How to Open a Bank Account as a Student In Australia?

Posted on: Mar 26, 2025 | 3 mins | Written by: HDFC ERGO Team

How to Open a Bank Account as a Student In Australia?

Australia has emerged to become one of the most popular study destinations for international students. International students can get into a lot of world-class universities, providing numerous opportunities to students.

If you're planning to start your academic journey, you should move to Australia. As an international student, one of the first things you must do is open your bank account. You can apply for travel insurance online before your visit and check what perks it has to offer.

The Australian Banking System offers a wide range of benefits and opportunities for students. Opening your bank account can be beneficial for managing day-to-day expenses, paying rent and bills, and international money transactions.

Different Types of Bank Accounts in Australia

Once you're ready to visit Australia with your student travel insurance, you must start checking the different types of bank accounts available in Australia. You must know that not every kind of bank account will be the same.

Some of the key types of bank accounts in Australia are as follows:

1. Savings Account

A savings account can be extremely beneficial for managing your day-to-day expenses. As a student, if you're planning to start a part-time job, it is advisable to go for a Savings account. Moreover, it can also be helpful for keeping track of large expenses. Savings accounts, however, offer a high interest rate. Therefore, you can earn a significant amount with a savings account.

2. Transaction Account

Transaction accounts are one of the most common types of bank accounts that many students use. Through this account, you can make deposits and also get access to other banking information. This can be helpful for keeping a record of your daily transactions. You will get a debit card, which you can use at the ATM.

3. Student Account

Your student bank account is going to work very much like a transaction account. The benefit that you'll get with a student account is that you can skip the unwanted transaction fee. Therefore, you can deposit and withdraw money from your account without any additional charges.

Documents to Submit for Student Bank Accounts

can either visit the bank or use the online method to open a student bank account in Australia. The online process for opening a bank account is relatively simple. However, when it comes to collecting your debit card, you will have to visit your bank's branch.

It is advisable to check which branch is located close to your university accommodation so that you can visit to open a bank account and get your debit card. You will have to submit the following documents so that you can open your student bank account in Australia:

1. Passport

2. Electronic Confirmation of Enrolment

3. Residential Address in Australia

4. Australian Tax File Number

5. Student ID card

You will have to consider the Australian Point System as well so that you can benefit from it. However, note that the student bank account comes with some upper and lower limits for the students. Furthermore, there are limited overdraft facilities available, along with an account expiration schedule.

Submit the Application for Opening a Student Bank Account in Australia

You must apply for travel insurance online to open a student bank account in Australia. The travel insurance ensures that you have some kind of financial backing during your trip to Australia. Before you open your account, the insurance will be your layer of protection.

Before applying to open your student bank account in Australia, you will have to consider a wide range of things. Some of the key things to consider for the application are as follows:

1. Choose a Bank

Australia has four major banks where students can open accounts: National Australia Bank, Westpac Banking Corporation, ANZ, and CommBank. Apart from international, there is a wide range of regional banks available, too.

Students will have a wide range of options when it comes to opening bank accounts. The students can check out various bank offers and check which is the best for them. Depending on that, they can make a reliable choice for opening the bank.

2. Choose the Account

As mentioned, there are different types of bank accounts that students can open in Australia. Each of these bank accounts offers different pros, cons, and functions. Therefore, you must choose a Bank account that aligns with your needs.

Your student travel insurance will often have the details for your finances. Therefore, you must go through them and check which account can be a reliable option. This will be extremely beneficial in understanding what choice you should be making.

Once you have made this decision, you must choose a quick and simple process for opening the bank account. One of the best things is that you can open your bank account in Australia at least up to three months before your arrival. In this case, you will have to open the account online.

When you're filling in the details, you must provide every information accurately. Therefore, you will have to provide your valid email address, passport details, and date of arrival in Australia. Once you have submitted the information, you will receive your bank account details on confirmation. Then, you can go ahead and transfer the money to your account.

If you're not opting for an online bank opening, you can do so in person by visiting the bank within six weeks of your arrival in Australia.

Deposit, Secure Your Money, and Transfer Funds

As soon as your account is open, you can opt to deposit your money. If you're planning to open a bank account before your arrival to Australia, check if there are any clauses in your overseas travel insurance. This is often made to ensure that you have a safe and secure trip and don't have to struggle much.

Now, for the amount to be deposited, you can deposit the amount in your bank account. When you are making the deposit online from your home country, you must track exchange rates as well. It is best to make the transfer at a time when you will get the maximum value on your currency.

Things to Consider Before Applying for a Student Bank Account in Australia

Before you open a student bank account in Australia, you will have to consider a wide range of things. Some of these include:

1. Fees:

The account fees that you will have to pay depend on the maximum amount you're depositing every month in your account. It also takes into consideration ATM usage and overseas transactions.

2. Ease:

Do you have the option to open a bank account online? Can you open the account before visiting Australia?

3. Mobile banking:

Before you open a bank account, check if the bank has a mobile banking app. Choose a Bank that offers easy access to Internet banking.

Conclusion

Whether you're opening a bank account for students before arrival in Australia or after, you must get overseas travel insurance. The travel insurance is meant to protect you against any mishaps during your travel to the country. Now, know that the laws and process for opening a bank account are fairly simple, but you must comply with them. If you're not careful while applying for account opening, the bank may reject the application.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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