How to Open A Bank Account in Australia For International Students

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Australia is one of the most popular destinations for international students in the world, the high quality education, magnificent wildlife, dynamic cities and multiple oceans are just a few of the reasons why many international students choose to study in Australia.

There are many reasons to be thrilled about your study abroad experience. There are certainly other areas of daily life that should be taken more carefully. Setting up an international student bank account in your host country, for example, is part of the process. In this article, we are going to walk you through the details you need to take note of to open a bank account in Australia.

What Do You Need to Open A Bank Account in Australia?

Australian banks adopt a points system when it comes to paperwork. There is a predetermined number of points awarded to each document on a specific list. To open a bank account, you must produce a number of papers worth a total of 100 points.

The list of the paperworks include:

70 points for a birth certificate, passport, or citizenship certificate
40 points for a driver’s license, a shooter’s license, a public service employee ID card, or a Commonwealth or State Government financial entitlement card
A card with your name on it. This may be a credit card, a retail account card, or a library card – all of which are worth 25 points
A document containing your name and address, such as a utility bill or bank statement – 25 points

Only your passport and driver’s license would equal 110 points, it is pretty simple to collect the required 100 points even if you’re new to Australia!

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What are the Top Largest Banks in Australia?

To open a bank account in Australia, you do not need to be physically present in the country. Simply choose a bank and complete the process online. The ‘big four’ Australian banks all provide banking services that allow you to create an account online before you arrive. The entire procedure should take less than 10 minutes. When you arrive in Australia, you will still need to travel to your local bank with 100 points worth of paperwork.

Most banks provide options that are generally comparable, therefore it is hard to specify which bank is ideal for you. One of Australia’s top four banks is probably your best choice, given they have the most comprehensive branch and ATM networks.

The top four major banks in Australia include:

NAB (National Australian Bank)
Commonwealth Bank
ANZ
Westpac

Banking Fees and Charges in Australia

Most Australian banks do not impose monthly fees or charge a minimal monthly cost that is eliminated provided you deposit at least a certain amount each month. The minimum is often set at AUD$ 2,000, which is less than the average Australian wage.

In any event, keep in mind that ATM withdrawals are only free in Australia if you use your bank’s ATM machines. Making a withdrawal from another bank’s ATM will typically cost you around AUD$2 each transaction.

Besides, most Australian bank accounts do not provide overdraft protection, you may incur fines and charges if you withdraw more money than you have in your account. Before you select a bank account, do not forget to study the terms and conditions carefully, especially when it comes to banking fees and charges.

WISE Simplifies the Banking Process

WISE, previously Transferwise, allows consumers and businesses all around the world to handle their money regardless of where they are physically located. It facilitates money transfers, allowing you to hold money in multiple currencies, and allows you to spend money overseas with a single, easy-to-use debit card.

It’s quite simple to set up an account online, and there are no costs to worry about: WISE‘s conversion rates are often seven times lower than those charged by a regular bank. Your money will always be converted at the actual exchange rate, which is the one you see on Google, so you can be guaranteed you’re receiving the greatest deal and won’t be paying hidden markups like you would with a traditional bank.

With WISE, you can save a lot in managing your money internationally!

Finding the easiest way to transfer money between accounts that use different currencies may be another issue for foreigner students.

Traditional banks might be an expensive alternative if you need to make an overseas transfer. They frequently charge for the transaction processes, convert at unfavorable currency rates, and fees may be imposed at the receiving end.

While with WISE, you get to transfer money internationally with low, transparent fees, and always get the real exchange rate.

Note: For more definition and explanation of the fees above please refer to this link.