International students will find Australia to be a wonderful place to study. We recommend that you plan thoroughly to begin a happy student life in Australia. While taking care of a few items before you start commencing your study in Australia, one of which is opening a bank account. If you want to study in Australia, this guide will assist you in selecting the best student bank account for you.
Find the bank that is best for you:
Students can find several alternatives, so conduct in-depth research into each bank's offers is to discover which best suits your needs.
Select the suitable account
In Australia, there are two forms of bank accounts. Since they have various purposes, it is critical to choose the appropriate account based on your requirements.
a. Transaction Account
A transaction account used for day-to-day expenses is the most common type of bank account. This account has no monthly fee, and you can use it as you would like, deposit funds in and transfer between your card accounts, including withdrawals. If you don't have any fees and are not charged for using an ATM, you will be able to withdraw money on most bank accounts as much as you want.
b. Saving Account
Saving Account is where you can keep money that you don't need right away. Not all students would need to open one of these, but you could if you want to save money for emergencies, larger purchases, or travel. Before deciding on a bank account, it is essential to keep a few things in mind. The first is that certain Australian banks can charge fees at ATMs if you do not bank with them, so it is worth researching which banks have ATMs on campus and near where you live. It is also essential to confirm the type of card you will obtain when you open your account. Since EFTPOS cards can only be used in Australia and do not function for online purchases, International students may not find them the best option. On the other hand, a debit card can be used in Australia, globally, and online.
How does one go about opening a bank account?
Up to three months before your arrival, you can open an account in Australia. You have to fill up an online form that you can get from the bank's website, where you have put the details of your information such as your passport details. Make an appointment with your local branch when you arrive in Australia, carry your passport and evidence of address to prove your identity, and access your funds. You can open a bank account in person as well, but it is best to do so within the first six weeks of your arrival. You must carry your passport, acceptance letter from the university, and proof of permanent address.
When choosing a bank in Australia as an international student, make sure your bank has the following features:
Moving to Australia to continue your education can be a stressful experience. As a result, it's a good idea to open a bank account before you arrive. You can quickly access your money without any issues if you do so.
It is essential to choose a bank and open a bank account to start your student life in Canada. This is an important thing to do, and our support is there to make it easier. Many Canadian banks offer generous student discounts and can also provide advice on money management and budgeting. Canada has five major banks, and you can find branches in most cities. They are:
All banks provide student banking services, and they all offer a range of perks to entice students each year. Most Canadian banks waive monthly fees for students and provide point systems or savings plan discounts. It's important to remember that every time you use an ATM from another bank in Canada, you'll be charged a transaction fee, so looking at which ATMs are nearby your university campus or where you live an excellent way to choose a bank.
The following consideration is what your bank has to offer. As previously mentioned, most banks would provide at least one deal or bonus for signing up with them. Consider which of these is most attractive or valuable to you. Some banks have unique discounts based on the degree programme you will be undertaking, so it is always worth investigating whether you are eligible for any of those.
Consider if you want a credit card or a saving account in addition to your checking account. If you're considering either, looking at what banks have to offer in these areas can help you narrow down your choices.
Selection of account
There are two forms of accounts: Checking account and saving accounts.
With this form of account, you can deposit and withdraw funds as much as you want. When you open a checking account, you will usually receive a chequebook and a debit card. Most international students would only need to open a checking account to cover their living costs while studying in Canada. Want to get a credit card, you might be able to get one from your checking account.
This is a method of accumulating savings over time. Some students might consider opening one of these if they work or save money for travel or emergencies. This is better for saving longer periods of time than a chequing account because it pays more interest. It is advised that you know which banks are nearest to the university and what services they can provide.
How do you open a bank account?
Although you can open a bank account over the phone or online, it would be preferable to do so in person in case of any complications if you are an international student. When you go to the bank to open an account, you will need to bring two forms of identification from the list below:
These conditions can differ slightly between banks, so check with yours before you go.