Opening a bank account in a foreign country can seem like a daunting task. But if you’re an international student studying in Australia, it is one of the most important things you’ll need to do. Having a bank account will let you easily safe keep and access your money to pay for university accommodation and other expenses. It also allows you to own a debit card to make contactless payments using EFTPOS (Electronic Funds Transfer Point of Sale), which most businesses in Australia use.
Here’s our useful guide to help you navigate the process of successfully opening a student account in Australia!
There are numerous banks in Australia you can choose from, but these are the main few that international students tend to opt for:
Each bank has their own range of bank account types available to international students. Some have accounts specifically designed for students, which come with lower fees and other benefits. It’s vital to research, shop around and find the account that best suits your needs.
Another thing you might want to consider when deciding on which bank to choose is convenience — are there ATMs or a bank branch on your university campus or near your student apartment? If so, that would make things like withdrawing cash easier on a daily basis.
Once you’ve chosen the bank, it’s time to open an account. There are a few different ways to open a bank account as an international student. You can either go into a physical branch or apply for an account online.
If you’re unsure about the whole account opening process, it’s best if you go to a physical branch. This way, an experienced bank staff member can assist you in getting it done.
When opening an account in person, you’ll need to bring along several documents such as your:
You might also need to provide an Australian Tax File Number (TFN). We’d recommend checking the bank’s website or enquiring to find out exactly what documents you need to bring so that you can show up prepared.
Opening a bank account online is usually a simple and fuss-free process. In fact, you can even do this before setting foot in Australia, as most banks allow international students to open up accounts up to three months before arrival.
When applying for an account online, you’ll need to fill in the application form with information such as a valid email address, date of arrival, and residential address in Australia, along with documents like your passport and visa.
Once you’ve arrived, you likely need to visit a local branch to prove your identity and start depositing and accessing your money.
Once you’ve opened your account, you’re all set to start using it to pay for essentials! Keep in mind that certain bank accounts might have requirements like a minimum deposit condition to keep the account. Make sure that you adhere to any requirements and set up reminders to pay your credit card charges, if you do get one.
Plus, you can also use your bank account to set up recurring direct debit payments for stuff like monthly student housing rent, utility bills and internet bills. Doing so can help ease the burden of constantly remembering to pay bills on time, and avoid the potential scenario of late payment penalties.
But naturally, that won’t be a big issue for the residents at Y Suites, who enjoy free utilities and high-speed Wi-Fi, among many other perks! Learn more about our world-class university accommodation for international students in Adelaide and Melbourne!
Y Suites on Waymouth is also closely located to the various top universities in Adelaide such as:
Furthermore, Y Suites on A’Beckett is also conveniently located to top universities in Melbourne like:
Be sure to reach out to our team if you have any questions regarding our suites here!
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