Aug42025

Introduction

Moving to Australia for studies? One of the smartest things you can do early on is open a local bank account. It’ll make life way easier you’ll be able to pay your rent, get paid from part-time jobs, avoid annoying international transfer fees, and manage your money smoothly.

Why Set Up a Bank Account Before You Land?

Good news: You don’t have to wait till you’re in Australia to get started. Most big banks let you apply online up to 3 months before you arrive. That means you can transfer money in advance and arrive ready to go! Once you’re here, just drop by a branch to verify your identity and activate the account.

Prefer to wait till you get here? That’s totally fine. Try to get it sorted within the first 6 weeks of arrival.

What Documents Do You Need?

Banks in Australia use a points-based system to verify your identity (you need at least 100 points worth of documents). Here’s what you should have ready:

  • Passport – The big one! Make sure it’s valid.

  • Student Visa Grant or Visa Application Proof – Confirms you’re legally allowed to study here.

  • Confirmation of Enrolment (CoE) – Provided by your uni or college. Some banks may accept your offer letter instead.

  • Proof of Australian Address – Could be your rental lease, a letter from your accommodation, or even a utility bill.

  • Student ID Card – Issued after enrolment. Helpful for student-specific banking benefits.

  • Tax File Number (TFN) – Not required, but recommended to avoid higher taxes on interest.

  • Other ID – Some banks may ask for extra stuff like a driver’s licence or birth certificate (certified copy).

How to Open a Bank Account: Step-by-Step

  1. Pick a bank: Compare options from the big four—Commonwealth Bank, ANZ, NAB, and Westpac. They all have student-friendly accounts with zero monthly fees, good apps, and heaps of ATMs.

  2. Apply online: If you’re doing it from overseas, you’ll need to provide your passport, visa details, and contact info.

  3. Activate in person: Once in Australia, visit a branch with your original documents to activate the account.

  4. Get your debit card & online banking access: Sometimes you’ll receive your card right away, or it might arrive by post. You can also set up a savings account if you want to start building a little Aussie safety net.

Pro Tips for a Smooth Banking Experience

  • Get an Aussie SIM card early: Most banks send verification codes via SMS, so having a local number is a lifesaver. Cheapest Sim Card with unlimited Data – Click Here 

  • Ask about student perks: Some banks offer budgeting tools, app features, exclusive deals, or even free financial wellness sessions.

  • Stay scam-smart: Never share your password or PIN over email or phone. Banks never ask for that kind of info.

  • Need help? Your university’s international student office is there to support you—don’t hesitate to reach out if you’re unsure about anything.

Ready to Bank Like a Local?

Opening a bank account in Australia is quick and easy if you’ve got your documents sorted. Once you’re set up, you can focus on the fun stuff studying, working, travelling, and enjoying life Down Under!