How to open a student bank account in Australia

One of the most important things international students need to do is setting up a bank account upon arriving in Australia. It will take quite a while (even up to a month!) for banks to process your application and issue a card, so you need to start ASAP!

Opening a bank account sounds like "adulting duties", doesn't it? If it's your first time - Don't worry, we got you! Here's the breakdown of everything you need to do & know in 3 steps, and some tips at the very end.

1. Choose a bank

The four main banks in Australia are:

• Commonwealth Bank
• Westpac
• NAB: National Australian Bank
• ANZ: Australia and New Zealand Banking Group

Do some research on these banks and find out which suits you the most. For example, which bank has more ATMs or branches near your residential address or campus? Are there special offers for students? What do online reviews say about them?

2. Choose the type of bank account

There are three types of accounts you can choose from:

Transaction account

• The most common account
• For everyday expenses, shopping, paying off bills, depositing and withdrawing cash from ATMs
• Manage your daily spending

Savings account

• Good for budgeting and saving money
• Earns higher interests compared to transaction accounts
• Linked to your transaction account

Student account

• A special offer for students
• Similar to a transaction account, but has additional perks depending on the offer
• Example: no extra charges for deposits or withdrawals
• Check different banks for their offers!

3. Open an account!

You can open an account before or after you arrive in Australia:

Open an account BEFORE arriving in Australia

• Apply online, up to 3 months before arrival
• Go to your bank's website to fill out the application form and provide the documents needed
• Once you get to Australia, book an appointment at a local branch to prove your identity
  • Double-check with them what documents you need to bring for that
  • Passport and Permanent address…
• Make the appointment as soon as possible, because it could take a while for your bank to issue a card!

Open an account AFTER arriving in Australia

• Set up an account in person, after you have arrived
• Apply within 6 weeks of your arrival, or else you might need more identity documents
  • So do it as soon as possible!
• Similarly, double-check with your bank what documents you need to bring
  • Passport
  • Proof of insurance
  • Confirmation of Enrolment (CoE)

4. Tips from international students who've been there & done that….

• "Create a digital folder on your phone and laptop with all the important documents, so you can easily access it anywhere."
• "Print out all of these documents and bring a folder with all the copies to your bank when you are applying."
• "Check the opening hours of your local branch, and call beforehand - they close pretty early in the afternoon!"
• "Prioritize setting up an account ASAP, especially given that most international students arrive at around the same time, so banks have to process a lot of applications, which can take very long - some wait up to a whole month!"