Opening a Bank Account in Australia: A Guide for Indian Students

Why Do International Students Need an Australian Bank Account?

Moving to a new country as an international student can feel overwhelming, from adapting to a different culture to navigating unfamiliar systems. At IMFS, we have decades of experience helping Indian students transition to life abroad. Our Life in Australia series is designed to equip you with essential knowledge for a smooth and successful move. Whether it’s opening a bank account in Australia, getting a driver’s license, accessing healthcare, or understanding the local lifestyle, we cover it all.

If you’re planning to study in Australia, opening a student bank account is crucial. Managing your finances through an Australian bank makes everyday transactions like paying rent, receiving part-time job wages, and handling tuition payments much easier. Additionally, using a local account helps avoid high international transaction fees when withdrawing or transferring money from India to Australia.

Best Banks for International Students in Australia

Several top banks in Australia offer specialized student accounts with low fees and added benefits. Here are some of the best options:

• Commonwealth Bank (CBA) – Offers free student accounts, mobile banking, and early online applications.
• ANZ Bank – Known for no-monthly-fee accounts and user-friendly online banking.
• Westpac Bank – Student accounts with waived fees and easy money transfers.
• National Australia Bank (NAB) – No monthly fees and full-featured online services.
• Bank of Queensland (BoQ) – Personalized banking services for international students.

Types of Bank Accounts for Indian Students in Australia

As an international student, you’ll typically choose between two main types of accounts:

1. Transaction Account (Everyday Account) – Used for daily expenses, EFTPOS payments, and receiving wages.
2. Savings Account – Designed to help students earn interest on their savings.

Most students open a transaction account first to manage everyday expenses, and later consider a savings account.

Step-by-Step Process to Open a Bank Account in Australia

1. Choose a Bank – Compare features of top student-friendly banks.
2. Check Eligibility – Most banks allow international students to open accounts online up to 3 months before arrival.
3. Gather Required Documents – See below for the full list.
4. Apply Online or Visit a Branch – Depending on the bank, complete the application digitally or in person.
5. Activate Your Account – Receive your debit card and online banking credentials.
6. Deposit Funds – Transfer money from India or deposit locally to start using the account.

Documents Required to Open a Student Bank Account in Australia

To open an international student account in Australia, you typically need:

• Valid passport (proof of identity)
• Australian student visa (confirms legal residency)
• Confirmation of Enrollment (CoE) from your university
• Proof of Australian address (e.g., rental agreement or university residence letter)
• Tax File Number (TFN) – Optional, but recommended if working part-time

Online and Mobile Banking Features for Students

Most banks in Australia offer advanced mobile and online banking, including:

• Instant fund transfers and bill payments
• Real-time spending and transaction tracking
• Google Pay, Apple Pay, and PayPal compatibility
• International money transfers with competitive exchange rates

How to Transfer Money from India to Australia

Many students receive funds from family in India. The most popular money transfer options include:

• Wire Transfers – Via Western Union, Wise (formerly TransferWise), or MoneyGram
• Bank-to-Bank Transfers – Using SWIFT codes for international payments
• Forex Cards – Preloaded travel cards with favorable exchange rates and fee transparency

Compare transfer fees and exchange rates before sending money to avoid extra charges.

Tips for Choosing the Right Bank for Indian Students in Australia

• Choose student accounts with no monthly fees
• Ensure ATM availability near your university or residence
• Prioritize strong mobile banking and customer support
• Look for low foreign exchange fees and affordable international transfers
• Ask about student overdrafts and credit card options

Final Thoughts

Opening a bank account in Australia is one of the first things you should do upon arrival. With the right student bank account, you can manage your finances efficiently, avoid unnecessary fees, and make everyday transactions simple.

Want more personalized advice on choosing a bank or sending money from India? Connect with IMFS – your trusted study abroad partner.