International Student Bank Account in Australia becomes a necessity for study in Australia students. It becomes essential for receiving international money transfers and paying accommodation rent and utility bills. Additionally, students can use this to receive remuneration from part-time jobs.
To avail of the benefits of such bank accounts it is necessary to find the perfect banking partner for overseas students. The initial step to choosing the best bank is to research and compare related fees.
Furthermore, students must submit mandatory documents to open an account. These documents are produced while filling out the application form online or offline.
Documents for Opening International Student Bank Account in Australia
Furthermore, overseas students must produce the following documents to open an international account in Australia:
- A valid passport
- Electronic Confirmation of Enrolment (eCOE)
- Australian Tax File Number (TFN)
- Residential Address in Australia
Best Banks for International Students in Australia
The following banks in Australia have some of the best banking services for international students:
Commonwealth Bank of Australia
- Overseas students need to open Commonwealth Bank Student Smart Access Account 3 months before arriving in Australia. Students can opt for an Everyday Account with Student Options online.
- No monthly fees
- Unlimited free transactions from online banking, EFTPOS, ATMs, and counter deposits.
- Currently, Foreign Exchange (Forex) Fee is 3%
Australia & New Zealand (ANZ) Banking Group Limited
- ANZ Bank enables international students to apply for Student Access Advantage Bank Accounts online before arrival. After reaching the island nation, students can activate their accounts at any in-store branch.
- Additionally, the bank also offers ANZ Progress Saver Account for students who are planning on part-time jobs during their course. It has no monthly service fee and can be linked to Student Access Advantage Bank Account.
Westpac Banking Corporation
- Westpac Student Choice Bank Account is for full-time students.
- There is no ATM withdrawal fee at ATMs of this bank.
- Further, there is no monthly service fee
- Students can set up the account months before arriving in Australia. Or, they can also open an account after arrival.
National Bank of Australia
- Like all the above banks, NBA also allows international students to open an account before arrival.
- There are no monthly service fees or Internet banking fees.
- However, students need to pay AUD 5 for overseas ATM transactions.
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