About student bank accounts in Australia
One crucial aspect to consider when relocating to Australia is opening a student bank account that will serve as your primary account for conducting everyday financial operations, such as paying bills and managing your finances, including student housing and tuition fees. Prioritizing the management of your student housing and tuition payments is essential before embarking on your journey to Australia.
Identifying the ideal student bank account in Australia can be a straightforward process if you know what factors to consider. By being aware of what to look for, you can effortlessly identify the leading banks for students in Australia, including the best banks for international students. To simplify your research process, we’ve compiled a list of the top student banks in Australia, along with the features they offer. Take a look and make an informed decision!
Commonwealth Bank Student Account:
The Commonwealth Bank is one of the largest banks in Australia and offers a student account specifically designed for international students. This account has no monthly fees and provides free ATM withdrawals from Commonwealth Bank ATMs. Additionally, you can receive payments from overseas without incurring any additional fees.
The bank grants a free health check that helps you figure out the best banking services that meet your needs. Also, you can track and organise your money from anywhere by using the CommBank app with the Spend Tracker to monitor your student budget.
Account features
- Physical and digital Debit Mastercard.
- Shop online and in-store and overseas.
- Send and receive money from overseas.
- Fee-free ATM withdrawals.
- Add your Debit Mastercard to your Apple Pay, Google Pay or Samsung Pay mobile device.
- Lock & unlock your Debit Mastercard for online, contactless or in-store payment security.
- Ability to link a Commonwealth Bank savings account.
- Create joint accounts.
Westpac Choice Student Account:
Westpac offers a student account with no monthly account fees. This account allows you to make unlimited withdrawals and deposits and provides a Debit Mastercard for purchases. One of the unique features of the Westpac account is that it offers an overdraft facility of up to $2,000 AUD for eligible students.
Account features
- Physical and digital Debit Mastercard.
- Shop online and in-store and overseas.
- Send and receive money from overseas.
- Fee-free ATM withdrawals with the ability to withdraw cash using your phone from any Westpac, St.George, Bank of Melbourne or BankSA ATM.
- Add your Debit Visa to your Apple Pay or Google Pay mobile device.
- Card-lock feature for added security if your Debit Mastercard is misplaced.
- Ability to link a Westpac savings account.
- Create joint accounts.
NAB Classic Banking Account:
The National Australia Bank (NAB) Classic Banking account has no monthly account fees and provides a Visa Debit card for purchases. This account also offers a 12-month introductory period of no fees for overseas ATM withdrawals, making it a great option for international students.
With NAB’s Classic banking account, overseas students cannot apply for an account before arriving in Australia. This means you’ll need to visit a NAB branch after you arrive to set up an account.
Account features
- Physical and digital Debit Visa.
- Shop online and in-store and overseas.
- Send and receive money from overseas.
- Fee-free ATM withdrawals.
- Add your Debit Visa to your Apple Pay, Google Pay or Samsung Pay mobile device.
- Security to help lock your card in the event that it is lost or stolen.
- Ability to link a NAB savings account.
- Create joint accounts.
ANZ Student Access Advantage Account:
ANZ offers a Student Access Advantage account with no monthly account fees. This account comes with a Visa Debit card, which you can use for online purchases and in-store transactions. The account also offers unlimited transactions and no fees for ATM withdrawals from ANZ ATMs.
Account features
- Physical and digital Debit Visa.
- Shop online and in-store and overseas.
- Send and receive money from overseas.
- Fee-free ATM withdrawals.
- Add your Debit Visa to your Apple Pay, Google Pay or Samsung Pay mobile device.
- Round-the-clock card security to help protect your card in the event that it is lost or stolen.
- Ability to link an ANZ savings account.
- Create joint accounts.
In conclusion, opening a bank account in Australia is essential for managing your finances as an international student. The above bank account options provide a range of features and benefits, so be sure to compare them and choose the one that best suits your needs.
EdWise enable study options to range from all types of English courses, Vocational courses, undergraduate and postgraduate courses. What makes Australia an appealing destination is the welcoming Australian community and EdWise will ensure you integrate and become part of this family.