Best banks for students, what ID you need, and how to open before you arrive.
Opening an Australian bank account before you arrive saves you carrying large amounts of cash on landing. Most major banks let you open an account online from overseas up to 3 months before your arrival. You'll receive a debit card waiting at the branch when you land. CommBank, ANZ and Westpac all offer student accounts with no monthly fee.
CommBank's Smart Access account and ANZ's Access Advantage are the most popular with international students. Both have large ATM networks and good apps. Up Bank is a newer digital bank with excellent budgeting features and no fees — but it requires you to be in Australia to open.
Go to the bank's website and select 'Open account from overseas.' You'll need your passport details, visa grant number, your Australian address (use your university's international student office address if you don't have one yet), and your arrival date.
Within 3 weeks of arriving, visit a branch with your passport, your visa grant notice, and your student enrolment confirmation (CoE). The teller will verify your identity and activate your card. Bring originals — not photocopies.
Download the bank's app and set up online banking immediately. Enable notifications for every transaction so you can spot any fraud quickly.
Use Wise or Remitly to receive money from family overseas — bank-to-bank international transfers often cost $20–40 and use poor exchange rates. Wise typically saves 3–5% on the exchange rate.
You must declare amounts of $10,000 or more in physical currency to Australian Border Force. Keep cash minimal and use your bank card from day one.
Tell your bank whether you are an Australian tax resident or a foreign resident. This affects the withholding tax rate on any interest you earn. As a student, you are generally considered a resident for tax purposes if you have been here more than 6 months.