Heritage Bank Toowoomba offers savings accounts for international students who plan to study in Australia. This Australian bank has branches all over the continent for the convenience of its present and future customers. The initial step to opening an international student bank account at Heritage is to apply via the official website or a nearby branch. As a part of the application process, non-citizens need to submit their Visas and other identification documents. After opening a bank account, a student can avail of several benefits like multiple ATMs, low or no transaction fees, and easy access to banking services.
Advantages of Heritage Bank Toowoomba Account for International Students
An overseas student planning to open a Heritage Bank account must know about its advantages. To help students going to study in Australia, here is a comprehensive list of benefits of a Heritage Savings bank account:
- The bank does not charge monthly bank account fees
- Each customer gets a Visa Debit Card
- Customers can withdraw money from Heritage ATMs across the country for free. They can also withdraw money from ATMs of “Big 4” Banks of Australia for free.
- Account holders have access to 24/7 phone, internet and mobile banking
- International students have the option to lock or cancel their cards and restrict certain transactions in the Heritage Mobile Banking App
- The bank calculates the interest rate on daily account balances and paid to customers quarterly. For balances of AUD 1 or more, the interest rate is 0.01%
- Another advantage of the Heritage Bank account is its lower or no transaction fees on its banking services, which are mentioned in the subsequent section.
Also Read: Why Should International Students Open an Account in the Reserve Bank of Australia?
Transaction Fees
One of the primary benefits of an international student account in the Heritage Bank is the low transaction fees. For the reference of students, all relevant fees are mentioned in the table below.
| Type of Transaction | Fee per Transaction |
| Visa Debit Card and Visa payWave | Nil |
| Direct debits and credits | Nil |
| AUD Cheque deposits | Nil |
| Electronic Funds Transfer at Point of Sale (EFTPOS) | Nil |
| Presented cheques | Nil |
| Heritage ATM services like money transfers, withdrawals, and account balance enquiries | Nil |
| Cash withdrawals, deposits, bill payments (BPAY), and transfers at Heritage cash counters | Nil |
| Bank@Post transactions | Nil |
| Overseas ATM | AUD 5 + overseas currency conversion fees |
Also Read: Best Banks for International Students in Australia
How to Open an Account in Heritage Bank Toowoomba?
An international student can apply to open a Heritage Bank account online and in person. In either of the ways, a non-citizen has to visit a physical branch for in-person identification. For the benefit of students, we have provided a step-by-step guide to opening a personal bank account in this Australian bank account:
- Visit the official website of Heritage Bank
- Click on the ‘Banking’ option
- Now select the ‘Accounts’ option and now click on the ‘Transaction Accounts’ button
- After this, select the ‘Simply Access Everyday Bank Account’ option
- On the window after ‘Simply Access Everyday Bank Account’, click on the ‘Open my Account’ tab
- On the next page, fill out the required fields
- Upload the mandatory documents
- After completing the form and uploading documents, click on ‘Continue’
- With this, the Heritage Bank Toowoomba account opening process has been initiated. To complete the process, the student has to identify herself/themselves/himself in one of the bank branches.
- The officials will confirm the student visa through the VEVO (Visa Entitlement Verification Online) system
Also Read: How To Open An International Bank Account? Check The Process Here!
Documents Required
To open a Heritage Bank account, overseas students have to produce some identity documents. Here are the accepted identification documents:
- Passport
- Medicare card
- Driver’s Licence by the Australian government
- Immicard or Australian Convention Travel Document
- Student visa
Types of Heritage Bank Savings Accounts
Students can select the type of accounts based on their savings goals. For seamless management of funds, a student can either opt for Online Saver Savings Account, Target Bonus Savings Account, or Term Deposit. Each savings account has its unique feature.
Online Saver Savings Account
This Heritage Bank Toowoomba savings account is designed to provide easy online access to your funds while offering a competitive interest rate from the first dollar deposited. You have the flexibility to set up regular transfers or make manual transfers from your pay. The account allows you to make withdrawals at any time, ensuring your funds are readily available.
Target Bonus Savings Account
For those seeking extra motivation to save, the Target Bonus Savings Account could be the ideal choice. It offers an accessible online platform and provides a bonus interest rate to incentivize savers not to withdraw their funds every month.
Term Deposit
If you already have a savings balance of AUD 1,000 or more, you might want to consider a term deposit. This option offers a fixed interest rate for a specific period, ranging from 1 month to 5 years, potentially providing higher returns compared to regular savings accounts. With a term deposit, you’ll have the assurance of knowing the exact value of your investment in advance.
Also Read: What Are The Benefits Of A Student Bank Account? Here Is A Complete Guide!
FAQs
Ans. Yes, an overseas student can open a savings account online and offline. She/their/he has to visit a nearby branch to complete the identification process.
Ans. Overseas students must furnish identification documents like passports, Australian DLs, Immicards, Medicards and student visas to open an account.
Ans. The minimum required balance is AUD 1,000.
Stay in tune with Fly Finance to avail yourself of study abroad loans, international student accounts, and international money transfer services. To avail of these services, connect with our financial experts at 1800 572 126.
