As an overseas student, it’s easy to open your bank account in Australia. It’s important to know your options to make the right choice. Ask yourself the following questions before taking the plunge!
What Kind of Account Do You Need?
There are 3 types of bank accounts available – transaction, savings, and student accounts. A transaction account is ideal for day-to-day expenses. If you plan to transfer large sums of money for tuition fee, rent, etc. a savings account is the way to go. It offers a higher rate of interest to help you earn on the side. Some banks also offer a student account, which is usually some variation of the transaction account with added perks to sweeten the deal!
Which Bank Should You Choose?
The ideal bank will offer unlimited deposits and withdrawals, no monthly service fee, no minimum balance, free overseas cash withdrawal, fee-free international money transfer, and no overdraft fee. An extensive ATM network is also important so you don’t have to pay a processing fee for using a different bank’s ATM.
Some banks also throw in special offers and freebies for students. Westpac, for instance, provides a complimentary discount card with up to 40% off on hotels, restaurants, airfare, and more. Other options are ANZ , NAB, Commonwealth Bank and Citibank.
What Documents Will You Need?
To open your bank account in Australia online, you must keep some details handy. These include your passport number and expiry date, e-mail, contact number, date and city of arrival in Australia. This is enough to create an account and transfer money. On reaching Australia, visit your bank to submit a copy of your university acceptance letter, visa, student ID card, and proof of residence like a tenancy agreement or utility bill. If you’re yet to find accommodation, contact us today!
How Long Will It Take?
You can open a bank account online up to 12 months before your arrival. It takes about 10 minutes to complete the form! On arriving in Australia, you will have at least 3 weeks to visit the local branch and verify your identity. You may be able to collect your debit card immediately. If not, it will be delivered to your student accommodation within a week.
If you need more help to open your bank account, send us a tweet! We’re always available to make your student experience truly hassle-free.