Best Banks for International Students in Australia: Australia has long been a well-liked study abroad option for students from throughout the world. Studying abroad is an exciting and life-changing experience. Setting up a bank account is one of the crucial chores you’ll encounter as an international student upon arrival. Making the correct bank choice is essential to effectively manage your finances while you are living in Australia.
In this blog post, we will examine the top banks in Australia for foreign students, taking into account variables like accessibility, services provided, costs, and advantages which will help you choose the among the best banks for international students in Australia.
Best Banks for International Students in Australia
For overseas students studying in Australia, picking the correct bank is essential to managing their funds well. There are various banks available for students but selecting best banks for international students in Australia can be a rigorous task. Even though the banks in this article are some of the best for international students, it’s important to take your unique demands into account and compare the services, costs, and perks provided by other banks before choosing one.
Check out these best banks for International Students in Australia.
- Commonwealth Bank of Australia
- Westpac
- ANZ
- National Australia Bank
- HSBC
There are various guidelines given for student bank account to open for study abroad in Australia as well. To receive more information and select the bank that best suits your needs, visit the website of the relevant bank or one of its branches. A good bank will not only offer simple access to your money but also practical tools to make managing your finances in Australia simple.
Commonwealth Bank of Australia
Commonwealth Bank of Australia also known as CommBank, Commonwealth Bank is one of Australia’s biggest and most well-known banks. It provides a selection of banking services that are designed with international students in mind. A debit card, a fee-free Everyday Account, and access to NetBank, CommBank’s Internet banking platform are all included in their special service for international students. CommBank enables simple access to your cash across Australia thanks to its broad branch network and ATM coverage.
Relevant Read: STUDY ABROAD MONEY TRANSFER: COMMONWEALTH BANK OF AUSTRALIA REMOVES INTERNATIONAL TRANSFER FEE
Westpac
Another well-known bank that provides particular services for overseas students is Westpac. Due to its low costs and accessibility, its “Westpac Choice” account is a well-liked choice. Westpac offers a convenient mobile banking app and a global ATM alliance that permits fee-free withdrawals from a small number of partner ATMs across the world. Additionally, easy and affordable international money transfers are made possible by Westpac’s agreement with Western Union.
Access to ATMs abroad is free of charge for your account. However, there will be a $5 ATM fee and a 3% foreign exchange commission if you try to withdraw money from an ATM abroad.
Must Read: GUIDE TO OPEN INTERNATIONAL STUDENT BANK ACCOUNT IN AUSTRALIA
ANZ
Australia and New Zealand Financial Group, generally known as ANZ, is well known for its broad selection of financial services catered to international students. For qualified students, the “ANZ Access Advantage” account offers several fee exemptions, including free monthly account fees. Additionally, ANZ provides an exclusive “International Student Package” with perks like access to their online banking and mobile app and a waiver of the foreign transaction fee for tuition payments.
You might use your debit card to withdraw cash from an ATM abroad, but keep in mind that there will be a $5 ATM fee and a 3% foreign exchange commission.
Must Read: ANZ INTERNATIONAL TRANSFER: TIME, RATES, LIMIT, DETAILS, PROCESS
National Australia Bank
International students frequently choose NAB because of its extensive banking services and extensive network of branches and ATMs. For qualified students, the “NAB Classic Banking” account comes with a fee waiver and a NAB Visa Debit card that may be used for both online and offline purchases. The online and mobile banking services from NAB offer easy access to managing your money.
The foreign exchange cost on this NAB student account is 3%, and there is a $5 fee for international ATM withdrawals.
HSBC
HSBC is a significant financial player in Australia. It provides the ‘HSBC Everyday Global Account,’ which is especially well suited for overseas students. This account makes it simple to manage money in both Australian dollars and your local currency because it lets you keep several currencies. You can quickly transfer money, check account balances, and contact customer service using the HSBC mobile banking app.
Also Read: Benefits of Opening a Student Account in Bank of Scotland, UK
FAQs
Commonwealth Bank of Australia is one of the best banks for International students in Australia, based on our research(views may differ from real case scenarios).
Before travelling to Australia, you can create a bank account for up to three months. Additionally, you can open a bank account online or by going to a branch.
Yes, you can use internet banking (pay with POLi) or a Visa® or MasterCard® credit3, debit, or prepaid card to send money to India from Australia 24 hours a day, seven days a week.
These include ANZ, Westpac, NAB, and Commonwealth Bank. These are the biggest banks in the nation and offer a variety of credit products, including credit cards, personal loans, term deposit accounts, savings accounts, and bank accounts, in addition to home loans.
This is everything you need to know about the best banks for international students in Australia. Worried about the financial hurdles you are facing for your study abroad dreams? Let Fly Finance help you and make your dreams come true!
