Australian Bank Account

Australian Bank Account

It is a good idea to set up an Australian Bank account so that students can organise any transfer of money into their account by a direct bank transfer. To open a bank account, students will need to fill out a bank application form and submit a passport, student ID, and Tax File Number. The normal banking hours in Australia are from 9:30 am – 4 pm, Monday to Thursday, and 9:30 am – 5 pm on Fridays. Automated Teller Machines (ATMs) are pretty common and are available 24×7. Both Credit and Debit cards are widely accepted in most shops.

Kaaiser is a Global Alliance Partner of Commonwealth Bank and assists students to open a Student Account before departing from India. Students can open an account with Commonwealth Bank three months before entering Australia.

Australia has many National and International banks for International students to choose from. Some of the top banks for students in Australia include: 

  • NAB
  • Westpac
  • Commonwealth Bank
  • ANZ
  • Citibank

After moving to Australia, opening a bank account is one of the most important things to consider. A bank account is ideal for paying bills, international money transactions, and managing student accommodation in Australia.

Australian banks usually offer three types of international student bank accounts: Transaction accounts, Savings accounts, and Student accounts.

  • The Transaction account: It is the most common form of account that can be used for daily expenses, deposits, money access, shopping, paying off bills, and withdrawing money from the ATM.
  • The Savings account: It is a ready-to-go account, which is linked to the everyday bank account that allows you to earn interest on your balance.
  • The Student account: This comes with the same features as a transaction account but with extra perks. Some of the perks include zero fees on deposit/withdrawal of cash from an ATM on a monthly or annual basis and no zero balance charges.

Most international students in Australia prefer to open a transaction account as it is a hassle-free account system that gives them the freedom to access the account and manage their finances easily without any hassle.