Banking 101: A Complete Guide to Opening Student Bank Account in Australia
When people say money is not everything, okay true, but money is the key to survival especially when you’re alone in another country. As an international student, it is important that you are calculative with your expenses in your study destination, especially because you will be living on your own.
Which bank should I go to? What type of account do I open? How to start applying for one? Read this blog.
Few major Australian banks that you could consider while opening your bank account
- Commonwealth Bank of Australia
- National Australia Bank
- Westpac Banking corporation
Essential documents that are necessary to open a bank account in Australia
- Residential Address in Australia
- Offer Letter
- Phone Number
When you choose a bank, make sure that it is easily accessible from your university and accommodation. Imagine having no access to the ATMs or bank nearby? Apply for what? For fun? 😒
In Australia, you could have either of these accounts:
- Transaction account: Mostly used for day-to-day expenses. You can credit money to your account and withdraw cash whenever you wish using your debit card.
- Savings account: Can only deposit cash that you will not need for your day-to-day needs. You can use this account to deposit cash for emergency purposes and travel.
After you decided on a bank, proceed to the bank and fill up the necessary documents or you could even complete all the registration details online if your bank offers you the option to do it online. As an international student, you could benefit from the student account, which gives you the added advantage of being fee-free for everyday operations. Who doesn't like free things?!
You can either open a bank account after you arrived in Australia or even before you reach the country. However, only selected banks allow you to open an account before your arrival. Therefore, ensure to check in advance if the bank you choose provides you with the offer to open an account before your arrival in the country.
We understand that the whole process of opening a bank account overseas might sound scary to a lot of people, 'cuz it's part of adulting (ugh can I stay a baby). However, with the necessary support and guidance, this process can be completed at ease. We, at AECC Malaysia, have been helping students with various study abroad services for years and can’t wait to assist you. Our counsellors have the necessary expertise to help you make the right decision.
What are you waiting for? Get in touch with us today.