Account in St George Bank Australia for Students

Studying abroad can be both thrilling and challenging, especially for international students. Getting used to a new culture, language, and financial system could be challenging. However, one aspect—the banking requirements—is something that international students in Australia may confidently ease into. St. George Bank, one of Australia’s most well-known financial institutions, offers a range of benefits and services that are expressly created to meet the unique needs of international students. Let’s dig deeper into the article to know about the benefits of opening an account in St George Bank Australia for international students.

Why overseas students should have a local bank account?

Fortunately, opening a local bank account in Australia can be done either before or after you move there. However, creating your local account before your arrival can save you time and money and reduce some of the worry that comes with relocating abroad.

Whatever time you decide to register an account, the following are some useful justifications for doing so:

• Money can be sent and received at home.
• If you decide to work, you will be paid in local currency.
• Pay your payments and take care of your money like a local

Since a few banks provide accounts specifically for ex-pats and international students, opening a local bank account can be straightforward.

Also Read: Study in Australia for Indian Students – Colleges, Admission Cycle, Visa

Types of bank accounts for International students at St. George Bank

The different types of accounts available for international students at St. George Bank are:

1. Everyday accounts – that make it simple for you to obtain your money.
2. Savings accounts – that offer 24/7 access and give you rewards for saving.
3. Term deposit – accounts with fixed interest rates and set terms

Everyday accounts

It’s possible for overseas students to effectively handle their daily finances with this common transaction account. You can access your funds at ATMs, deposit and withdraw cash, pay bills online, make purchases with a debit card, and make online payments with this account. You have easy payment options for both in-person and online purchases with the daily transaction account from St. George Bank, which often comes with a linked Visa Debit card.

Savings accounts

With the help of the St. George Bank savings accounts, you may build your financial situation while saving more easily. These accounts are popular because they frequently provide reasonable interest rates, enabling you to preserve money for unanticipated costs or demands. You can achieve your long-term goals and create financial security as an international student by opening a savings account.

Term Deposit Account

You can lock in a certain amount of money for a certain amount of time at a certain interest rate with a term deposit account. International students who wish to receive a predictable return on their assets over a fixed period can benefit from this type of account, which offers greater interest rates than typical savings accounts.

Also Read: STUDY ABROAD LOANS: EDUCATION LOAN FOR AUSTRALIA TO SURGE IN 2024

Application Process

Let’s go over what to anticipate in these areas since each bank has distinct procedures and documentation needed to open a local Australian bank account.

Procedure

If you can open an account online from abroad or if you have to visit a branch, it will determine how to open a local bank account as an international student. Typically, the procedure entails:

• Submitting an application form in person or online
• Additional supporting evidence should be provided
• Verify that all of your information is true and accurate.
• Make a minimal deposit, if necessary
• Await the bank’s approval of your account before sending the details of your new account.

Essential Documents

You should be prepared with some papers, including your tax resident status, evidence that your student visa is current, proof of your identification, and proof of address.

• Fiscal Resident

If you are eligible to apply from outside of Australia, you must provide your tax identification number, regardless of where it is issued. You must be prepared with your Australian Tax File Number (TFN) if you are applying from within Australia and consider yourself an Australian tax resident.

• Pupil visa

You will typically be required to show proof of your upcoming travel to Australia, including your arrival dates, as well as evidence of your student visa application.

Also Read: Forex card and its benefits

• Verifying Identity

Australia verifies identity documents using a weighted points system known as the Australian ID points system. The number of points assigned to each document varies. You must present 100 points of ID, which are a combination of main and secondary documents while opening a bank account. Several primary documents are:

• Passport (foreign or Australian), 
• Driver’s Licence,
• Birth Certificate

Any foreign document that is not in English needs to be submitted with a certified translation. In some situations, banks won’t activate your account until you confirm your identification when you first arrive at one of the nearby branches.

• Evidence of Address

Some banks will ask you to present a lease or have your address prepared so they can send you a new bank card.

Must Read: PLANNING TO STUDY IN AUSTRALIA? HERE ARE THE BEST BANKS FOR INTERNATIONAL STUDENTS IN AUSTRALIA

Benefits of Opening an Account in St George Bank Australia

Here are some of the top benefits why international students open an account in St George Bank, Australia. Read the reasons given below:

• No ongoing charges

No matter how little you deposit each month, there are no account-keeping fees to pay to operate your account.

• Anywhere, anytime banking

Take advantage of the convenience of the Internet and mobile banking to enjoy independence and flexibility.

• Incentives and deals

Visit the My Offers Hub to see all the extra benefits available to debit card members.

A few more benefits are listed below:

• Easy Account Opening Process– The process of opening an account at St George Bank is quite easy and hassle-free giving its customer a great experience and thus letting students focus on more important things and issues in their study abroad journey. 
• Recognizing the diverse international student community in Australia, St. George Bank provides multilingual customer support. Customer service is well versed in various languages for easy communication and building interpersonal relationships with their customers.
• Dedicated Student Banking Packages offer exclusive packages just for students
• Easy accessibility to ATMs for international students so that they can manage their finances well and get easy access to them whenever needed.
• Insurance Coverage is also a kind of great perk offered by St.George Bank to its customers.

Also Read: Top Colleges & Universities in Australia | Leverage Edu

FAQs

Hope this blog gave you all the relevant information and benefits you need to know about Opening an Account in St George Bank Australia for International Students. For queries regarding study abroad loans, international money transfers or student bank accounts, reach out to Fly Finance experts at 1800 572 126.