A Guide For The Best Banks In Australia For International Students

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Written by Aaliya Shaikh

A piquant and humorous writer with the love to scrawl and create. For me writing is supreme. To believe that I can give words to my thoughts and connect to people through it is extraordinary.

September 29, 2021

Australia is a welcoming country with many options for both domestic and international students. If you want to study at one of Australia’s premier institutions, there are a few things you should know before going overseas. Make sure you know some of the best banks in Australia for international students to kickstart their study abroad journey. 

The Australian Banking System is one of the most critical things you’ll need to know. You can manage your finances in Australia through a variety of institutions, ranging from building societies, local credit unions to banks. Many Australian banks also provide banking services to international students. 

Best Banks In Australia For International Students

Below I have mentioned some of the best student banks in Australia you should consider for an easier and smooth experience with banking overseas. 

Recommended Read: How to apply to an International University in Australia

NAB Classic Banking | Best Banks In Australia For International Students

The National Australian Bank offers traditional banking accounts with no overdraft fees, monthly account fees, or direct ATM fees when using any rediATM or NAB ATM. It enables you to easily handle your account via phone or online banking.

You can also apply for a VISA debit card at no charge and use it to shop everywhere VISA is recognized. With the NAB classic account, you can also complete your regular banking at any Australian post office.

It’s worth noting that the NAB student account carries a $5 fee for overseas ATM withdrawals and a 3% foreign currency charge. Due to its feasibility, it is considered one of the best student banks in Australia.

It also includes NAB defence, which safeguards your account against fraud. Finally, you can connect your account to NAB iSaver and transfer funds anytime you need to.

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Westpac – Westpac Choice Student

The Westpac Choice Student account is ideal for full-time overseas students seeking a fee-free account with a reputable Australian bank.

There are several advantages to possessing this account for international student banking in Australia. It allows you to send money from all over the world, establish an account almost a year before you arrive, manage your money on the go with digital money, and buy safely online with a Debit MasterCard linked to your Choice account.

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The best aspect of having a Westpac student account is that students won’t have to pay any withdrawal fees if you use the ATMs of major Australian banks like Westpac, St. George, Bank of Melbourne, ANZ, NAB, Commonwealth Bank, and BankSA. Additionally, you will be able to make limitless free phone, online, BPAY, and in-branch transactions.

The account charge for using an ATM outside of the United States is $0. If you wish to withdraw money from an ATM in another country, you’ll have to pay a 3% foreign exchange commission plus a $5 ATM fee.

Check out: Universities with high acceptance rates in Australia for International students

ANZ – ANZ Student Access Advantage

The ANZ Student Access Advantage aims to provide students with uncomplicated financial solutions and no account fees, making it Australia’s finest bank account for a teenager. It safeguards your funds while simultaneously allowing the bearer to complete routine transactions. You must be a full-time student and present your valid student ID to an ANZ bank agent at the start of each academic year to open an ANZ student account.

There are various other benefits to having an ANZ Student Access Advantage account, namely limitless transactions, no threshold balance, no withdrawal fees, the goMoney mobile app, and an Access Visa Debit card.

If you have an ANZ international student account, you can use your debit card to make overseas withdrawals. However, you should be aware that there will be a 3% foreign exchange commission and a $5 ATM fee. ANZ has successfully made banking for overseas students in Australia easier.

Recommended Read: Australian work permits and Visas – A detailed guide 

Commonwealth Bank – Student Smart Access

The Commonwealth Bank is one of Australia’s largest and most influential banks. It provides Student Choices to both full-time and part-time tertiary students, allowing them to take advantage of exceptional savings on a variety of banking products.

Three months before their arrival, overseas students can open a Commonwealth Bank Student Smart Access account. And has no monthly charge, which makes it ideal for students who need a transactional account daily. You can also use this account to purchase in-store or digitally and gain free access to exclusive offers and deals by using a debit card.

In addition, Commonwealth Student Financial includes a free health assessment to help you select the finest banking services for your needs. You may also use the CommBank app to record and handle your money from all over the world, as well as Spend Tracker to keep track of your student spending.

This is a guide to student bank accounts in Australia where you learn about various bank accounts. We hope you enjoyed reading this blog. If you did then make sure you check out our other informative blogs linked below!

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