The Best Bank Accounts for International Students in Australia 

Setting up a bank account is one of the first things to tick off when starting university in Australia.

It’s how you’ll pay rent, split dinner costs with friends, manage everyday spending and most of all, it’s where the pay from your part-time work will land every week or fortnight.

For international students, having a local bank account makes day-to-day life so much simpler. You won’t need to rely on overseas cards that charge foreign transaction fees every time you tap, and you’ll have an easier time setting up your phone plan and transport payment once you arrive.

Here, we’ll cover the best bank accounts for uni students to open in Australia once they arrive from overseas. Many, if not all, offer low fees, easy-to-use mobile apps and dedicated student incentives. 

Why Getting the Right Bank Account Matters at Uni 

• Many student accounts waive the monthly fees that the standard everyday equivalents charge.
• If you’re planning to work part-time while studying, you’ll need a local bank account to receive your wages. You’ll also need to set up a Tax File Number (TFN).
• A local account also makes it easier to pay for rent, utilities, subscriptions and phone bills through direct debit.
• Accolade further simplifies living expenses in Australia for international students by combining all your expenses into one bill. You’ll enjoy this benefit, regardless of whether you’re living at On Gibbons, On Regent, On A’Beckett, On Gray, On Waymouth or On Moore.
• Most Australian banks offer a mobile app that helps you track living expenses from week to week.
• Using foreign cards in Australia will incur foreign transaction fees and unfavourable exchange rate costs. A local account makes things easier, faster and cheaper. 

What to Look for in a Student Bank Account

No Monthly Account Fees

A lot of Australian banks offer student accounts that waive monthly fees while you’re studying. It might seem small at first, but avoiding these unnecessary charges quickly adds up to an extra coffee here and a small treat there.

Fee-Free ATM Access Some accounts charge fees if you use another bank’s ATM.

Choosing a bank with fee-free access to all ATMs saves you money as you navigate your new city. 

A Comprehensive Mobile Banking App

You’ll probably end up using your banking app more than you expect. From checking whether your pay has landed to tracking spending before a grocery run, a good app makes everyday budgeting less stressful. 

International Transfer Support

If your family plans to send you money from overseas, look for banks that support international transfers or partner with global payment services.

Ability to Open Before Arrival

Some Australian banks allow international students to open an account before arriving in the country. It’s one less thing to organise once you arrive.

Best Bank Accounts for University Students

While there isn’t a single bank account that suits every student perfectly, we do have some recommendations based on what you want out of your banking experience. Here are some of the most popular options for student bank accounts in Australia.

Commonwealth Bank Smart Access: Best for Getting Set Up Early

The Commonwealth Bank (often called CommBank or CBA) is one of the most popular financial institutions in Australia. It has a nationwide ATM and branch network and a mobile banking app that offers spending insights and lets you open an account before you arrive in Australia.

ANZ Access Advantage: Best for International Students

ANZ is another popular option for international students in Australia seeking the best bank account for their needs. ANZ offers excellent international transfer support options and waives fees for student account holders. Its mobile app is equipped with card controls and budgeting tools to make budgeting as simple as possible.

Westpac Choice: Best for Everyday Student Banking

Westpac is known for its simple, everyday banking experience and a large national presence. Cards can be linked to your mobile wallet, meaning you can pay for things using Apple Pay or Google Pay.

NAB Classic Banking: Best in Simplicity

The National Australia Bank (NAB) keeps things straightforward, which appeals to students who simply want a fuss-free everyday account. Fee structures and account management are kept as simple as possible, with no monthly charges on many everyday accounts and free access to ATMs. 

How to Open a Bank Account in Australia as an International Student

The process for opening a new account is straightforward. Some banks allow you to begin or complete the process online, making settling in that much easier. These banks include the Commonwealth, ANZ and Westpac. In most cases, you’ll need to provide a few documents to open a bank account as an international student. Make sure you have the following documents available: 

• Your passport
• Confirmation of Enrolment (CoE) or student visa details
• An Australian address and phone number once you arrive
• Your Tax File Number (if known)

After arriving, you’ll need to visit a branch in person to verify your identity and activate your account.

Two More Tips Worth Noting

Getting a Tax File Number

If you plan to work part-time while studying in Australia, you’ll need a Tax File Number (TFN). This is issued by the Australian Taxation Office (ATO) and helps make sure your employer taxes you fairly. A TFN isn’t something you need immediately, but it’s something you should have before you start applying for casual or part-time jobs. 

Understanding Superannuation

Superannuation, often called ‘super’, is Australia’s retirement savings system. If you work part-time or casual jobs while studying, your employer will pay money into a super account on your behalf.

FAQs

What happens to my bank account when I finish my degree?

Most student bank accounts automatically convert into standard everyday accounts once you complete your degree. Monthly fees and different conditions may apply, so take the time to review your options once you graduate. 

Can I have more than one bank account in Australia as a university student?

Yes, plenty of students have more than one bank account. If you go down this path, you can use one for everyday spending, another for savings and a separate account entirely for international transfers. Others may keep one account just for rent and bills to make budgeting easier. 

Sorted Banking, Sorted Student Life

The best bank accounts for international students in Australia make your everyday life easier, helping you receive income, manage rent, organise your spending and settle into a routine. Small wins, like sorting your finances, lead to bigger ones over time, from classes to work, friendships and a place to live in a new city. 

If you’re looking for accommodation that simplifies living costs in Australia for international students, contact us and find the perfect Accolade property for your uni lifestyle.