Money and banking are vital elements of studying in Australia.
Why do you need an Australian bank account?
As an international student, you need to make sure you have enough money to pay for study, books and living expenses. You also need to make sure your money is secure and that you can access it anytime. You can use a basic day to day account to pay for course fees, rent or daily living costs.
How to set up a bank account:
This step is easy. When you arrive, simply head into a bank in Australia and let them know you’re an international student and would like to open an account. You will need to bring photographic identification, proof of your Australian address and proof of enrolment. You will be provided with access to a day-to-day account and an online savings account. Once you have been identified, and you are over 16 years of age you will receive a debit card (when it is ready).
Bank Account Checklist:
- Passport, Birth Certificate or National Identity Card (if you have one)
- Proof of Australian address (can be a household bill)
- Proof of Enrolment
Note – It is not necessary to have a Tax File Number to get a bank account, but without one, you will get taxed at a higher rate on your account – see our article about setting up a tax file number.
Where are the bank branches?
Many branches have multilingual staff if you require assistance in a language other than English. Automatic Teller Machines (ATMs) provide 24/7 access to cash and are located across your city and various campuses. To find your nearest branch or ATM check your Australian bank’s website or mobile app.
How to transfer and manage funds:
With family and friends overseas it is crucial to understand how to transfer money internationally. Make sure you have all the required codes (SWIFT, Sort and (for Europeans) IBAN) and the correct account numbers.
- Your own account number and details
- The receiver’s account number and details
- SWIFT, Sort and (for Europeans) IBAN codes
Note – You can do this at a bank branch but using online banking can be useful.