia are providing online applications that need a few minutes, for example, Westpac and Commbank.

Now, you shall get ready to study in Australia! What should you do next?

Open a bank account in Australia could be your lifesaver. We hope you get the useful insights that you need from reading the list of best banks in Australia for international students. 

Alongside our Registered Migration Agent and professional consultants, please do not hesitate to contact us to get the best tips and strategies to make your dream of studying in Australia come true. 

education ONE is an experienced education agent with in-house Migration Agents. If you are unsure of whether you have met all the requirements for your Migration through Study plan in Australia, book a FREE study and Student Visa Consultation with one of our Career Development Consultants or contact us education ONE Australia through email at [email protected] or via phone on at 1300 083 663.

Our in-house Migration Agents have a 99% success rate when it comes to all visas, and their main aim is to help people migrate to Australia.

We have years of experience helping hundreds of international students in meeting their visa requirements, no matter how complicated the circumstances. 

We treat each individual differently based on their situation in order to determine the best options for their future Visa. We look forward to assisting you with your Visa and your dream of working after studying in Australia.